If you’re planning a trip abroad, using a credit card without foreign transaction fees can save you some money. Typically, credit cards will charge between 1% and 3% for purchases made in another currency. Let’s say your card charges 3%; that would mean you’d pay an extra $30 on every $1,000 you spend just for those fees.
If you choose a card that doesn’t charge these fees, you’d avoid that extra $30, keeping your expenses exactly at $1,000. That might not sound like a huge saving, but it’s essentially like getting a free meal or a few extra souvenirs!
Here are a few popular options that might fit your travel needs:
- Chase Sapphire Preferred® Card: This card is a favorite among travelers. It offers valuable travel rewards and benefits, and, importantly, charges no foreign transaction fees.
- Capital One Venture Rewards Credit Card®: Known for its flat-rate rewards program, this card allows you to earn miles on every purchase, with no foreign transaction fees on purchases made outside the U.S.
- Bank of America® Travel Rewards Credit Card: This is a solid choice if you prefer a no-annual-fee card. It provides you with points for every purchase and doesn’t charge any foreign transaction fees.
- Wells Fargo Propel American Express® card: Offers generous points on travel, dining, and popular streaming services, and there are no foreign transaction fees.
- Discover it® Miles: Discover is known for its lack of foreign transaction fees on any of its cards, and this particular card also provides flexible travel rewards.
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