International Credit Card suggestions

[latinsurfer]

Just wondering if anyone is familiar with any Visa or Mastercards that don't charge a transaction fee for International transactions.  It seems to add up quite a bit.

This is a bit off topic, but I promise that my first transaction will involve a lovely lady from the beautiful country of Colombia.
NO CAMERAS!!!

[daytrader]

Washington Mutual is a good bet; tie it into your checking account.  Check out their fees, they're very low, I think only 1%. 

DayTrader

[papi]

you are right that it can add up. I mostly pay in cash. i was thinking about changing cards after getting hit for some tickets i bought in asia. most cards run around 3% but i think there are some at 1%. how much you want to bet that if i called and canceled my card they'd reimburse the fees?

[papi]

i heard state farm is low. yu can also google

[mudd]

As daytrader stated, washington mutual charges a very low fee, but it is a debit card, linked to my checking account, but it has always worked in colombia without any problem, at restaurants and ATM's

as far as credid cards, used to have a CitiCard, rewards card, the fees were a joke when using it over seas, so i called them to cancel, and they switched me to a Citi businness card, no fees and similar to Washington mutual, a very small fee to pull out cash from an Atm.

[doombug]

Just wondering if anyone is familiar with any Visa or Mastercards that don't charge a transaction fee for International transactions.  It seems to add up quite a bit.

These are often called "currency-conversion fees" or "foreign transaction fees."

[...]

Capital One has a particularly good reputation for international transactions (www.capitalone.com) — for now. If you're going on a long trip, do some research and consider taking out a card just for international purchases.

[...]

Avoid "dynamic currency conversion." Some merchants — capitalizing on the fact that many Americans are intimidated by unusual currencies — cheerfully charge you their prices in dollars.

[...]

Here's the best formula for saving money as you travel: Pay for as much as possible with cash, using a bank that charges low rates for international ATM transactions. Because you're charged a flat fee for each time you withdraw cash, withdraw large amounts at each transaction — keeping the cash safe in your money belt — reducing the total number of fees you're charged. When using a credit card, try to use a card with the lowest possible international fees and insist that your transactions be charged in the local currency — not dollars. Then smile and enjoy your trip, feeling very clever for avoiding so much unnecessary expense.

The article's dated 5/15/06: The Sleaze of Credit-Card Fees

Again, Capital One:

The company [Wachovia] calls credit cards a service for banking customers, and a profit center only secondarily.

Some smaller banks also refrain from imposing a surcharge, but the best deal is offered by Capital One Financial Corp., the fourth-largest card issuer. Foreign transactions are free. The company swallows the 1 percent fee.

Wachovia and Capital One say they make back the lost revenue by attracting customers and building loyalty, particularly among the small but affluent demographic of Americans frequently abroad.

http://www.travelfinances.com/blog/index.php/category/financial-news/credit-cards/

When making purchases internationally with a credit card, consumers need to be aware of three things:

1. The exchange rate in the country that they are visiting.
2. The “foreign transaction fee” that their credit card company will charge for making an international purchase.
3. How to handle 'dynamic currency conversion' options that the merchant might offer.

http://www.travelfinances.com/blog/index.php/2006/11/13/dynamic-currency-conversion-providers/#more-144

The good news is that credit cards do remain one of the best deals in currency conversion available to the ordinary traveler.

Consumer Reports, the magazine of Consumers Union, recently compared a credit card, even with a 3 percent fee, with getting cash from a foreign ATM or an exchange shop or foreign bank, using traveler's checks or changing money at a hotel or airport, and found the credit card remained the least expensive way to go.

http://www.washingtonpost.com/wp-dyn/content/article/2005/06/25/AR2005062500136_pf.html

I've used an array of credit cards overseas, and never really noticed foreign transaction fees to be exorbitant. In fact--and as one of the articles above emphasizes--some card issuers (those not hammering you with dynamic currency conversion) can actually save you money, as they get better exchange rates than does Joe Traveller. I've been a big fan of Citibank, having used the card frequently while in Peru, but even they have recently upped their international rates.

And as Don Pap suggested: Googlize. Since what's here today might be gone tomorrow.

Peace be wit' you and yo's!

Out!

[Chris F]

I can tell you who not to use from experience recently...that is American Express. I used them to pay my 16 day $2200  hotel bill in Peru two weeks ago. When I got the bill...it was about 100 dollars higher for "international fees"

ouch....

[mudd]

Dammm  Dude!!!!!  thats quite a bill, WOW. hope it was some kind of hotel for that money. couldnt you rent a nice apartment for cheaper?

[Chris F]

Probably could have....but we wanted to be near all the "action" in the heart of Mira Flores and walking distance to most of everything....we  got a mini suite at Las Americas five star hotel.....complete with jacuzzi and 18th floor panarama view of the ocean and the city, breakfast included......all for about 125 a night..

Hey...you only live once.....and we only go there about once every two years.