Best no foreign transaction fee credit cards of November 2024
Using a credit card that charges foreign transaction fees could cost cardholders who frequently travel abroad or shop with foreign vendors hundreds of extra dollars a year. CardRatings editors break down the best no foreign transaction fee credit cards and discuss their numerous perks. … View More
Consider this: If your card charges a 3% foreign transaction fee and you spend $2,000 on your card while enjoying your trip abroad, you’ll end up paying another $60 in fees. It’s not a ton of money in the grand scheme, but still, why pay it if you don’t have to? According to the National Travel and Tourism Office, more than 83 million Americans traveled abroad in 2019. We don’t have statistics for how many of those people were traveling WITHOUT a no-foreign-transaction-fee credit card, and who were therefore paying fees on every foreign purchase made on their trip, but we think it’s safe to say that most of those people would have preferred to have kept that extra money to themselves. Traveling with the right credit card can help you do just that, and we have plenty of options from our partners and more below.
With the right no foreign transaction fee credit card from our partners, you could potentially save yourself hundreds of dollars next time you travel abroad. In fact, even if you don’t travel abroad, one of these cards could save you money if you buy products from international merchants. If you’re buying some awesome clothes from a British designer’s website with prices listed in pounds, you’ll be on the hook for conversion fees if you don’t use a no-foreign-transaction fee card. Set yourself up for this success by browsing (and using) our top picks for the best credit cards with no foreign transaction fees. View Less
Brooklyn Lowery
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List of Winners
- CardName – Best for the Welcome Bonus
- CardName – Best for Flat-Rate Travel Rewards
- CardName – Best for Tiered Travel Rewards
- CardName – Best for Everyday Purchases
- CardName – Best for Airport Lounge Access
- CardName – Best for Premium Travel Benefits
- CardName – Best No-Annual-Fee Card with Travel Rewards
- CardName – Best for Cash-Back Rewards
- CardName – Best for Small Business Travel Rewards
- CardName – Best for Small Business Cash-Back Rewards
- CardName – Best for Fair Credit
- CardName – Best for Bad/Limited Credit
- CardName – Best for Students
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The Bonus: Get up to $1,050 in Chase Travel℠ value – earn 60,000 bonus points after $4,000 in purchases in your first three months from account opening (worth $750 when redeemed through Chase Travel); plus, get up to $300 in statement credits on Chase Travel purchases within your first year.
The Rewards: Earn 5x on travel purchased through Chase Travel, 3x on dining, select streaming services and online groceries, 2x on all other travel purchases, 1x on all other purchases, $50 Annual Chase Travel Hotel Credit, plus more. And, by the way, your points are worth 25% more if you redeem them through Chase Travel. You can also transfer those points to a number of popular airline and hotel loyalty partners, making them potentially worth even more.
Annual Fee: AnnualFees
Credit Needed: CreditScoreNeeded
PROS:
- The high ongoing rewards rates is terrific, but we really love that with these rewards, there are no blackout dates, restrictions or expiration dates.
- Receive $50 Annual Chase Travel Hotel Credit
- The trip cancellation/trip interruption insurance, especially these days, should help make everyone feel relieved about booking a trip with this card.
CONS:
- There is an annual fee of AnnualFees. Could be worse, but still, nobody enjoys paying an annual fee.
- This card's rewards earning works well for a certain type of spender, but not everyone. If you aren't going to be able to maximize the rewards given the categories, you might be better off with a different card.
| Current Scores | Past Scores | |
|---|---|---|
| Overall Score | 80.3 | 86.6 |
| Rewards Program Satisfaction | 7.8 | 8.6 |
| Customer Service | 8.0 | 8.7 |
| Website/App Usability | 8.3 | 8.8 |
| Likelihood of Continuing to Use | 8.4 | 8.7 |
| Recommend to a Friend/Colleague | 8.1 | 8.6 |
*Scores above reflect the results of surveys with actual cardholders. Full methodology below.
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The Bonus: Earn 75,000 miles once you spend $4,000 on purchases within three months from account opening, equal to $750 in travel.
The Rewards: Earn unlimited 2X miles on every purchase, every day, plus earn 5X miles on hotels, vacation rentals and rental cars booked through Capital One Travel.
