Beware those foreign transaction fees for online purchases
By Herb WeisbaumSEATTLE -- Use you credit card in another country and you should expect to pay a foreign transaction fee -- typically 1-to-3 percent of the entire purchase. Audio
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MultimediaBut what if you're online and buy something from a company in London or France or Vancouver, B.C.? Since the beginning of the year, some credit card companies expanded their foreign transaction fee to cover all transactions processed outside the U.S -- even those made online. "You can be sitting in Seattle, Washington and buying something and get hit with a foreign transaction fee," said Bill Hardekopf of lowcards.com. He says if your card charges this fee, there's no real way to get around it. So if you plan to order something from a retailer in another country, you'd better check. "Call your issuers to see if a foreign transaction fee will apply to the purchase, just so you're not taken by surprise," Hardekopf said. Capital One is one of the few cards that does not charge a foreign transaction fee. Credit unions charge a small transaction fee -- usually 1 percent. More Information: |
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