Do you get charged extra for using Mastercard abroad?

Understanding Credit Card Fees When Traveling Abroad

Using a credit card abroad can be a convenient way to pay for expenses while traveling, but it’s important to be aware of potential fees that may apply. One common concern is whether Mastercard charges extra for international usage.

The answer to this question is not straightforward as it depends on the specific Mastercard you have and the issuer of your card. Some Mastercard issuers waive foreign transaction fees, while others impose them.

Foreign Transaction Fees

Foreign transaction fees are charges applied to purchases made in a currency other than the card’s home currency. These fees are typically a percentage of the transaction amount, ranging from 1% to 3%.

Mastercard Issuers and Fees

Different Mastercard issuers have varying policies regarding foreign transaction fees. Some common issuers and their associated fees include:

• Capital One: No foreign transaction fees
• Chase: 3% foreign transaction fee
• Bank of America: 3% foreign transaction fee
• American Express: 2.7% foreign transaction fee

Checking Your Specific Card

To determine the foreign transaction fees associated with your specific Mastercard, it’s best to contact your card issuer directly. You can typically find the issuer’s contact information on your credit card statement or online account.

Avoiding Fees

If you’re concerned about foreign transaction fees, there are a few steps you can take to avoid them:

• Check for cards that waive foreign transaction fees: Some credit cards, such as the Capital One Venture Card, offer no foreign transaction fees.
• Use alternative payment methods: Consider using cash, a debit card linked to your local bank account, or a travel money card to avoid foreign transaction fees.
• Notify your issuer before traveling: Informing your issuer of your travel plans can help prevent your card from being flagged for suspicious activity and potentially incurring additional fees.

Conclusion

Whether Mastercard charges extra for international usage depends on the specific card you have and the issuer of your card. It’s essential to contact your issuer to clarify your card’s specific international usage charges before departing to avoid any unexpected fees. By taking these steps, you can ensure that your credit card usage abroad is convenient and cost-effective.