Redeem your rewards for statement credit to cover a variety travel purchases including those with airlines, hotels, car rental agencies, cruise lines, travel agencies and more. Your miles are always worth $.01 each when you redeem them for statement credit to cover travel purchases. For example, a $500 travel purchase would require 50,000 miles to cover the full cost.
Annual Fee: AnnualFees
Credit Needed: CreditScoreNeeded
PROS:
- Enjoy up to a $120 application fee credit to cover Global Entry or TSA PreCheck membership.
- While your rewards are quite flexible and can be redeemed for any eligible travel purchase, you can also choose to transfer your miles to one of a number of hotel or airline loyalty programs, which could yield even more value.
- With MasterRental Insurance, as long as you're renting an eligible vehicle with your Capital One Venture Card, you may be covered for physical damage and theft of the rental vehicle.
CONS:
- There's an annual fee and, as annual fees go, it isn't too steep. But still, it needs to be considered.
- If you decide to redeem for cash instead of travel, you won't be maximizing the full value of your rewards. So it's good for travel, but not as useful as a cash-back rewards card.
| Current Scores | Past Scores | |
|---|---|---|
| Overall Score | 83.3 | 76.0 |
| Rewards Program Satisfaction | 8.2 | 7.7 |
| Customer Service | 8.0 | 7.2 |
| Website/App Usability | 8.4 | 8.2 |
| Likelihood of Continuing to Use | 8.9 | 7.9 |
| Recommend to a Friend/Colleague | 8.5 | 7.2 |
*Scores above reflect the results of surveys with actual cardholders. Full methodology below.
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The Bonus: Limited time offer: Earn 60,000 points after you spend $6,000 on eligible purchases on your new card in your first six months of card membership.
The Rewards: Earn 4X points per $1 spent on purchases at restaurants worldwide (on up to $50,000 in purchases per calendar year), then 1X points; 4X points per $1 spent at US supermarkets (on up to $25,000 in purchases per calendar year) then 1X points; 3X points per $1 spent on flights booked directly with airlines or on AmexTravel.com; 2X points per $1 spent on prepaid hotels and other eligible purchases booked on AmexTravel.com; and 1X point per $1 spent on all other eligible purchases. You can also earn up to $10 in statement credits monthly when you pay with your card at Grubhub, The Cheesecake Factory, Goldbelly, Wine.com, and Five Guys (enrollment required).
Annual Fee: AnnualFees
Credit Needed: CreditScoreNeeded
PROS:
- Start membership off on the right foot with the limited time offer of 60,000 bonus points earned by spending at least $6,000 on eligible purchases in the first six months after opening an account.
- Add your Gold Card to your Uber account and each month automatically get $10 in Uber Cash for Uber Eats orders or Uber rides in the U.S., totaling up to $120 per year. Effective 11/8/2024, an Amex Card must be selected as the payment method for your Uber or Uber Eats transaction to redeem the Amex Uber Cash benefit.
- If you do a lot of carryout or delivery, you'll appreciate the $10 monthly statement credits when you pay with your Gold Card at Grubhub, The Cheesecake Factory, Goldbelly, Wine.com, and Five Guys (Enrollment required). That's $120 in savings a year.
CONS:
- The annual fee is a fairly hefty at AnnualFees.
- American Express cards aren't as widely accepted, especially internationally, as a Visa or Mastercard. You may want to bring along another card when you travel overseas just in case.
| Current Scores | Past Scores | |
|---|---|---|
| Overall Score | 81.9 | 83.4 |
| Rewards Program Satisfaction | 8.0 | 8.4 |
| Customer Service | 8.4 | 8.4 |
| Website/App Usability | 8.2 | 8.3 |
| Likelihood of Continuing to Use | 8.6 | 8.4 |
| Recommend to a Friend/Colleague | 8.2 | 8.2 |
*Scores above reflect the results of surveys with actual cardholders. Full methodology below.
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The Bonus: Earn 70,000 bonus ThankYou® points after spending $4,000 in the first three months of account opening, redeemable for $700 in gift cards or travel rewards at thankyou.com.
The Rewards: Earn 10x on hotels, car rentals, and attractions booked through CitiTravel.com. Earn 3 points per $1 spent on air travel and other hotel purchases, at restaurants, supermarkets, gas and EV charging stations. Earn 1 point per $1 spent on all other purchases
Annual Fee: AnnualFees
Credit Needed: CreditScoreNeeded
PROS:
- There are a lot of excellent everyday rewards-earning opportunities here, so you can rack up a bank of ThankYou® Points pretty quickly.
