It turns out that VISA has started charging a 3% ‘transaction fee’ for all purchases made in foreign currency. According to them they started it back in April 2005.
Discover does not have any such fees.
Re: VISA & Transaction Fee
My Visa card was charging me 2.75% for foreign transactions as far back as 1999.
Re: VISA & Transaction Fee
Are you using Citibank Visa? I remember reading about them that they charged transaction fee.
I use MBNA and have always used it while traveling abroad. They never charged me this 'foreign currency transaction fee' until my recent trip to Canada. So, I called them up and they said they sent me a change in account information in April. :-/
I charged only a handful of things on my Discover and they didn't charge me anything.
Re: VISA & Transaction Fee
what about american express? do they have a similar policy
Re: VISA & Transaction Fee
Not to mention that their conversion rates suck. Like, really really really suck. So its essentially a double whammy.
Re: VISA & Transaction Fee
Both of my American Express cards charge me foreign currency transaction costs. I think the Canada one is 0.2% more than my UK American Express