Best Credit Cards for No ForeignTransaction Fee: Top Picks for 2024
Are you a frequent traveler or online shopper who makes international purchases? If so, you know how frustrating foreign transaction fees can be. These pesky charges, typically around 3% of each transaction, can quickly eat into your budget. Fortunately, many credit card issuers now offer cards with no foreign transaction fees, saving you money on every overseas purchase. In this guide, we’ll explore the best credit cards that eliminate these fees and offer excellent sign-up bonuses to boot.
Understanding Foreign Transaction Fees
Before we dive into our top picks, let’s quickly review what foreign transaction fees are:
● A charge (usually 1-3%) added to purchases made in a foreign currency
● Applied to online purchases from foreign merchants, even if you’re at home
● It can add significant costs to international travel or shopping
Now, let’s look at the best cards that eliminate these fees and offer other great benefits.
Top 10 Credit Cards with No Foreign Transaction Fee
1. Chase Sapphire Preferred® Card
Key Features:
● No foreign transaction fees
● Generous sign-up bonus: Earn 60,000 bonus points after spending $4,000 in the first three months
● 2X points on travel and dining worldwide
● Annual fee: $95
The Chase Sapphire Preferred is an excellent all-around travel card. It offers a substantial sign-up bonus and valuable rewards on travel and dining purchases.
2. Capital One Venture Rewards Credit Card
Key Features:
● No foreign transaction fees
● Sign-up bonus: Earn 75,000 miles after spending $4,000 in the first three months
● 2X miles on every purchase
● Annual fee: $95
The Capital One Venture card offers straightforward rewards and a competitive sign-up bonus, making it a solid choice for travelers.
3. American Express Platinum Card®
Key Features:
● No foreign transaction fees
● Generous welcome offer: Earn 80,000 Membership Rewards® points after spending $6,000 in the first six months
● 5X points on flights booked directly with airlines or through Amex Travel
● Luxury travel perks, including airport lounge access
● Annual fee: $695
While the annual fee is steep, the Amex Platinum offers premium travel benefits and one of the best sign-up bonuses in the market.
4. Citi Premier® Card
Key Features:
● No foreign transaction fees
● Sign-up bonus: Earn 60,000 ThankYou® Points after spending $4,000 in the first three months
● 3X points on restaurants, supermarkets, gas stations, air travel, and hotels
● Annual fee: $95
The Citi Premier offers a well-rounded rewards program and a solid sign-up bonus, making it an excellent option for both travelers and everyday spenders.
5. Bank of America® Travel Rewards credit card
Key Features:
● No foreign transaction fees
● Sign-up bonus: Earn 25,000 online bonus points after spending $1,000 in the first 90 days
● 1.5X points on all purchases
● No annual fee
This card is an excellent choice for those who want a no-fee card with decent rewards and no foreign transaction fees.
6. Wells Fargo Propel American Express® card
Key Features:
● No foreign transaction fees
● Sign-up bonus: Earn 20,000 bonus points after spending $1,000 in the first three months
● 3X points on dining, gas stations, rideshares, transit, flights, hotels, homestays, car rentals, and popular streaming services
● No annual fee
The Wells Fargo Propel offers a generous rewards structure and no annual fee, making it an excellent option for frequent travelers on a budget.
7. HSBC Premier World Elite Mastercard®
Key Features:
● No foreign transaction fees
● Sign-up bonus: Earn up to 50,000 bonus points in the first year
● 3X points on travel, 2X on dining
● Annual fee: $395 (often waived for HSBC Premier clients)
While this card has a high annual fee, it offers premium travel benefits and a competitive rewards program for frequent international travelers.
8. Discover it® Miles
Key Features:
● No foreign transaction fees
● Unique sign-up bonus: Discover matches all the miles you’ve earned at the end of your first year
● 1.5X miles on every purchase
● No annual fee
The Discover it Miles card offers a potentially lucrative first-year bonus for big spenders, with no caps on how much you can earn.
9. United℠ Explorer Card
Key Features:
● No foreign transaction fees
● Sign-up bonus: Earn 50,000 bonus miles after spending $3,000 in the first three months
● 2X miles on United purchases, restaurants, and hotel stays
● Free first-checked bag on United flights
● Annual fee: $95, waived the first year
For United Airlines loyalists, this card offers valuable travel perks and a solid sign-up bonus.
10. Capital One VentureOne Rewards Credit Card
Key Features:
● No foreign transaction fees
● Sign-up bonus: Earn 20,000 miles after spending $500 in the first three months
● 1.25X miles on every purchase
● No annual fee
This card is a tremendous no-fee option for occasional travelers who still want to earn rewards on their purchases.
How to Choose the Right No Foreign Transaction Fee Card
When selecting a card with no foreign transaction fees, consider these factors:
- Annual Fee: Weigh the cost against the card’s benefits. Sometimes, cards with annual fees offer enough value to justify the price.
- Rewards Program: Look for a card that rewards your most frequent spending categories.
- Sign-Up Bonus: Consider the value of the welcome offer and whether you can meet the spending requirements.
- Travel Benefits: Some cards offer perks like travel insurance, airport lounge access, or Global Entry/TSA PreCheck credits.
- Acceptance: While Visa and Mastercard are widely accepted worldwide, American Express and Discover may have limited acceptance in some countries.
Conclusion
Choosing a credit card with no foreign transaction fees can save you significant money on international purchases and travel. Many of these cards also offer attractive sign-up bonuses and ongoing rewards, making them valuable additions to your wallet.
Remember, the best card for you depends on your specific spending habits and travel patterns. Consider your needs carefully, and don’t be swayed solely by a large sign-up bonus. With the right no foreign transaction fee credit card, you can enjoy your international adventures or online shopping without worrying about extra charges eating into your budget.
Please note: This guide is for informational purposes only and does not constitute financial advice. We do not endorse or recommend any specific credit card or investment. Always review the terms and conditions and consult with a financial professional before making any financial decisions.
