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Bankrate’s guide to no foreign transaction fee cards
Bankrate research helps you find the credit cards that best fit your needs, but that’s not all. In addition to analyzing the best cards with no foreign transaction fees, we also dig deep into the subject of international travel to reveal information that you can put to use on your next trip — and every trip.
Comparison of best no foreign transaction fee credit cards
| Card Name |
Annual fee |
Best for |
Bankrate Review Score |
| Capital One Quicksilver Cash Rewards Credit Card |
$0 |
Cash back on international purchases |
4.7 / 5
(Read full card review) |
| Discover it® Cash Back |
$0 |
Customer service |
4.7 / 5
(Read full card review) |
| Capital One Venture Rewards Credit Card |
$95 |
Travel rewards |
4.6 / 5
(Read full card review) |
| Chase Sapphire Preferred® Card |
$95 |
Redemption flexibility |
4.7 / 5
(Read full card review) |
| Capital One VentureOne Rewards Credit Card |
$0 |
Foreign travel beginners |
4.4 / 5
(Read full card review) |
| American Express® Gold Card |
$250 |
International dining |
4.4 / 5
(Read full card review) |
| Bank of America® Travel Rewards credit card |
$0 |
No annual fee |
4.8 / 5
(Read full card review) |
| Discover it® Miles |
$0 |
First-year miles bonus |
4.8 / 5
(Read full card review) |
| Chase Sapphire Reserve® |
$550 |
Luxury perks |
5.0 / 5
(Read full card review) |
| Discover it® Student Cash Back |
$0 |
Student cash back card |
4.7 / 5
(Read full card review) |
| Bank of America® Travel Rewards Credit Card for Students |
$0 |
Studying abroad |
3.4 / 5
(Read full card review) |
A closer look at the top no foreign transaction fee credit cards
Capital One Quicksilver Cash Rewards Credit Card
Why it’s best for cash back on international purchases
The Quicksilver’s unlimited 1.5 percent cash back rate applies to eligible international purchases just as it does with purchases made stateside. Visa cards like this one are among the most widely accepted in the world, and the lack of foreign transaction fees means you avoid the whole issue of paying for currency conversion. Consider making the Quicksilver your designated cash back card for souvenirs, clothing and other retail purchases while pairing it with a second card that earns a higher rewards rate on specific travel, lodging and/or dining purchases.
Read our Capital One Quicksilver Cash Rewards Credit Card review.
Discover it® Cash Back
Why it’s best for customer satisfaction
Several factors put the Discover it Cash Back in the top tier of no-foreign-transaction fee credit cards. Year after year, Discover ranks at or near the top among U.S. issuers in J.D. Power’s annual credit card satisfaction study. Earning 5 percent cash back in rotating bonus categories when you activate each quarter (up to the $1,500 in purchases, then 1 percent) and having Discover match all the cash back you’ve earned at the end of your first year also sweeten the deal.
Read our Discover it® Cash Back review.
Capital One Venture Rewards Credit Card
Why it’s best for travel rewards
The 2X miles reward rate on all purchases is very generous and the travel category is broadly defined by Capital One, which should make the Venture your go-to travel card. No foreign transaction fees, a robust welcome offer and flexible redemption options help sweeten the deal. As a Visa Signature card, the Venture also offers perks including complimentary concierge assistance. If the Venture card’s $95 annual fee is a dealbreaker for you, consider the Capital One VentureOne Rewards Credit Card.
Read our Capital One Venture Rewards Credit Card review.
Chase Sapphire Preferred® Card
Why it’s best for redemption flexibility
The Chase Sapphire Preferred Card has more to offer than an impressive sign-up bonus (80,000 points after spending $4,000 on purchases in the first 3 months). Plus earn up to $50 in statement credits towards grocery store purchases within your first year of account opening. You can redeem points for travel directly through the Chase Ultimate Rewards portal, getting a 25 percent boost in points value, or transfer points to Chase airline and hotel partners. Flexible redemption options, rewards and perks (including the lack of foreign transaction fees) should help offset the cost of the $95 annual fee.
