If you’re unfamiliar with foreign transaction fees, they’re a surcharge for using a credit card with a foreign merchant. Credit cards with foreign fees usually charge 1%-3% of the purchase price. That can really add up, especially since Amex’s 2.7% foreign fee is on the higher end of the spectrum.
Here are the American Express foreign transaction fees:
American Express cards with foreign transaction fees charge 2.7%.
Many American Express credit cards have no foreign transaction fees.
Amex foreign transaction fees apply when you buy things abroad or shop at foreign merchants online.
Some of the best American Express cards with 0% foreign fees include:
If you’re looking for an international credit card, it’s best to get one with no foreign transaction fees, and American Express does have a good selection. But American Express cards aren’t accepted by nearly as many foreign merchants as Visa and Mastercard. So, you may find yourself somewhere your Amex won’t work. And that’s why it’s probably better to have a Visa or Mastercard for travel.
The major credit card foreign transaction fees range from 0% to 3% of each purchase processed internationally. The average credit card’s foreign fee is roughly 1.5%. Some credit card companies do not charge foreign transaction fees on any of their cards, including Capital One, Discover and USAA. Other credit card companies charge foreign transaction fees on some, or even most, of their cards. But each of the 10 largest credit card issuers has at least one credit card with no foreign transaction fees.… read full answer
Here are the foreign transaction fees by credit card company:
Credit Card Company
Standard Foreign Transaction Fee
Offers Card(s) with No Foreign Transaction Fee ?
Bank of America
Issuers charge foreign transaction fees on purchases made outside the U.S., whether in-person or online. The fee is always a percentage of the total purchase amount. The reason credit card companies charge foreign transaction fees is to help pay for the costs of currency conversion in international purchases. It’s essential to take a no foreign transaction fee credit card when going abroad, because those charges can quickly build up.
The American Express exchange rate varies on the type of currency conversion you select at the time of purchase. So, there’s a different Amex exchange rate between the U.S. dollar and approximately 80 other currencies, and they all fluctuate from day to day. Popular Amex currencies include the Canadian Dollar, the British Pound, the Euro, and the Mexican Peso.… read full answer
What you should know about the American Express exchange rate:
The Amex exchange rate is automatically applied to international purchases charged to Amex credit cards.
American Express FX International Payments customers can access their accounts online to get the day’s exchange rates. These rates are not available to the public, but you can enroll for free if you have a U.S. business bank account. An American Express card is not needed.
Exchange rates between the U.S. dollar and all other currencies fluctuate daily. But because American Express does not publish them openly, it’s difficult to track them. Visa and Mastercard on the other hand, publish their exchange rates continuously.
It’s also useful to know that if you make a foreign transaction using your checking account, debit card or prepaid card, the exchange rates are the same as those used for credit cards.
There are several American Express credit cards that have no foreign transaction fees, including The Platinum Card® from American Express, the American Express® Gold Card, and cards with rewards for Hilton, Marriott and Delta. The Amex cards without international fees have annual fees ranging from $0 to $500+. They also offer valuable travel benefits, such as free checked bags and luxury airport lounge access.… read full answer
The best American Express credit card with 0% foreign transaction fee is the Hilton Honors American Express Card because it’s one of the two general-consumer offer with a $0 annual fee. The Hilton Credit Card also has a nice initial bonus, offering 80,000 Hilton Honors Bonus Points after spending $1,000 in the first 3 months. The ongoing rewards are pretty good, too; cardholders earn 3 - 7 points per $1, depending on the type of purchase.
American Express Cards with No Foreign Transaction Fees:
While American Express no-foreign transaction fee credit cards make it cheaper to travel with your Amex card, they’re not accepted everywhere. You should be able to find businesses that accept American Express in places like Canada and Mexico. However, it’ll be harder in smaller countries, especially those that don’t typically do business with the U.S.
*All information about the Hilton Honors American Express Surpass® Card has been collected independently by WalletHub. The Hilton Honors American Express Surpass® Card is no longer available to new applicants through WalletHub, but may be available on the American Express website.
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