- Receive $100 off a single hotel stay of $500 or more each calendar year.
- There are a travel loyalty program partners for your ThankYou® Points and that could make them worth even more.
CONS:
- Keep in mind the annual fee; the $100 hotel credit would more than offset that, though, if you're able to take advantage (see the Pros above for more on that).
- While there are a number travel partners to which you can transfer your rewards, but they aren't necessarily the most popular ones out there. Take a look to ensure you can use those partners or that you'll still get good value with your rewards.
| Current Scores | Past Scores | |
|---|---|---|
| Overall Score | 78.1 | 84.5 |
| Rewards Program Satisfaction | 7.6 | 8.3 |
| Customer Service | 7.9 | 8.5 |
| Website/App Usability | 7.9 | 8.5 |
| Likelihood of Continuing to Use | 8.2 | 8.6 |
| Recommend to a Friend/Colleague | 8.0 | 8.5 |
*Scores above reflect the results of surveys with actual cardholders. Full methodology below.
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The Bonus: Earn 80,000 Membership Rewards points after you spend $8,000 in eligible purchases within the first six months of card membership.
The Rewards: Earn five points per $1 spent on flights booked directly with airlines or through American Express Travel (up to $500,000 on these purchases per calendar year) as well as five points per $1 spent on prepaid hotels booked through amextravel.com. Other eligible purchases earn one point per $1 spent.
Lounge Access Details: Platinum Card holders have access to the Global Lounge Collection worldwide, which includes a number of individual lounge networks, including The Centurion Lounge and Delta Sky Club lounges as well as the Priority Pass Select lounges (remember to enroll separately for the Priority Pass lounges even though that membership is complimentary). The number of guests you can bring along varies by lounge location.
Annual Fee: AnnualFees
Credit Needed: CreditScoreNeeded
PROS:
- People who often use Uber should love the up to $15 a month, plus $35 in December, in Uber Cash for Uber rides and Uber Eats orders. That's up to $200 in annual Uber savings.Terms Apply.
- Earn $100 in credits at Saks Fifth Avenue store each year - two credits of up to $50, one for January through June, and another for July through December. You can also stack the credit with other promotions, to save even more.
- If you fly a lot, you're sure to enjoy the $200 a year for airline incidental fees with one qualifying pre-selected airline – a reimbursement for expenses such as checked bags or in-flight refreshments.
- Enrollment required for select benefits.
CONS:
- You will pay for all of the lovely perks that come with this card. The annual fee is AnnualFees.
- We always have to remind readers of this: American Express cards have more limited acceptance, especially overseas. That network is always growing, but you do need to keep it in mind.
| Current Scores | Past Scores | |
|---|---|---|
| Overall Score | 77.1 | 77.8 |
| Rewards Program Satisfaction | 7.9 | 7.7 |
| Customer Service | 7.5 | 8.1 |
| Website/App Usability | 7.4 | 7.8 |
| Likelihood of Continuing to Use | 8.3 | 7.9 |
| Recommend to a Friend/Colleague | 7.4 | 7.6 |
*Scores above reflect the results of surveys with actual cardholders. Full methodology below.
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The Bonus: Enjoy 60,000 bonus points (worth $900 in travel via Chase Travel℠) after you spend $4,000 in the first three months. Your points are worth 50% more if you redeem them for travel via Chase Travel, hence 60,000 points is worth $900. Those points could be worth even more, however, if you choose to transfer them 1:1 to one of multiple airline and hotel loyalty programs.
Travel Statement Credit Details: Each cardholder anniversary year, cardholders can earn up to $300 in statement credit to cover travel expenses ranging from airline tickets to hotel stays and more. There aren't a ton of stipulations on the credit, which makes it among the more flexible out there.
The Rewards: Earn 5 points per $1 on flights and 10 points per $1 on car rentals and hotels booked through Chase Travel (immediately after earning your $300 annual travel reimbursement). Earn three points per $1 spent on dining out and on other travel that isn't eligible for the annual $300 travel statement credit reimbursement, and one point per $1 on all your other purchases. Remember, too, that they're worth 50% more, if you redeem for travel through Chase Travel.
