Friday, November 25, 2022

Which Credit Card Has No Foreign Transaction Fee

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How Did We Choose These Products

Best No Foreign Transaction Fee Credit Cards No Annual Fee

The process for choosing the best no foreign transaction fee credit cards involved comprehensive research from a number of sources, including credit card issuer websites, expert review guides, and customer reviews. From there, we narrowed down our list to include a few cards for each use case .

In the end, we created a well-rounded list with options for all types of travelers or international shoppers.

We evaluated each card based on the following criteria:

  • Annual fee

  • Additional incentives

  • Reviews

Best Student Card With No Foreign Transaction Fee

Students planning a semester abroad would do well to consider taking the Discover it® Student Cash Back along with them. This card offers Discovers excellent cash back rate in rotating categories each quarter, such as gas, groceries, restaurants, even Amazon purchases when you opt-in each quarter.

$0 Fair/New to Credit

Reward points can be redeemed for cash in any dollar amount and at any time, and they never expire.

Best Discover Card With No Foreign Transaction Fee

Travelers who like earning bonus miles on purchases will love the Discover it® Miles card, with its miles awarded for every dollar spent.

$0 Excellent/Good

There are no blackout dates with this card, and miles can be used on any airline or at any hotel. It has an introductory APR that may be available to new cardholders, followed by a regular variable APR, based on your creditworthiness. This card is intended for those with good to excellent credit.

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Capital One Platinum Credit Card

  • Pay no annual fee
  • Be automatically considered for a higher credit line in as little as 6 months
  • Fraud coverage if your card is lost or stolen
  • Use online banking to access your account, even from your smartphone, with our mobile app
  • Check out quickly and securely with a contactless card, without touching a terminal or handing your card to a cashier. Just hover your card over a contactless reader, wait for the confirmation, and you’re all set
  • Pay by check, online or at a local branch, all with no fee – and pick the monthly due date that works best for you
  • Get access to your account 24 hours a day, 7 days a week
  • Help build your credit through responsible use of a card like this
  • Be automatically considered for a higher credit line in as little as 6 months
  • Fraud coverage if your card is lost or stolen
  • Use online banking to access your account, even from your smartphone, with our mobile app
  • Check out quickly and securely with a contactless card, without touching a terminal or handing your card to a cashier. Just hover your card over a contactless reader, wait for the confirmation, and you’re all set
  • Pay by check, online or at a local branch, all with no fee – and pick the monthly due date that works best for you
  • Get access to your account 24 hours a day, 7 days a week
  • Help build your credit through responsible use of a card like this
$0

When Do I Pay A Foreign Transaction Fee

9 Best No Foreign Transaction Fee Credit Cards for 2021

You might not know you have been charged a foreign transaction fee until you receive your credit card statement. This is because the fee is charged by your credit card issuer and not the company you made the purchase with.

Keep in mind that while the receipt from the purchase your car rental in Europe might say 500, the amount you will see on your credit statement will be the amount converted into dollars plus the additional foreign transaction fee.

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Hsbc World Elite Mastercard

HSBC has a no foreign transaction fee credit card: the HSBC World Elite Mastercard with a $149 annual fee and individual annual income requirements of $80,000. New users who apply by April 4, 2022 can earn a welcome bonus of 20,000 points upon sign up. In terms of rewards, you can pocket up to 3% in points for every dollar you spend on eligible travel purchases. This card also includes great travel insurance benefits. A drawback of the card, however, is their redemption structure as youâll need to rack up 25,000 points before you can start redeeming for travel rewards.

Best Visa Card With No Foreign Transactions Fees

  • 2x Scotia Rewards points on groceries, dining, entertainment, and transit
  • Priority Pass membership with six free lounge visits per year
  • Redeem points for statement credit for any travel expense
  • Minimum income: $60,000 personal or $100,000 household
  • Annual fee: $139

The Scotiabank Passport Visa Infinite Card sets itself apart as a true travellers card, offering strong welcome bonus of 30,000 Scotia Rewards points , no foreign exchange fees, and a 2% effective earning rate on grocery stores, dining, entertainment purchases, and daily transit purchases, both home and abroad.

Plus, as part of the welcome bonus, youll also earn 5 Scotia Rewards points per dollar spent on the bonus categories, which could add an extra 10,000 points to your haul.

Travellers can take comfort in earning a 2% return without having to pay FX fees on all their eats, drinks, entertainment, and public transportation when journeying abroad. Youll also have no trouble using this card along your travels, thanks to the wide acceptance of Visa cards around the world.

Also, this card comes with a complimentary Priority Pass membership and six annual visits to participating airport lounges and restaurants. Its always nice when you can extract multiple travel benefits from a single card .

