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Comparing the best no foreign transaction fee credit cards
Editor’s picks: No foreign transaction fee credit card detailsBest for sign-up bonus: Capital One Venture Rewards Credit Card
Read our Capital One Venture Rewards Credit Card review or jump back to this card’s offer details. Best for flexible travel rewards: Bank of America® Travel Rewards credit card
Read our Bank of America® Travel Rewards credit card review or jump back to this card’s offer details. Best for cash back: Capital One Quicksilver Cash Rewards Credit Card
Read our Capital One Quicksilver Cash Rewards Credit Card review or jump back to this card’s offer details. Best for flat rewards rate: Capital One VentureOne Rewards Credit Card
Read our Capital One VentureOne Rewards Credit Card review or jump back to this card’s offer details. Best for sign-up bonus + general travel rewards: Chase Sapphire Preferred Card
Read our Chase Sapphire Preferred Card review or jump back to this card’s offer details. Best for unlimited miles on purchases: Capital One Venture X Rewards Credit Card
Read our Capital One Venture X Rewards Credit Card review or jump back to this card’s offer details. Best for lounge access: The Platinum Card® from American Express
Read our review of The Platinum Card® from American Express or jump back to this card’s offer details. Best for rotating bonus categories: Discover it® Cash Back
Read our Discover it® Cash Back review or jump back to this card’s offer details. Best for international travelers: Chase Sapphire Reserve®
Read our Chase Sapphire Reserve® review or jump back to this card’s offer details. Best for hotel rewards: Citi Premier® Card
Read our Citi Premier® Card review or jump back to this card’s offer details. Best for travel beginners: Discover it® Miles
Read our Discover it® Miles review or jump back to this card’s offer details. Best for entry-level Marriott rewards: Marriott Bonvoy Bold® Credit Card
Read our Marriott Bonvoy Bold® Credit Card review or jump back to this card’s offer details. Best for no blackout dates: American Express® Gold Card
Read our American Express® Gold Card review or jump back to this card’s offer details. What is a foreign transaction fee?Foreign transaction fees are charges that credit card issuers and payment networks place on purchases made in a foreign currency or on purchases that involve a foreign bank. A foreign transaction can be a purchase processed through a foreign bank (such as when you buy something from a non-U.S. retailer website) or when you travel overseas, including when you use an ATM. Note that there can actually be multiple fees at a foreign ATM, including a flat-rate international ATM surcharge as well as an ATM access fee. Usually, a credit card foreign transaction fee is around 3% of the purchase price. Of that 3%, your card issuer typically charges 2% for processing the transaction and the remaining 1% is for converting the transaction from one currency to another. To put this in perspective, a $100 purchase would cost you an additional $3 in foreign transaction fees. Which credit cards work internationally?You won’t have trouble using your credit card at home. In the U. S., the four major credit card networks – Visa, Mastercard, American Express, and Discover – have an acceptance rate of 99% or higher among merchants who accept credit cards. But it’s a different story overseas. According to their respective websites, Visa, Mastercard, and Discover are accepted in over 200 countries and territories around the world. But Visa and Mastercard are more widely accepted at over 70 million merchant locations compared to Discover’s network of over 50 million merchants. And while American Express has made great strides to increase its international presence beyond 160 countries, it still doesn’t match the power of Visa or Mastercard. But that doesn’t mean your Discover or American Express card won’t provide tremendous value when traveling abroad or making purchases with a foreign bank. It’s just a good idea to have a backup plan, which should include carrying a Visa or Mastercard, as well as your debit card for cash withdrawals and that rare occasion when a merchant doesn’t accept any credit card. How to avoid foreign transaction feesThe easiest way to avoid foreign transaction fees is to use a credit card that doesn’t charge for overseas purchases. Why? Typically, in terms of convenience and security, credit cards are the best payment method. When you use a credit card with no foreign transaction fee, you don’t just avoid an unnecessary fee that eats into your budget. You’ll have an easier time disputing credit card charges than you will debit card purchases or items paid for with cash. Your credit card may also come with built-in protections like extended warranty and purchase protection. In addition to being safer to use, credit cards are also accessible, meaning anyone can avoid foreign transaction fees. There are credit cards that charge no foreign transaction fee for every credit score range. Take a look at the following cards that charge no foreign transaction fee, no annual fee, and offer a number of valuable consumer protections: Best no foreign transaction fee credit cards for limited or no credit
Best no foreign transaction fee credit cards for bad credit
Best no foreign transaction fee credit cards for fair credit
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Best no foreign transaction fee credit cards for excellent credit
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Foreign transaction fees by card issuerBelow are the standard credit card foreign transaction fees for top issuers. Some issuers, like Capital One and Discover, elect not to charge a foreign transaction fee on any of their credit cards. Of course, even different cards from the same brand can vary in their fees.
