I was cruising my way to the Caribbean; I went to the bar and ordered a Macallan 18. Pulled out my Mastercard and noticed the tab- it was a lot more than the usual $240 for a drink!
That was the moment I realized that a foreign transaction fee exists.
A foreign transaction fee is a surcharge on your bill that appears when you make a purchase that passes through a foreign bank or is in a currency other than the USD. So, if you shop online at AliExpress, or haggle for bangles in the streets of Chandni Chowk (Delhi, India), thereâ€™s a 100% chance youâ€™ll be charged with it.
Traveling is quite an expense in itself. It can only get worse once your credit card provider starts charging you a hefty 3% foreign transaction fee. Donâ€™t worry though; we picked out 5 best no foreign transaction fee credit cards for you.
Whether youâ€™re sampling local cuisine or shopping online abroad, these are the best cards that give you one less thing to worry about. Earn exclusive rewards, miles, free meals and what-not by swiping one of these five no foreign transaction fee credit cards!
With Capital One Venture Rewards, a one-time bonus of 50,000 miles is just a start. All you got to do is spend $3,000 on purchases within 3 months from account opening, and voila! All this is equal to a $500 in travel nice and easy.
With thousands of hotels accepting the Capital One Venture Rewards Credit Card, earn 10X miles wherever you stay. Also, every purchase every day earns you 1.25X miles; thereâ€™s no annual fee too!
Capital One Venture Rewards is the undisputed winner of our top-5 best no foreign transaction fee credit cards list, with flexible travel rewards and competitive annual fee. For two miles earned per dollar spent on all purchases, these miles can be redeemed for 1 cent each as a travel expense credit.
Be it hotel stay-cations or round-trip airfare booked through any travel website, one can earn and spend miles from Capital One Venture Rewards Credit Card almost anywhere- including cab rides and cruises.
Weâ€™ve already emphasized on the generous sign-up bonus: a one-time 50,000-mile bonus once you spend $3,000 on purchases within 3 months from account opening, equal to $500 in travel.
The first-year honeymoon period is all sunshine and rainbows, but after that youâ€™ll have to spend at least $4,750 a year to make up for the annual fee and come out ahead.
Also, Capital Oneâ€™s definition of travel also doesnâ€™t include amusement parks, tourist attractions and RV rentals. If youâ€™re into any of these things, you arenâ€™t getting miles from there.
If easy miles earning and miles redemption are your thing, the Capital One Venture Rewards Credit Card is a winner. A sign-up bonus makes the offer even more lucrative.
When it comes to best no foreign transaction fee credit cards, Bank of Americaâ€™s Travel Rewards fits the empty slot just right- The points never expire and theyâ€™re here to stay in your credit card forever. Also, itâ€™s versatile use means no stringent terms and conditions, it can be used nearly anywhere.
The best part is unlimited points! At the rate of 1.5 points per $1 spent on all purchases, with no annual fee and no foreign transaction fees, Bank of Americaâ€™s Travel Rewards credit card is worth having a look.
If you want the perks of a travel card without the price tag, get in! With $0 annual fee, one gets 1.5 points for $1 spent on anything, and one can redeem points at a decent value of 1 cent apiece.
This card is the best no foreign transaction fee credit card for travel, as it covers everything in the travel industry â€” not just flights, hotels and other routine expenses, but also the cost of visiting an amusement park, an aquarium or a fortuneteller.
Bank of AmericaÂ® customers with an active checking or savings account can earn 10% more points, and if you maintain high balances in affiliated accounts, you can earn 25% to 75% more through the Preferred Rewards program.
A lucrative sign-up bonus of 25,000 points after making $1,000 in purchases in the first 90 days of account opening leads to a straight-up $250 statement credit toward travel purchases.
If you donâ€™t have a Bank of AmericaÂ® account, you can earn a higher rewards rate with other cards â€” and if you spend enough, could come out ahead even after paying an annual fee.
If youâ€™re one of those who loves to travel on a budget, this credit card offers excellent value. For those with large balances in affiliated Bank of AmericaÂ® savings and investment accounts, itâ€™s even better.
