When I travel overseas I first call my credit card companies to let them know, so they will allow any charges to go through when the odd charge shows up from Hong Kong or Moscow or wherever. Both Barclays and Bank of America noted they charge a 3% fee on foreign trade transactions. That is hefty! Barclays tried to sell me lost card insurance, but I assured them I have something better overseas: friends.
Bank of American began tacking on the fees a few years ago, and it was an item of competitiveness that cards either charged or did not charge the fee. This was good. Then there was a class action suit, and so BofA began informing people of the charge. The new credit card laws did not touch this item, which is fine, since card companies like Capital One do not charge the fee.
Back in the old days we carried credit cards, but we carried a lot of cash. And we stashed it well so if we were robbed, we did not lose much. Having bank accounts overseas allows me to draw out local cash for needs, I even have a checkbook for Hong Kong.
Time for me to go old fashioned, leave the credit card idle, and pay by cash and check when I travel.
Monday, April 12, 2010
3% Fee...
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1 comments:
We need to revive the cash economy so we can keep the government from pilfering our wealth. There is a reason why Chinese prefer to use cash. If you had to live through communism, you would too.
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