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Scotiabank Passport Visa Infinite* Card

Our top pick is the Scotiabank Passport Visa Infinite* Card. This credit card wins big points because, on top of charging no foreign transaction fees, its also one of the best travel rewards credit cards in Canada. With this credit card, youll earn:

  • 2 Scene+ points per $1 spent on eligible grocery stores, dining, entertainment purchases, and daily transit purchases .
  • 1 Scene+ point per $1 spent on all other eligible purchases
  • Welcome Offer: Earn up to 35,000 bonus Scene+ points in your first year . Terms and conditions apply.
  • No foreign transaction fees

How the welcome offer works:

  • Earn 25,000 bonus Scene+ points by making at least $1,000 in everyday eligible purchases in your first 3 months.
  • Plus, as a Scotiabank Passport Visa Infinite* Cardholder, you are eligible to earn an annual 10,000 Scene+ point bonus when you spend at least $40,000 in everyday net eligible purchases annually.
  • Must apply by July 4, 2022. Terms and conditions apply.

Another perk of this credit card is free Priority Pass membership that includes six free visits per year to airport lounges worldwide.

Of course, the no foreign exchange fee markup on purchases made in foreign currency at home or abroad also has major appeal.

The Details

The Scotiabank®* Gold American Express® card is not only one of the best travel credit cards in Canada, but its also the only major bank that saves you 2.5% on foreign transaction fees.

The Details

The Details:

The Details

The Fees You Could Incur When Travelling

4 No Foreign Transaction Fee Credit Cards in Canada

So what exactly are the fees that youll want to avoid? Unfortunately theres more than one. To avoid getting stung, here are the potential charges you want to know about:

Its also worth noting that non-sterling transactions and cash advances are often exempt from your cards interest-free days, and may be charged interest at a different rate.

Heres a section from a popular credit cards summary box which serves as an example of how much extra you could pay to use your credit card abroad.

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Why Do Banks Charge Foreign Transaction Fees

Banks charge processing fees and other fees in order to make money from merchants and cardholders. Foreign transaction fees and other fees such as annual fees, late fees and over-limit fees allow the bank to make a profit. As a customer, it’s smart to look at your own card use patterns and check the fees that a card issuer charges before you open and use a card.

Best For No Blackout Dates: American Express Gold Card

  • Best features: Not only does the American Express Gold Card offer no blackout dates, it provides cardholders with bountiful rewards like a welcome offer of 60,000 points after you spend $4,000 on eligible purchases within the first six months of card membership. See if the Amex Gold is right for you.
  • Biggest drawbacks: Both the $250 annual fee and welcome offer threshold may be a little high for someone on a budget.
  • Alternatives: If you dont travel enough to justify the $250 annual fee, a no-annual-fee credit card like the Capital One SavorOne Cash Rewards Credit Card offers 3X points for dining and doesnt charge a foreign transaction fee. Pair it with the Blue Cash Preferred® Card from American Express , which offers an impressive 6% cash back at U.S. supermarkets , and you could see bigger cash back rewards for less of an annual fee.
  • Bottom line: This card will benefit travelers who spend a good bit at restaurants and U.S. supermarkets and prefer to redeem rewards on travel versus cash back.

Read our American Express® Gold Card review or jump back to this cards offer details.

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Ink Business Preferred Credit Card

Our pick for: Business travel

The Ink Business Preferred® Credit Card starts you off with one of the biggest sign-up bonuses of any credit card anywhere , then gives you bonus rewards in common business spending categories. Points are worth 25% more when redeemed for travel booked through Chase, or you can transfer them to about a dozen airline and hotel partners. Read our review.

What Base Rewards Come With The Card

Best no foreign transaction fee credit cards: The Points Guy

If you want to get rewarded for how you spend in addition to skipping out on foreign transaction fees, look into cards that offer significant rewards that match your spending habits. In addition to travel cards offering points or miles, some of the best no foreign transaction fee cards that offer cash back rewards on popular spending categories.

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Pros And Cons Of Using A Credit Card Overseas

There are many ways to take money with you on holiday, including credit cards. Its generally a smart idea to have at least a couple of different payment options to hand when youre abroad perhaps a mixture of cash and one or two payment cards. To help you decide how much you want to lean on a credit card, here are some of the key pros and cons.

Pros

  • Global acceptance. If youre using a Mastercard or Visa credit card, youll be able to use your credit card in millions of locations around the world. American Express and Diners Club cards are also accepted worldwide, though in fewer places than Visa or Mastercard.
  • Other perks. Credit cards designed for overseas use can come with travel-related benefits such as a 0% purchases deal to help spread the cost of your holiday, frequent flyer rewards programs, complimentary insurance or airline lounge passes.
  • Security. When youre travelling overseas, its wise to have more than one way to access your cash. Even if you have a prepaid card or debit card organised for everyday spending, a credit card can be used as a backup and the security of credit could come in handy in an emergency. Most cards also now come with an app that you can use to freeze and unfreeze your card if it goes AWOL .
  • Financial flexibility. Ultimately, credit cards give you credit whether thats just to act as a buffer until the end of the month or to spread costs over several months.

Cons

No Annual Fee And Extra Rewards For Bank Of America Customers

There’s a lot to love about the Bank of America Travel Rewards credit card. For starters, you’ll accrue 1.5 points for every dollar that you spend . Even better? If you’re in the Bank of America Preferred Rewards program, you’ll earn 25-75% more on each purchase.

