Those who travel abroad quite often have long been accustomed to getting dinged with 1-3% currency conversion fees on international credit card purchases. Most credit cards charge these fees, and the nickel and dime nature of the fees is just accepted as a cost of doing business for most travelers. Now, Chase British Airways Visa Signature holders no longer need to worry.
With credit card companies fighting harder and harder to differentiate themselves and lure in the best customers, some card issuers are getting rid of these fees as an added perk. Capital One has long done this, setting most of their credit card arsenal apart from the rest of the industry, and the storied Schwab Visa (now the FIA Cash Rewards Visa) was also lauded for its lack of currency fees.
The new new thing is for travel rewards cards to start cutting their fees, in light of the fact that many cardholders no longer view travel rewards to be very valuable. The number of miles needed to earn free flights or hotel nights goes up every year and rewards expire unexpectedly, so issuers are the elimination of these fees as an added selling point. The hard-to-get PenFed Premium Travel Rewards Amex is one example of a card that lost its fee not too long ago, and the new Hyatt credit card from Chase debuted sans international fee as well. Recently, Chase also cut the fee on the British Airways Visa, claiming that it is the first co-branded airline miles credit card to charge no such fees.
What foreign transaction fees do other cards charge?
Check out our write up on the best credit cards for international travel to see what fees other cards charge, and to find yourself a card that isn’t going to hit you with these fees.