Many credit cards drop one major fee

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How to Get Bank and Credit Card Fees Reversed

When travelers use credit cards in other countries, they are generally charged a foreign transaction fee. This covers the extra costs of transferring money from a U.S. credit card company to the business in the other country, including the exchange fee. Many different credit card companies are now dropping this fee.

According to a 2016 study by, only 61 out of 100 different credit card companies now charge a foreign transaction fee. That number represents a decrease from 2015 when 77 card companies charged a fee. Many companies have eliminated the fees because travelers are spending more while traveling.

Consumers due to travel abroad may wish to contact their credit card company to learn what international fees they charge. They also need to make certain that their card company knows they will be traveling internationally. Many credit card issuers flag charges made in another country if the consumer hasn't let them know that they will be traveling, and may assume that the card has been stolen.

RELATED: See 6 easy ways to put more money in your pocket:

Easy ways to put more money in your pocket
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Easy ways to put more money in your pocket

Automate your finances. 

Set up your finances so that money is taken straight from your paycheck and deposited directly into your savings account or a retirement savings account. You can also set up your fixed bills like your Internet and cable to be automatically deducted from your checking account. Automate your finances to save time and prevent overspending. If you see extra money in your account, chances are you’ll find a way to spend it, leaving you little to invest in your future. Automation helps keep your priorities in line so that as money comes in, it is dispersed to your other accounts immediately.

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Cut back. 

At least twice a year, look at your expenses line by line and see if you’re getting the most bang for your buck. For example, do you read the magazines you subscribe to or maximize that gym membership? If the answer is “no,” consider canceling or negotiating a better rate. Take that money you save, and apply it toward bigger payoffs like debt reduction, retirement or an emergency fund.   

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Get rewards. 

Lots of people use debit cards to make it easy to buy and budget for groceries, gas and other routine purchases. Instead of doing that, look into a credit card with a great rewards program for those daily purchases, and set it up to automatically pay the statement balance from your checking account each month. Over the course of the year, you could potentially pocket a few extra hundred dollars just by using a card with a good rewards program instead of your ordinary debit card (just make sure you’re paying off your credit card every month, so you don’t pay extra in interest).

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Boost your income. 

If you love your job and want to grow your career, it's time to think about boosting your income as well. Make it a goal to negotiate a raise this year. Consider your strengths and look at the value you've provided to your company over the last six months to a year, and discuss it during a performance review. This can feel intimidating, but it never hurts to ask.

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Get a side gig. 

Take advantage of your skills, or turn a hobby into profit. Doing so can help you generate extra income – which you can put toward reaching your financial goals. Etsy, for example, is a great place to sell one-of-a-kind products.  If you have Web design, copy editing or other creative skills, consider offering your services on freelance websites such as Fiverr or Elance. These types of side gigs will allow you to earn extra income while also growing your skills.

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Track your progress. 

You can’t save money if you don't know where your money is going. Every month, track your net worth using a personal finance tool or app that will show you exactly where your money is going. This will make you think about your entire financial picture from income and expenses to investments and taxes. With this focus, you can ultimately make the greatest impact on your finances in 2015.

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Credit card companies who have dropped foreign transaction fees on some of their cards include American Express, MasterCard, Visa, and the Navy Federal Credit Union. However, not all cards issued by these companies have lost their transaction fees. If you will be traveling soon, take a look at our comparison of the four best travel and airline credit cards.

As well as changing the international transaction fees, may companies have also dropped other fees such as those charged for printing past statements.

If you want more credit, check out MoneyTips' list of credit card offers.

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Credit Card Fees Consumers May Not Know About
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