Credit Cards Without Foreign Currency Transaction Fees

Generally it is best to avoid withdrawing cash with a credit card.

Credit cards without foreign currency transaction fees. The good news is there are a few credit cards that offer no foreign transaction fees or return the fees to you as cash back ultimately helping frequent travellers put the 2 5 back into their. A no foreign transaction fee credit card is a card that does not charge cardholders any fees while traveling internationally or making purchases from foreign based merchants. Most canadian credit cards charge a foreign transaction fee when you make a transaction with your card that is processed in a currency other than the canadian dollar. Given that 99 of canadian credit cards charge this fee it may surprise you that a few cards used to exist that charged absolutely nothing in foreign exchange fees other than the small spread the bank itself pays.

Opt for a credit card that doesn t charge foreign currency conversion fees then decline the merchant s offer to convert the currency for you. 0 foreign transaction fees credit cards in canada. This is usually a percentage of what you re spending. Capital one even absorbs the 1 network fee so its.

Some credit cards with no foreign transaction fees will waive this fee but you will still be charged the daily interest. Cash withdrawal fees abroad. Best way to avoid this fee. This fee is an extra 2 5 on top of the price tag when you make purchases while on vacation and can significantly increase your total spending.

Mind you the foreign transaction fee does not only pop up when you are on a trip abroad. For example if your transaction fees are 2 5 and you spend 300 on a holiday excursion you ll have to pay your credit card provider 7 50. It s best to look for credit cards with no foreign transaction fees when searching for the best travel credit card. One of the few card companies that charge no foreign transaction fees on any of its cards.

It s also worth noting that non sterling transaction and cash advances are often exempt from your card s interest free days and may be charged interest at a different. The meridian visa infinite travel rewards card isn t a no foreign transaction fee credit card per se but it does offer 3 in rewards points on foreign purchases. After accounting for foreign transaction fees that works out to about a 0 5 return on purchases made in a non canadian currency so you ll still come out ahead.