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Traveling outside the country? Buying anything in a foreign currency? Get a credit card with no foreign transaction fees to avoid paying extra on every purchase.
By Brendan Harkness
Besides having no foreign transaction fee, of course, here are some features to look for.
By Brendan Harkness
Do you often find yourself traveling outside the United States? Are you planning to make any purchases in a foreign currency?
If you answered yes to either of these questions, a credit card with no foreign transaction fees would probably be useful to you.
Foreign transaction fees are a cost that you should do your best to avoid — and luckily, that’s pretty easy to do.
You’ll often find this feature on travel rewards credit cards, designed for traveling abroad, but there are quite a few others that share it as well. And many of these cards don’t have annual fees either, which means you don’t need to pay a cent when using them as long as you avoid interest.
There are four credit card issuers that don’t include foreign transaction fees on any of their cards. These issuers are:
Remember that different credit card networks tend to have more or less worldwide acceptance. Visa cards and Mastercards are accepted nearly everywhere, while American Express acceptance is more limited (but growing — think big cities and tourist attractions). Discover doesn’t have great acceptance outside the U.S., but it is accepted at many merchants that use the JCB or UnionPay networks, which are massive in Asia.
The Chase Sapphire Preferred® Card is one of the most popular travel rewards cards, and for good reason. With points for typical travel expenses, a great intro bonus offer, and decent travel protections — all for an annual fee on the low end — this card is hard to beat. (But check out the Reserve below for an upgraded option that’s even better.)
Frequent travelers can get a lot of mileage out of the Chase Sapphire Reserve®. The annual fee is mostly offset by the annual travel credit, leaving you with excellent rewards and benefits for an effective annual fee that’s not too much higher than the Sapphire Preferred’s.
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The American Express® Gold Card recently expanded its restaurant category to include dining establishments worldwide, rather than being limited to the U.S., making it a strong contender for traveling foodies.
American Express isn’t as widely accepted around the world as Visa or Mastercard, but, depending on your travel plans, it could work out well. If you’re sticking with big cities, tourist hotspots, and international brands, you may not run into many problems. But if you’re traveling off the beaten path you may want a card with better acceptance. Check out the runners up below for some excellent options.
American Express is a Credit Card Insider advertiser.
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Points can be tricky — how much are they really worth? Are you willing to transfer rewards and look for the best prices? How long will you spend trying to find a good deal before you settle for a low-point-value redemption?
Some people are willing to work with points, but if you want a more straightforward rewards program try out the Capital One Savor Cash Rewards Credit Card. You’ll earn simple cash back at a great rate on dining, and the other categories aren’t too shabby either.
Not ready to pay for a new credit card? No problem.
You can use the Capital One VentureOne Rewards Credit Card to earn a surprising number of miles through Hotels.com, making this one of the most rewarding cards with no annual fee, travel or otherwise. You won’t get a bunch of luxury perks, of course, but you can transfer miles to a selection of airline partners where they may be more valuable (a much-loved card feature).
Most airline credit cards are pretty similar, with discounts on in-flight purchases, free checked bags, and priority boarding. But the Southwest Rapid Rewards® Priority Credit Card goes a bit further, with an annual credit to help offset its annual fee.
You won’t get free checked bags — but that’s because Southwest always allows two free checked bags! (Of standard size.)
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Hotel credit cards tend to be pretty valuable, with outstanding rewards and benefits focused on one particular chain. The Hilton Honors American Express Aspire Card is no exception.
If you find yourself at Hilton hotels more than once or twice per year, imagine what you could get from all these extra points, along with the free weekend nights and enhanced member status. There are even credits that help the card pay for itself, and lounge access to help you relax or be more productive at the airport.
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The information related to Hilton Honors American Express Aspire Card has been collected by Credit Card Insider and has not been reviewed or provided by the issuer or provider of this product.
A foreign transaction fee (also known as a foreign currency exchange fee) is an extra charge for credit card purchases made in foreign currency.
Depending on your card, you may be charged a foreign transaction fee if you’re traveling and making purchases outside the U.S., or just buying something from a merchant based outside the States. If that sounds like you, see some of our favorite cards for international travel.
Credit cards often charge 3% for purchases made in foreign currency, but some are more or less than that. You can check your card’s terms to see your foreign transaction fee.
Although many credit cards charge foreign transaction fees, they’re typically waived for travel cards, including many airline and hotel cards.
Our favorite cards without foreign transaction fees include:
Most credit card issuers include foreign transaction fees on at least some of their cards. Capital One and Discover break the mold, as they don’t charge foreign currency exchange fees on any of their cards.
Other than that, you’ll find cards without FT fees from issuers including:
For rates and fees of The Platinum Card® from American Express, please click here.
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