Great Credit Cards With No Foreign Transaction Fees

More credit card issuers seem to be meeting customer demand for travel-friendly reward credit cards with no foreign transaction fees.

Credit is often a great way to pay for hotels, travel expenses, and daily purchases when you are travelling abroad, for two key reasons: a) convenience and b) you get the interbank exchange rate on your purchases in a foreign country, which is almost always more competitive than the effective exchange rate you’d get by trading your currency for the local currency at an exchange booth.

The problem is that many credit cards charge a foreign transaction fee, of 3% or even 4%, on these purchases. This can add up quickly, and is simply unnecessary given the recent growth in fee-free cards.

Here are a few of Outlaw‘s favourite choices:

Capital One Venture Rewards — This remains our most popular travel credit card. As with all Capital One credit cards, this card has no foreign transaction fees. Additionally, the air miles you earn can be redeemed for travel on ANY airline, or toward any travel expense (including bus tickets, hotel stays, car rentals, etc). This is a far more flexible program than miles or points that can only be used on a certain airline, or within a certain hotel chain. Read my full review or apply online here.

BankAmericard Travel Rewards — This new card, from Bank of America Corp (NYSE:BAC), has no foreign transaction fees, no expiration on points nor blackout dates, and gives consumers the flexibility to use points to pay for a variety of travel expenses. Interestingly, this is one of the first major credit cards from Bank of America to feature advanced chip technology, EMV (EuroPay, MasterCard, Visa), to increase security while travelling abroad.

Discover More Card — Discover credit cards do not charge foreign transaction fees, making the Discover More Card a popular option for travellers. This particular offer also features 15 months of 0% Intro APR on purchases and balance transfers, in addition to a competitive cash back rewards program in revolving categories such as dining, travel, or gas. See Outlaw‘s review and apply here.

David blogs about personal finance and credit at Credit Card Outlaw.

Disclosures: Outlaw is a credit card promotions site, and as such we maintain financial relationships with numerous banks and financial institutions, including offers and cards mentioned or featured herein.

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