Survey Finds Wide Variance in International Credit Card Transaction Fees

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With business travel having become increasingly global in nature, and with the summer travel season approaching, IndexCreditCards.com researched the major U.S. credit card issuers to discover the extra fees cardholders can expect when using their cards overseas.

With business travel having become increasingly global in nature, and with the summer travel season approaching, IndexCreditCards.com researched the major U.S. credit card issuers to discover the extra fees cardholders can expect when using their cards overseas.

Almost every credit card charges some sort of international transaction fee on purchases overseas. Visa and MasterCard charge a 1% processing fee on international transactions, and most card-issuing banks add their own fees on top of that. These fees, known as international transaction fees or foreign transaction fees, are generally a percentage of your overall purchase price.

How do the major credit card issuers stack up? Below are the international transaction fees from each issuer:

  • Capital One: 0% transaction fee. (Capital One does not charge its own fee or pass along the 1% fee that Visa or MasterCard impose.)
  • Providian: 1% transaction fee
  • American Express: 2%
  • Juniper Bank: 2%
  • Bank of America: 3%
  • Chase: 3%
  • Citibank: 3%
  • HSBC: 3%
  • MBNA: 3%
  • U.S. Bancorp (U.S. Bank): 3%
  • Wells Fargo: 3%

Discover offers a popular credit card in the United States, but it is rarely if ever accepted overseas and thus is not included in the above list. While some smaller card issuers may offer more favorable foreign transaction fees, this survey attempts to track the credit cards most commonly used by U.S. consumers.

“This is invaluable information, as these fees don’t even occur to many international travelers until they’ve returned home and received their credit card statements,” says Justin McHenry, Research Director of IndexCreditCards.com. “That said, however, these numbers don’t exist in a vacuum. Consumers traveling internationally should still consider all aspects of the cards they use, especially interest rates if they carry balances. A one percent savings on your international transactions won’t be much consolation if your card has high interest and a high balance.”

About IndexCreditCards.com

IndexCreditCards.com offers credit card news, research, calculators, and perhaps the most comprehensive index of credit cards available on the Internet today, with a master listing of over 800 credit cards as well as categorized lists based on interest rates, reward programs, business credit cards, student credit cards and credit cards for those with poor credit histories.

Information provided in this release may be reproduced free of charge, provided credit is given to http://www.IndexCreditCards.com.

CONTACT: Justin McHenry, 216.221.0312

WEBSITE: http://www.IndexCreditCards.com

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