To Charge or Not to Charge (4/23/99)
FULL STORY:
After a steady stream of negative publicity, First USA is reportedly
holding off implementing its policy of surcharging for currency exchange
transactions. First USA began notifying cardholders in March, that
effective April 1, it will charge an extra 3.0% of the dollar amount on
foreign transactions requiring conversion into US dollars. The currency
exchange transaction fee is in addition to the standard 1.0% fee charged by
VISA and MasterCard. Citibank reportedly instituted a similar policy late
last year. According to CardWatch (www.cardwatch.com), Travelers Bank, a
Citigroup unit, also charges an extra 1.5% for currency exchange
transactions. If you intend to travel internationally anytime soon you
should call your card issuer and ask if they surcharge for foreign
transactions.