Top 10 No Foreign Transaction Fee Credit Cards for 2020
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If you are going to travel overseas, you may be researching credit cards with travel rewards. But one thing many credit card shoppers overlook is the foreign transaction fee.
Numerous credit cards issued in the United States charge certain fees for completing purchases overseas. This can be anywhere from a 1% to 3% fee. But there are some credit cards that do not charge a foreign transaction fee. For people who regularly travel for business and leisure outside of the United States, a credit card without a foreign transaction fee is very attractive. Foreign transaction fees are only a small percentage of each transaction, but they can certainly add up over time.
The good news is that no foreign transaction fee credit cards are definitely available for consumers. But the bad news is they can be hard to get if you do not have excellent credit. Credit card companies associate overseas travel with good credit, and are only willing to provide cards with no foreign transaction fees to consumers with top-of-the-line credit histories.
Here are some of the best credit cards with no foreign transaction fee in 2020:Capital One® VentureOne® Rewards Credit Card is considered one of the best travel rewards card in the industry due to its low fees and great rewards opportunities. It offers 0% APR for the first 12 months on purchases, and then a 13.49% - 23.49% (Variable) APR after that. Cardholders receive 1.25 miles for every $1 you spend on the card, which can be redeemed for travel expenses. This is in addition to the 20,000 bonus miles you’ll receive (equivalent to $200) if you spend more than $1,000 on your card during the first three months of card ownership. These miles can be used on any airline or hotel and have no blackout dates. The card has no annual fee. If you make a lot of purchases on your credit card, you may want to consider the Capital One® Venture® Rewards Credit Card. This does have an annual fee of $95 after the first year, but pays two miles for every dollar you spend. In addition, it has an upfront bonus of 50,000 miles once you spend $3,000 during the first three months.
Chase Sapphire Preferred® Card is one of the top travel cards in the credit card industry. Benefits include 60,000 bonus points when you spend $4,000 on purchases in the first three months of opening your account which is the equivalent of $600 in cash or $750 when redeemed through Chase Ultimate Rewards. You’ll also get 24/7 customer service, which allows you to talk to a real person whenever you’d like. Cardholders receive one point for every dollar spent, and two points on travel and restaurant dining, which makes the card a very solid option for those who do a lot of traveling. In addition, the card has no foreign transaction fees, and offers 1:1 point transfers on participating travel programs. Your APR ranges from 17.49% - 24.49% Variable, depending on your credit worthiness. The Chase Sapphire Preferred® Card has a $95 annual fee.
Capital One® Quicksilver® Cash Rewards Credit Card is a very attractive cash rewards credit card that also comes with no annual fee and a relatively low APR. You receive 0% APR on both purchases and balance transfers for 15 months. Then, the on-going APR is 15.49% - 25.49% (Variable) depending on your credit worthiness. The rewards are incredibly strong and easy to understand. Cardholders receive 1.5% back on all purchases with no limit to the amount. In addition, you receive a $150 bonus after you spend $500 during the first three months of card ownership. The card does have a balance transfer fee of 3%, but no foreign transaction fees. You need “good” credit to qualify for this card.
Capital One® Savor® Cash Rewards Credit Card is a relatively new card on the market. It gives 4% back on all dining and entertainment expenses, 2% cash back on grocery store purchases, and 1% back on all other transactions. There is no limit to the rewards you can earn. Plus there is an early spend bonus of $300 if cardholders spend $3,000 on the card within three months of approval. There are no foreign transaction fees, but there is an annual fee of $95 that is waived during the first year. The APR is between 15.99% - 24.99% (Variable) depending on your credit worthiness.
Southwest Rapid Rewards® Plus Credit Card is currently offering new cardholders 40,000 points when they spend $1,000 within the first three months of opening their account; and an additional 35,000 points when they spend $5,000 during the first six months of having the account. Chase gives cardholders 3,000 bonus points on their cardmember anniversary. Southwest purchases earn 2X points as do purchases made on Rapid Rewards hotel and car rental partners; all other purchases earn one point per dollar. There is a $69 annual fee. There are no blackout dates, and cardholders can use their points to book tickets for a travel companion. The APR is 17.49% - 24.49% Variable.
Southwest Rapid Rewards® Priority Credit Card gives all the perks listed above for the Plus card, but significantly enhances some of the other rewards. Cardholders earn 7,500 bonus points on their anniversary rather than 3,000. The annual fee is $149 but you receive a $75 Southwest annual travel credit, 20% back on all in-flight purchases, and four upgraded boardings per year. There are no foreign transaction fees with the Priority card, so cardholders can save 3% on any purchases made while traveling internationally. The APR is also 17.49% - 24.49% Variable on the Priority card.
Chase Freedom Unlimited® is a wonderful cash back card, especially for those consumers who do not want to keep track of rotating bonus categories that they have to register for each quarter. The Freedom Unlimited card has an attractive cash back structure: an unlimited 1.5% cash back on all purchases. New applicants also receive a 0% APR for 15 months on both new purchases and balance transfers, with a 3% balance transfer fee or $5, whichever is greater during the first 60 days of being a cardmember; then a 5% balance transfer fee or $5 whichever is greater. Once the promotional financing rate expires, the standard interest rate of 16.49% - 25.24% Variable applies, depending on your creditworthiness. There is no annual fee or foreign transaction fee on this card.
Capital One® Secured Mastercard®. Applicants must complete an application, and once approved, you will be notified of the amount of the refundable security deposit that you will have to make, which will be $49, $99 or $200 based on your creditworthiness. You will then receive a credit line between $200 and $3,000. Submit your security deposit, and you should receive the card in a few weeks. This card works in the same was as any other credit card. You receive a monthly statement, and must make a minimum payment. Pay your balance in full, and you avoid interest charges, which are at an interest rate of 26.74% (Variable) for purchases, cash advances, and balance transfers. Capital One Secured customers receive extended warranty, auto rental, travel accident insurance, travel assistance, roadside assistance, and price protection. Cardholders receive complimentary access to Capital One’s CreditWise app. There is no annual fee or foreign transaction fees on this card.
Capital One® Platinum Credit Card is geared to applicants with an average credit score. New customers are eligible to receive access to a higher credit line after making five on-time monthly payments. Capital One cardholders take part in CreditWise, which includes free unlimited access to your credit score and a what-if simulator to help predict how future actions could affect your credit. Cardholders are given extended warranty coverage that adds additional protection to your purchases at no extra charge, as well as price protection that reimburses you if you find a lower price on an eligible item within 50 days of purchases made with your credit card. Cardholders receive auto rental collision damage waiver coverage when traveling, in addition to travel accident insurance and access to a 24-hour travel assistance line. The standard interest rate for purchases is 26.74% (Variable). An attractive feature is that there is no annual fee for this card.
ABOC Platinum Rewards Mastercard® is a relatively new card on the market with some attractive features. One point is earned for every dollar spent, and can be redeemed for travel benefits, gift cards, merchandise, and even cash. You earn a $150 Statement Credit after you spend $1,200 on purchases within the first 90 days from account opening. There is an introductory APR of 0% for 12 months on purchases and 18 months on balance transfers. The ongoing interest rate is 14.40% - 24.40% (variable) based on your credit worthiness. There is no annual fee on this card.