Categories: Tech

Best Credit Cards With No Foreign Transaction Fees for December 2022

A credit card is a must-have when traveling internationally. Not only will it save you from constantly having to convert cash at a bank in a different country, but the right credit card can save you a lot on foreign transaction fees.

Foreign transaction fees are added onto your credit card transactions when you’re outside of the US. They’re charged to cover currency conversion fees, and usually cost about 3% of the transaction. Some credit cards — primarily in thetravel credit carddomain — offer no foreign transaction fees as a benefit. Even if you’re only traveling outside the country once in a while, having this type of card could be worthwhile.

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Intro Offer25,000 online bonus points after you make at least $1,000 in purchases in the first 90 days of account opening – that can be a $250 statement credit toward travel purchases.

APRSee Terms

Intro Purchase APRSee Terms

Recommended Credit Excellent/Good

Reward Rates

Earn unlimited 1.5 points per $1 spent on all purchases, with no annual fee and no foreign transaction fees and your points don’t expire.

Annual Fee$0

Intro Balance Transfer APRSee Terms

Balance Transfer APRSee Terms

Balance Transfer Fee Either $10 or 3% of the amount of each transaction, whichever is greater.

Late Payment Fee See terms

Foreign Transaction Fees None

Penalty APR up to 29.99% APR

Earn unlimited 1.5 points per $1 spent on all purchases, with no annual fee and no foreign transaction fees and your points don’t expire.

Our Take

This online only offer may not be available if you leave this page or if you visit a Bank of America financial center. You can take advantage of this offer when you apply now.

The Bank of America® Travel Rewards credit card doesn’t come with foreign transaction fees or an annual fee. You’ll earn 1.5 points for every dollar you spend, with no limit. The introductory APR offer can provide you with some wiggle room to spread out your card payments without incurring interest charges.

See our full review of the Bank of America Travel Rewards card for more information.

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Intro OfferEarn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That’s $750 when you redeem through Chase Ultimate Rewards®.

APR19.74% – 26.74% Variable

Intro Purchase APRN/A

Recommended Credit Excellent/Good

Reward Rates

5x on travel purchased through Chase Ultimate Rewards®
3x on dining.
2x on all other travel purchases, plus more.

Annual Fee$95

Balance Transfer APR19.74% – 26.74% Variable

Balance Transfer Fee Either $5 or 5% of the amount of each transfer, whichever is greater.

Foreign Transaction Fees $0

Penalty APR Up to 29.99%

5x on travel purchased through Chase Ultimate Rewards®
3x on dining.
2x on all other travel purchases, plus more.

Our Take

The Chase Sapphire Preferred® Card has one of the best value propositions of travel credit cards. It starts with no foreign transaction fees, but the rewards program and welcome bonus are also best in its class. Points are worth 1 cent each if you redeem them for a statement credit, but they’ll be worth 25% more if you redeem your rewards for travel booked through the Chase Ultimate Rewards portal. The Sapphire Preferred also includes trip cancellation and interruption insurance, an auto rental collision damage waiver and lost luggage insurance. While many travel credit cards offer some of this coverage, they rarely offer the full spread.

Read our Chase Sapphire Preferred review.

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Intro OfferLimited time offer. Earn 30,000 bonus points when you spend $1,500 in purchases in the first 3 months – that’s a $300 cash redemption value. Offer expires 1/10/2023

APR19.24%, 24.24%, or 29.24% Variable APR

Intro Purchase APR0% intro APR for 12 months from account opening

Recommended Credit Excellent/Good

Reward Rates

Earn unlimited 3X points on restaurants, travel, gas stations, transit, popular streaming services and phone plans. Plus earn 1X points on other purchases
Earn 1X points on other purchases

Annual Fee$0

Balance Transfer APR19.24%, 24.24%, or 29.24% Variable APR

Balance Transfer Fee 3% for 120 days from account opening, then up to 5%; min: $5

Penalty APR None

Earn unlimited 3X points on restaurants, travel, gas stations, transit, popular streaming services and phone plans. Plus earn 1X points on other purchases
Earn 1X points on other purchases

Our Take

While most travel credit cards focus on flight and hotel purchases, the Wells Fargo Autograph Card also provides rewards on purchases of taxis, subways, tolls, restaurants, phone plans and gas stations. You earn the standard 3x rewards rate on all of those categories plus popular streaming services. Plus, you can earn 1x points on other purchases.

