Are you someone who often buys things online in a different currency, or someone who travels outside the US frequently? If so, are you aware that when you purchase something with your U.S. credit card, most credit card companies charge you an extra fee for paying in a different currency?
That extra fee is the foreign transaction fee which you must pay each time you make a purchase with your card in another country or in another currency. This fee is usually 3-5% of your purchase price, so if you buy something expensive, that fee can be a waste of money. If you are a frequent traveler, this type of fee is something you should try to avoid. One way to do so is to look for a no-foreign-transaction-fee credit card.
Here are some of our best rated credit cards in 2015 with no foreign transaction fees:
Capital One® Venture® Rewards Credit Card. Apart from having no foreign transaction fees, this travel rewards card by Capital One gives you a one time 40,000 miles (equals $400 in travel) bonus just by spending $3,000 on purchases within the first 3 months of card membership. You can also earn 2 miles per dollar (unlimited) spent on all your purchases, which will help you earn your miles faster! This card also offers many travel benefits such as travel accident insurance, auto rental insurance, lost luggage reimbursement, special discounts at certain hotels and resorts, complimentary concierge service and many others. There is no annual fee for the first year, $59 after that.
Click here to read our Capital One® Venture® Rewards Credit Card review.
Chase Sapphire Preferred® Card. If you want a card that comes with 40,000 signing bonus points, then this rewards card from JPMorgan Chase is the card to go for, as you will earn 40,000 points when spending $4,000 within the first 3 months from account opening. You get 1 point for every dollar you spend on the card and 2 points for every dollar you spend on buying air tickets through Chase’s Ultimate Rewards site and dining at restaurants. $0 intro annual fee for the first year. After that, $95.
Click here to read our review of Chase Sapphire Preferred® Card.
Discover it®. This Discover it card has an introductory period of 0% APR on balance transfers and purchases for 14 months and a 10.99% - 22.99% variable purchase APR after this period. You will also receive 5% Cashback Bonus up to a quarterly maximum for purchases you make in quarterly changing categories after you sign up for 5% Cashback Bonus, and 1% cash back on all other purchases. This card even increases the value of your cash back bonus when you redeem it for gift cards. You can also earn up to 20% extra cash back when making purchases at Discover's online mall. You will benefit from flight accident insurance of up to $500,000. This card has no foreign transaction fee. No annual fee.
Click here to read our Discover it® review.