Did you know that different credit card companies charge different fees for transactions abroad? I use credit cards as much as possible when I travel abroad. They’re more convenient, have historically had a good exchange rate, and are much safer than using a debit card or cash. (If you debit card number gets stolen, your bank has no obligation to refund you for your loss. Your credit card company, however, does.)
However, since 1999, banks have begun instituting foreign exchange fees on transactions abroad, ranging from 3% for Citibank cards down to 0% for Capital One (who absorbs the cost of the currency conversion). You could call each of your credit card companies to figure out their conversion fees, or you could check out the great site I just found, Flyerguide.
Flyerguide has info on all the rates charged by most credit cards and debit cards, as well as advice on Frequent Flyer programs, travel routes, hotels, and more. Turns out the 5% I get back on restaurants is enough to overcome Citibank’s additional fees, but the 2% I get back on groceries isn’t and I should keep using my credit union card at the grocery stores. A frugal frequent flyer – that’s me!
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Ahhh. nice! Good to know! Thx!