The welcome bonus is also more generous that what you’ll get from most credit cards with no foreign transaction fees or annual fee though it does come with a higher spending threshold. For a limited time, you can earn 30,000 bonus points — worth a $300 cash redemption value — when you spend $1,500 in purchases in the first three months (offer expires 1/10/2023).

For more information about this card’s offer, see our Wells Fargo Autograph Card review.

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Intro OfferFor a limited time, earn 80,000 bonus ThankYou® Points after you spend $4,000 in purchases within the first 3 months of account opening

APR20.24% – 28.24% (Variable)

Intro Purchase APRN/A

Recommended Credit Excellent, Good

Reward Rates

Earn 3 Points per $1 spent at Restaurants and Supermarkets
Earn 3 Points per $1 spent at Gas Stations, Air Travel and Hotels
Earn 1 Point per $1 spent on all other purchases

Annual Fee$95

Balance Transfer APR20.24% – 28.24% (Variable)

Balance Transfer Fee Balance transfer fee applies with this offer 5% of each balance transfer; $5 minimum.

Late Payment Fee Up to $41

Foreign Transaction Fees 0%

Penalty APR Up to 29.99% (Variable)

Earn 3 Points per $1 spent at Restaurants and Supermarkets
Earn 3 Points per $1 spent at Gas Stations, Air Travel and Hotels
Earn 1 Point per $1 spent on all other purchases

Our Take

The Citi Premier Card and the Chase Sapphire Preferred Card have the same $95 annual fee. The Citi Premier Card offers higher reward rates on everyday spending categories as well as general travel purchases, however. You’ll earn 3x points on air travel, hotels, restaurants, gas stations and supermarkets. If you redeem your points as a statement credit via Citi’s thankyou.com website — instead of directly through your online account, which will result in a lower redemption rate — your points will be worth 1 cent each.

And the welcome bonus is among the best available, though the spending threshold is on the higher side: 80,000 bonus points — worth $800 in gift cards at thankyou.com — when you spend $4,000 in the first three months. And, of course, there are no foreign transaction fees.

For more information, refer to our Citi Premier Card review.

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Intro OfferEnjoy a one-time bonus of 75,000 miles once you spend $4,000 on purchases within 3 months from account opening, equal to $750 in travel

APR18.99% – 26.99% (Variable)

Intro Purchase APRN/A

Recommended Credit Excellent, Good

Reward Rates

Earn 5X miles on hotels and rental cars booked through Capital One Travel, where you’ll get Capital One’s best prices on thousands of trip options
Earn unlimited 2X miles on every purchase, every day.

Annual Fee$95

Intro Balance Transfer APRN/A

Balance Transfer APR18.99% – 26.99% (Variable)

Balance Transfer Fee $0 at this Transfer APR

Late Payment Fee Up to $40

Foreign Transaction Fees None

Penalty APR None

Earn 5X miles on hotels and rental cars booked through Capital One Travel, where you’ll get Capital One’s best prices on thousands of trip options
Earn unlimited 2X miles on every purchase, every day.

Our Take

Capital One loads the Venture Rewards Credit Card with plenty of travel perks to offset the $95 annual fee. Travel anywhere without any foreign transaction fees and earn 2x unlimited miles on all purchases. In addition, Capital One awards you up to a $100 statement credit forGlobal Entry or TSA PreCheckto help you speed through the airport lines. Venture Miles earned can be redeemed on flights and hotels or used to pay for Amazon.com and PayPal purchases. You can also transfer miles to over 15 hotel andairline programs.

Check out our full review of theCapital One Venture Rewards Credit Card.

