What is the foreign transaction fee for Citi 2 cash back?
You also won't want to use the Citi Double Cash® Card on overseas purchases, since the card has a 3% foreign transaction fee. That means the cost of making international purchases is more than the 2% in cash back you'd earn from them, so you'll want to restrict this card to domestic use only.
The Citi Double Cash Card foreign transaction fee is 3%. Frequent international travelers should probably use a no foreign fee credit card instead, because paying 3% on every foreign purchase will negate the rewards you could earn.
| Account type | Foreign transaction fees |
|---|---|
| Basic Banking Package¹ | 3% |
| Access Account Package² | 3% |
| Citibank Account Package³ | 3% |
| Citi Priority Package⁴ | No fee |
In Canada, foreign transaction fees are typically around 2.5%. A foreign transaction fee is typically calculated by adding the predetermined fee percentage charged by your credit card issuer to a purchase made with a foreign merchant to the cost of the original purchase.
Foreign transaction fees are typically around 2-3% of each transaction in U.S. dollars. 1 This fee might consist of a 1% fee charged by the payment processor, such as MasterCard or Visa, plus another 2% fee charged by the card issuer, such as Bank of America or Wells Fargo.
The Citi Premier® Card provides other benefits such as no foreign transaction fees1, no limit to the amount of points earned, no expiration on points earned, free access to view your FICO Score, and more. You can also redeem your points for great rewards with the Citi ThankYou® Rewards program.
Best Credit Cards With No Foreign Transaction Fee of April 2024. Discover it® Balance Transfer: Best feature: 0% Introductory APR. Discover it® Cash Back: Best feature: Cash back on everyday purchases. IHG One Rewards Traveler Credit Card: Best feature only: Bonus points at IHG hotels.
- Open a Credit Card Without a Foreign Transaction Fee. ...
- Open a Bank Account Without a Foreign Transaction Fee. ...
- Exchange Currency Before Traveling. ...
- Avoid Foreign ATMs. ...
- Ask Your Bank About Foreign Partners.
When you have a Citibank credit card, you are not required to let Citibank know about travel plans, but it's a good idea to do so. If you don't set a travel notification and charges appear on your account from places you don't normally visit, it's possible that Citibank will put a hold on your account to prevent fraud.
Debit Card charges on Overseas cash withdrawals at non-Citi ATMs. The withdrawal amount will first be converted to US Dollars by the relevant card scheme and a 2.75% transaction fee applied.
Is it better to exchange money or use credit card?
While you'll always need some cash, using a credit card for your spending needs can significantly simplify overseas travel. You won't really have to deal with converting currency and, armed with the right credit card, you won't pay unnecessary foreign transaction fees.
Depending on the credit card you use when traveling abroad, you could pay fees that total 6% or more of purchases. Using a credit card with no foreign transaction fees and choosing to make purchases in local currency will nearly always save you money.
It's possible to get a foreign transaction fee waived, but it isn't easy. Call your credit card issuer's customer service department and request that they waive the fee. It works best if you've had the credit card for many years, but even then, there's no guarantee the issuer will waive the fee.
A foreign transaction fee is one of the most common types of fees you could face if you use your credit card at a non-U.S. retailer. Foreign transaction fees are assessed by your credit card issuer and tend to be charged as a percentage of the purchase that you're making, usually around 3%.
Foreign transaction fees generally range from 1 percent to 3 percent and tend to average around 3 percent of each transaction. Paying around $3 per $100 you spend may not sound that expensive, but these fees can add up if you're making a lot of purchases with your credit card.
What's the best credit card for international travel? CNBC Select ranked the American Express Gold Card as the best credit card for traveling internationally. It has no foreign transaction fees (see rates and fees), has generous bonus spending categories and comes with a range of travel insurance benefits.
Citibank will not charge you a foreign exchange fee for purchase or withdrawal transactions when you use your Citibank Banking Card outside the U.S. and Puerto Rico. Other banks and ATM service providers may charge you a fee when you conduct a Citibank deposit account transaction using their ATMs.
Foreign Exchange Trading
Our Foreign Exchange services allow you to convert a wide range of currencies, at Citi's market exchange rates.
You are actually allowed to have unlimited open credit card accounts with Citibank at once, with no restrictions on the amount of time between applications. But keep in mind that applying for a lot of cards in a short period of time hurts your credit score.
Many banks offer credit cards without foreign transaction fees and a number of institutions offer checking accounts that do not charge foreign transaction fees for debit card cash withdrawals abroad.
What is the best way to do a foreign transaction?
- Cash.
- International Debit Cards.
- International Credit Cards.
- Traveller's Cheques.
- International Money Transfer.
If you've made an international purchase, credit card issuers may not refund any foreign transaction fees because it costs them money to process the transaction. That means depending on your credit card's policy, you could be stuck with having to pay the fees, so be sure to check with your credit card issuer.
- Login to your Citi Mobile App.
- Click on 'Account Summary'
- Click on 'Savings/Credit Card' (Debit Card, i.e. 'Savings' journey highlighted here)
- Click on 'Manage Card'
- Read and accept T&Cs of Manage Card and click on 'Continue'
- Unlock international transactions.
- Set your transaction limits.
There is no annual fee to use the card, though you'll need a paid Costco membership. The card has travel-related benefits, including no foreign transaction fee. You'll get strong bonus earnings on Costco purchases, gas, dining out and travel.
Cash back rewards on travel
This can include airfare, hotel stays, car rentals, travel agencies, cruises and Costco travel. Cardholders can also make the most of road trips and vacation car rentals with 4% cash back on eligible gas and EV charging transactions for the first $7,000 every year.
