Originally Posted by
upgrade1$
Anyone know if the Canadian Amex plat will ever follow its southern neighbor and eliminate foreign transaction fees? Not holding my breath but it sure would be nice!
Very doubtful. If I understand it correctly, in the US a variety of legal actions forced the issuers/banks to clearly divulge in the monthly bills the forex fees they were charging customers. In Canada no such legal action has taken place, so most of the banks/issuers continue to bury the details of forex fees deep inside the legalese of the T&Cs, and hide the real cost of using cards overseas from consumers. Until Canadian banks are forced into the same position that US banks were forced into it is very, very unlikely that any issuer will reduce the Forex fee.
CapitalOne is a nice example of the dichotomy. As I understand it, CapitalOne has never charged forex fees on their US cards, yet have always happily done so on all their Canadian cards. If any issuer was likely to scrap the forex fee, I'd wager on CapitalOne doing it first.