Read our Chase Sapphire Preferred® Card review.
Capital One VentureOne Rewards Credit Card
Why it’s best for foreign travel beginners
The VentureOne card is a great fit for casual international travelers who have little interest in dealing with complex rewards programs geared toward big spenders. With a rewards rate of 1.25 miles per dollar spent, the card makes it easy to earn miles whether you’re staying at an international hotel or making everyday purchases at home. Plus, the 20,000-bonus mile welcome offer (equal to $200 in travel) is easily attainable, with a spending requirement of $500 in purchases in the first 3 months. The overall value is enhanced by no foreign transaction fees.
Read our Capital One VentureOne Rewards Credit Card review.
American Express® Gold Card
Why it’s best for international dining
Restaurant purchases worldwide earn 4X Membership Rewards® Points with the American Express Gold Card, making it a strong option for those who make dining a centerpiece of their international travels. Cardholders can also look forward to earning 3X points on flights booked directly with airlines or on amextravel.com and 2X points on rental cars through amextravel.com, plus 1X points on all other eligible purchases. This card does have a $250 annual fee, but foreign transaction fees are not on the menu.
Read our American Express® Gold Card review.
Bank of America® Travel Rewards credit card
Why it’s best for no annual fee
If you’re a BofA Preferred Rewards member who travels abroad, this card may be one you can bank on. The Preferred Rewards bonus gives the 1.5 points-per-dollar rewards rate quite the boost — 25-75 percent, depending on which tier you qualify for. With no annual fee and no foreign transaction fees added to the mix, world travelers who bank and invest with BofA will find a lot to like. Only a select few will be able to fully maximize the value of this card, but those who fit the bill will enjoy its generous rewards structure.
Read our Bank of America® Travel Rewards credit card review.
Discover it® Miles
Why it’s best for first-year miles bonus
If you can handle some delayed gratification, the Discover it Miles could be worth the wait. Discover automatically matches all the miles you’ve earned at the end of your first year. For example, 35,000 miles would become 70,000 miles, worth $700 toward travel. In the meantime, you’ll earn unlimited 1.5x miles per $1 on all purchases, with no foreign transaction fees or annual fee. One thing to consider if you’ll be traveling internationally is that Discover’s payment network is not as commonly accepted abroad as other networks such as Visa and Mastercard.
Read our Discover it® Miles review.
Chase Sapphire Reserve®
Why it’s best for luxury card perks
Thanks to a stacked lineup of luxury perks, the Chase Sapphire Reserve gives cardholders the opportunity to feel like travel VIPs. Priority Pass Select membership provides access to airport lounges in more than 500 cities worldwide. You can also enjoy a variety of benefits and amenities when you stay at Luxury Hotel and Resort Collection properties. The high-earning rewards categories include 3X points on eligible travel and restaurant purchases (after earning your $300 travel credit). The luxury perks, robust rewards program and value-focused benefits, including no foreign transaction fees, should help offset the $550 annual fee.
Read our Chase Sapphire Reserve® review.
Discover it® Student Cash Back
Why it’s the best student cash back card
This no-foreign-transaction-fee card gives students the opportunity to earn large cash back rewards, as long as they do their homework. You’ll need to keep track of Discover’s cash back calendar and activate the rotating bonus categories each quarter to earn 5 percent cash back in combined purchases (on up to $,1500 in combined purchases, then 1 percent). The lack of foreign transaction fees means that you can avoid an extra charge on overseas purchases, whether you’re traveling or shopping on a website based outside the United States.
Read our Discover it® Student Cash Back review.
