JPMorgan Chase Credit Card Complaint

JPMorgan Chase Credit card department,

California

I recently had several experiences with my - - Visa card, which explicitly says and is marketed as having no foreign transaction fees, that indicate something like a foreign transaction fee is being charged. What is actually happening is that Chase Bank and Visa ( and - - - are complicit in allowing - to mark up exchange rates so that the rate applied to a purchase in a foreign currency, when exchanged into dollars, is about 2.5 % higher than the rate that would be used if actual market-based exchange rates, published daily from, say, the - - -, were applied. In my case, Chase Bank says they just go by what Visa uses and thereby allow Visa to mark up exchange rates by about 2.5 %, in my experience. In doing this, Chase and - perpetrate the misleading, nay bait and switch, marketing they use to encourage people to get their no foreign transaction fee '' credit cards ; indeed, the 2.5 % markup, though not billed as a foreign transaction fee, merely substitutes for such a fee because this extra 2.5 % should not be charged at all. Card holders are not unreasonable to assume, and Chase and Visa do not transparently disabuse us that, we will be receiving a market-based exchange rate ( with no additional markup ). In trying to talk with Chase ( who talks to Visa while - sits idly by ), there is no way to get this situation corrected. Moreover, this hidden foreign exchange fee is in direct oppositon to a related class action suit that the credit card companies lost and paid dearly for several years ago. Finally, I ca n't believe I am the only person experiencing this situation.