The number of credit cards charging foreign transaction fees is shrinking. That’s the conclusion following a survey of consumer credit cards offered by the nation’s 12 biggest issuers.
The findings from the survey conducted by CreditCards.com March 16–27 are based on a review of publicly available terms and conditions documents, in addition to calls to issuer representatives to confirm foreign transaction fee details.
Survey findings include:
- Among all 12 issuers, 37 percent of credit cards currently offered (60 of 163) don’t impose a foreign transaction fee.
- Four major issuers (Capital One, Pentagon Federal Credit Union, HSBC and Discover) do not charge any of their consumer credit cardholders foreign transaction fees, regardless of card type.
- The other eight offer a mixture of fee and no-fee cards.
The most common fee is 3 percent.
Foreign transaction fees are typically charged to cardholders when they purchase items while overseas or use an overseas bank to process a transaction.
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