Originally Posted by
sosafan
Two more questions I have:
1. How do the credit cards charge their fees? I've studied my statements from time to time, and haven't figured it out. I haven't yet read this long thread, and I'm sure when I do, that will help.
2. What did the companies do wrong to lead to this settlement? I have
no idea.
1. Some CC companies just build it into the cost of the transaction. So if you made a charge in Euros equal to $100, they might just list it as a $103 charge on your card. These days most CC companies will break it out somehow, either in the transaction description, or by putting the $3 in the finance charges at the bottom of your statement.
Read the
wiki to learn more about how the fees work without reading this whole thread.
2. They encouraged customers to use the cards overseas without disclosing that they were charging 1-3% fees.