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- Does Discover Have Foreign Transaction Fees?
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You'll just have to plan ahead and keep in mind that if you need to buy something like train tickets, you'll have to go up to the window and buy from a live person rather than from a ticket machine. If in doubt, ask your issuer. Travelers checks have been mostly replaced in travelers' wallets by credit and debit cards, which also solve many of the security problems that travelers checks were created to address.
So while you can still get travelers checks, most travelers would find them more trouble than they're worth. Back before credit cards were as widely used and accepted as they are today, people who didn't want to risk carrying a lot of cash on a trip would rely on travelers checks. At their destination, they'd use the checks at stores or restaurants that accepted them, or exchange them for cash at a hotel or bank.
When they redeemed the check, they'd sign it again, and the recipient would compare the signatures to verify the check. If they were lost or stolen, the issuer would replace them, so you didn't lose money. Nowadays, credit card issuers can cancel a lost or stolen card and expedite a replacement just as quickly. You could exchange them for cash far from home. The wide acceptance of credit cards makes cash less critical to carry, and credit cards can provide cash in a pinch.
And, of course, debit cards can get you cash, too.
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You could use them in places that didn't accept out-of-town personal checks. Today, credit cards are accepted at millions more locations than travelers checks ever were. Travelers checks still have their uses. But when you combine the dwindling number of places that accept travelers checks with the fees you have to pay to get them, most leisure travelers will be better off with the cards they already carry. NerdWallet's Credit Cards team selects the best credit cards with no foreign transaction fee based on overall consumer value, as evidenced by star ratings, as well as their suitability for specific kinds of consumers.
Factors in our evaluation include annual fees, rewards rates and redemption options, introductory and ongoing interest rates, bonus offers for new cardholders, international acceptance of the card's payment network, and other noteworthy features such as travel perks. Most credit cards issued by U. Foreign transaction fees are charged on purchases you make while traveling in other countries, but they can also be applied when you buy something from a foreign merchant.
If you're at home in the U. Some issuers, including Capital One, Discover and USAA, do not charge foreign transaction fees on any of their cards, and many issuers do not charge them on specific cards. Credit cards marketed to frequent travelers usually do not charge foreign transaction fees, even if the issuer has them on other cards. American Express has long charged 2.
When a foreign transaction fee applies to a purchase, you won't see it until you receive your credit card statement. That's because the fee is charged by the credit card company, not by the merchant. When you buy something in a foreign country, the merchant may give you the option of having the purchase converted to U. See the question about dynamic currency conversion below.
- Exchange Rate Conversion.
- Best cards with no foreign transaction fees in 2021?
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- Best No Foreign Transaction Fee Credit Cards of April - NerdWallet;
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But for the purpose of the foreign transaction fee, it usually doesn't matter whether a purchase is submitted to your credit card company in U. The fee applies based on where the transaction takes place, not how it is denominated. The one exception among major issuers is U. Foreign transaction fees are independent of exchange rates. Currency exchange rates tell you how much a unit of foreign currency is worth in dollars. Your credit card's payment network — Visa, Mastercard, Discover or American Express — converts foreign purchases to dollar amounts according to the current exchange rate.
The foreign transaction fee is then applied to the converted dollar amount. Dynamic currency conversion is a service offered by some merchants overseas, in which they convert your purchase to dollars so that you can better get a sense of what it costs. Using dynamic currency conversion will not affect your foreign transaction fee in most cases. An exception is U. In general, dynamic currency conversion is a costly convenience for U. A NerdWallet study of credit card currency conversion rates found that when you let your credit card company convert your purchase to dollars, it usually does so at the current market rate.
In other words, rather than save you money, dynamic currency conversion could as much as double the surcharge on a foreign transaction.
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Here are our favorite cards without the fee. Show summary. Our pick for Flat-rate travel rewards. Add to compare. Apply Now. Annual Fee. Recommended Credit Score. Get your free credit score.
Does Discover Have Foreign Transaction Fees?
Why We Like It. Product Details. Pros This card earns an unlimited 2 miles per dollar spent on all purchases.
Cons You won't get the perks that often come with branded travel cards, like free checked bags and priority boarding with an airline card or a free night's stay each year with a hotel card. Our pick for Bonus travel rewards. Pros What really sets this card apart is its big sign-up bonus and rewards transfer options. Earn 2X points on dining including eligible delivery services, takeout and dining out and travel. Plus, earn 1 point per dollar spent on all other purchases.
Take classes using a phone, tablet, or TV. No fitness equipment is required. See if you qualify for a better offer with Chase:. Get Pre-Qualified. Our pick for No-annual-fee travel rewards. Earn unlimited 1. After the intro APR ends, Our pick for Business travel. With Zero Liability you won't be held responsible for unauthorized charges made with your card or account information.
Our pick for Cash back. Pros The best cash back cards make rewards easy to earn and easy to redeem, and this card does that better than most. Cons Unlike many travel rewards cards, which let you stretch your value by redeeming points or miles selectively, this card won't give you more than 1. Our pick for Average credit. Pros This card pays 1. Our pick for Students. Cons The ongoing APR is Once approved, you'll automatically start earning cash back on all purchases. No deposit required. No annual fees. No international transaction fees on purchases abroad so you can travel with confidence.
No Social Security Number required for international students to apply. Referral bonuses are unlimited! Manage and track your spending, set automatic payments and securely freeze your card all through one easy to use app. See if you prequalify with no impact to your credit score in minutes.
What is U. Using credit cards internationally. Which credit cards work worldwide? Should I use dynamic currency conversion? Do I need a chip-and-PIN card? Credit cards or travelers checks? Among the advantage of travelers checks:. Last updated on March 25, Methodology NerdWallet's Credit Cards team selects the best credit cards with no foreign transaction fee based on overall consumer value, as evidenced by star ratings, as well as their suitability for specific kinds of consumers.
Frequently asked questions What is a foreign transaction fee? Signing up for credit cards through partner links earns us a commission.
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Terms apply to the offers listed on this page. So I decided to run an experiment with the help of a Million Mile Secrets team member who recently traveled to Canada. Link: Visa Currency Conversion Tool. And if you spend a lot overseas, using cards with a better exchange rate can mean a substantial savings. I wanted to see for myself, so I asked a team member to visit a store in Canada to make purchases of the same amount , at the same time , with different cards.
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And see which issuers gave the best and worst! Using a personal Visa card did NOT make a difference. The Citi Prestige is a MasterCard, and it had the best exchange rate. The Discover it Cash Back card came in 2nd place for the best exchange rate. To compare, I checked the Visa and MasterCard online currency conversion tools. But I was happy to see for myself what other bloggers have already suggested — MasterCard will likely give you the best exchange rate when you travel overseas.
Or if you prefer certain types of miles or points. Suppose you go out for dinner in Toronto and spend 75 Canadian dollars at a restaurant. Both cards earn 2X points on dining. So it really depends on which program you prefer to earn points in, though I consider Chase Ultimate Rewards points to be most valuable. So in that time, the exchange rate can go up or down.