Travelers Beware: Bankrate.com Sheds Light on Hidden Credit Card Charges

NEW YORK, June 24 /PRNewswire-FirstCall/ — Bankrate, Inc. (NASDAQ:RATE) announced today that it has conducted a new research study focusing on the fees consumers are charged by their credit card providers for currency conversion while traveling abroad. Bankrate.com has put together a chart listing the major credit card issuers and banks, detailing each company’s currency conversion charge for credit and debit card purchases, as well as ATM withdrawals.

Visa/MasterCard charges credit card users 1% for currency conversion. What most consumers aren’t aware of is that their card issuer/bank may be charging an additional fee — in some cases up to 2% — for the same conversion. Bankrate.com has compiled data to show consumers the exact charges they will be incurring, which are often impossible to see on credit card statements.

“We think it’s very important to alert consumers to these hidden charges,” said Daniel P. Ray, Bankrate.com editor-in-chief. “By doing a little research before heading overseas, consumers can potentially save themselves a substantial amount of money,” Mr. Ray added.

To read Kristin Arnold’s article “How much are you being charged for those overseas purchases?” and view the research data in our credit card currency conversion chart, go to http://www.bankrate.com/currencyconversion .

About Bankrate, Inc.

Bankrate, Inc. (NASDAQ:RATE) owns and operates Bankrate.com, the Internet’s leading consumer banking marketplace. Bankrate.com is a destination site of personal finance channels, including banking, investing, and taxes. It is the leading aggregator of more than 300 financial products, including mortgages, credit cards, new and used auto loans, money market accounts and CDs, checking and ATM fees, home equity loans and online banking fees. Bankrate.com reviews more than 4,800 financial institutions in more than 580 markets in 50 states. In 2004, Bankrate.com had over 38 million unique visitors. Bankrate.com provides financial applications and information to a network of more than 75 partners, including Yahoo! (NASDAQ:YHOO) , America Online (NYSE:TWX) , The Wall Street Journal (NYSE:DJ) and The New York Times (NYSE:NYT) . Bankrate.com’s information is also distributed through more than 100 national and state publications.

Related Articles