This is what I got off the online application for the MBNA Fidelity Investment Rewards MasterCard today:
"Effective for accounts opened after April 30, 2006, a Transaction fee equal to 3% of the U.S. Dollar amount of any transaction made outside of the United States, or in a foreign currency. This fee will be in addition to any other applicable fee."
Even if I were to get the account open before April 30, I can't count on there not being a letter coming my way thereafter (like what happened on my other CCs), announcing a take-it-or-leave-it increase in foreign purchase transaction fees.
So, I'm still looking for a card that has some type of Mileage/Air Travel, or Rebate rewards... and that won't hit for more than the 1% transaction fee as soon as the issuing Bank gets the chance.
RE:
Originally Posted by jaynyc
The February issue of Conde Naste Traveler (the issue is not available on line as yet) has a good reference chart comparing the different bank cards. They even give FT a salute! "The excellent online forum FlyerTalk.com has a thread called "Best Card for Foreign Exchange?" which discusses cash-back cards that allow you to net a profit on purchases abroad. One traveler recommends the MBNA Fidelity Investment Rewards MasterCard: The 1.5 percent cash rebate -- minus the one percent currency-conversion fee -- equals a 0.5 percent profit."
I have the CostCo Amex card which gives a 3% rebate on restaurants and 2% on travel. Those make up the majority of my foreign travel purchases. So on hotels, car rental, etc. I break even (Amex has a 2% vig). On meals I come out ahead by 1%.