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Credit Card Currency Conversion Fees
I just received a notice from MBNA that they are instituting a new 3%
fee for all charges made outsdie the USA __OR__ in a foreign currency. Also, "For transaction made in a foreign currency the conversion rate will be reduced by 1% compared to the way it was previously determined." What does "reduced" mean. Does that mean I pay 1% less for the currency or does it mean I get 1% less of the foreign currency? So, is the oversll effect 2% or 4%? I can guess. |
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