Using a foreign ATM, for instance, can cost as much as five percent. Before traveling contact the card company to find out what to expect.
Charleston, SC (PRWEB) April 04, 2012
Just in time for the peak travel season CompareCards has added a comprehensive review of the best credit cards for international use. The CompareCards.com site is a leading service for consumers wanting to perform in-depth comparisons of credit cards while taking advantage of expert card reviews and insights. The new card summary and analysis is especially geared toward consumers who travel overseas. It explains the key features of the top cards recommended for use internationally and why this card is superior to others.
Below are some of the highlights from the latest review:
- Credit Cards Offer Greater Protection
The Federal Trade Commission reports that consumers pay close to $2 billion a year because of fraud, but when traveling overseas the risk of fraud can be even greater. Using the right credit card can minimize that risk since plastic is safer to carry than cash, and some cards have excellent security features. But the foreign transactions fees that many card companies charge can add significant cost to travel and inflate the already high expense of international travel.
- The Cost of Foreign Transaction Fees
Whenever a credit card is used in a foreign country additional fees may apply. Those add up fast and can cost travelers a huge amount of money. According to the Foreign Exchange Report 101 Report, Visa or MasterCard typically charge a fee of about one percent of the transaction total, and then the bank that issued the card will likely tack on another fee of two percent or more. Meanwhile traveler’s checks are not a solution because they can cost as much as 10 percent of their face value thanks to exorbitant fees.
- The CompareCards.com Top Pick
According to experts at CompareCards.com, the Chase Sapphire Preferred Card is the top choice for international travel. There are no fees for international use, which automatically saves cardholders a huge amount of money. But on top of that there is a sign-up bonus of $500 cash. New card members become eligible for it as soon as they spend at least $3,000 within the first three months of opening their account. The bonus can also be redeemed for travel worth $625, making it even more valuable. Meanwhile cardholders are awarded an annual loyalty dividend of 7% on the points they earn, and the 24/7 customer service lines are all answered by real people and never any automated machines.
- Another Top-Ranked Alternative
Another highly rated card for international travel is anything issued by Capital One. That’s because none of Capital One’s cards impose foreign transaction fees. The company has a wide variety of plastic to choose from, and it has a reputation for innovative customer-centric features including robust rewards and cash-back programs.
“Beware of transaction fees when overseas,” warns Chris Mettler, president and founder of CompareCards.com. “Using a foreign ATM, for instance, can cost as much as five percent. Before traveling contact the card company to find out what to expect. Or better yet, apply for the Chase Sapphire Preferred or any of the Capital One cards, since those do not charge any foreign fees.”
With recommendations that put the consumer first, the CompareCards.com blog provides crucial information for consumers, students, business travelers and others looking for guidance on credit card deals and other personal financing issues. Visitors to the site can use handy tools to help manage their finances or select the best and most appropriate credit card for their particular income bracket, credit history profile, and individual preferences. There are also credit card specialists available via live chat during normal business hours.
CompareCards.com serves as an efficient navigational tool in the ever-increasing space of online credit card offerings. Started as a listing resource for consumers, the site has expanded steadily and now serves as a multi-dimensional service for users to compare credit cards side-by-side and utilize additional functions to manage their credit. The site analyzes details on more than 100 leading credit card offers and has been mentioned in Business Insider, ETV Public Radio, CBS Money Watch and MainStreet.com. For more information, just visit http://www.CompareCards.com.