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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: orkrious who wrote (68974)8/28/2006 4:05:32 PM
From: Elroy Jetson  Read Replies (3) | Respond to of 110194
 
MBNA and most other Visa/Mastercard issuers have now adopted the gratuitous 2% "foreign transaction fee" in addition to the 1% currency exchange fee charged by the Visa and Mastercard parent organizations. This fee applies both to "foreign currency" transactions, as well as transactions in your home currency with a vendor located outside of your home country.

If anyone knows of an issuer which still doesn't charge an extra 2% for foreign transactions, I'd like to know about it.

If you obtain a MBNA UK Visa card, they will charge you an additional 2% fee for purchases in the USA. Likewise if you obtain an MBNA Visa Card in the US, they will charge you a 2% fee for charges in the UK.

They claim it "costs them more" to facilitate charges and charge-backs in the foreign country. Plus, fraud is higher in the foreign country. So the US has higher credit card fraud than the UK, while the UK also has higher fraud levels than the US. A lot of baloney. They charge an extra 2% because they can.
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To: orkrious who wrote (68974)8/28/2006 4:30:06 PM
From: benwood  Respond to of 110194
 
Ork, I just checked my visa with my local credit union -- my co-signer son used it in Sweden and Finland in July, and he was assessed only 1% for "Card Fee VISA INTERNATIONAL SERVICE ASSESSMENT" so that's pretty good I guess.

--Ben



To: orkrious who wrote (68974)8/28/2006 6:45:10 PM
From: Ramsey Su  Read Replies (1) | Respond to of 110194
 
Capital One. No charge.

Make sure you look for the plan that has no charge, no annual fees and something like a 1% rebate. It is Platinum something.


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