How much is the Fidelity Credit Card foreign transaction fee?

Your credit card does not have foreign transaction fees if it’s issued by Capital One, Discover, HSBC, PenFed or USAA—the 5 major issuers that don’t charge foreign fees on any of their credit cards. On the other hand, your credit card probably does have a foreign transaction fee if it’s from Chase, PNC, or Bank of America, although each has no foreign fee options, too. Similarly, your Barclays credit card might have a foreign transaction fee. And if you have a U.S. Bank credit card without an annual fee, it probably has a foreign transaction fee.… read full answer

However, it’s not a great idea to assume your credit card has or does not have a foreign transaction fee based on the issuer alone. So before you travel to a foreign country with your credit card, make sure you have one that won’t cost you extra every time you use it. The same goes for buying something from an international seller online. The foreign transaction fee that applies to your credit card will generally be listed as a percentage in the “fees” portion of your credit card terms.

Some of the best credit cards without foreign transaction fees are the Capital One Venture Credit Card, the Chase Sapphire Preferred Credit Card, and the Discover it Miles Credit Card. These 3 travel cards have above-average ongoing rewards, and require at least good credit for approval.

No foreign transaction fee means that a credit card or debit card does not include a surcharge for international purchases. In other words, a consumer won’t be charged extra for using the card outside of the U.S. Foreign transaction fees are usually charged as a percentage of every transaction made abroad. Most issuers charge around 3%, but many offer at least one card that does not come with a foreign transaction fee. Some issuers, such as … read full answerCapital One and Discover, do not include the fee on any of their cards. Refer to the card’s terms and conditions to know for sure if it comes with a fee for foreign transactions.

It’s important to note that you don’t have to physically use a card outside of the U.S. to get hit with a foreign transaction fee. The fee can also apply when you buy something online from a company based in another country. So getting a no foreign transaction fee card can be very helpful if you buy a lot of things from abroad. It also offers consumers the best value for currency exchanges. On average, a no foreign transaction fee credit card saves international travelers 7.14% over the average bank or credit union. When compared to foreign exchange company Travelex, the savings jump to 9.31%.

However, not all credit cards with no foreign transaction fee are equal when it comes to worldwide acceptance. The card’s network dictates where you can use it outside the U.S. Cards on the Mastercard and Visa networks are accepted by merchants in more than 200 countries and territories. Discover cards work in about 185 countries and territories, and merchants in 160+ countries and territories take American Express cards.

You can avoid foreign transaction fees by getting a credit card that doesn’t charge them. Considering that about 25% of current credit card offers don’t charge foreign fees, and those cards are available to people of all credit levels, there’s really no reason to pay these fees. The 10 largest credit card companies all offer at least some cards without foreign transaction fees. And some, like Capital One, Discover, USAA, HSBC and PenFed, don’t charge foreign transaction fees on any of their credit cards.… read full answer

Foreign transaction fees tack on as much as 4% extra to purchases made abroad, which can truly dampen a vacation. Foreign transaction fees aren’t charged by the merchant; they’re charged by the credit card company. And the fees are also charged for online purchases processed abroad, even if you’re sitting in front of your computer at home when you make the purchase. If you’re using a rewards card for purchases abroad, a foreign transaction fee will quickly negate the rewards you’re trying to rack up. The fees are declared in all credit card terms, so make sure you look for that language when you’re applying for credit cards.

That said, if you already have a credit card that charges foreign transaction fees, there’s not much you can do to avoid them, save for not using the card abroad. Consider applying for a travel credit card with good ongoing rewards and no foreign transaction fees. There are plenty to choose from.

One last thing to think about regarding foreign transaction fees: Don’t forget to find the right debit card for your travels. Many debit cards also charge foreign transaction fees and international ATM fees. But having a debit card while abroad is important, as it will allow you to get cash when you need it, which is far cheaper (and safer) than converting money at airports or banks. So make sure to bring a Visa or Mastercard debit card with a low international ATM fee and no foreign transaction fees when you head out of the country.