American Express to eliminate foreign transaction fee for Platinum and Centurion cards

It’s always nice to see credit cards adding benefits (without taking anything away), and we’re seeing this right now with the trend towards eliminating foreign transaction fees. While Capital One has long been good about not charging foreign transaction fees, Chase has been catching up with a couple of their cards, most notably their Hyatt, Priority Club, and now British Airways co-branded Visa card. Foreign transaction fees are typically around 2-3%, so the fees can add up quickly when traveling internationally or doing business with a foreign company

It looks like American Express will slowly start to follow Chase’s lead, by eliminating the foreign transaction fees on their American Express Platinum and Centurion cards (these are the cards that earn Membership Rewards points, and not co-branded credit cards) towards the end of the first quarter 2011. This is long overdue given how hefty the annual fee for these cards is, though hopefully eventually they’ll be adding this benefit to other co-branded cards as well.

(Tip of the hat to Gary)

Comments

  1. Good – that 3% surcharge has been ridiculous. Would love to see Visa do the same with their Platinum cards.

  2. Finally. It’s hard to be the Premier Travel Card while having ridiculous foreign fees that discourage your customers use of the card when traveling. But then again. AMEX has always marketed those cards to bigger spenders who probably haven’t cared as much anyway.

  3. I have the AMEX black virgin atlantic credit card through bank of america. I wonder if it applies to that too. Right now, i get charged 1 percent on all foreign transactions

  4. This is good news, but I’d really like to know when the US will make “chip and pin” cards available!! It is very annoying to not be able to use the automated systems in train stations, etc., while traveling abroad.

  5. Any updates as to when this perk will be added to the Amex Plat roster of premium benefits? Still getting charged foreign transaction fees at this point and the end of 1st quarter is approaching quickly.

  6. I’m guessing that this is just for “real” Amex Platinum Card holders, not the “Optima Platinum” folks. If you ask me, with the incredibly high fees regular Platinum card holders pay, they should never have been subjected to the FTFs in the first place. Now, how about a break for us regular folks, AmEx?

  7. @Pwoodsn:

    As you seem not to know? Amex has stopped issuing Optima cards a while ago… I highly doubt anything will be changed to the terms as they are currently phasing them out one by one that card totally out when it’s time to renew them.

    Hope that helps…

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