Charge cards and foreign transaction rates
Please, if you are going to comment, read the posting first. It is about a fee that is charged in addition to Annual card fees or Exchange rates. ===================================================...
Forum Discussion
Gary, I found out about the Foreign transaction fee several years ago.We usually go into the US for a week or two at a time. we crossed at Windsor/ Detroit one time with $1000 cash between the 2 of us and the guard asked how much cash we were carrying. (First and only time for the question) He wanted to know why so much, told him about the foreign transaction fee on CC and he looked amazed. I told him to check the back of his bill the next time he got one, it is on the back of my PC Mastercard bills. I check all my transactions on the bills and lately they have the USdollar amount and the CAD dollar amount, but no actual foreign transaction amount, just all hidden in the CAD amount! So the unsuspecting consumer would look at the bill, shrug their shoulders and pay the bill.
I have been thinking of getting a US Mastercard or Visa to avoid the 2.5 % that PC charges. But that means dealing with one of the big banks and paying account fees and all the other fees. Probably cheaper at this time to just use cash and pay the Foreign transaction fee when we head to the US. In about 2 years when I retire and will be travelling more then I will look closer at it, because some of the banks have seniors accounts that are more flexible and with reduced fees.
Brian
I have been thinking of getting a US Mastercard or Visa to avoid the 2.5 % that PC charges. But that means dealing with one of the big banks and paying account fees and all the other fees. Probably cheaper at this time to just use cash and pay the Foreign transaction fee when we head to the US. In about 2 years when I retire and will be travelling more then I will look closer at it, because some of the banks have seniors accounts that are more flexible and with reduced fees.
Brian
