Question
I couldnt believe it but when going thru a CO mag on a flight the other day I noticed that it said regarding the Chase MC CO card, that theres a 3% fee for ALL transactions whether it had to be converted into US$ or was in US$.
Just called Chase and Cancelled my 2 CCs with them. Asked why, I said I dont like being Ripped-Off. The banks greed on its fees is too much and nothing short of ripping us off.
Answer
I concur 100%!
And isn't it quite a coincidence that all the major issuers seem to be tacking on the 3%? It had better be a coincidence, since if it weren't it would be an anti-trust violation, I believe.
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I can't imagine that it would be an antitrust violation unless representatives from all the major card issuing banks colluded behind the scenes to adopt the 3% foreign transaction fee.
It seems to me that this is more like a "follow the leader" market issue, like airfares. If Delta raises its fare from AAA to BBB by $100, United, American, and US Airways will probably do the same once they discover Delta's move. Same story with credit cards and the pricing of many other services.
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With all the credit card companies implementing this 3% fee on foreign transactions , which is the best credit card to use now to get around these charges. :confused:
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I called AMEX the other day. The gentleman said AMEX charges 2%, so that definitely beats a lot of what I'm hearing about the Visa/Mastercard cards out there.
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I called AMEX the other day. The gentleman said AMEX charges 2%, so that definitely beats a lot of what I'm hearing about the Visa/Mastercard cards out there.
Yes but AMEX does not go with the daily FOREX on the currency exchange. They mark it up substantially so you may end up paying as much as 10%. I have a US based Visa that just went up to the 3%. I now use cash for most of my transactions since the $1.50 fee per $500 withdrawal is a better deal than paying Visa $15 for the same transaction. As a bonus, the dollar has strengthened considerably in the last month.