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Intro OfferEarn a one-time $200 cash bonus after you spend $500 on purchases within 3 months from account opening

APR17.99% – 27.99% (Variable)

Intro Purchase APR0% intro on purchases for 15 months

Recommended Credit Excellent, Good

Reward Rates

Earn unlimited 5% cash back on hotels and rental cars booked through Capital One Travel, where you’ll get Capital One’s best prices on thousands of trip options. Terms apply
Earn unlimited 1.5% cash back on every purchase, every day

Annual Fee$0

Intro Balance Transfer APR0% intro on balance transfers for 15 months

Balance Transfer APR17.99% – 27.99% (Variable)

Balance Transfer Fee 3%

Late Payment Fee Up to $40

Foreign Transaction Fees None

Penalty APR None

Earn unlimited 5% cash back on hotels and rental cars booked through Capital One Travel, where you’ll get Capital One’s best prices on thousands of trip options. Terms apply
Earn unlimited 1.5% cash back on every purchase, every day

Our Take

The Capital One Quicksilver Cash Rewards Credit Card offers flat-rate rewards on purchases, making it a good everyday credit card that you can also use on trips abroad. You’ll earn 1.5% on all purchases — and 5% on car rentals or hotels booked via the Capital One Travel portal. The sole travel benefit is no foreign transaction fees. But you can still take advantage of the competitive introductory APR and welcome bonus.

For more information, see our Capital One Quicksilver review.

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Intro OfferEarn a one-time $200 cash bonus after you spend $500 on purchases within the first 3 months from account opening

APR17.99% – 27.99% (Variable)

Intro Purchase APR0% intro on purchases for 15 months

Recommended Credit Excellent, Good

Reward Rates

Earn 10% cash back on purchases made through Uber & Uber Eats, plus complimentary Uber One membership statement credits through 11/14/2024
Earn 8% cash back on Capital One Entertainment purchases
Earn unlimited 5% cash back on hotels and rental cars booked through Capital One Travel, where you’ll get Capital One’s best prices on thousands of trip options. Terms apply
Earn unlimited 3% cash back on dining, entertainment, popular streaming services and at grocery stores (excluding superstores like Walmart® and Target®)
Earn 1% on all other purchases

Annual Fee$0

Intro Balance Transfer APR0% intro on balance transfers for 15 months

Balance Transfer APR17.99% – 27.99% (Variable)

Balance Transfer Fee 3%

Late Payment Fee Up to $40

Foreign Transaction Fees None

Penalty APR None

Earn 10% cash back on purchases made through Uber & Uber Eats, plus complimentar y Uber One membership statement credits through 11/14/2024
Earn 8% cash back on Capital One Entertainment purchases
Earn unlimited 5% cash back on hotels and rental cars booked through Capital One Travel, where you’ll get Capital One’s best prices on thousands of trip options. Terms apply
Earn unlimited 3% cash back on dining, entertainment, popular streaming services and at grocery stores (excluding superstores like Walmart® and Target®)
Earn 1% on all other purchases

Our Take

For a credit card with no annual fee or foreign transaction fees, the Capital One SavorOne Cash Rewards Credit Card delivers competitive rewards. You’ll earn 3% cash back on a handful of major categories: Dining, entertainment, grocery stores (excluding superstores like Target and Walmart) and popular streaming services. Entertainment purchases cover movie theaters, sports promoters (professional and semi-professional live events), theatrical promoters, amusement parks, tourist attractions, aquariums, zoos, dance halls, record stores, pool halls or bowling alleys.

For more details about the rewards, welcome bonus and introductory APR, see our Capital One SavorOne review.

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Intro OfferUnlimited Bonus: Only Discover gives you an unlimited match of all the Miles you’ve earned at the end of your first year. For example, if you earn 35,000 Miles, you get 70,000 Miles. There’s no signing up, no minimum spending or maximum rewards. Just a Miles-for-Miles match.

APR15.74% – 26.74% Variable APR *Rates as of December 15, 2022

Intro Purchase APR0% Intro APR for 15 months

Recommended Credit Excellent/Good

Reward Rates

Earn unlimited 1.5x Miles for every dollar spent on all purchases – with no annual fee.

Annual Fee$0

Intro Balance Transfer APR0% Intro APR for 15 months

Balance Transfer APR15.74% – 26.74% Variable APR *Rates as of December 15, 2022

Balance Transfer Fee 3% intro balance transfer fee, up to 5% fee on future balance transfers (see terms)*

Late Payment Fee None the first time you pay late. After that, up to $41.

