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American Express Eliminating Some Foreign Transaction Fees

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American Express announced this month that they would be eliminating foreign transaction fees for Platinum and Centurion cards starting at the end of the first quarter of 2011. Foreign transaction fees are fees tacked onto purchases made in another currency and one of the big reasons why we opened up a Capital One credit card prior to our trip to Europe last year.

As an added bonus, if you’re a Platinum or Centurion cardmember, you get $200 in airline fee credits that can go towards airline fees from food to changing a flight to airport lounge day passes to checking a bag.

According to an updated list of foreign transaction fees at CreditCards.com, Capital One is still your best bet for avoiding a foreign transaction fee (unless you have a Platinum or Centurion American Express card).

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6 Responses to “American Express Eliminating Some Foreign Transaction Fees”

  1. eric says:

    With the amount of annual fee for either card, I say the LEAST Amex can do is waive forex fees. :P

  2. Texas Wahoo says:

    The card formerly issued by Schwab also has no forex fees.

  3. Andrew says:

    Outrageous!! I just checked my AMEX Platinum account online and noticed nearly $100 in forex fees. The fees exceed the difference in the currency exchange. As a protest, my Platinum card is going away until these fees are waived.

  4. Hornedfrog says:

    I just returned from a trip to South America and charged EVERYTHING on Amex – When I looked at my statement I was shocked – I had no idea there would be an additional fee to use my card in another country. I have been using Amex almost exclusively for 20+ years. No More! I called Amex and they will not budge on this policy. Time to find a new card!!!


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