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communityFIRSTs
International Credit Card Charges - read the fine print
- /
- Posted Sep 5th 2007, 11:02
- Tagged as: fine print, unnecessary charges, banking fees, credit card
Surprised by his latest credit card bill, Ralph Warrington, of Winnipeg, filed an official complaint with his bank when he found a 2.5% charge added to every transaction he had made during a trip to the United States.
As reported this morning on CBC News Manitoba and CTV News show Canada AM there has been a request that Finance Minister Jim Flaherty look into the foreign transaction fee situation, as the 2.5% charge is viewed by groups like the Canadian Community Reinvestment Coalition as blatant gouging by the banks.
Duff Conacherr of the Canadian Community Reinvestment Coalition told CTV’s Canada AM that "The banks are doing nothing for (the 2.5 per cent fee) because Visa is the one that actually does the exchange,"
CTV - Canada AM
Many people look at all of that small print on the back of their credit card application form and end up ignoring it. Remember to read it, you will likely be surprised at what you find in that small print. So for all you Manitobans heading south or abroad, double check your user agreement before using your credit cards. Has anyone else had an experience like this? We would like to hear your story.
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