American Express is dropping the foreign transaction fee it charges whenever a consumer takes on credit card debt to make a purchase outside the U.S., the company recently announced. While that change is effective immediately, the lender will also roll out more in the next few months.
"We've been expanding those benefits to make sure that American Express is top of mind and top of wallet when they shop, travel and entertain – at home and abroad, said Ed Gilligan, vice chairman of American Express.
Other benefits include covering up to $200 a year in expenses related to airline travel when consumers take on credit card debt to book their flights, including baggage and flight change fees, in-flight meals and airport lounge passes.
American Express announced these changes just a week after Citi also eliminated foreign transaction charges for taking on credit card debt abroad.