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 2016 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! You can travel whenever you want, with no blackout dates. 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 a $0 intro annual fee for the first year; $59 after that.

Click here to read our Capital One® Venture® Rewards Credit Card review.

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Chase Sapphire Preferred® Card. If you want a card that comes with 50,000 signing bonus points, then this rewards card from JPMorgan Chase is the card to go for, as you will earn 50,000 points after 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 travel and dining at restaurants all over the world. $0 intro annual fee for the first year. After that, $95.

Click here to read our review of Chase Sapphire Preferred® Card.

Discover it® Miles has no foreign transaction fee and at the end of your first year, Discover matches all the Miles you've earned, this offer is only for new cardmembers, and means that if you earn 20,000 Miles during your first year, Discover will match that so you get 40,000 Miles. You earn unlimited 1.5x Miles for every dollar of purchases. You can redeem any amount toward travel purchases on your statement (100 Miles = $1 value). If you prefer, you can also get cash as a direct deposit into your bank account. Discover also pays you back for in-flight Wi-Fi fees charged to this card (up to $30 a year) with an automatic statement credit. This card has a 0% intro APR on purchases for 12 months with a 11.24% - 23.24% variable purchase APR after that intro period. No annual fee.

Read our review of Discover it® Miles here.

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Barclaycard Arrival™ World MasterCard® has $0 annual fee and no foreign transaction fee when you use your card to pay in another country. You earn 20,000 bonus miles, enough to redeem for a $200 travel statement credit, after making $1,000 of purchases in your first 90 days. You earn 2X miles per dollar on travel and dining purchases, and 1X mile per dollar on all other purchases. Plus, every time you redeem, you get 5% miles back to use toward your next redemption. You also get travel insurance and other benefits when you use this card to pay for travel and shopping. Benefit from 0% intro APR on balance transfers for 12 months, after which a 16.24%, 20.24% or 24.24% variable APR applies.

Read our review of Barclaycard Arrival™ World MasterCard® here.

Discover it® Cashback Match™. This card has an introductory period of 0% APR on balance transfers and purchases for 12 months and a 11.24% - 23.24% variable APR after this period for purchases and balance transfers. You will also receive 5% cash back up to $1,500 each quarter for purchases you make in quarterly changing categories when you sign up for 5% cash back, and unlimited 1% cash back on all other purchases. This card even increases the value of your Cashback Bonus when you redeem it for gift cards. You can also earn extra cash back when making purchases through the Discover Deals program. As a new cardmember Discover will automatically match all of the cash back you have earned at the end of your first year (this applies only for new cardmembers). This card has no foreign transaction fee. No annual fee.

Click here to read our Discover it® Cashback Match™ review.

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