Finance & Business

Aug 6 2017

Which Credit Card Gives the Best Exchange Rate? #how #to #get #your #free #credit #score

#credit card rates

Which Credit Card Gives the Best Exchange Rate?

There are so many things you have to consider when planning an overseas trip. With time tables and finding lodging and planning itineraries, exchange rates can often be overlooked. But here is where you can either end up saving or losing a lot of money.

Currently, the U.S. dollar doesn’t always exchange well into foreign currency, and there is nothing you can do about that. Many people opt to exchange through their bank or ATM rather than through a credit card because, while paying with a credit card is convenient, there are also a variety of charges involved when using your credit card overseas.

Most credit cards charge what is termed a foreign transaction fee for all purchases that go through a foreign bank. This charge involves a 1% fee from MasterCard or Visa, along with an additional 1 or 2% from the credit card issuing bank or agency (such as Chase, Bank of America, Citibank, etc.) As this fee is charged with each purchase, you may want to consider the option of swiping your card once at an ATM for a cash advance. Although some cards also charge fees for cash advances (These are all things you want to understand before you even apply for a credit card).

There are quite a number of fees and terms to consider when spending money overseas. These are often things that are “hidden” and you aren’t made aware of them until you return home to a much larger credit card bill than you were expecting.

Take some time, before you leave on any foreign trip, to plan your spending. Work out a possible budget, contact your credit card company and find out about exchange rates and foreign transaction fees. If foreign travel is something you will be doing a lot of in the future, you may want to consider going with a different card entirely.

Capital One offers no foreign transaction fees at all (not even the 1% charged by Visa and MasterCard). Capital One also has a number of cards with fantastic travel rewards such as the Capital One Venture Rewards Card which offers 2 miles per dollar on every purchase made with the card, as well as no blackout dates and the ability to redeem your miles for any travel expense. Getting a credit card that will enable you to travel with greater freedom could be the right decision for you.

Bottom line, is, you will not be able to avoid exchange rate expenses entirely, but with a little careful planning, and the right credit card, your trip can be a complete success without costing you a fortune in unnecessary fees and charges. The question is not “what credit card gives the best exchange rate,” as exchange rates vary from day to day, but “what credit card will allow me the greatest freedom with the least expense in my travels overseas.”

About the Author:

Paul Basco Provides Expert opinions and reviews to help you Compare and Apply for a Credit Card Offers online. At, we offer gas credit cards. low apr credit cards, travel rewards credit cards and much more.

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