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American Express Eliminating Some Foreign Transaction Fees

American Express announced [3] this month that they would be eliminating foreign transaction fees [4] 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 [5], Capital One is still your best bet for avoiding a foreign transaction fee (unless you have a Platinum or Centurion American Express card).