Annual Fee: AnnualFees
Credit Needed: CreditScoreNeeded
PROS:
- The $300 travel reimbursement each year is quite flexible and goes a long way toward offsetting your annual fee.
- The card comes with a lot of perks such as trip cancellation and interruption insurance; and if you sign up for Global Entry or TSA PreCheck, you will receive up to $100 for the application fee when paying with your card.
- Have somewhere to go? Cardholders receive one free year of Lyft Pink (a value of at least $199), the rideshare service's membership program that offers a discount (15%) on each ride as well as additional perks such as priority airport pickups and relaxed cancellations.
CONS:
- There is an eye-popping AnnualFees annual fee. Sure, you get a lot for it, but you can't overlook it.
- If you want to add an authorized user to your account, you'll pay a $75 annual fee for each user you add.
| Current Scores | Past Scores | |
|---|---|---|
| Overall Score | 75.6 | 83.2 |
| Rewards Program Satisfaction | 7.5 | 8.2 |
| Customer Service | 7.6 | 8.3 |
| Website/App Usability | 7.7 | 8.3 |
| Likelihood of Continuing to Use | 8.1 | 8.7 |
| Recommend to a Friend/Colleague | 7.3 | 8.4 |
*Scores above reflect the results of surveys with actual cardholders. Full methodology below.
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The Welcome Offer: Earn 20,000 bonus miles when you spend $500 in the first three months – that's worth $200 in flexible travel. Plus, enjoy a 0% introductory APR on purchases and balance transfers for 15 months (then, RegAPR; balance transfer fee applies).
The Rewards: Earn 1.25 miles for every $1 you spend. Plus, earn 5X miles on hotels and rental cars booked through Capital One Travel.
Annual Fee: AnnualFees
Credit Needed: CreditScoreNeeded
PROS:
- No-annual-fee travel rewards cards aren't necessarily common, and this one just so happens to be a good one.
- Perhaps even more uncommon than no-annual-fee travel rewards cards, is a travel rewards card with an intro 0% APR offer. In this case, VentureOne comes through with an intro 0% APR for 15 months on purchases and balance transfers (then, RegAPR; balance transfer fee applies).
- This card offers a simple rewards earning structure meaning your rewards can accumulate quickly without a lot of thought or planning. Furthermore, there's a ton of flexibility when it comes to redeeming those rewards.
CONS:
- The rewards and intro offer are decent for low to average credit card spenders, but if you heavily use your card you’d likely be better off with a travel rewards card that offers a more substantial rewards program. Sure, you might have to pay an annual fee for that, but if you’re using your card often enough, you’ll likely quickly offset that.
| Current Scores | Past Scores | |
|---|---|---|
| Overall Score | 81.0 | 79.7 |
| Rewards Program Satisfaction | 7.9 | 7.8 |
| Customer Service | 8.2 | 8.2 |
| Website/App Usability | 8.4 | 8.2 |
| Likelihood of Continuing to Use | 8.6 | 8.3 |
| Recommend to a Friend/Colleague | 8.0 | 7.8 |
*Scores above reflect the results of surveys with actual cardholders. Full methodology below.
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The Bonus: Earn a one-time $200 cash-back bonus once you spend $500 on the card within your first three months of opening an account. Also, enjoy an introductory 0% purchase and balance transfer APR for 15 months (balance transfer fee applies) – a RegAPR APR will apply after the first 15 months.
The Rewards: Earn unlimited 1.5% cash back on every purchase made.
Annual Fee: AnnualFees
Credit Needed: CreditScoreNeeded
PROS:
- With this card there are no categories or caps to worry about. Simply earn unlimited 1.5% on all purchases made, making it a solid option for the person who wants a simple credit card.
- Enjoy 0% intro APR on purchases and balance transfers for 15 months (then, RegAPR; balance transfer fee applies.
- Cash-back rewards cards that don't charge a foreign transaction fee aren't super common. It's nice to have this option if cash-back rewards are what you're looking for.
CONS:
- It doesn't take much to earn it ($500 spent in the first three months), but at $200, the welcome bonus isn't eye-popping. It's still nice, though, considering this card doesn't charge an annual fee AND offers a nice intro low APR period.
