Capital One may start passing along credit card foreign exchange fees to the consumers at some point in the near future.
This could deal a major blow to credit card consumers who have relied on Capital One credit cards as being one of the last major credit card issuers that still doesn’t charge foreign exchange fees.
Credit card issuers started charging foreign exchange fees years ago to make up for the fees that MasterCard and Visa charge them, and many credit card issuers add an additional fee on top of this.
Only a few major issuers including Capital One still do not currently charge foreign exchange fees.
The credit card foreign exchange fees for several major credit card issuers are listed below.
0% – Capital One
2% – Discover
2% – Pulaski Bank
2.7% – American Express
3% – Citi Cards
3% – Chase
3% – Bank of America
3% – HSBC
3% – Providian
Capital One is one of the last major issuers that still doesn’t charge foreign exchange fees.
The only option for many consumers will be to hope that there are still some smaller credit card issuers that will continue to not charge foriegn exchange fees for purchases outside of the U.S.
If you are planning on traveling soon with your Capital One card, you may wish to contact Capital One to make sure that they will not charge you for any foreign exchange fees during your travels.
Another option is to try to find a smaller or more local bank that issues credit cards which don’t charge foreign exchange fees.
We ask that readers who know of credit card issuers that still don’t charge foreign exchange fees please comment on this article and provide any available information.
We will also research this further to provide information on credit card issuers that don’t charge foreign exchange fees.