01-11-2013 06:54 AM
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.
01-11-2013 01:27 PM - edited 01-11-2013 01:27 PM
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.
01-15-2013 09:43 PM
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.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions based on Experian or Equifax data (additional FICO® Score versions based on TransUnion data are not currently available on myFICO.com). Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.