Foreign Transaction Fees None

Earn unlimited 1.5x Miles for every dollar spent on all purchases – with no annual fee.

Our Take

The Discover it® Miles* card offers an excellent welcome bonus after your first year as a cardholder. All Discover cards have no foreign transaction fees, but this one ensures all your international spending is optimized for rewards — you earn 1.5 miles per dollar on all your purchases. While you don’t have to meet any minimum spending thresholds to unlock this welcome bonus like with most other credit cards, you do have to be patient to earn it. Discover will match all of the miles you earn over the course of the first year at the end of your first year.

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Intro OfferIntro Offer: Unlimited Cashback Match – only from Discover. Discover will automatically match all the cash back you’ve earned at the end of your first year. There’s no minimum spending or maximum rewards. You could turn $150 cash back into $300.

APR15.74% – 26.74% Variable APR *Rates as of December 15, 2022

Intro Purchase APR0% for 15 months

Recommended Credit Good/Excellent

Reward Rates

Earn 5% cash back on everyday purchases at different places each quarter like Amazon.com, grocery stores, restaurants, and gas stations, up to the quarterly maximum when you activate.
Earn 1% unlimited cash back on all other purchases – automatically.

Annual Fee$0

Intro Balance Transfer APR0% for 15 months

Balance Transfer APR15.74% – 26.74% Variable APR *Rates as of December 15, 2022

Balance Transfer Fee 3% intro balance transfer fee, up to 5% fee on future balance transfers (see terms)*

Late Payment Fee None the first time you pay late. After that, up to $41.

Foreign Transaction Fees None

Earn 5% cash back on everyday purchases at different places each quarter like Amazon.com, grocery stores, restaurants, and gas stations, up to the quarterly maximum when you activate.
Earn 1% unlimited cash back on all other purchases – automatically.

Our Take

The Discover it® Cash Back* card is a bit high-maintenance and best for occasional overseas travelers. It doesn’t have any travel perks beyond no foreign transaction fees. And the rewards program features a rotating rewards category that aren’t particularly travel-oriented, like grocery stores, gas stations and Amazon.com. You’re required to manually activate the rotating category through your account each quarter to earn 5% cash back for up to $1,500 in spending (then 1%).

For Oct. through Dec. this year, the rotating category includes all Amazon.com purchases and purchases made using a digital wallet. For orders through your smart device, simply select to pay via the Apple Pay, Google Pay, Garmin Pay or Samsung Pay app.

The Discover it Cash Back also offers the Unlimited Cashback Match welcome bonus. For more information, see our Discover it Cash Back review.

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Intro OfferN/A

APR28.49% (Variable)

Intro Purchase APRN/A

Recommended Credit Average, Fair, Limited

Reward Rates

Earn unlimited 5% cash back on hotels and rental cars booked through Capital One Travel, where you’ll get Capital One’s best prices on thousands of trip options. Terms apply
Earn unlimited 1.5% cash back on every purchase, every day

Annual Fee$39

Intro Balance Transfer APRN/A

Balance Transfer APR28.49% (Variable)

Balance Transfer Fee $0 at this Transfer APR

Late Payment Fee Up to $40

Foreign Transaction Fees None

Penalty APR None

Earn unlimited 5% cash back on hotels and rental cars booked through Capital One Travel, where you’ll get Capital One’s best prices on thousands of trip options. Terms apply
Earn unlimited 1.5% cash back on every purchase, every day

Our Take

Most cards with low fees and perks are reserved for individuals with stellar credit. The Capital One QuicksilverOne Cash Rewards Credit Card fills an important gap by giving people with limited or fair credit a chance to get started or build with responsible use. Use this card wisely — you’ll automatically get considered for a credit limit increase as soon as six months from approval, potentially boosting your credit score. Spend wisely, enjoy the cash back, make your payments on time and take advantage of unlimited access to your credit report through CreditWise. You’ll start to see over time how good financial decisions can impact your credit.

