Top Credit Cards with No Foreign Transaction Fees
Top Credit Cards with No Foreign Transaction Fees: Banks exist to support the financial concerns of the global marketplace, and they are in business because of all the charges they impose upon their respective customers for all the valuable services. One such valuable service is card’s accessibility to foreign transactions and fees for the same are most reprehensible. Most of the banks charge variable foreign transaction fees ranging from 2% to 4% and in return, customers do not receive any benefit. However, realizing the fact that this transaction fee is gradually becoming a burden on customers, most banks have now waived off the fees imposed on the foreign purchase.
To compare a few, here is a list of standard foreign transaction fees charged by major card issuers in the U.S.
- American Express: 2.7%
- Bank of America: 3%
- Barclaycard: 3%
- Chase Bank: 3%
- Citi Bank: 3%
- Wells Fargo: 3%
As a contrast, here is a list of the best credit cards with no foreign transaction fees:
Chase Ink Business Preferred Credit Card
Annual Fee: $450
Foreign Transaction Fees: $0
Chase Ink Business Preferred Credit Card is a premium travel reward card with a reward rate of 3X points for all travel and dining expenses whereas 1X points for all other purchases. Besides, the best aspect is no foreign transaction fee that makes it a preferable card despite its annual fee. Other benefits include a travel statement credit of $300 and a global entry application fee of $100.
Chase Sapphire Preferred Card
Annual Fee: $95
Foreign Transaction Fees: $0
Chase Sapphire Preferred Card is one of the most demanded cards amongst international travelers with a sign-up bonus of 50,000 points after swiping $4,000 on personal purchases within the first three months of credit card purchase. The reward rate is 2X points on dining and travel expenses whereas 1X point for all other purchases.
Citi ThankYou Premier Card
Annual Fee: $95
Foreign Transaction Fees: $0
The Citi ThankYou Premier Card comes with an introductory price of $95 with a waiver in foreign transaction fees. The card offers a reward rate of 3X points for travel purchases, 2X for restaurants and entertainment whereas 1X for other purchases. It also provides a sign-up bonus of 50,000 points after an expenditure of $4,000 within the first three months of credit card account opening.
American Express Starwood Preferred Guest Credit Card
Annual Fee: $95
Foreign Transaction Fees: $0
The Preferred Guest Card from American Express comes with an annual fee of $95. The sign-up bonus of $1,000 statement credit after a purchase of $1,000 with the card within the first three months of account opening is another benefit. The card in its initial stage of introduction had a transaction fee of 2.7% for foreign purchases, but later on, the card issuer waived off the fee with added benefits of premium in-room internet access and Boingo Wi-Fi.
American Express Platinum Card
Annual Fee: $550
Foreign Transaction Fees: $0
The Platinum Card by American Express has no foreign transaction fee and an added advantage of Amex bonus that makes it an ideal card for international travelers. The benefits include a reward rate of 5X points for tickets purchased from the airline, $200 credit fee for airline annually, $100 Global Entry fee credit, and access to Priority Lounge at the airport.
Capital One Venture Rewards Credit Card
Annual Fee: $95
Foreign Transaction Fees: $0
Capital One is one of the most acceptable and demanded credit cards with an annual fee of $95 and $0 foreign transaction fee. The sign-up bonus for the card includes 50,000 miles after an expenditure of $3,000 with the card within three months of credit card purchase. The reward rate is 2X miles on all purchases.
Bank of America Premium Rewards Credit Card
Annual Fee: $95
Foreign Transaction Fees: $0
Bank of America offers the Premium Rewards Credit Card with plenty of benefits and perks to enjoy. The sign-up bonus is 50,000 points after swiping $3,000 for personal purchases with the card within three months of account opening. The reward rate is 2X points for dining and travel whereas 1.5X for other purchases. Redeem these points for gift cards, travel bookings or as a statement credit. The card also offers a bonus of 25% – 75% reward points on every purchase.
Conclusion
These are just a few options for the best credit cards with zero transaction fees. However, getting deep into the financial market and having an insight of the financial expenditure of clients, most of the banks have now waived off the transaction fee on foreign purchases.
