Megan Brooks
Foreign transaction fees are an extra charge added to the cost of an international purchase. The standard foreign transaction fee for U.S. Bank is 3%, but this can vary depending on the specific credit card. Some U.S. Bank cards do not charge foreign transaction fees, such as the U.S. Bank Altitude® Connect Visa Signature® Card. Additionally, certain transactions may not be considered Purchases and may not be eligible for rewards or points. These include foreign cash transactions, ATM withdrawals, wire transfers, and traveller's checks, among others.
| Characteristics | Values |
|---|---|
| Foreign transaction fee | 0% to 3% depending on the specific credit card |
| Cards with 3% foreign transaction fee | U.S. Bank Cash+® Visa Signature® Card, U.S. BANK Smartly |
| Cards with 0% foreign transaction fee | U.S. Bank Altitude® Connect Visa Signature® Card |
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What You'll Learn
- Foreign transaction fees for US Bank cards range from 0% to 3%
- US Bank Altitude Connect Visa Signature Card has no foreign transaction fees
- Foreign cash transactions are not eligible for earning points
- Foreign transaction fees are charged on most (but not all) US Bank cards
- Foreign transaction fees can be avoided by using a card that waives foreign fees
Foreign transaction fees for US Bank cards range from 0% to 3%
It is important to note that not all transactions are considered eligible for rewards or points. For example, transactions such as convenience checks, balance transfers, advances (including ATM withdrawals, wire transfers, and foreign cash transactions), interest charges and fees, and credit insurance premiums are typically excluded.
To avoid foreign transaction fees, it is recommended to use a debit or credit card that waives these fees when travelling abroad or making purchases from international retailers. Approximately 25% of credit card offers do not include foreign transaction fees, so it is advisable to check with the financial institution and compare different cards to find the most suitable option for your needs.
Additionally, some credit cards from other financial institutions, such as Capital One, Discover, USAA, PenFed, and HSBC, do not charge foreign transaction fees.
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$24.99 $29.95
US Bank Altitude Connect Visa Signature Card has no foreign transaction fees
The US Bank Altitude Connect Visa Signature Card is a great option for those seeking a credit card with no foreign transaction fees. This card allows you to make purchases outside the United States without incurring additional fees, which is especially beneficial for international travellers.
In addition to waiving foreign transaction fees, the US Bank Altitude Connect Visa Signature Card offers several other advantages. Cardholders can earn bonus points on various purchases, including travel-related expenses. For example, you can earn 5X points on prepaid hotels and car rentals booked directly through the Altitude Rewards Center, and 4X points on other travel purchases, such as airlines, car rentals, and cruise line companies. The card also offers 4X points at gas stations and EV charging stations (up to $1,000 each quarter) and 2X points on dining, streaming services, and grocery stores.
The US Bank Altitude Connect Visa Signature Card also provides a 0% introductory APR on purchases and balance transfers for the first 15 billing cycles, after which a variable APR applies. Cardholders can benefit from the Priority Pass Select Membership, granting access to over 1,700 airport VIP lounges worldwide and complimentary visits. Additionally, the card offers the convenience of US Bank ExtendPay Plans, allowing cardholders to pay off balances in fixed monthly instalments without incurring interest charges on new purchases.
The US Bank Altitude Connect Visa Signature Card is a versatile and rewarding option for individuals seeking a credit card that waives foreign transaction fees and provides a range of travel-related benefits. With its point-earning potential, introductory APR offer, and travel perks, this card can be a valuable tool for those who frequently make purchases outside the United States.
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Foreign cash transactions are not eligible for earning points
Foreign cash transactions are not eligible for earning reward points with US Bank. This is because foreign cash transactions are considered cash advances, which do not qualify as purchases eligible for earning points. Other transactions that are not considered purchases include convenience checks, balance transfers, ATM withdrawals, wire transfers, traveller's checks, money orders, betting transactions, lottery tickets, interest charges and fees, and credit insurance premiums.
US Bank charges a 3% foreign transaction fee for each foreign purchase or ATM advance transaction in US dollars or a foreign currency. This fee is relatively standard across the industry, with some other banks offering 0% foreign transaction fee cards.
While foreign transactions may not earn points with US Bank, it is important to note that some credit card companies do offer bonus points for foreign transactions. For example, Chase, Amex, Capital One, and Citi all offer bonus points on foreign transactions, provided the merchant is coded properly.
It is worth noting that foreign transaction points may not always show up under the actual transaction but may instead appear in the rewards portal under the point history. Additionally, some cards may offer bonus points for specific categories, such as restaurants, but only within the United States.
When travelling internationally, it is generally recommended to carry a 0% foreign transaction fee card to avoid unnecessary charges.
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Foreign transaction fees are charged on most (but not all) US Bank cards
The US Bank Smartly card, on the other hand, has a foreign transaction fee of 3%. This fee applies to foreign purchase transactions and foreign ATM advance transactions in US dollars or a foreign currency. It's important to note that not all transactions are considered eligible for rewards or points, such as convenience checks, balance transfers, advances (including ATM withdrawals, wire transfers, foreign cash transactions), interest charges, fees, and credit insurance premiums.
When traveling internationally, it is recommended to have a 0% FTF card to avoid paying additional fees on foreign transactions. Cards like the Costco card and the BOA PR card are mentioned as alternatives that do not charge foreign transaction fees. Additionally, about 25% of credit card offers do not include foreign transaction fees, so there are options available to avoid paying extra charges when traveling abroad or making purchases from international retailers.
While the US Bank Altitude® Connect Visa Signature® Card stands out for waiving foreign transaction fees, it's always advisable to check with the financial institution directly to confirm the most current information regarding foreign transaction fees and card benefits.
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Foreign transaction fees can be avoided by using a card that waives foreign fees
Foreign transaction fees can be a nasty surprise for travellers, but they can be avoided by using a card that waives these fees. For example, in the US, Chase Bank offers credit card products with zero transaction fees. Some companies offer lower international fees than others, and some don't charge any at all. Reputable no-fee cards include those from Capital One, as well as Charles Schwab debit cards. Most credit unions and some airline loyalty cards have low-to-no international transaction fees.
It's important to note that foreign transaction fees are not the only fees you may encounter when travelling. Dynamic Currency Conversion (DCC) is a common practice in Europe, where merchants and hoteliers charge tourists for converting the purchase price into dollars. This can often be avoided by choosing to pay in the local currency. Additionally, using a credit card for cash withdrawals can result in high cash-advance fees and interest charges.
To minimise fees, it's recommended to use a debit card for ATM withdrawals, preferably at ATMs in your home bank's network or at partner banks. If you need to exchange currency, it's generally better to do so through your bank before you leave, as they often offer more favourable rates and lower fees than airport exchange desks or kiosks at your destination.
When travelling, it's always a good idea to carry multiple forms of payment, including a credit card and some local currency. By being mindful of these fees and choosing the right payment methods, you can save money and have a more enjoyable trip.
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Frequently asked questions
The foreign transaction fee for US Bank is between 0% and 3%, depending on the specific credit card. The US Bank Altitude® Connect Visa Signature® Card does not charge foreign transaction fees.
Foreign transaction fees are fees charged by credit card companies when you use your card outside of your home country. These fees typically add about 3% to the cost of an international purchase.
You can avoid paying foreign transaction fees by using a credit or debit card that waives these fees when travelling abroad or making online purchases from international retailers. About 25% of credit cards do not charge foreign transaction fees.
Yes, the US Bank Smartly card has a 3% foreign transaction fee.
