What are the best No FX Fee cards?
Although all no FX fee cards follow the same main principle of not charging additional fees for international payments, some offer better features than others. Here are our top suggestions.
- Scotiabank Platinum American Express
- Scotiabank Gold American Express
- KOHO Premium Mastercard
- Scotiabank Passport Visa Infinite Card
- Scotiabank American Express Card (RED)
What are no foreign transaction fee cards?
If you tried using your regular debit or credit card when travelling abroad, you probably noticed some extra fees charged to your account. That’s because most cards come with foreign transaction fees.
Your card issuer determines these fees, also known as international transaction fees, but most of them range between 1% and 3% of the total amount. Although that may not seem significant, spending $3,000 for hotel accommodation could result in an additional $90 charged to your account.
If you travel abroad frequently, international transaction fees could cost you a lot of money. Luckily, there’s a simple solution to prevent these fees from breaking the bank. The best way to avoid these fees is to get a card with no foreign transaction fees.
These cards, often advertised as travel credit cards, are specifically designed for international use, so they don’t come with unexpected costs or charges. Whether you want to buy plane tickets, book a hotel, or pay for a meal at a restaurant, you won’t be charged any additional fees.
Who benefits from No FX Fee cards?
As you can probably guess, those who benefit most from no foreign transaction fee cards are frequent travellers. Although anyone can get an international transaction fee-free card, you won’t have much use for it if you don’t leave your country often.
Therefore, these are people who benefit most from no foreign transaction fee cards:
People travelling for work
If you frequently go on business trips, you might benefit from these cards. Even though your company probably covers your basic expenses, such as accommodation and flights, you could also benefit from no foreign transaction fee cards. These cards will allow you to buy souvenirs and shop without worrying about additional fees.
People travelling for pleasure
If you’re visiting a new country and financing the trip with your funds, you’ll find these international cards particularly useful. None of your expenses will have foreign transaction fees when using these cards, so you can make as many purchases as you want to without stressing about overly expensive transaction fees.
What are the best No Foreign Transaction Fee cards?
Although all no foreign transaction fee cards follow the same main principle of not charging additional fees for international payments, some offer better features than others. If you’re looking for the best no foreign transaction fee card, go with a card that has the following features:
A sign-up bonus
Signing up for a new card can come with a generous reward, which is why you should always stick to travel cards that come with a sign-up bonus. Every company creates different sign-up bonus offers, but you should go with the one you’re certain you can fully take advantage of.
Bonus rewards can come in the form of additional points, discounts, or cash back. Selecting the card with bonus rewards that fit your lifestyle and spending habits best will enable you to save plenty of money on your travels.
Special travel perks
Flight class upgrades, additional nights at a hotel, free spa and wellness treatments, and restaurant discounts are some of the special travel perks you can enjoy as a travel card owner. Browse the special perks of different card issuers and select an offer that will make your international adventures more fulfilling and exciting.