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Fans: for international Credit Card purchases, BE VERY CAREFUL

vstreet

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I just checked my statement online to see the rates my CC was charging for charging things in GBP. Well, I just found out (the hard way) that my CC company & bank are socking me with approx. 4% upcharge on all foreign transactions. They call it the foreign transaction fee which they either break out or build into the charge. I knew they didn't give the best exchange rates, but I was unaware of their "service" fees. :bugeyed

It looks like I just gave my bank a very nice "gratuity" for their service.:doh:

I bought tix for MJ and booked some hotels online. I'm glad I caught this now, cause I can still do something about it before I travel.

Anyway, apparently almost ALL the major US banks do this. I heard some credit unions do not and apparently at least ONE major credit card issuer does not do this.

So, for those of you traveling overseas this Summer to see Michael, beware! Those CC foreign exchange fees add up fast.

Get a CC that either waives or does NOT charge foreign transaction fees.

I'm in the process of applying for a new CC so that when I'm in the UK, I'm not being gouged by my bank.

I'm probably going to cancel my hotels and rebook using my new credit card once I get it.


Word to the wise -- get a CC without those foreign transaction fees. :cheeky:
 
Thanks for the heads up. I'll be sure to check and make allowances for any extra fees. :flowers:
 
My fee was only about two and a half bucks, I believe it's 2% at my bank. I think if you book airfare and hotel through a site like Priceline, Orbitz, etc., these fees aren't applied because it doesn't go through as an international charge. If you book directly with a hotel or something, you will likely get this charge.
 
Mine wasn't charged the fee ... weird ... has anyone's transaction went through yet? Mine still says "pending"....
 
niknik said:
I believe Capital One is (one of) the only CC companies that doesn't charge fees.
Click to expand...

That's what I found out, too.

There are some credit unions, too.

I wish I would have known that earlier.
 
I used my capital one card, and luckily i wasn't charged the extra fee.. but thanks for the heads up vstreet. does anyone know if they have prepaid credit cards available in london?? if so i will just get one of those.. i am not a big fan on traveler's checks
 
I citicard and i don't think I was charged a fee. I don't know for sure cuz they just show the amount in usd. But when I convert what i was charged to pound it aroound the same amount, actually it's less, so i don't think was a charged a fee.
 
#1MJstan said:
I used my capital one card, and luckily i wasn't charged the extra fee.. but thanks for the heads up vstreet. does anyone know if they have prepaid credit cards available in london?? if so i will just get one of those.. i am not a big fan on traveler's checks
Click to expand...

I don't know about visitors to the UK but we've got pre-paid credit cards to take abroad with us so I would imagine you could get one in your own country to use over here.
 
Mikejoefan said:
I citicard and i don't think I was charged a fee. I don't know for sure cuz they just show the amount in usd. But when I convert what i was charged to pound it aroound the same amount, actually it's less, so i don't think was a charged a fee.
Click to expand...


Don't be too sure. I think that's one of the ones that DO charge. It may hit your account right before you get your bill.

Some break it out and add it on right before they bill.
 
Bo***cks I forgot to warn u guys about this...sorry!! :( I meant to post it! I'm living in france, and nationwide are the only bank that don't charge interest on cash withdrawals when abroad! Awesome bank :)
 
alright V, I will keep an open eye. Citi do be liking to hit me up with truimphed up charges.
 
vstreet said:
I just checked my statement online to see the rates my CC was charging for charging things in GBP. Well, I just found out (the hard way) that my CC company & bank are socking me with approx. 4% upcharge on all foreign transactions. They call it the foreign transaction fee which they either break out or build into the charge. I knew they didn't give the best exchange rates, but I was unaware of their "service" fees. :bugeyed

It looks like I just gave my bank a very nice "gratuity" for their service.:doh:

I bought tix for MJ and booked some hotels online. I'm glad I caught this now, cause I can still do something about it before I travel.

Anyway, apparently almost ALL the major US banks do this. I heard some credit unions do not and apparently at least ONE major credit card issuer does not do this.

So, for those of you traveling overseas this Summer to see Michael, beware! Those CC foreign exchange fees add up fast.

Get a CC that either waives or does NOT charge foreign transaction fees.

I'm in the process of applying for a new CC so that when I'm in the UK, I'm not being gouged by my bank.

I'm probably going to cancel my hotels and rebook using my new credit card once I get it.


Word to the wise -- get a CC without those foreign transaction fees. :cheeky:
Click to expand...

Hmm. What credit card do you have? BOA didn't do that to me. Sorry to hear that!
 
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