This post contains references to products from one or more of our advertisers. We may receive compensation when you click on links to those products. For an explanation of our Advertising Policy, visit this page.

Are bogus foreign transaction fees becoming a thing of the past? I hope so! These fees, generally around 3%, are a huge scam in my opinion. For those of you who haven’t checked your credit card statement after a trip abroad, you may be paying an extra 3 cents for every dollar you spend- just because the credit card companies feel like charging such a fee.

Credit card companies have been sued for this in the past, but many still continue with the practice. Recently, Chase launched “no foreign transaction” fees on their British Airways, Hyatt and Intercontinental co-branded credit cards. Citi also announced the same on their Thank You Network cards.

American Express announced yesterday that they are eliminating these fees on their prestigious Platinum and Centurion cards (both which come with hefty $450 and up annual fees), which should go into effect in early 2011.  While this is a step in the right direction, they should do the same for their other cards, which are the bulk of their members.

And while I don’t usually recommend Capital One cards for their rewards program, their cards do not charge these phony fees. It definitely makes sense to get a no foreign fee cards if you travel abroad so you aren’t throwing money away.

Even if you are earning valuable points, but paying 3 cents for each, those 25,000 points you “earned”, just cost you $750. A deal? I think not. Before you travel abroad, make sure your card doesn’t have these fees. And if they do, write to your credit card company and let them know your thoughts on these fees. Actions speak louder than words, so closing your fee-crazy accounts and opting for ones with less fees, may make sense in the long run.

The Platinum Card® from American Express

While this premium card has one of the highest annual fees on the market, it has several valuable perks that could make it worthwhile, depending on your travel patterns. These include a $200 annual airline rebate, lounge access, free Hilton Gold status and free Starwood Preferred Guest Gold status.

Apply Now
More Things to Know
  • Earn 40,000 Membership Rewards® points after you use your new Card to make $3,000 in purchases in your first 3 months.
  • 5X points for flights booked directly with airlines or with American Express Travel.
  • $200 Airline Fee Credit, up to $200 a year for baggage fees and more at one airline. Terms Apply.
  • As a Platinum Card Member, you can enjoy access to the Global Lounge Collection, the only credit card airport lounge access program that includes proprietary lounge locations worldwide. Terms Apply.
  • Enroll to enjoy the benefits of complimentary Hilton HHonors™ Gold Status with your Platinum Card.®
  • No interest charges because you pay your balance in full each month.
  • Terms and Conditions apply.
  • See Rates & Fees
Intro APR on Purchases
Regular APR
Annual Fee
Balance Transfer Fee
See Terms
Recommended Credit
Excellent Credit
Terms and restrictions apply. See rates & fees.

Editorial Disclaimer: Opinions expressed here are author’s alone, not those of any bank, credit card issuer, airlines or hotel chain, and have not been reviewed, approved or otherwise endorsed by any of these entities.

Disclaimer: The responses below are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser’s responsibility to ensure all posts and/or questions are answered.