AUSTIN, Texas, July 28, 2016 /PRNewswire/ -- 61 of 100 popular credit cards charge foreign transaction fees, down from 77 last year, according to a new CreditCards.com report. That illustrates an overall trend toward fewer fees: the 100 cards currently charge a total of 593 fees, down from 613 a year ago. Click here for more information:
"Many card issuers are eliminating foreign transaction fees in an effort to win business from high-spending international travelers," according to Matt Schulz, CreditCards.com's senior industry analyst. "Since the typical foreign transaction fee adds $3 to every $100 spent abroad, eliminating this surcharge is a smart way for issuers to get their cards to the tops of travelers' wallets."
Most Potential Fees
First Premier Bank Credit Card (12)
First Premier Bank Secured MasterCard (12)
Club Carlson Business Rewards Visa (11)
Credit One Visa Platinum (11)
Fewest Potential Fees
Pentagon Federal Credit Union Promise Visa Card (0)
Capital One Platinum (average credit) (2)
Capital One Secured MasterCard (2)
Capital One Spark Cash Select for Business (2)
Journey Student Rewards from Capital One (2)
SonyCard Visa from Capital One (2)
Spark Miles Select by Capital One (2)
Spark Classic from Capital One (2)
The average credit card has six different fees. Late payment and cash advance fees are almost universal (they're charged by 99 and 98 of the 100 cards, respectively). Balance transfer fees are also very common (they're mandated by 77 of the 89 cards that allow balance transfers). Only 25 of the 100 cards charge an annual fee and just six charge an overlimit fee.
Over the past year, the most commonly eliminated fee is for paper copies of past statements (19 cards dropped this fee since 2015). The most-added fee is for stopped payments (added by 13 cards).
"The trend toward fewer credit card fees is a great thing for consumers," Schulz said. "It's such a crazy-competitive time in the credit card business and lower fees are just another way that Americans are reaping the benefits."
CreditCards.com surveyed 100 credit cards – a representative sampling of cards from all major U.S. card issuers – in July 2016. Fee information was gathered from the cards' terms and conditions documents, any publicly available cardholder agreements and phone calls to issuers.
CreditCards.com is a leading online credit card marketplace, bringing consumers and credit card issuers together. At its free website, consumers can compare hundreds of credit card offers from America's leading issuers and banks and apply securely, online. CreditCards.com is also a destination site for consumers wanting to learn more about credit cards. Offering advice, news, features, statistics and tools, CreditCards.com helps consumers make smart choices about credit cards. In 2015, over 27 million unique visitors used CreditCards.com to find the right credit card to suit their needs.
For More Information:
Public Relations Director
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/credit-card-fees-falling-300305444.html