TD Bank has quietly rolled out foreign transaction fees to all its consumer credit cards. The new fees, which began at the end of March, include a foreign transaction fee of 3%, echoing moves by other credit cards – including the PayPal Mastercard from Synchrony.
TD Bank Adds Foreign Transaction Fees to Its Credit Cards
It appears TD Bank is the latest credit card issuer to add fees to their credit cards. Multiple TD Bank customers were quick to notice that the bank added foreign transaction fees to all of their credit cards effective March 31, 2021.
TD Bank credit cards now feature a foreign transaction fee of 3% of the amount of each transaction in U.S. dollars. This fee is the same charge the bank added to its debit cards in early 2020, a change which also saw a $3 charge for non-TD Bank ATM use.
Fees Seek to Recoup Losses Due to Inflation
While the addition of a foreign transaction fee is not remarkable (nor is the 3% charge – fairly standard rate), it points towards an increasing industry trend towards fees to compensate for rising inflation. Several credit cards have seen additional fees in recent months, including several co-branded cards from Synchrony.
The coronavirus pandemic substantially impacted the global economy, driving down interest rates to combat rampant unemployment. As the economy has recovered, however, borrowing rates remain low, leading to inflation.
TD Bank’s New Card Offerings
TD Bank has been in the news recently for more than just new fees. The bank also recently launched its new TD Double Up Card. That card offers 2% back when funneling the rewards into a TD Bank deposit account. The bank also added this 2% back savings to one of its small business credit card offers, the TD Business Solutions Card.
Related Article: TD Bank & The Budgetnista On Credit Cards, Credit Repair, and More
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