- Earning 1.5% cash back on every purchase is nice for the occasional credit card user, but if you use credit cards heavily, a card with an annual fee might be worth it for you.
| Current Scores | Past Scores | |
|---|---|---|
| Overall | 77.7 | 82.4 |
| Rewards Program Satisfaction | 7.7 | 8.1 |
| Customer Service | 7.5 | 8.3 |
| Website/App Usability | 8.2 | 8.6 |
| Likelihood of Continuing to Use | 8.5 | 8.8 |
| Recommend to a Friend/Colleague | 7.6 | 8.0 |
*Scores above reflect the results of surveys with actual cardholders. Full methodology below.
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The Bonus: Earn an impressive 90,000 bonus points when you spend $8,000 on purchases within the first three months of opening your account. That's $900 cash back or $1,125 toward travel when redeemed through Chase Travel℠
The Rewards: Earn three points per $1 on the first $150,000 spent each account anniversary year in combined purchases of travel; shipping; social media and search engine advertising; and internet, cable and phone services. You'll get an unlimited one point per $1 spent on all other purchases. Points never expire, and they are worth 25% more when redeemed for travel through Chase Travel.
Annual Fee: AnnualFees
Credit Needed: CreditScoreNeeded
PROS:
- A welcome bonus worth up to $1,125?! That's a tough offer to beat on a card with this low an annual fee.
- Points don't expire, and they are worth 25% more when redeemed through Chase Travel.
- There are a number of helpful perks, such as cellular phone insurance for the primary cardholder and employee phones on the same account (for no extra cost when you pay your bill with the card; terms and deductibles apply), as well as purchase protection, extended warranty protection, trip cancellation and interruption insurance, roadside dispatch and an auto rental collision damage waiver.
CONS:
- An annual fee of AnnualFees. There are business credit cards with far higher annual fees, but an annual fee is an annual fee.
- Alas, there are no special 0% intro APR deals.
| Current Scores | Past Scores | |
|---|---|---|
| Overall Score | 80.0 | 74.3 |
| Rewards Program Satisfaction | 7.8 | 7.4 |
| Customer Service | 8.0 | 7.6 |
| Website/App Usability | 8.3 | 7.3 |
| Likelihood of Continuing to Use | 7.9 | 7.6 |
| Recommend to a Friend/Colleague | 8.3 | 7.3 |
*Scores above reflect the results of surveys with actual cardholders. Full methodology below.
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Welcome Offer: Earn a one-time cash bonus of $2,000 once you spend $30,000 in the first three months, plus earn an additional $2,000 cash bonus for every $500,000 spent during the first year.
The Rewards:
Annual Fee: AnnualFees
Credit Needed: CreditScoreNeeded
PROS:
- What business can't use some cash back on purchases you're making anyway? Since it's unlimited, this could add up significantly and quickly.
- A lot of extra features, such as free employee cards, the ability to set employee spend limits, a mobile app to manage purchases, extended warranty protection and more.
- You'll get a year-end itemized report of spending an and easy-to-download purchase record. That may sound like a boring holiday gift, but in the next few months, when you do your taxes, you'll be thrilled to have it.
CONS:
- This is technicially a charge card in that your balance is due in full every month. The good news is that means you shouldn't be tempted to run up a balance and end up owing interest; the bad news is that you don't have flexibility to carry a balance should a situation arise in which you need to for a short time.
- Since you're on the no-foreign-transaction fee page, it's safe to assume your business requires some travel. If that's the case, you might get more value out of a travel rewards card instead, like the CardName. See Rates and Fees
| Current Scores | Past Scores | |
|---|---|---|
| Overall Score | 81.5 | 79.3 |
| Rewards Program Satisfaction | 8.1 | 8.0 |
| Customer Service | 7.8 | 8.1 |
| Website/App Usability | 8.5 | 8.0 |
| Likelihood of Continuing to Use | 8.6 | 7.8 |
| Recommend to a Friend/Colleague | 8.2 | 7.8 |
*Scores above reflect the results of surveys with actual cardholders. Full methodology below.
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The Bonus: There's no traditional bonus with this card, but that's not unusual for a card available to those with fair credit.
The Rewards: Earn unlimited 1.5% cash back for every purchase – rewards ARE fairly unusual for a card of this credit-needed type, so don't overlook this feature.
