| November 5, 2010

Credit card companies drop foreign fees

U.S. travelers have typically had to pay credit card fees as high as 1 to 3 percent on foreign transactions; however, many companies are changing their ways.

Beginning this month, Chase’s British Airways credit card is waiving its traditional 3 percent transaction surcharge, joining other banks like Capital One. Chase also offers a Priority Club Select card and Hyatt card, which don’t carry this type of fee.

“[The change is based on] the increasing recognition that airline miles really aren’t worth as much as you thought—and as the airlines would have you believe,” consumer advocate Ed Perkins told USA Today.

The move reverses a trend toward decisions that have found fees increasing as banks lose debit revenues, USA Today reports. However, not only is Chase slashing fees, but it is also offering new cardmembers 50,000 bonus miles for enrolling – enough to fly across the United States or the Atlantic Ocean.

The news comes as credit card companies are competing heavily for the rewards cards market. Capital One, American Express and Chase are all offering some form of new bonus point accounts, which can garner frequent users airline miles.

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