Best Foreign Currency Credit Cards With No Fees Canada
There are three points for every dollar spent on travel purchases, including purchases at fuel stations and other ongoing rewards. The best feature of the cards is an initial bonus of 100,000 points for new cardholders who spend at least $15,000 in the three months after opening an account.
Then you will earn 5 points for every $1 spent on grocery, dining and entertainment purchases, putting you on the same page as the Amex Cobalt Card, and you will not receive foreign exchange fees for the Scotiabank Gold and Amex. You are also eligible for an annual bonus of 10,000 Scotia Rewards Points as a cardholder if you spend $40,000 every day on eligible purchases in your Scotiabank Passport (TM) Visa Infinite Card account. That’s more than enough to cover the cost of the Sapphire Preferred Card, which has an annual fee of $95 a year.
If a credit card does not charge foreign transaction fees, you can ensure that the credit card issuer is on the market to profit from what it offers. In addition, no foreign exchange fees or surcharges on purchases in foreign currencies at home are a great attraction. For example, Sapphire Preferred Card rewards users with 1 / 2 points for every $1 they make.
While these cards are great for earning points, 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 to some is that some of Canada’s best travel credit cards are not the best for international travel.
One of the biggest travel costs that are 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 review 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.
With credit cards accepted at the destination, you can avoid taking large amounts of cash with you at exchange bureaux de change and ATMs at the airport. You can also save on overseas purchases without incurring hefty annual fees, eye-watering penalties or fees when looking at certain cardholders. Shopping with your card helps you earn rewards for every dollar spent. You have purchase protection and PIN protection, and you can cancel your card if it is stolen from you.
This is a small disadvantage that is worth considering if you use your credit card daily for many purchases, especially if you live in Quebec. As a snowbird who spends months in Canada in winter, it’s easy to spend up to $20,000 in credit card fees when paying for lodging, meals and travel activities with your card. You must travel and spend in a way that justifies owning a card.
If you’re looking for a great travel card that offers all these benefits and doesn’t charge foreign transaction fees or exchange rates, check out HSBC World Elite (r) or Mastercard (r). If you’re against paying an annual fee for a card, take a look at Home Trusts Preferred Visa.
This is a useful advantage if you rate the currency advantage on its own but struggle to justify the annual fee on the cards. Brim Financial has recently introduced a fee-free card that meets the fee criteria, but the reviews of card users have not been great.
Depending on how much you travel, you may prefer the Scotia Pass to Scotia Gold Amex. Still, the pass could be a better partner for your overseas trips due to its higher earning ratio, airport lounge benefits and greater acceptance of the Visa network.
It would be best if you also considered 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.
If you shop outside Canada from a merchant that accepts foreign currency payments, or if the transaction is processed through a non-Canadian bank, you will receive an additional $25.
The absence of fees for foreign currency purchases in conjunction with Scotiabank Gold American Express top of the line 5% cashback on grocery purchases and comprehensive travel benefits make it one of the best deals ever. In addition, if you use my exclusive referral link, you will receive 20% FREE when you sign up. Click here to apply and learn more; read our full Home Trust Preferred Visa Review.
To find the best credit cards without foreign transaction fees, the editors of WalletHub compared over 1,000 deals based on their foreign fees, loans and longstanding requirements for international acceptance and rewards. We initially ruled out offers with foreign fees and calculated the cardholder’s expected savings for the remaining options. A wide range of merchants accepts Mastercard and HSBC World Elite.
You may also want to look at a few more comprehensive map functions based on the desired map type. Here are 3 more that look at the most popular travel categories in the US for $12 / night.