Annual Fee: AnnualFees
Credit Needed: CreditScoreNeeded
PROS:
- Extra features and no foreign transaction fees are a bit tough to find on a card for people with fair credit, but this one offers just that.
- There isn't a traditional bonus offer, but you can earn 1.5% cash back on all your purchases, which is, again, not all that typical for a card for fair credit applicants.
- The credit tracking tools available with this card could be just what you need to help you stay on track and possibly qualify for a higher-tier card down the road.
CONS:
- It's disappointing that there isn't a solid bonus offer with this card.
- While not high, the annual fee is something to consider. You only need to average about $220 spent per month on the card to fully offset the fee, but it is something to keep in mind.
| Current Scores | Past Scores | |
|---|---|---|
| Overall Score | 82.9 | 82.8 |
| Rewards Program Satisfaction | 8.2 | 8.2 |
| Customer Service | 8.1 | 8.5 |
| Website/App Usability | 8.5 | 8.5 |
| Likelihood of Continuing to Use | 8.7 | 8.6 |
| Recommend to a Friend/Colleague | 8.4 | 8.1 |
*Scores above reflect the results of surveys with actual cardholders. Full methodology below.
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The Bonus and Rewards: There are no true rewards or bonus offered with this card; however, cardholders can get access to a higher credit line in as little as six months, with no additional deposit needed. Unlike a prepaid card, the CardName helps cardholders build credit when used responsibly since the issuer does regularly report your usage to the three major credit bureaus.
Annual Fee: AnnualFees
Security Deposit: In order to establish your initial line of credit, you need to make a $49, $99 or $200 security deposit (determined by your application and credit history). The amount is fully refundable when you close your account or graduate to a non-secured card, assuming your account is in good standing.
Credit Needed: CreditScoreNeeded
PROS:
- You may not have to shell out $200 of your own money to get the $200 credit limit. You may get it by paying $49 or $99, based on your credit history. And, as with all secured cards, the deposit is refundable assuming your account is in good standing when you close it or graduate to an unsecured card..
- No annual fee. Being a secured credit card, you'd hope not, right? But some secured credit cards have them.
- You can set your own due date. That is, you can set your monthly due date, an excellent feature that should help you manage your cash flow.
CONS:
- No rewards program. Many secured credit cards don't have them, but some do. Not this one, though.
- At RegAPR, the APR is kind of high. Some secured credit cards have a lower APR. Since you're working to build a solid credit history, you'll want to do your best to pay off your balance in full every cycle anyway, though.
| Current Scores | Past Scores | |
|---|---|---|
| Overall Score | n/a | 79.5 |
| Features Satisfaction | n/a | 7.8 |
| Customer Service | n/a | 8.2 |
| Website/App Usability | n/a | 8.0 |
| Likelihood of Continuing to Use | n/a | 7.9 |
| Recommend to a Friend/Colleague | n/a | 8.0 |
*Scores above reflect the results of surveys with actual cardholders. Full methodology below.
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The Bonus: Earn $50 when you spend $100 in the first three months.
The Rewards: Earn 1.5% unlimited cash back on every purchase.
Annual Fee: AnnualFees
Credit Needed: CreditScoreNeeded
PROS:
- Building your credit while a student is a great idea. This card makes it fun with cash back rewards.
- Many student cards skimp on the welcome bonus, but this card offers you a chance to earn one.
- The rewards aren't bad at all: 1.5% unlimited cash back on all purchases.
CONS:
- There are student credit cards that offer more rewards than 1.5%, and so if you think you can do better, you may be right.
| Current Scores | Past Scores | |
|---|---|---|
| Overall Score | 77.2 | n/a |
| Features Satisfaction | 7.1 | n/a |
| Customer Service | 8.3 | n/a |
| Website/App Usability | 8.3 | n/a |
| Likelihood of Continuing to Use | 8.2 | n/a |
| Recommend to a Friend/Colleague | 7.8 | n/a |
*Scores above reflect the results of surveys with actual cardholders. Full methodology below.
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What is a foreign transaction fee?
A foreign transaction fee is a fee, generally a percentage of the purchase, charged by a bank when a credit card is used to make a purchase in a foreign currency. People usually think of these in relation to physically being in a foreign country and making a purchase from a merchant there, but these fees may also be charged if you withdraw money from an ATM in a foreign country.
