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.