{"id":19471,"date":"2011-02-18T20:00:57","date_gmt":"2011-02-19T00:00:57","guid":{"rendered":"\/\/www.askmrcreditcard.com\/news\/?p=19471"},"modified":"2011-02-18T20:00:57","modified_gmt":"2011-02-19T00:00:57","slug":"ftfs-are-starting-to-disappear","status":"publish","type":"post","link":"https:\/\/www.askmrcreditcard.com\/news\/ftfs-are-starting-to-disappear\/","title":{"rendered":"FTFs Are Starting To Disappear"},"content":{"rendered":"

Of all bank fees, I find the Foreign Transaction Fee(FTF)\u00a0 to be perhaps the worst of all.\u00a0 This is an additional 1-3% tacked on to any foreign transaction for absolutely no reason.\u00a0 The fee is poorly disclosed, randomly set, and wholly unjustified.\u00a0\u00a0 There used to be a very limited choice of cards that were offered without and FTF.\u00a0 Capital One was the only major bank that had no FTF on any card, while there were some credit unions that were FTF free as well.<\/p>\n

In the past few months, there have been more and more cracks appearing the foreign transaction fee scam.<\/a> As Chase and Amex dropped the fee on a select few of their cards.\u00a0 On Amex, they are planning on doing it with their very high end cards with the large annual fees that saw the FTF go away.\u00a0\u00a0 At Chase, it was a few travel focused cards that shed the fee.<\/p>\n

One of the biggest fee foes out there has been Ron Lieber of the New York Times.\u00a0 He reports today<\/a> that Chase has added their Continental and United branded cards to the fee free party.\u00a0\u00a0 As with previous moves, they appear to be targeting people who travel a lot.\u00a0\u00a0 That makes sense.\u00a0 People with travel reward cards are getting smart to the “negative reward” perpetrated on them by their banks.\u00a0\u00a0 I am sure that many, like me, are leaving their reward cards at home when they leave the country.\u00a0\u00a0 I will only use my Capital One card since it has no FTF both because none of my rewards exceed the FTF and just on principal of not wanting to be ripped off.<\/p>\n

By shedding these fees, I am sure that Chase and others are trying to get their internationally mobile, high spending customers to keep using their cards in other countries.\u00a0\u00a0 Don’t forget that they also reap the normal transaction fees when you use your card out of the country.<\/p>\n

Don’t Count Your Chickens With Amex<\/strong><\/p>\n

Lieber points out in a correction that Amex has not actually dropped their FTFs yet, as he says:<\/p>\n

An earlier version of this post referred incorrectly to the status of foreign-exchange fees on American Express cards. While the company says it plans to drop the fees on some cards, it has not yet done so.<\/em><\/em><\/p><\/blockquote>\n

Nice job Amex.\u00a0\u00a0 They announced that they would be dropping the fee, but hasn’t done so yet.\u00a0 Pretty sneaky.<\/p>\n","protected":false},"excerpt":{"rendered":"

Of all bank fees, I find the Foreign Transaction Fee(FTF)\u00a0 to be perhaps the worst of all.\u00a0 This is an additional 1-3% tacked on to any foreign transaction for absolutely no reason.\u00a0 The fee is poorly disclosed, randomly set, and wholly unjustified.\u00a0\u00a0 There used to be a very limited choice of cards that were offered […]<\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[13],"tags":[],"yoast_head":"\nFTFs Are Starting To Disappear<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.askmrcreditcard.com\/news\/ftfs-are-starting-to-disappear\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FTFs Are Starting To Disappear\" 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