READ ALSO: Learn to ask yourself this important early check-in question Consumers consider foreign transaction fees to be unfairįoreign transaction fees on credit cards only seem to make consumers mad. Some consumers may not have read the entire set of disclosures or have read only the parts they thought they had an interest in at a particular time.” “I would be surprised if these fees are not correctly disclosed in credit card agreements because that is required. “Consumers often do not know this until they spot the foreign transaction fee listed separately on a bill,” Sarah Jane Hughes, a university scholar and commercial law fellow at Indiana University told WalletHub. These credit cardholders are already on the hook for more than $1 trillion in unpaid credit card balances overall. They are charged extra fees without leaving the country. Unsuspecting online shoppers who purchase from a merchant based abroad could get hit with an international surcharge of up to 3 percent as a result. Eight in 10 don’t understand that foreign fees can apply while dealing with overseas merchants from the US. In fact, 4 in 10 people don’t realize that credit card companies can charge foreign fees while traveling abroad.

Almost everyone assumes they’re safe from foreign fees while at home in the US. Not everyone travels internationally (especially these days). Consumers don’t realize that they can pay foreign transaction fees here in the US Plus, almost all cash machines outside US borders charge transaction fees. Many overseas destinations charge foreign transaction fees. In many cases, they don’t even know they’re paying these fees. Half of all credit card users don’t know whether their card has a foreign fee. US consumers waste millions of dollars each year paying foreign transaction fees on credit cards. 200 million Americans don’t realize foreign transaction fees can apply without foreign travel

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