Bank of America is the latest credit card company to stop tacking a 2 percent fee onto purchases made outside the U.S. It’s pushing new credit cards featuring a combination of above-average cash rewards with no foreign transaction fees:
- BankAmericard Travel Rewards and WorldPoints Travel Rewards award one and a half points per dollar charged to the card, with no annual fee.
- BankAmericard Privileges card awards two points per dollar charged to the card, with a $75 annual fee. Points are worth one cent each. Various bonuses are also offered, along with some qualifications. Check with Bank of America for more details.
Several other major banks are currently featuring no foreign-purchase fees and downplaying airline miles in favor of increasing cash-back offers. Clearly, the banks have heard the complaints from frequent flyers that they can pile up the miles easily but find seats almost impossible to get. These new cards may also be, in part, a competitive response to the Capital One cards with no foreign surcharges and good cash-back rates.
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