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No Foreign Transaction Fee Credit Cards |
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Narrow your search for a No Foreign Transaction Fee Credit Card
When you use about 90% of all credit cards while traveling abroad, you will get assessed a foreign transaction fee on each purchase (usually between 2% to 3% of your transaction amount). The foreign transaction fees can quickly add up so avoid them all together by applying for one of the credit cards with no foreign transaction fee listed below. Please remember to call your credit card company and tell them that you will be traveling outside the US so that they do not decline any of the purchases that you make while traveling. You may further expand or refine your search for a no foreign transaction fee credit card, including no foreign transaction fee student credit cards and business credit cards with no foreign transaction fees, by using the controls on the left.
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   Capital One® Cash Credit Card
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Capital One® No Hassle CashSM Rewards Credit Card
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Discover® More Card - No Balance Transfer Fee
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Biodegradable Discover® More Card
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Discover® More Card - 0% for 15 months
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Discover® Motiva Card
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Discover® More Card - 18 Month Promotional Balance Transfer
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Citi ThankYouSM Premier Card - $300 in Gift Cards
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Annual Fee None 1st yr, $125 after
Rewards Points
Initial Bonus 30,000 points
Base Earn 1 point / $1
Max Earn 1.2 points / $1
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Capital One® Cash Rewards for Newcomers
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Escape by Discover® Card
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Annual Fee $60
Rewards Miles
Initial Bonus up to 25,000 miles
Base Earn 2 miles / $1
Max Earn 2 miles / $1
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What is the cheapest way to convert currency? According to Card Hub’s Currency Exchange Study, a credit card provides the cheapest form of currency conversion. As long as you’re using a credit card with no foreign exchange fees that is on the Visa or MasterCard network, you’ll save up to 7.9% and 14.7% on currency conversion relative to cash services offered at local banks and airports, respectively. Besides being cheapest, credit cards also provide the simplest means of currency conversion, given that it’s done automatically upon a purchase being made.
How prevalent is a credit card foreign transaction fee? Around 90.2% of all credit cards have an average foreign transaction fee of 2.45%, according to Card Hub’s data. That’s what makes planning ahead and getting one of the credit cards with no foreign transaction fee so important. Capital One used to be the only real player in this niche credit card category, but a number of other major issuers--including American Express, Chase, Citi and HSBC -- have since started offering credit cards without foreign transaction fees.
What is the best no foreign transaction fee credit card? There isn’t really a single best no foreign transaction fee credit card, as how good a card really is depends on how well it fits your particular needs. Therefore, the best no foreign fee credit card is the one that not only meets your credit standing, but also allows you to maximize your rewards and thereby garner additional savings on top of the 2-3% you’re already saving in foreign fees. In addition, it is important to get a card on the Visa or MasterCard so that your card will be accepted in the highest number of global locations.
Will my credit card work outside the U.S.? No special type of credit card is needed to make international transactions, though a no international fee credit card is necessary to avoid the 3% fee, that the vast majority of credit cards charge on any purchase processed outside the U.S. Whether a credit card will work in a given country solely depends on which of the four credit card networks it belongs to (i.e. Visa, MasterCard, American Express and Discover). Visa and MasterCard are accepted practically anywhere a credit card can be used worldwide. American Express’ reach is far less but still significant while Discover can only be used in about a quarter of the countries and territories that accept Visa and MasterCard outside the U.S.
European countries are increasingly moving away from the magnetic stripe credit cards used in the U.S. in favor of chip-and-pin technology. As a result, while you will be able to use your U.S.-issued credit card 95% of the time, you may be unable to use your card at some vending machines and automated kiosks in airports and train stations. Depending on the country, you might also need to show your passport for proof of identity when using a credit card or debit card.
What are chip-and-pin credit cards? Chip-and-pin credit cards are the standard in Europe, Canada and Japan. The main difference between them and the magnetic stripe cards we use in the U.S. is the fact that chip-and-pin cards provide better fraud protection. This heightened protection is due to the fact that a consumer has to input a Personal Identification Number (PIN) that must match data stored on a secure microchip embedded within the card for a transaction to be authorized. Some U.S. credit card companies are beginning to offer chip-and-pin cards and chip-based contactless methods of payment. Therefore, global credit card interoperability appears only a matter of time. For now though, regular credit cards with no foreign transaction fees will be sufficient for any trip out of the country.
Tips for using your credit card abroad: There are a number of things you must do before using a credit card abroad, including:
- Get a no foreign transaction fee credit card before booking flights, hotels, etc. associated with an international trip. Do so as soon as possible because foreign transaction fees will be assessed for any purchase processed through a foreign merchant, even those you make before departing.
- Call your credit card company in order to notify them of your international travel plans and ask for a toll-free number to call in case you encounter problems. If you don’t tell your card issuer that you’re going to a particular country, your card will not work there.
- Keep your account number and credit card company’s phone number somewhere safe, because if your card gets lost or stolen, you’ll need both in order to get a new card sent to you.
- Some countries may require identification in order to authorize a U.S. credit card transaction so don’t forget your passport when you go shopping.
- At the checkout counter, decline any merchant’s offer to convert prices into U.S. Dollars, so you don’t fall victim to dynamic currency conversion.
What about cash? Whenever you travel abroad, it’s a good idea to have cash. While the level of importance obviously depends on how developed the country you’re visiting is (the more developed, the more merchants that accept international credit cards), it’s inevitable that you will find yourself needing to make at least a few cash-only purchases (e.g. cab fare). So what’s the best way to go about getting it? Well, for starters, do not even consider using a credit card for a cash advance, as this will be very expensive, in light of the cash advance fee and APR. Your best options are a debit card or an ATM card. As these cards also come with foreign transaction fees, it pays to shop around before opening one.
