Hey all - advice please,
I am moving to europe for a year and am worried about the 3% foreign transaction fee that our joint credit card charges, If we spend $40K on our card each year, that is $1,200. Is it worth the hassle and credit impact to new joint capital one card with 0% foreign transaction fee?
Our credit history
2002 $10K car lease, fully paid all on time
2006 $10K car lease, fully paid all on time
2008 $30K student loans - currently being paid, no late payments
1 joint credit card - opening 2008 $9K limit average balance $3,000
3 individual credit cards (2 me, 1 her) 5, 8 8 years old - total utilization $2K/$16K
Maybe 2 late payments over the last decade.
I dont know my/our score
Now that I think about it, I may just suck it up and pay ~$1,200. Also we can try and use debit/cash more to bring that number down.
It sounds like your FICO score is probably good, assuming that your revolving utilization remains low when you apply.
There are several choices for credit cards that don't have a FTF, do a search and you should be able to find some good recommendatoins ~ obviously you could just go with Cap1 too.
If I were in your situation, I'd gladly open a new account to save the $1,200 in fees. Assuming that you open a rewards card, you'll make some money in addition to saving too.
To savwe $1200 a year I would. The point loss on your FICO due to the inquiry and the new account should be temporary. To me it makes good financial sense to do so.