Best Credit Cards with No Foreign Transaction Fees
Editorial Disclosure: Editorial content, including card comparisons and card reviews are not provided or commissioned by the credit card issuer. Opinions expressed here are the author’s alone, not those of the credit card issuer, and have not been reviewed, approved or otherwise endorsed by the credit card issuer. Creditcards.org may be compensated through Affiliate Programs for referrals.
By: Creditcards.org Team
• Posted: May 12, 2016
• Updated: July 20, 2017
If you’re planning a vacation outside of the United States, you should never leave the country without a no foreign transaction fee credit card. You may not know, that many credit card companies will charge you an additional fee (typically 3%) every time you swipe your credit card internationally. And while that doesn’t sound like a lot of money on single purchases, if you add up the entire cost of your vacation, it can end up being hundreds of dollars in fees.
Let’s examine why a credit card issuers charge this fee? Foreign transaction fees were previously called currency conversion fees. In theory, credit card companies charge the fee to cover the cost of exchanging currency and to mitigate the higher risk of fraud associated with international transactions. Visa and MasterCard charge each bank a foreign transaction fee, in which they turn around and charge the consumer.
Are these fees inevitable? No. While you will always have to pay the currency difference, there are quite a few credit cards on the market that no longer charge you for international purchases. American Express was the leader in putting an end to foreign transaction fees, and shortly after, many issues followed suit. Not every credit card on the market offers no foreign transaction fees, so we have put together our top list:
In addition to no foreign transaction fees, the BankAmericard Travel Rewards® Credit CardBankAmericard Travel Rewards® Credit Card offers 1.5 points for each dollar spent. Plus, you’ll receive a 20,000 point bonus after spending $1,000 in the first 90 days- Equal to $200 in travel rewards. If you have an active Bank of America checking or savings account, you can get an additional 10% customer points bonus on every purchase. Lastly, all of these perks come with no annual fee. This is truly one of the best travel cards on the market.
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Editorial Disclosure: Editorial content, including card comparisons and card reviews are not provided or commissioned by the credit card issuer. Opinions expressed here are the author’s alone, not those of the credit card issuer, and have not been reviewed, approved or otherwise endorsed by the credit card issuer. Creditcards.org may be compensated through partnerships for referrals.
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