Major lender cuts foreign transaction fee

One of the largest lenders in the nation recently announced it would cut a fee that has added to the credit card debt of any consumer who made a purchase overseas.

Chase recently announced that it would eliminate the foreign transaction fees on its Marriott Rewards Premier card, effective immediately, according to a report from Reuters. In addition, it made several other changes to these accounts, including adding to its rewards for hotel stays, and said it would waive the card’s $65 annual fee for all borrowers in their first year.

This is the seventh rewards credit card offered by Chase to have its foreign transaction fee – which usually amounts to about 3 percent of a purchase’s total value – eliminated, the report said. Other lenders, such as American Express, have made similar changes to popular accounts for travelers recently.

Major lenders have been improving benefits on rewards cards in the last few months months as a way of driving new revenues. Often, the fees charged on these accounts are considerably higher than other, no-frills cards.

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