Do I need a chip-and-PIN card for foreign transactions?It’s a good idea for overseas travelers to have a chip-and-PIN card, but not necessarily a requirement. Until a few years ago, U.S.-issued cards were swiped using magnetic stripe technology. Now, like Europe, our credit cards have an EMV chip. What happens after you insert the chip differs depending on where you are. While U.S. merchants will usually ask for your signature, European merchants may ask for a four-digit PIN. The PIN provides an added layer of security and may be required at some overseas vendors — for example, at European train kiosks. Nowadays, however, most merchants can bypass the pin portion of the transaction if you don’t have one. How we picked the best no foreign transaction fee credit cards
Number of no foreign transaction fee cards we analyzed: 938 All criteria used: Rates and fees, rewards rates, rewards categories, sign-up bonuses, point values, redemption options, redemption flexibility, credit needed, travel benefits, transfer partners, international customer service, security, ease of application. More information on credit cards with no foreign transaction fees
Tracy Stewart Tracy Stewart is a personal finance writer specializing in credit card loyalty programs, travel benefits, and consumer protections. He previously covered travel rewards credit cards, budget travel, and aviation news at SmarterTravel Media. His money-saving tips have appeared in the Washington Post, the Wall Street Journal, Consumer Reports, MarketWatch, Vice, People, the Zoe Report and elsewhere. About the EditorJeanine Skowronski Jeanine Skowronski is a credit card expert, analyst, and multimedia journalist with over 10 years of experience covering business and personal finance. She has previously served as the Head of Content at Policygenius, Executive Editor of Credit.com, Deputy Editor at American Banker, Staff Reporter at TheStreet and a columnist for Inc. Magazine. About the ReviewerSally Herigstad Sally Herigstad is a certified public accountant, author and speaker who writes about personal finance for CreditCards.com. She also writes regularly for MSN Money, Interest.com, Bankrate and RedPlum.com, and has been a guest on Martha Stewart radio and other programs. Which card has no foreign transaction fee?NerdWallet's Best No Foreign Transaction Fee Credit Cards of October 2022. Capital One SavorOne Cash Rewards Credit Card: Best for Bonus category cash back.. Bank of America® Travel Rewards credit card: Best for Simple travel rewards + no annual fee.. Wells Fargo Autograph℠ Card: Best for Bonus rewards + no annual fee.. Which credit card is best for international payments?List of Best Credit Cards for International Transactions 2022. Yes Bank First Exclusive Credit Card.. Kotak Privy League Signature Credit Card.. HDFC Bank Regalia Credit Card.. IDFC FIRST Select Credit Card.. American Express Platinum Card.. Citibank Prestige Credit Card.. Standard Chartered Ultimate Credit Card.. Which bank has lowest foreign transaction fee?One of the major banks that have the lowest foreign transaction fees is Capital One, as it has $0 foreign transaction fees on all its cards. Having a card with a low foreign transaction fee can save you a lot of money while traveling abroad or doing business online with a foreign merchant.
What is the best way to avoid foreign transaction fees?You can also avoid foreign transaction fees by making purchases online only with international merchants that work with American credit cards and accept US dollars. When shopping online, make sure that their business is based in the US or that they accept a range of payment options that include US currency.
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