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American Express Prepaid Cards no foreign transaction fee???

Regular Contributor

American Express Prepaid Cards no foreign transaction fee???

Any comments? I saw a banner about this any experience? or knowledge?

Forward, Zync, Freedom, BofA Cash Rewards

Current Score: 738 BOA Experian (5/29/2012)

GOAL: 800s
Message 1 of 5
4 REPLIES
Frequent Contributor

Re: American Express Prepaid Cards no foreign transaction fee???

From the FAQs:


Transactions Made in Foreign Currencies

If you make a purchase at an establishment or ATM withdrawal in a foreign currency, it will be converted into U.S. dollars on the date it is processed by us or our agents. Unless a particular rate is required by applicable law, you authorize us to choose a conversion rate that is acceptable to us for that date. Currently, the conversion rate we use for a transaction in a foreign currency is no greater than (a) the highest official conversion rate published by a government agency, or (b) the highest interbank conversion rate identified by us from customary banking sources on the conversion date or the prior business day. This conversion rate may differ from rates in effect on the day of your transactions. Charges converted by Merchants (such as airlines) will be billed at the rates these Merchants use.


I don't see anything in there about foreign transaction fees, you may be right.


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Message 2 of 5
Established Contributor

Re: American Express Prepaid Cards no foreign transaction fee???

The AMEX Prepaid card doesn't charge foreign transaction fee


Starting Score (08/11/11): TU08: 643
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Message 3 of 5
Regular Contributor

Re: American Express Prepaid Cards no foreign transaction fee???

Do users have any experience in foreign travel using cards for purchases abroad? I will be studying in spain soon and am looking at alternatives for using money over there. Any ideas on atm costs? I know this may be the wrong section, but thanks for the previous information i really appreciate it. 

Forward, Zync, Freedom, BofA Cash Rewards

Current Score: 738 BOA Experian (5/29/2012)

GOAL: 800s
Message 4 of 5
Established Contributor

Re: American Express Prepaid Cards no foreign transaction fee???


Tg123 wrote:

Do users have any experience in foreign travel using cards for purchases abroad? I will be studying in spain soon and am looking at alternatives for using money over there. Any ideas on atm costs? I know this may be the wrong section, but thanks for the previous information i really appreciate it. 


Amex prepaid doesn't charge foreign transaction fee, i.e. no fee when you make purchases abroad. 

They give you 1 free ATM withdrawal a month, $2 per withdrawal after that. Reload fee is $4.95 unless you reload through Amex credit card or checking account


Starting Score (08/11/11): TU08: 643
Current Score: TU08: 741
Goal Score: Stay in the 700s; keep reports clean


Take the FICO Fitness Challenge
Message 5 of 5