Are you tired of paying extra fees when using your credit card abroad? Foreign transaction fees can add up quickly and put a damper on your travel budget. Luckily, there are credit cards available in Canada that don’t charge these fees.
If you plan on travelling outside Canada or frequently making purchases in foreign currency, a no-foreign transaction fee credit card is worth considering. In this article, we’ll look at the top options available in Canada and help you choose the best one for your needs.
Read on to learn about the benefits of no foreign transaction fee credit cards and how they can save money on your next trip.
Benefits of Credit Cards with No Foreign Exchange Fee
Choosing a credit card with no foreign transaction fees in Canada can be beneficial for several reasons, including:
- Save money on fees: Using a credit card that doesn’t charge foreign transaction fees can save you money when purchasing in foreign currencies. With traditional credit cards, you could be charged up to 3% on each transaction, which can quickly add up over time.
- Convenient for international travel: Having a credit card with no foreign transaction fees can be convenient if you frequently travel internationally. You can use your card to make purchases without worrying about additional fees, and you’ll have the security of using a credit card instead of carrying cash.
- Access to rewards and perks: Many credit cards with no foreign transaction fees also come with rewards programs and other perks, such as travel insurance or airport lounge access. These benefits can help you save money and enhance your travel experience.
- Easy to use: Many foreign purchases are made online. Therefore, credit card with no foreign transaction fees can be a simple and easy way to pay for goods and services in other countries without incurring additional costs.
If you frequently travel internationally or purchase in foreign currencies, a credit card with no foreign transaction fees can save you money and provide added convenience and security.
The Best Canadian Credit Cards With No Foreign Transaction Costs
here are some of the top Canadian credit cards with no foreign transaction fees and a specific benefit that makes each card a good choice:
Scotiabank Passport Visa Infinite Card
One of the most considerable travel costs often overlooked is the foreign transaction fees on your credit card. There are several foreign credit cards with transaction fees in Canada, and today we reviewed some of our top picks. In my opinion, the Scotiabank Passport Visa Infinite Card is one of the best credit cards to look at without foreign transaction fees because each is a travel card that combines points and benefits without foreign exchange fees.
This Scotia credit card offers travel benefits, including airport lounge access and travel insurance. In addition, it provides a flexible rewards program that allows you to earn points on all purchases. A specific benefit of this card is that it also comes with a Priority Pass membership, which gives you access to over 1,200 airport lounges worldwide.
Home Trust Preferred Visa
This card has no annual or foreign transaction fees, making it a simple and easy option for occasional travellers. In addition, it offers cash-back rewards on all purchases, making it an excellent choice for those who want to earn rewards on everyday spending.
Brim Financial Mastercard
This is one of the best rewards credit cards Canada has, which offers a rewards program that allows you to earn points on all purchases. It also comes with various benefits, including travel and mobile device insurance. A specific advantage of this card is that it allows you to redeem your points for any travel purchase without blackout dates or restrictions.
Rogers World Elite Mastercard
This card offers cash-back rewards on all purchases, with extra bonuses for purchases made in foreign currencies. It also provides various travel benefits, including travel insurance and airport lounge access. A specific benefit of this card is that it offers a 3% cash back on all purchases made in a foreign currency, making it an excellent option for frequent travellers.
HSBC World Elite Mastercard
This card offers a generous welcome bonus and rewards on all purchases. It also provides various travel benefits, including travel insurance and airport lounge access. A specific advantage of this card is that it comes with a $100 annual travel enhancement credit, which can be used towards qualifying travel purchases.
BMO World Elite Mastercard
The BMO World Elite Mastercard offers a generous welcome bonus and rewards on all purchases. In addition, it comes with a range of travel benefits, including travel insurance and airport lounge access. Specific use of this card is offering a 15% discount on Park’N Fly airport parking rates at select locations across Canada.
TD First Class Travel Visa Infinite Card
This card offers a flexible rewards program that allows you to earn points on all purchases. It also has various travel benefits, including travel insurance and airport lounge access. A specific advantage of this card is that it offers 9-day travel medical insurance coverage for travellers under 65.
American Express Cobalt Card
This card offers a flexible rewards program that allows you to earn points on all purchases, including groceries, dining, and travel. It also provides travel benefits, including travel insurance and hotel and car rental discounts. A specific benefit of this card is that it offers a monthly bonus of 2,500 points when you spend $500 or more on the card in a billing period.
It would be best to consider the cost of exchanging Canadian dollars for US dollars to pay your credit card bill, including charges spread over currency fluctuations. Another prepaid card option to issue in foreign currencies and avoid exchange charges is the CIBC Air Canada AC Conversion Card. Any wise traveller should ensure that they have at least one credit card in their hand for their trips abroad, without foreign transaction fees tailored to their spending abroad, tolerance for annual fees and other benefits they appreciate.
Overall, these credit cards offer unique benefits that make them an excellent choice for different types of travellers. Consider your travel needs and spending habits when choosing a card to find the one that is right for you.
With Everything in USD, a Good Forex Credit Card is Important
A good Forex credit card is essential if you frequently purchase US dollars or other foreign currency. This is because most credit cards charge a foreign transaction fee for purchases made in a foreign currency, which can add up over time. On the other hand, a Forex credit card does not charge this fee, allowing you to save money on each purchase.
In addition to no foreign transaction fees, some Forex credit cards offer other benefits, such as rewards programs and travel insurance. Therefore, when choosing a Forex credit card, it’s essential to consider the fees, benefits, and rewards each card offers to find the one that best suits your needs.
It’s also worth noting that using a Forex credit card is not the only way to save money when purchasing a foreign currency. You can also consider exchanging currency to send money from Canada to USA, or before your trip or using a prepaid travel card with favourable exchange rates. However, a Forex credit card can be a convenient option, as it allows you to make purchases without worrying about exchanging currency or carrying cash.
What FX Fee Free Card Will You Choose?
While these cards are great for earning points, building a credit score in Canada, relaxing and having business access, you should make sure you use a credit card in Canada without any foreign transaction fees. In my opinion, Canadian international transfer fees on credit cards are the reason why you pay more for your purchases than you should. What is surprising is that some of Canada’s best travel credit cards are not the best for international travel.
In conclusion, choosing an FX fee-free credit card in Canada can be a smart financial move for frequent travellers or those who purchase in foreign currencies. By avoiding foreign transaction fees, you can save money on each purchase and avoid unnecessary charges.
In addition to no foreign transaction fees, many of these credit cards offer additional benefits, such as rewards programs and travel insurance, making them an excellent option for those looking to earn rewards or protect themselves while travelling.
Ultimately, it’s essential to consider your travel needs and spending habits when choosing an FX fee-free credit card to find the one that best fits your lifestyle.
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