There are many credit card holders who aren’t quite happy about the high currency conversion fee or foreign transaction fees that they are required to pay when they are abroad. This foreign transaction fee is in the range of 1-3% and could be quite substantial for travelling credit card holders spending substantial amount of money. However there is good news for all overseas travelers to avoiding paying the high overseas transaction fees. Starting this month, the British Airways Visa Signature Card from Chase is waiving off the 3% charge imposed on credit card purchases abroad. By doing so, the card joins a select group of credit cards like Capital One credit card which do not charge the credit card customers for spending abroad.
A lot of credit card issuers charge on transactions on the credit cards when used abroad, including those purchases which were made in dollars. However, as more and more banks are looking to increase their revenues, this step seems to be against the trend and is a profitable move as far as credit card customers involved in a lot of international travel are concerned.
Although the British Airward card from Chase is claimed to be the first co-branded airline card which has waived off the foreign transaction fees, there are two other Chase cards in the travel category which don’t charge foreign transaction fees either. These are the Hyatt and the Priority Club Select. This move is part of great marketing efforts from all credit card issuers which are competing to offer their rebate and reward cards. This move is also in line with the increasing perception that the airline miles credit cards aren’t really as valuable as many credit card issuers will have their customers believe.
Chase also offers the new card holders 50,000 bonus British Airway miles, which is a 50% cut from the sign-up offer of 100,000 miles offered last year. The bonus miles though are still good enough for a transatlantic flight. These miles are offered in two portions, the first 25,000 being offered after the first card purchase and the next 25,000 after the customer spends about 2500 dollars in the next three months. The annual fee of this card is 75 dollars. Those customers who spend more than 30,000 dollars in one year will get a redemption voucher to also bring along a companion in the same service class as the credit card customer.