A few months ago I wrote a blog post how I used my various foreign transaction fee credit card in Europe and the savings I received for not paying the foreign transaction fee.
Just a week ago I received a postcard from Chase Sapphire Preferred showing how much I have saved in foreign transaction fee in 2016. It is not a significant amount, as I did not use my Chase Sapphire Preferred a lot last year, but every dollar saved is a dollar in my pocket.
Foreign Transaction Fee Saving
Unless I go through my credit card statement from last year, I do not know the exact dollar amount I spent overseas using my Chase Sapphire Preferred card. Assuming the foreign transaction fee charge is 2.5% I would have paid close to $1800 in foreign currency using the Chase Sapphire Preferred card.
As per the statement that I received from Chase, I saved $45.06 in foreign transaction fee by using the Chase Sapphire card in overseas locations or used the card on websites that require payment in foreign currencies.
The Chase Sapphire Preferred carries an annual fee of $95, based on the amount I saved from not paying the foreign transaction fee, the savings covers almost 50% of my annual fee.