![]() Here’s an example of a section of the Schumer Box for a credit card that does charge a foreign transaction fee:ĭetermining if your existing credit card charges a foreign transaction fee: Here’s what you’ll see in the Schumer Box if the credit card you’re researching does not charge a foreign transaction fee: It’s named after Charles (Chuck) Schumer, the congressman responsible for the legislation that requires credit card companies to clearly disclose costs and terms associated with each card.Īll credit card companies must use a standard format for the Schumer Box, so comparing cards became much easier after this legislation was passed in 1988.įor a credit card you’re considering, you can review the Schumer Box online for that specific card by clicking on a link titled: ![]() You may need to dig deeper to find out for certain.įortunately, all of the financial information you’ll need can be found in what’s known as a Schumer Box. In some cases, the promotional summary for a credit card doesn’t disclose whether there is a foreign transaction fee charged on the card. How To Find Out if a Credit Card Charges a Foreign Transaction Fee These fees are perfectly legal, but more and more credit card companies are eliminating them since informed travelers choose credit cards that don’t charge foreign transaction fees. The common rate is around 3% of the total foreign purchase amount, and there is no limit as to how much can be charged. What You Should Know About Foreign Transaction Fees What Is a Foreign Transaction Fee?įoreign transaction fees are assessed by your credit card issuer on any transaction processed by a foreign bank. Let’s take a look at these fees and some of the best cards you can use to avoid them. ![]() ![]() As a result, the list of credit cards that don’t charge these fees is growing as issuers introduce new card products without foreign transaction fees and remove them from some existing cards. For example, if you purchase an airline ticket from a foreign company, you may be charged a foreign transaction fee.įoreign transaction fees are widely unpopular, especially with travelers frequently paying their foreign expenses with credit cards. The fees can also be charged on transactions made with foreign banks, even if you’re making the purchase from the U.S. If you’re a frequent international traveler, you’re probably familiar with foreign transaction fees, those pesky extra fees charged by your credit card company on every purchase you make outside of the U.S. ![]()
0 Comments
Leave a Reply. |
Details
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |