A reader recently noticed that beginning March 31, TD Bank has added a 3% foreign transaction fee to their credit cards, even those that previously did not have any foreign transaction fee. Last year they made a similar change by adding a 3% foreign transaction fee to their debit cards.Â
Hat tip to reader Alex
They are taking advantage of the Covid situation to profiteer, just like they are shutting branches. “Inflation” got nothing to do with it. Canadian exchange rate has been a pretty constant 79% for the whole year. The least they could do is exempt Canadian transactions since the bank exists in both the US and Canada. Banks that already charged 3% did not go to 6%, so TD is full of it, and think we are too stupid to call them on it.
Stop using their card and apply for Capitol One Savor-One card, still no such fee. You’ll get 3% back on restaurants AND grocery. Then the TD credit card account with a zero balance will help your FICO and Vantage scores to lower you debt/credit ratio, until they shut your account in a year or two with no activity.
People with good credit scores can leave, and they are left with less reliable customers. But that is what happen when Day Traders run corporations. Long term vision and attention span only lasts until Friday’s market close.
If you think this is bad just wait to your bank charges you an international fee for a company used over the Internet where you have no idea where its based and they charge in US dollars… talk about a scam.
All this talk of trying to revive travel… you know what kills it? This type of shit
I find this interesting as banks find ways to feed people to death. I remember the mantra of the ATM was to save money because they can reduce the need for tellers. Hmmm, can you say ATM fees to get your own money? (Yes I’m on the older side )
That was fee people to death. Sorry
fine. bye TD. Cap1 is better now
You say that, but they just nerfed their benefits again too.
at least 0ftf for the same card
Some alternatives:
-SoFi MC 2% CB no FTF (rewards should deposit into Money account), no annual fee
-BofA Premium Rewards Visa, 2.62% CB on everything, no FTF (requires platinum level reward tier), $95 AF with $100 travel credit
-Fidelity Elan Visa, 2% CB domestic, 1% FTF (1% CB foreign purchases), CB deposit into Fidelity account, no annual fee
Did I miss any? Cash is KING!
some credit union cards are way better if you are eligible for membership
I have SOFI but apparently it doesnt work at Costco since they only take VISA, I’m by the US/MX border so I use it on both sides
I do have Cap and USAA as well, all 3 have no AF
These people have no shame.
“How do you sleep at night?”
“On top of a pile of money, with many beautiful ladies”
https://www.youtube.com/watch?v=GO0JaecRWy0
I have used them internationally many times
TD bank is SOCKDRAWER
Anyone know if this impacts Target Red MasterCard since TD services them? That was a nice perk for travel since it was a true chip and PIN card.
It is? When I use Target MC outside of Target, I never have to enter my pin.
Cards without contactless functionality were PIN-preferring. Target/TD Bank updated them when they added contactless, and now those new cards are typical signature-preferring MCs.
Bummer. I am due for a new card this year and not happy to loose the PIN
My first thought too…best backup card with no FTF.
Hopefully it’s not affected by this.
Toronto Dominion Bank wants to fee me on my next visit to Canada. Time for a new card.
Don’t worry. Canada won’t let you in anyway.