How much does Mastercard charge for international purchases?

Discuss the Visa & MasterCard payment networks as well as cards that operate through them.
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rusnak
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How much does Mastercard charge for international purchases?

Postby rusnak » Sun Sep 05, 2010 3:02 am

Does Mastercard charge for international purchases the same for everyone or is it different depending on the bank its from? My nephew in Canada says they are charged a flat 1% conversion fee when he uses his in the USA but I recall paying higher than that when using mine internationally?


jeffysdad
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Postby jeffysdad » Mon Sep 06, 2010 7:33 am

The fee for transactions denominated in foreign currency is set by the bank issuing the card, not MC/Visa, etc.

As far as I know, the only issuer that does not assess such a fee is CapitalOne. However, this may have changed. I keep a CapOne card specifically for transactions that I suspect might be subject to such a fee, but I haven't used it in a while.

I think some banks probably charge more for foreign transactions than others, and this probably can vary among the card "levels" (e.g., platinum, signature, world, etc.), too, but I don't know for sure.
American Express: Blue Cash Preferred (groceries, 6%; gas, department store, 3%); Gold Delta SkyMiles (Delta Air Lines, 2 miles/dollar, free checked bag).
US Bank: Cash+ (utilities, phone, internet, restaurant, 5%; drugstores, 2%).
FIA Card Services: Fidelity Amex (everything, 2%); Fidelity Visa (everything, 1.5%).
Chase: Freedom (rotating, 5%); Amazon (Amazon.com, 3%); PriorityClub (IHG hotels, 5 points/dollar); Sapphire (not in use).

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rusnak
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Postby rusnak » Mon Sep 06, 2010 2:28 pm

Thanks for clearing that up. The international fees seem to be higher than they once were. I could swear that in the nineties I would pay 1% for the conversion. If Capital One doesn't charge I woud certainly be interested in applying with them.

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Mogul of Pineapples
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Postby Mogul of Pineapples » Thu Sep 09, 2010 12:43 am

jeffysdad, as far as I know Cap One is still doing the 0% currency fee on international purchases. To be honest I'm shocked they haven't changed that. I'm not too fond of them but will get a card from them before my next international trip for precisely that reason.
Disclosure: I am a moderator/paid staff of this site, which does have advertising relationships with some credit cards that are discussed and linked to. Regardless, anything I say is my honest opinion.

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Cucumber
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Postby Cucumber » Thu Oct 07, 2010 1:37 am

Mastercard and Visa both charge 1% and anything above that is just greed by the bank :mad:
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