When you’re ready to trade in your points, there’s no need to book through a special portal or transfer your points to a loyalty program. Instead, you can exchange your points for a statement credit to cover the travel or dining expenses you’ve charged to your card.

For most cardmembers, the most compelling perk of this credit card is the $0 annual fee. In general, we don’t think that an annual fee should be a deterrent if there’s a credit card that’s a great match for your spending habits. However, we recognize that some people would prefer a card without a fee. If that’s you, consider the Bank of America Travel Rewards card.

Pros:

  • Easy and flexible point redemption

  • The generous sign-up bonus for a card with no annual fee

Cons:

  • Best suited for Bank of America customers

  • Lower rewards rates than other cards

  • It might offer less value than a card with an annual fee

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Compare The Best No Foreign Transaction Fee Credit Cards Of 2022

Card
Earn 80,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That’s $1,000 when you redeem through Chase Ultimate Rewards®. 720 – 850
One-time $200 cash bonus after you spend $500 on purchases within 3 months from account opening 660 – 850
Earn 100,000 Membership Rewards® Points after you spend $6,000 on purchases on the Card in your first 6 months of Card Membership. 660 – 850 See Rates & Fees. Terms Apply. On American Express’ Secure Website

Welcome Offer

Are There Alternatives Worth Considering

Top 5 No Foreign Transaction Fee Cards | Credit Card Reviews

In this review, we wanted to appeal to a broad audience of international travelers and shoppers. As a result, we didn’t include any airline- or hotel-specific credit cards. But if you travel exclusively with a certain airline or stay at a particular hotel chain, it might make sense to consider a co-branded card, such as:

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How We Chose The Best Cards With No Foreign Transaction Fees

These days, most travel credit cards offer no foreign transaction fees. This means the competition for the best cards with no foreign transaction fees is tough and far-reaching.

We spend a fair bit of time at TPG researching the best card offers and the details of each to help make the researching process a breeze for readers. This means taking all of the cards that offer no foreign transaction fees and then narrowing down that list further by looking at a number of different factors, including but not limited to:

Which Is The Right One For You

We know that there are different reasons that someone might need a credit card with no foreign transaction fees, so we’ve selected these products with several use cases in mind.

For example, if you go overseas multiple times per year, you might consider a card that rewards you for travel-related expenses . Whether you’re traveling for work or leisure, these credit cards allow you to earn extra points on flights, hotels, and car rentals, which you can ultimately redeem for future travel purchases. They’ll usually come with high annual fees, but you can typically offset the costs if you use your card in the right way.

On the other hand, you might not travel abroad regularly, but you still want a card with no foreign transaction charges. Maybe you’re saving up for an international trip in the future, or you buy from overseas retailers. In either case, you’ll probably want to look for a card with no annual fee that still rewards you for spending .

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Best For International Travelers: Chase Sapphire Reserve

  • Best features: Unlike most, this card features an annual travel credit of $300 for cardholders to spend anywhere in the world. And when purchased through the Chase Ultimate Rewards® portal, you can earn 10X points on hotels and car rentals as well as 5X points on air travel. You can even earn 3X points on other travel and dining purchases and 1X points elsewhere. And heres the kicker: Points are unlimited, dont expire and receive a 50% boost on travel rewards when redeeming through the Chase Ultimate Rewards portal.
  • Biggest drawbacks: This is a well-rounded card, but it comes with a high annual fee of $550. And despite the versatile redemption options , there is a lower rewards value when you redeem for cash, gift cards or merchandise than when you redeem for travel booked through Chase.
  • Alternative: Depending on your spending habits and the level of premium features youre looking for, the Capital One Venture X Rewards Credit Card could be a better fit. It has a smaller annual fee and still packs a punch when it comes to luxury perks like lounge access and annual travel credits. Learn more about the Capital One Venture X vs. Chase Sapphire Reserve.
  • Bottom line: The Chase Sapphire Reserve® is for jetsetters who spend enough on dining and travel to justify the high annual fee.

Read our Chase Sapphire Reserve® review or jump back to this cards offer details.

Is It Better To Use Debit Or Credit Abroad

The Best No Foreign Transaction Fee Credit Cards of Canada

Its normally better to use a credit card for international travel. Credit cards can have stronger fraud protection benefits and are more likely to have no foreign transaction fees. Also, credit cards are more likely to earn rewards points or travel miles on foreign purchases.

Debit cards are better if you need to make ATM withdrawals. Using a credit card for ATM withdrawals means you pay a cash advance fee with a high APR until you repay the balance. One of the best debit cards for international travel can be with a Chase Sapphire Banking account. Charles Schwab Bank also offers banking services with no foreign transaction fees.

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For rates and fees of The American Express® Gold Card, please .

For rates and fees of The Platinum Card® from American Express, please .

The comments on this page are not provided, reviewed, or otherwise approved by the bank advertiser. It is not the bank advertiser’s responsibility to ensure all posts and/or questions are answered.

Editorial Note: The editorial content on this page is not provided by any bank, credit card issuer, airlines or hotel chain, and has not been reviewed, approved or otherwise endorsed by any of these entities.

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