What To Know
- If you have a credit card from another issuer that does not charge a foreign transaction fee, use that card for your international purchases.
- A foreign transaction fee is a fee charged by a credit card issuer when you use your card outside the United States or in a foreign currency.
- You can avoid paying a foreign transaction fee by using a credit card that does not charge a fee, converting your currency before you travel, or paying in the local currency.
Traveling abroad can be an enriching experience, but navigating foreign transaction fees can be a source of frustration. If you’re considering applying for a Hyatt credit card, understanding its foreign transaction fee policy is crucial. This comprehensive guide will delve into the details surrounding this fee, empowering you to make informed decisions about your financial planning.
Does Hyatt Credit Card Have Foreign Transaction Fee?
Yes, Hyatt credit cards do have a foreign transaction fee. This fee applies to purchases made outside the United States or in a foreign currency. The fee is typically 2.5% of the total transaction amount.
Which Hyatt Credit Cards Charge Foreign Transaction Fee?
All Hyatt credit cards currently charge a foreign transaction fee of 2.5%. This includes:
- World of Hyatt Credit Card
- Hyatt Business Credit Card
- Hyatt Visa Signature Credit Card
How to Avoid Foreign Transaction Fee with Hyatt Credit Card
While the foreign transaction fee is unavoidable with Hyatt credit cards, there are a few ways to minimize its impact:
- Use a different card without a foreign transaction fee. If you have a credit card from another issuer that does not charge a foreign transaction fee, use that card for your international purchases.
- Convert your currency before you travel. You can exchange your currency at a local bank or a currency exchange service before you travel. This way, you will not be charged a foreign transaction fee when you use your Hyatt credit card.
- Pay in the local currency. When you make a purchase, ask the merchant to charge you in the local currency. This will help you avoid the foreign transaction fee.
Other Considerations
- The foreign transaction fee is not a flat fee. It is a percentage of the total transaction amount. This means that the more you spend, the higher the fee will be.
- The foreign transaction fee is charged by the card issuer, not the merchant. This means that you will not see the fee on your receipt from the merchant.
- The foreign transaction fee is not refundable. Once you have been charged the fee, it cannot be refunded.
Summary
Understanding the foreign transaction fee policy of the Hyatt credit card is essential for making informed financial decisions when traveling abroad. While the 2.5% fee is a consideration, there are strategies to minimize its impact. By being aware of these fees and planning accordingly, you can enjoy your international travels without breaking the bank.
Frequently Asked Questions
Q: What is a foreign transaction fee?
A: A foreign transaction fee is a fee charged by a credit card issuer when you use your card outside the United States or in a foreign currency.
Q: Why do credit card issuers charge a foreign transaction fee?
A: Credit card issuers charge a foreign transaction fee to cover the costs of processing international transactions. These costs include currency exchange fees, fraud prevention, and customer service.
Q: How can I avoid paying a foreign transaction fee?
A: You can avoid paying a foreign transaction fee by using a credit card that does not charge a fee, converting your currency before you travel, or paying in the local currency.