This is the second Capital One credit card in our no foreign transaction fee credit cards list, and itâ€™s earned that place. The Quicksilver edition of Capital One credit card earns you an unlimited 1.5% cash back on every purchase, every day.
There are no rotating categories or sign ups needed to earn cash rewards with Quicksilver, cash back wonâ€™t expire for the life of the account and thereâ€™s no limit to how much you can earn. Also, thereâ€™s 0% APR for the first 15 months, which is nice.
Quicksilver card from Capital One has to be the best no foreign transaction fee credit card in terms of cash back, as it makes rewards easy to earn and redeem. Thereâ€™s no minimum redemption amount, now thatâ€™s music to a frugal travelerâ€™s ears!
Earning flat 1.5% cash back cannot get easier than this, and the annual fee is $0. With 0% introductory APR and a sign-up bonus of one-time $200 cash (after you spend $1000 on purchases within 3 months from account opening), it sounds like a great choice.
Among money back cards with no foreign transaction fee, it offers the best rewards and benefits and is broadly acknowledged abroad.
The reward rate of 1.5 cents per dollar is a bit low in comparison to other reward credit cards.
In case youâ€™re the frugal traveler, the Capital One Quicksilver Card $200 Bonus Offer is a straightforward method to procure more on each dollar spent, at home and abroad.
This one is so good at what it does that it even has an award to its name- Chase Sapphire PreferredÂ® Card was named â€˜The Best Travel Cardâ€™ by MONEY magazine in 2016-17, and there are all the right reasons for it.
With 1:1 point transfer to leading airline and hotel loyalty programs, Chase Sapphire Preferred card charges no foreign transaction fee and there are no blackout dates or travel restrictions as well. Thereâ€™s a good deal of travel credit when you redeem the points too.
That big sign-up bonus and easy reward transfer options are the biggest plus points for Chase Sapphire Preferred card. About the bonus: 50,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening.
When using the card, youâ€™ll earn 2 points per $1 spent on travel and dining, and 1 point per $1 everywhere else. Thatâ€™s $625 toward travel when you redeem through Chase Ultimate Rewards.
Points are worth 1 cent, but when used to book travel through Chase, theyâ€™re worth 25% more. They can also be transferred at 1:1 rate to several airlines and hotel loyalty programs, including United, Southwest, Marriott and Hyatt.
If youâ€™re one for reaping short-term rewards then its fine, because after the first year, youâ€™ll have to spend at least $4,750 annually to come out ahead with Chase Sapphire.
This card offers negligible long-term rewards as most of its value lies in the sign-up bonus; other travel cards have better long-term rewards. Also, this card doesnâ€™t offer the perks â€” free checked bags, priority boarding â€” of airline-specific cards.
The Chase Sapphire PreferredÂ® Card is best in class for voyagers searching for an outsize join reward and chances to exchange their focuses to driving loyalty programs.
If youâ€™re a student and looking to fulfill your wanderlust, Deserve Edu Mastercard for Students is the best no foreign transaction fee credit card for you. With 1% unlimited cash back on all purchases, these rewards add up to big money over the course of time.
Deserve also pays for Amazon Prime Student, offering free video, music, and Kindle titles for a lifetime (up to $59). Thereâ€™s no need for a security deposit or co-signer too.
The DeserveÂ® Edu Mastercard for Students doesnâ€™t expect candidates to have a co-signer or security deposit, and international understudies neednâ€™t bother with a Social Security number.
That makes it somewhat less demanding to get affirmed â€” notwithstanding for students with limited credit histories. In addition, it accompanies a strong 1% back on all buys and a one-time repayment for Amazon Student Prime.
The ongoing APR is 20.49% Variable, so carrying a balance on it could get expensive in a hurry. You also must be currently enrolled at a U.S. college or university to get approved.
If youâ€™re studying abroad, adding this student credit card to your wallet before the big trip could help you save on feesâ€¦ a lot.
There are plenty of no foreign transaction fee credit cards in the market, but itâ€™s a question what they have and what others donâ€™t. Those five mentioned above are best at the moment; feel free to give it a try. And yeah, Bon Voyage!
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