And, in fact, you don’t necessarily have to physically be in another country to be charged a foreign transaction fee; purchases made online from overseas stores may be processed in another currency and can result in a fee.
Most major banks have cards that charge foreign transaction fees as well as those that don’t. Discover and Capital One, however, are different in that none of their cards charge foreign transaction fees, hence several of those cards made our list above.
Learn more in our guide to foreign transaction fees.
How much are foreign transaction fees?
Most credit cards have foreign transaction fees ranging between 1% and 3%. That said, if there’s going to be a foreign transaction fee on your credit card, and there often is, it’ll probably be 3%.
The fees cover the bank’s expense for converting purchases from one country’s currency into American dollars. Some credit cards pass on the cost of converting that currency to the consumer, and some credit cards take the hit so you don’t have to.
But 3% doesn’t sound like much to pay for the convenience of using a card, right? Well, it adds up. Consider the following scenarios:
- A family of four is headed on a 12-day European adventure. Hotels, rental cars, food, museum/site entry fees, souvenirs and incidentals add up to $6,000. Their credit card charges a 3% foreign transaction fee, so they spend about $180 in foreign transaction fees on that trip.
- A young professional hears about a new electronic notebook that would make their job much more organized. The professional saves up $700 for this pricey gadget and then places their online order through a Norwegian manufacturer. Since their credit card charges a 3% foreign transaction fee, they will pay $21 in foreign transaction fees.
- A small business owner sources fabric from a producer in India. Each bolt of fabric costs 10,000 INR (Indian rupees) or about $135 USD (as of this writing). Tack on a 3% foreign transaction fee and each bolt costs a little over $139. The business owner buys 500 bolts of fabric annually, which means that they will spend about $2,000 in foreign transaction fees in a year.
Most often, credit cards that specialize in travel rewards or tout themselves as great travel companions won’t charge foreign transaction fees, but that certainly isn’t the case across the board. In particular, if you have a no-annual-fee co-branded card – that is, one that allows you earn loyalty points or miles with a given airline or hotel – it could very well charge foreign transaction fees, so it’s always important to check your individuals card’s fee structure just to be sure.
When do I pay a foreign transaction fee?
If you have a credit card that charges foreign transaction fees (check the fine print, like your credit card’s website, where it discusses fees), you will pay that fee any time you make a purchase from a merchant whose products or services are billed in a currency besides U.S. dollars.
That generally happens in two scenarios.
- You’re traveling in another country, and you’re using your credit card to pay for hotels, taxis, food at restaurants and so on.
- You’re sitting at your computer, and you spot a beautiful dress that you love, so you buy it, not realizing that you’re purchasing the item from a company headquartered abroad and that processes transactions in the foreign currency (or through a foreign bank) even though it’s showing you prices in U.S. dollars.
You won’t see the fee at the checkout in either of the above scenarios; instead, you’ll notice it when you take a look at your credit card statement in a few weeks. Your statement will have several sections:
- Transactions – those are your purchases and returns
- Payments – any payments you’ve made during the billing cycle
- Interest – any interest accrued on various types of transactions
- Fees – foreign transaction fees, annual fees, balance transfer fees and more will show up here
Because you don’t see the fee as you’re making your purchase, it can be tough to keep track of how much that 3% is adding up if you’re using your card repeatedly while traveling. That’s why no-foreign-transaction-fee credit cards are so important.
Choosing the best credit cards for international travel
Having the right credit card in your pocket can make traveling overseas all the more enjoyable and secure. Not only does it minimize the need to exchange currency, but many cards also come with extra perks like trip interruption insurance and baggage insurance.
If you plan to travel outside the country, selecting a card that doesn’t charge foreign transaction fees is essential. Otherwise, go ahead and assume that every souvenir your buy, every meal you eat, every hotel bill you pay with your credit card will cost you 3% more once those fees are figured in. Yes, it can add up quickly.
Beyond that, choosing the best credit cards for international travel comes down to the following factors:
- Credit score: You’ll need to find a card that matches your credit profile. We’ve included credit guidelines for all the cards listed above. Note that you don’t have to have perfect credit in order to qualify for a no-foreign-transaction fee card. We’ve included above our picks for the best cards with that feature for those with fair/average credit as well as for those with limited/bad credit. Don’t settle for paying a fee just because your credit isn’t in the excellent range.
