American Express Platinum Travel Card Foreign Transaction Fee
Traveling to foreign destinations is a thrilling experience for most people. It allows you to explore new cultures, sample different cuisines and create unforgettable memories. However, as much as traveling can be an exciting experience, there are always certain financial considerations to keep in mind before setting off on your adventure. One of these considerations is the foreign transaction fee that is charged by most credit card issuers, including American Express. In this article, we will take a closer look at the American Express Platinum Travel Card foreign transaction fee and how it can impact your finances.
What is the American Express Platinum Travel Card foreign transaction fee?
The American Express Platinum Travel Card is a popular travel credit card that offers impressive rewards and benefits for frequent travelers. However, one of the downsides of using this card is the foreign transaction fee that is charged for purchases made outside the United States. The foreign transaction fee is a surcharge that is added to the cost of purchases made with a credit card in a foreign currency or processed outside of the United States. The American Express Platinum Travel Card foreign transaction fee is 2.7% of the purchase amount.
How does the American Express Platinum Travel Card foreign transaction fee impact your finances?
The American Express Platinum Travel Card foreign transaction fee may seem like a small surcharge, but it can quickly add up to substantial amounts especially if you frequently use your card for overseas purchases. For instance, if you spend $5,000 on your American Express Platinum Travel Card on your trip to Europe, you will incur a foreign transaction fee of $135. While this may not seem like a lot, it can accumulate over time, making your travel expenses more expensive than anticipated.
How to avoid the American Express Platinum Travel Card foreign transaction fee?
If you regularly travel overseas and want to avoid paying foreign transaction fees, you might want to consider other travel credit cards that offer this benefit. Alternatively, you can choose to use cash or traveler's checks for your purchases while traveling abroad. Another option is to use your credit card to withdraw cash from an ATM while traveling, but be aware that you may be charged additional fees for this transaction.
Benefits of using the American Express Platinum Travel Card for overseas purchases
Despite the foreign transaction fee, the American Express Platinum Travel Card has several benefits that make it a popular choice among frequent travelers. These benefits include:
Travel rewards: The American Express Platinum Travel Card offers generous rewards for travel-related purchases, such as flights, hotels, and car rentals. Cardholders earn 5X points on flights and prepaid hotels when booked through Amex Travel and 1X points on all other purchases.
Lounge access: Cardholders have access to the Global Lounge Collection, which includes over 1,200 airport lounges worldwide.
Travel insurance: The American Express Platinum Travel Card offers a variety of travel insurance benefits, including trip cancellation and interruption insurance, medical evacuation insurance, and travel accident insurance.
Concierge service: Cardholders have access to a 24/7 concierge service that can help with travel-related tasks, such as booking reservations or providing recommendations for local attractions.
Conclusion
The American Express Platinum Travel Card foreign transaction fee may be a drawback for some travelers, but it is important to weigh the benefits and drawbacks when deciding which credit card to use for overseas purchases. If you frequently travel and value the rewards and benefits offered by the American Express Platinum Travel Card, the foreign transaction fee may not be a significant factor. However, if you are looking for ways to avoid paying foreign transaction fees, there are other travel credit cards and payment options available that may better suit your needs.