Category Archives: Foreign Transaction Fees

5 Fun Places to Get Big Travel With Small Money This Summer in Canada

If you’re looking for a frugal destination for your summer travels, you could stretch your vacation budget further by traveling to Canada!

That’s because the exchange rate between the US and Canadian dollar is very good right now.

It’s like saving ~20% everywhere!  And you could get there cheaply if you can drive, take the train, or fly from cities near the US / Canada border.

5 Fun Places To Get Big Travel With Small Money This Summer In Canada

Instant Discount! You’ll Get ~1.22 Canadian Dollars for Every US Dollar

There are lots of Canadian destinations Emily and I would love to visit but haven’t seen yet.  Here are 5 on our wish list.

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Is It Worth Keeping Your American Express Card After the 1st Year?

Readers often ask when to cancel or close a credit card.  In general, I evaluate whether to keep or cancel a card after 9 to 10 months.  That’s because most cards waive the annual fee for the 1st year, so there’s no point canceling the card immediately.  

And banks don’t like when you close a card right after getting the sign-up bonus!  So they might hesitate to approve you for more of their cards in the future.

Is It Worth Keeping Your American Express Card After The 1st Year

So Many American Express Cards – Are Any of These in Your Wallet?

Many cards provide a benefit for keeping the card after the 1st year and for paying the 2nd year annual fee.  But what’s a good benefit for me, may not be good for you.  So let’s review the benefits for keeping certain American Express cards.

That way you can decide whether to keep or cancel your American Express card when the annual fee is due!

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New Higher Sign-Up Bonus ($150) for Discover It Cash Back Card

Via Slickdeals, the Discover It card now has a $150 cash back bonus when you spend $750 within the 1st 3 months.  But this offer is NOT available through the main page on Discover.

Note: Emily and I don’t get a commission for this card but we always tell you about the best offers!  And while I think there are much better Big Travel deals available, this might interest folks who prefer cash back.

New Higher Sign Up Bonus 150 For Discover It Cash Back Card

The Discover It Sign-Up Bonus Has Gone Up from $0 to $150

I’ll show you how to get the most from the card!

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3 Changes (1 Good, 1 OK, and 1 Bad) to Delta Credit Cards

Starting May 1, 2014 the Delta American Express cards will no longer have foreign transaction fees of ~2.7%.  However the annual fee increases on the Delta Platinum card.

Delta American Express Changes Coming May 1, 2014

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Reader Question: Which Credit Card For My Daughter Who Is Studying Abroad?

Million Mile Secrets reader Carol writes in:

Our daughter is studying abroad for 1 year in Rome, Italy and I am trying to figure out a way to send her money and a credit card for her to use that has no international transaction fees.  

Any suggestion you may have would be greatly appreciated.  Would it be possible for her to earn mileage or points on a specific card?  She is 20 years of age.

There are three parts to Carol’s question:

  1. Which credit cards have no foreign transaction fees?
  2. Which miles and points credit cards can a 20 year old qualify for?
  3. How to send money to someone abroad?

Why Is a No Foreign Transaction Fee Card Important?

Most US credit cards charge an extra 3% when you use them for transactions in foreign currency.

3% may not seem like a lot, but it adds up.  Let’s say that you’re a student studying abroad who spends, say, $750 per month for 12 months.  That’s $9,000 in spending ($750 per month X 12 months).

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Say No to Foreign Transaction Fees!

You will pay $270 in fees if your credit card charges a 3% foreign transaction fee  ($9,000 in annual spending X 3% foreign transaction fee). Continue reading