- Destination: Make sure your card will be accepted in the locations you plan to visit. Visa and Mastercard are often more widely accepted than Discover and American Express, though both of those issuers are growing their networks all the time.
- Features: Depending on the credit card, you may get access to airport lounges, car rental insurance, trip interruption insurance or baggage insurance among other benefits. Look for a card that has the features you’re most likely to use.
- Rewards: If a card offers rewards, be sure they are applicable to your travel plans. Consider signing up for a card that earns points that can be used across multiple airline and hotel brands.
- Fees: Finally, don’t overlook fees. While a card may not have foreign transaction fees, it may charge an annual fee, cash advance fees and balance transfer fees among others.
- Chip-and-PIN technology: While almost every new credit card issued today comes with chip technology, not all are Chip and PIN cards. A PIN is often necessary to complete transactions in many countries so be sure your new card is PIN enabled for overseas travel. All of the cards that made our list above are Chip and PIN ready cards, but you may need to contact your issuer to request the PIN. If you don’t know your PIN already, be sure to contact your bank far in advance of your trip (many take 7-10 days to send you a new PIN via mail).
Benefits of no-foreign-transaction-fee cards
There are many reasons to use one of the credit cards listed above on your next vacation or business trip – or if you’re shopping with foreign merchants from the comfort of your own sofa. The benefits of the best no foreign transaction fee credit cards include excellent rewards, wide acceptance overseas and plenty of customer support no matter where you travel. There’s also the added security of using a credit card instead of cash or a debit card while traveling (or shopping online). Think about it; if you lose cash, or if it’s stolen while you’re traveling, you’re out of luck. If you lose your credit card, or if it’s stolen, your situation won’t be quite as dire. You might be without your card for a bit, but at least you aren’t out that money.
What’s more, many of these cards have additional features, like travel insurance, as mentioned above. Look for a rewards card with great benefits and you could save money now while racking up points for your next getaway.
How to use a no-foreign-transaction-fee credit card
Even if you pick one of these no-foreign-transaction-fee credit cards for your next international adventure, you could still get socked by fees from local banks or retailers. Here’s how to keep your trip surcharge-free:
- Merchants don’t always welcome every American credit card equally. It used to be that American credit cards lacked some of the safety features required to use a card overseas (this is pre-chip-and-PIN technology becoming more common in the U.S.); these days, American credit cards generally have the technology needed to travel abroad. The only real thing you’ll likely need to consider is whether your issuer is widely accepted. As we already mentioned, Visa and Mastercard have the highest acceptance rates around the world, BUT, Discover and American Express have been busy expanding their networks in the past few years as well, so don’t be so quick to rule these issuers out. With that said, some stores might request or require that you use a card that transacts on their preferred network, so it might be wise to carry a back up card from a different issuer just in case.
- Watch for “dynamic currency conversion” offers. Point-of-sale systems in tourist havens often use an unfavorable exchange rate while tacking on processing fees. Ask to do business in local currency and let your bank save you money.
- Keep your receipts. You never know if you’re going to need them for clearing customs or discussing a charge with your credit card company after you get home. It’s always better to be safe than sorry. If you don’t want to hold on to the paper copies, at least snap a quick photo with your phone before discarding the receipt.
- Use ATM cash advances for emergencies only. Even credit cards with no foreign transaction fees can charge hefty cash advance processing fees. Plus, you’ll usually have to pay a surcharge to a local ATM operator that can run as high as $20 in tourist districts. Instead, drop cash into an online checking account with a no-fee debit card. Even if there is a fee to withdraw money using your debit card, you’ll likely still save money this way. Especially because many U.S. banks have partner banks abroad who reduce or waive the fee for partner users.
- Finally, protect yourself against pickpockets by writing down your credit card companies’ emergency phone numbers and key account details before you leave. Keep a copy separate from your wallet or valuables. If your card gets lost or stolen, your bank’s emergency assistance team can help replace your card or provide an emergency cash advance much more quickly than if they have to look up and verify your account information.
A journalist for nearly 20 years, Brooklyn has published work on a broad range of topics including personal finance and business as well as travel and human interest pieces. As a finance expert, she has provided commentary on credit cards, card rewards and personal finance for outlets including Forbes, Fox Business and many others. Her own wanderlust and travel experiences...Read more
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