Bank of America® Travel Rewards Credit Card for Students
Best for studying abroad
Spending a semester abroad? This student card can help you make it a less costly experience with travel rewards and no foreign transaction fees. The card earns 1.5X points on all eligible purchases, even those that aren’t directly related to travel. You can redeem your points for statement credits on qualifying travel purchases to get their maximum value. You can also avoid foreign transaction fees, another feature that makes the card a sensible choice for students studying abroad.
Read our Bank of America® Travel Rewards Credit Card for Students review.
What are foreign transaction fees?
When you use a credit card overseas to buy something in the local currency, your credit card issuer has to convert the money you’ve spent into U.S. dollars to properly bill you. It may seem like any other transaction from your perspective, but behind the scenes the credit card issuer pays various costs associated with currency conversion, transferring money through a foreign bank and so on.
Many issuers offset these costs by charging a foreign transaction fee for every overseas purchase.
The fee usually ranges from 3%-5% of the amount spent on each transaction, which means the cost to you can really add up:
| Foreign purchase in dollars |
+3% foreign transaction fee |
+5% foreign transaction fee |
| $50 |
$51.50 |
$52.50 |
| $100 |
$103 |
$105 |
| $500 |
$515 |
$525 |
Why do banks charge a foreign transaction fee?
Overseas transactions require banks to convert the money spent into U.S dollars. So when you make a purchase online from an overseas vendor or make an international charge, the conversion process costs money, which is where the foreign transaction fee comes into play. The total fee that you pay often involves adding the charge from the issuing bank and the processing fee from the payment network (like Visa or Mastercard).
Foreign transaction fees and credit card issuers
Foreign transaction fees by credit card issuers vary according to different factors, including processing fees. Mastercard and Visa are payment networks, while American Express and Discover are credit card issuers that also have their own payment networks. Also, it’s not unusual for an issuer to charge a foreign transaction fee with some cards but not with others.
Here’s a quick look at how the fee structure breaks down among several major credit card issuers:
American Express
The foreign transaction fee is 2.7%. American Express operates its own payment network, so a network processing fee doesn’t apply. American Express cards that don’t charge foreign transaction fees include:
Bank of America
The foreign transaction fee is 3% (2% by Bank of America, 1% network processing). Bank of America cards that don’t charge foreign transaction fees include:
Capital One
The foreign transaction fee is 0% — Capital One doesn’t charge the fee and absorbs the 1% network processing fee. Capital One’s no-foreign-transaction-fee cards include:
Chase
The foreign transaction fee is 3% (2% by Chase, 1% network processing). Chase cards that don’t charge foreign transaction fees include:
Citi
The foreign transaction fee is 3% (2% by Citi, 1% network processing). Citi cards that don’t charge foreign transaction fees include:
Discover
The foreign transaction fee is 0% — Discover doesn’t charge the fee and operates its own payment network, so networking processing fees don’t apply. Discover’s no-foreign-transaction-fee cards include:
Preparing to use a credit card internationally
Money talks, but your money needs a translator when it goes overseas. Here’s a list of tips and facts about using a credit card in a different country.
Contact your bank before you go
Banks will often freeze an account on suspicion of fraud if they detect unusual activity, such as a purchase being made thousands of miles from the cardholder’s address. You might be able to notify your bank through your mobile app, or you can simply call.
Check the payment network coverage
Some regions don’t accept certain credit card networks. Visa and Mastercard payment networks are usually your safest bets but are still not accepted in many parts of Asia. Since acceptance varies even between different regions of the same country, it’s best to contact your credit card issuer about network coverage. When it’s time to travel, you can take credit cards from at least two different networks and always have cash on hand.
Take your chip and PIN credit card
Chip and PIN cards were first introduced in Europe, and many other regions of the world have embraced the technology. While magnetic stripe “swipe” cards might still work in some of these countries, using them may slow down the purchase or cause confusion. If you don’t have a chip and PIN or contactless card, you can usually swap out your magnetic stripe card by calling your credit card issuer.