Tips for using a credit card when traveling internationally

Before you get on an airplane, there are a few steps you should take:

If you have a mag stripe card, request a chip credit card from your card provider in advance of your trip.
Set up a travel alert with your card issuer to notify them of what countries you will be visiting or your card may be flagged for fraud.
Take two credit cards and keep them in separate places, in case your wallet is lost or stolen.
Sign up for email or text alerts about charges to monitor your card purchases.
Use a credit card with no foreign transaction fees.
If your card has no transaction fees and you’re prompted to choose the payment currency, choose to pay in local rates instead of dollars — you’ll get your bank’s wholesale exchange rate, which would be more favorable than the merchant’s.
Get familiar with the exchange rate for the country you’re visiting so you have an idea of how much you’re actually spending.

FAQs

What are foreign transaction fees and when are they charged?

Card issuers or banks charge foreign transaction fees to cover the cost of exchanging a purchase from the foreign currency to US dollars. If you make a purchase in foreign currency, it’s likely you will be charged for the conversion unless you have a no-transaction-fee credit card.

One way to avoid having to pay a foreign transaction fee when you’re traveling abroad is to choose to pay in US dollars. Many store credit card terminals will recognize your foreign card and prompt you to choose whether you’d like to pay in the local currency or US dollars. If you choose local currency, you may have to pay your bank or card issuer the transaction fee to exchange it. However, if you choose to pay in US dollars, there is no conversion to be performed.

Keep in mind that if you choose to pay in US dollars, you may save on the transaction fee but the foreign merchant bank may still tack on a commission for the exchange. The best way to avoid unnecessary fees is to pay with a credit card with no transaction fees.

Which credit cards work worldwide?

Mastercard, Visa, American Express and Discover are the four majorcredit card processors. Visa and Mastercard are the two most widely accepted credit cards across the world and your best bet if you intend on traveling overseas and paying for goods with a credit card.

American Express may be popular in the US, but it’s not as widely accepted abroad. Discover is even less accepted than American Express outside of the US. To be safe, it’s a good idea to carry a Mastercard or Visa as a backup if your primary card is an American Express or Discover.

Do I need a chip-and-PIN credit card when traveling?

Most of Europe has adopted the chip-and-PIN credit card system, which eliminates swiping of magnetic strips and signatures. Instead, card readers will prompt you to insert the card (or tap it for touch-free transactions) to read the chip and prompt you for a PIN as a form of verification. Before you travel overseas, ask your card issuer for a chip card. Otherwise, you may have trouble using a mag-stripe credit card for purchases abroad.

Our methodology

CNET reviews credit cards by exhaustively comparing them across set criteria developed for each major category, including cash back, welcome bonus, travel rewards and balance transfer. We take into consideration the typical spending behavior of a range of consumer profiles — with the understanding that everyone’s financial situation is different — and the designated function of a card.

For cash-back credit cards, for example, key factors include the annual fee, the “welcome bonus” and the cash-back rate (or rates, if they differ by spending category). For rewards and miles cards, we calculate and weigh the net monetary value of a card’s respective perks. And with balance transfer credit cards, we analyze specs such as the duration of the introductory 0% APR period and the balance transfer fee, while acknowledging secondary factors such as the standard APR and the length of time you have to make a balance transfer after you open the account.

Cards researched

Chase Sapphire Preferred® Card
Discover it® Cash Back
Discover it® Miles
Discover it® chrome
Delta SkyMiles® Gold American Express Card
Capital One Venture Rewards Credit Card
The Platinum Card® from American Express
Capital One Platinum Secured Credit Card
Southwest Rapid Rewards® Premier Credit Card
Bank of America® Travel Rewards credit card
Citi® / AAdvantage® Executive World Elite Mastercard®
American Express® Gold Card
Capital One QuicksilverOne Cash Rewards Credit Card
IHG® Rewards Premier Credit Card
United℠ Explorer Card
Petal® 1 “No Annual Fee” Visa® Credit Card
Capital One SavorOne Cash Rewards Credit Card
Hilton Honors American Express Card
Marriott Bonvoy Bold® Credit Card
U.S. Bank Altitude® Connect Visa Signature® Card
Mastercard® Titanium Card™

*All information about the Discover it Miles and Discover it Cash Back has been collected independently by CNET and has not been reviewed by the issuer.

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Jonathan Diaz

Journalist at Flaunt Weekly.