What’s a foreign transaction fee?

Some credit cards charge a fee (typically between 1% and 3%) for every purchase someone makes in a foreign country or through a bank based abroad. If you’re shopping for a new credit card, you may want to consider which ones have foreign transaction fees and which ones don’t, especially if you travel abroad.

 

How does my credit score affect me?

Credit scores are important indicators of your financial health. Lenders use credit scores as major tools to determine:

  • Whether or not you are a good candidate for a loan.
  • What type of interest rate you will pay.

While a credit score is a key determinant of your creditworthiness, lenders also examine the information on your credit report and your loan application. Regularly checking your credit report enables you to:

  • Be informed of the most up-to-date information in your credit history.
  • Correct any inaccuracies, thus ensuring that your credit data is a true depiction of your credit record and increasing your chances of receiving credit under the best possible terms.