No Foreign Transaction Fee Credit Cards

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Choosing the best credit card with no foreign transaction fee

Any time you make an electronic purchase in foreign currency, your card provider may charge you a foreign transaction fee, usually 1%-3% of the purchase price. Purchases on both credit cards and debit cards are subject to foreign transaction fees.

Foreign transaction fees are fast disappearing among 100 favorite credit cards that we surveyed late 2019. In fact, the number of cards with no foreign transaction fee hit 54 out of 100 in 2019, up from 48 in 2018, according to the Premium Access program, which allows you to make fee-free reservations at select, elite restaurants throughout the U.S. This no annual fee card also features an intro APR offer of 0% on purchases for 15 months (15.49% – 25.49% variable rate thereafter), and a sign-up bonus of $200 after spending $500 in the first 3 months. Other travel card options might provide more alluring redemption options like flights and hotels, but the SavorOne is an all-around valuable cash back card. Visa is number one in most parts of the world, Mastercard and UnionPay are usually next in line, according to The Nilson Report’s 2019 data, which was reported throughout June 2020. Visa and Mastercard have a long-established international presence – both are accepted at tens of millions of vendors across 200+ countries and territories worldwide. The big exceptions to the Visa/Mastercard dominance are Asia, where UnionPay makes up about 70% of all card spending, and Canada, where Interac comes in second with 47% of the market there

The general rule is to have two types of cards in your wallet, just in case your favorite card isn’t accepted. That means different issuers and different card networks.

“My biggest tip for spending overseas is to diversify; always carry both cash and credit,” says Lyn Alden, world traveler and founder of Lyn Alden Investment Strategy. “Credit cards are safer, more convenient and give better rewards, so I use them as my primary spending method. But when you’re outside of your country, it’s critical to have backups, and to have alternate ways to spend.”

Generally, you will find that major hotels, restaurants and other locations that tourists frequent are accustomed to accepting credit cards. It gets tricky when you go off the beaten path. That’s why it’s a good idea to have cash on hand if you plan to “experience like the locals.”

Tips for spending internationally (before, during and after travel)

• Know your card terms. If you can’t readily find information about foreign transaction fees, pick up the phone and call the number on the back of your card. It should also be displayed with your “rates and fees” clause. Note that terms of cards from the same issuer can vary. If you travel often, it may make sense to apply for a credit card that does not charge foreign transaction fees.
• Research your overseas bank network. Check if your bank is part of a global ATM network that you can use to access cash overseas for free – or at least at a lower cost.
• Always pay in the local currency. Sometimes, foreign merchants will offer to convert your purchase to U.S. dollars before you pay with your card. Decline so that you avoid dynamic currency conversion costs that you’ll have to shoulder. “So many places try to say ‘convenience,’ but the rate is not favorable to the traveler,” says travel blogger Suzanne Wolko of PhilaTravelGirl.com.
• About those traveler’s checks. “Don’t bother; they are too much of a hassle,” says Wolko.
• Call your bank. Make sure they are aware that you may use your ATM card in the country you will be traveling to, says Wolko.
• Use only credit abroad. Some travel experts actually advise that you not use a debit card in a foreign country. That’s because you are protected when there is an unized charge on your credit card, and you might be protected if a product isn’t delivered as promised. A debit card, with your PIN, can mean free money for the bad guys, if your bank doesn’t have protections in place for you. Check with your financial institution.
• Try local apps. Wolko advises that you use apps tied to your credit card to avoid dealing with cash or credit cards, such as Uber, Lyft or MyTaxi.

How to choose the right credit card with no foreign transaction fee

1. Does the card fit your lifestyle? OneSavvyDollar.com founder Ogechi Igbokwe says he knew that once he graduated from grad school, he planned to travel overseas, so a card with no foreign transaction fee made sense.
2. Does it come with an annual fee? Says Igbokwe: “Golden rule when making a purchase: The cost of getting a thing must never outweigh the benefit.” So, make sure you will recoup on the annual fee or that the card has an advantage that makes the fee worthwhile.
3. Is it widely accepted? “A no foreign transaction fee card is only good if it is accepted everywhere you go,” says Natasha Rachel Smith of TopCashback.com.
4. Any rewards? Because there is such a wide range of cards offering no foreign transaction fee, you’ll want to look at rewards that are offered. However, “Prior to applying for any card, check the terms and conditions to make sure the card allows you to receive rewards on international purchases,” says Smith.
5. What other features are there? Krista Canfield McNish, of travel website and blog FoodWaterShoes.com, has a card that covers up to $1,500 in trip cancellation/trip interruption insurance per trip for nonrefundable expenses due to personal or family injury, illness, or death if you booked your trip with your card, which she says is a handy bonus.
6. Have you done your research? “Keep in mind that not every country is U.S. credit card-friendly (for example, European cards are more likely to work in countries like Cuba than U.S. credit cards), so it’s a good idea to do your 数字货币交易软件_数字货币手机app下载homework before you take off,” says McNish.

More information on travel rewards

Maybe you’ve decided that, in addition to no foreign transaction fees, you’d like a card with travel, hotel or airline rewards. Check out our library of product-specific reviews to help you narrow down your choice.

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• Airline credit card reviews

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