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Best No Foreign Transaction Fee Credit Cards
Credit cards with no foreign transaction fees allow you to spend abroad and shop from international retailers without having to worry about extra charges. The best credit cards with no foreign transaction fees can also provide nifty rewards, like cash back or travel perks. Here are our best picks for no foreign transaction credit cards for 2020.
Using a credit card with no foreign transaction fees can save you time and money. With online sales exploding, no foreign transaction fee credit cards are ideal to use when shopping from international retailers.
According to a November 2019 report from U.S. Census Bureau News, ecommerce sales have been steadily rising since 2010, with the total for the third quarter of 2019 alone reaching $154.5 billion. Online shopping can result in foreign transaction fees when you’re buying from international retailers or retailers that route payments through foreign banks.
If you travel often or are planning to live abroad for a certain amount of time, consider these no foreign transaction fee credit cards to save money and be rewarded.
Discover it® Cash Back
How to use it: With the Discover it® Cash Back, you can earn up to 5% cash back each quarter at various places including grocery stores, restaurants, gas stations, select rideshares and online shopping, up to the quarterly maximum when you activate. Plus, earn unlimited 1% cash back on all other purchases.
Why you’ll love it:
The Discover it® Cash Back card is not strictly a travel rewards card but, if you love to travel, then there’s plenty to love about this card. This card makes it easier to save up for your next trip with its signature cash back feature, where all your cash back is matched at the end of your first year.
Things to consider:
- You’ll have to remember to activate the cash back every quarter.
- If you travel often, you might get more cash value in travel rewards with a different card.
- This card has no travel-specific perks, like hotel deals or airport lounge access, which some other travel cards do.
Discover it® Miles
How to use it: Everybody’s got a dream vacation, and with the Discover it® Miles card, you can actually make it happen. Discover will automatically match all miles earned at the end of your first year, seriously reducing transportation costs. Earn unlimited 1.5x miles for every dollar spent for all transactions. You can redeem miles as a statement credit for travel or get cash for your miles, which is a good option for times when you’re not traveling as often.
Why you’ll love it:
If you love the ease and flexibility, then the Discover it® Miles might just be the perfect travel companion. You’ll be able to fly by the seat of your pants and pay as you go without sacrificing your independence.
Things to consider:
- If you want a card that has a higher cash back rewards structure, there are better options out there.
- Other travel cards may offer perks like hotel upgrades, accident insurance and rental vehicle waivers. This card doesn’t.
Pro tip: To maximize the miles match, you’ll want to use the Discover it® Miles card for as many purchases as possible in your first year having it.
If you’re considering a credit card with no foreign transaction fee, you’ll want to analyze your whole financial picture. Depending on how often you travel abroad, you’ll want to compare cards to make sure you’re getting the most value. Here are some frequently asked questions about no foreign transaction fee cards to consider.
Foreign transaction fees by card issuer
Here’s a breakdown of foreign transaction fees by the card issuer:
- Capital One: Capital One U.S.-issued credit cards don’t have international transaction fees.
- Chase: Chase charges a 3% foreign transaction fee on purchases on certain credit cards.
- American Express: American Express charges a 2.7% foreign transaction fee on some personal and small business cards and a 2.5% foreign transaction fee for some corporate cards.
Please Note: Information about the Discover it® Cash Back and Discover it® Miles have been collected independently by TheSimpleDollar.com. The issuer did not provide the details, nor is it responsible for their accuracy
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