Credit is the safe way to pay
If your credit card is lost or stolen, the maximum amount of fraudulent purchases you can be liable for is $50, thanks to the Fair Credit Billing Act. With debit cards, you can be liable for $500 or more, depending on how long it takes you to report the fraud. Cash, while convenient, is easy to misplace and there’s little you can do to replace it if it’s lost or stolen.
Paying in U.S. dollars could cost you more
Merchants may ask you whether you’d like to pay in U.S. dollars instead of the local currency. This option requires dynamic currency conversion, and while it may seem appealing to know how much you’re spending upfront, it’s almost always a bad idea. With dynamic currency conversion, you pay a currency conversion fee upfront and banks may still charge foreign transaction fees if the purchase is processed by a foreign bank. Avoid the hassle and fees by paying in local currency with a no foreign transaction fee credit card card.
How to save money on future international travel
Avoiding foreign transaction fees should be at the top of your list when looking for a credit card to take with you on your future overseas trip. Here’s some advice to help save even more:
- Use a specialization strategy. If you venture abroad with multiple no-foreign-transaction-fee credit cards, think about using the right card to maximize your rewards. For example, the Capital One Savor has a rewards rate of 4 percent cash back on dining and entertainment. A second, flat-rate card such as the Capital One Quicksilver would earn more than the Savor (1.5 percent cash back vs.1 percent cash back) on other purchases. You could use Savor for dining and entertainment and make Quicksilver your general-purpose card.
- Know how your rewards programs define “travel” beyond airfare and hotels. Many rewards cards offer bonus points on smaller travel purchases, but issuers have their own definitions of travel. Some issuers put expenses such as rideshares and parking fees in the travel category, while others don’t. Pay attention to the specifics of your rewards program to earn the most points.
- Book through rewards portals or affiliate sites that add value. If you book a hotel room through the Chase Ultimate Rewards portal, you may be able to boost the value of your points by 25%-50% depending on which card you have. With certain cards, American Express offers credits up to $100 at Hotel Collection locations.
- Avoid ATM fees by researching your bank’s network of international ATMs ahead of time. While international ATM fees may be unavoidable with some issuers, others, like Bank of America, provide a list of international partner ATMS where you can withdraw cash without BofA fees.
- Know what kind of handy travel perks your credit card provides, such as car rental insurance, lost luggage insurance or a TSA PreCheck credit. Whether its a card you already have or its a card you’re hoping to acquire before your travels, make sure you’re utilizing the built-in benefits that can save you money.
How we chose our list of best no foreign transaction fee cards
Bankrate uses a comprehensive system to evaluate credit cards and produce a 5-star score. In the case of no-foreign-transaction-fee cards, we’ve emphasized the criteria most relevant to consumers looking to maximize the value of their international purchases.
Annual fee
Most cards on our list are free of both annual fees and foreign transaction fees. However, some annual-fee cards offer incentives, like a large welcome or introductory offer, that offset the yearly cost of membership. For this category, we evaluated whether the total value justifies the cost of using the card.
Rewards value
We place priority on cards that put money back in your wallet — regardless of whether you’re using it in Tucson or Tuscany. For each card, we’ve evaluated the earnings rate and corresponding redemption value to identify the cards that accomplish more than just offering a line of credit.
Additional perks
Travel perks may not be your main motivation for getting a no foreign transaction fee card, but they often provide additional benefits that increase the card’s total value. Several credit card issuers offer additional features, like travel accident insurance or trip delay insurance, to make their cards more useful to consumers.
More information on overseas travel and credit cards
If you still need to do some research, check out these resources from Bankrate:
Senior Editor Barry Bridges has been writing about credit cards, loans, mortgages and other personal finance products for Bankrate since 2018. His work has also appeared on websites including Nasdaq.com, Zillow.com and The Simple Dollar. He was previously an award-winning newspaper journalist in his native North Carolina. Send your questions about credit cards (and fantasy baseball) to bbridges@bankrate.com.
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