Best Credit Cards with No Foreign Transaction Fees

Of all the fees that credit cards can charge, there is no fee that's more unnecessary than a foreign transaction fee, which are imposed by many credit cards on any transaction that's processed outside of the United States. In fact, you can be assessed a foreign transaction fee when you make a purchase from a foreign company even if you haven't left home.

These fees are egregious since there are no additional costs to process foreign transactions. This is because banks exchange billions of dollars in currency electronically every day using the most favorable interbank exchange rates. Furthermore, these fees are even imposed on foreign charges made in US Dollars.

Thankfully, credit card users are becoming increasingly aware of these fees, which are typically 3% of the amount charged, and are not interested in traveling with any card that imposes these unnecessary surcharges. In response, the credit card industry has been dropping foreign transaction fees on many of their cards, especially those marketed to international travelers.

Here are some of the best credit cards that have no foreign transaction fees.

Capital One^® Quicksilver^® Cash Rewards Credit Card

Capital One is the rare credit card issuer that has no foreign transaction fees on any of its cards. The Capital One^® Quicksilver^® Cash Rewards Credit Card is an ideal card for international travel as it has no annual fee and offers 1.5% cash back on every purchase. In addition, new applicants earn a one-time bonus of $150 when they spend $500 on purchases within 3 months from account opening. New cardholders also receive 15 months of 0% APR introductory financing on both new purchases and balance transfers (then a 19.24%-29.24% variable APR applies).

Bank of America^® Travel Rewards Credit Card

Bank of America offers the Bank of America^® Travel Rewards Credit Card with no annual fee and no foreign transaction fees. It features 1.5 points per dollar spent on all purchases, and points can be redeemed for one cent each as statement credits towards travel expenses such as flights, hotels, vacation packages, cruises, rental cars or baggage fees. New applicants also receive 20,000 bonus points, worth $200 in travel statement credits, after using their card to make at least $1,000 in purchases within the first 90 days of account opening. In addition, new cardholders receive 12 billing cycles of 0% APR financing on new purchases (then a 13.99% - 23.99% Variable APR applies).

JetBlue Card from Barclaycard

In early 2016, JetBlue and Barclaycard released new credit cards that had no foreign transaction fees. The entry level JetBlue Card has no foreign transaction fees and offers rewards including 3x TrueBlue points for JetBlue purchases, 2x points at restaurants and grocery stores, and one point per dollar spent elsewhere. New applicants also receive 10,000 bonus points after spending $1,000 on new purchases within 90 days of account opening. Finally, Barclacycard's credit cards are particularly valuable for international travel as it offers true Chip and PIN compatibility which can be necessary at some merchants in Europe and other parts of the world.

Chase Sapphire Preferred

Travelers love the Chase Sapphire Preferred^® Card not just because it has no foreign transaction fees, but also because it offers 2x points on all travel and dining expenses. Points are earned in Chase's Ultimate Rewards program and can be redeemed for cash back, merchandise, gift cards and travel reservations. Alternatively, rewards can be transferred to points and miles with airline and hotel programs. Other benefits include numerous travel insurance and purchase protection policies. New applicants receive 50,000 bonus points after making $4,000 in purchases within three months of account opening. There is a $95 annual fee for this card that's waived the first year.

First published August 11, 2016, last updated June 3, 2021

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ABOUT THE AUTHOR

Know Stewart is one of the leading journalists covering the credit card industry and travel rewards. His work appears at many of the top personal finance websites and is regularly syndicated by mainstream sites such as MSN Money and Yahoo! Finance.

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