Foreign Transaction Fee - What???

Foreign Transaction Fee - What???

I noticed a foreign transaction fee on my credit card statement and decided to do some investigating. When I called the bank, I was told the fee was associated with my subscription to Psychology Today, which I use(d) for marketing my private practice. When I asked them where the bank for Psychology Today was located, I was told, 'the Cayman Islands'.  This came somewhat as a surprise to me, as I had always thought the magazine would keep its business affairs in the United States. Not sure why - just thought that would be the case. 

Upon further investigation, I logged into my account and found (deep inside the web page) this disclaimer. According to the disclaimer, the magazine uses billing processors outside the US - and noted Canada and UK but did not reference the Cayman Islands. A little troublesome. And when I sent the email requesting my account be closed, I received a rely with several articles to read stating how detrimental this would be to my business. Funny, because I have received a total of 6 referrals and 2 actual clients in 1.5 years - a service for which I pay $30 a month. Somehow I think I will be OK cancelling...

p.s. I included the blurb found on the web page explaining the transaction fee - please see below


Why does my bank charge me a foreign transaction fee?

Psychology Today operates internationally (we have members in the US, Canada and Europe) and our billing processors are located outside the US (Canada and UK). Some US and European banks and credit card companies charge their customers a fee on any non-domestic transactions (it varies between 1-5%). American Express and Capital One do not charge these fees. This New York Times article explains the practice of the banks.

We know this fee can be an irritation to some of our members. We cannot prevent it but can adjust your billing for a maximum discount of 3% to offset it going forward. Please email us to let us know the fee you have received and that you would like us to make the offset to your billing.

Why does my bank charge me a foreign transaction fee?

Psychology Today operates internationally (we have members in the US, Canada and Europe) and our billing processors are located outside the US (Canada and UK). Some US and European banks and credit card companies charge their customers a fee on any non-domestic transactions (it varies between 1-5%). American Express and Capital One do not charge these fees. This New York Times article explains the practice of the banks.

We know this fee can be an irritation to some of our members. We cannot prevent it but can adjust your billing for a maximum discount of 3% to offset it going forward. Please email us to let us know the fee you have received and that you would like us to make the offset to your billing.

Are Strawberry Leaves Safe to Eat??  by Emily Weaver, University of Iowa

Are Strawberry Leaves Safe to Eat?? by Emily Weaver, University of Iowa

Calling all women - take care!!

Calling all women - take care!!