Best Cards With No Foreign Transaction Fees
We always talk about which credit cards you should be using for your day-to-day expenses. But which cards should you be using when you travel outside of the country? If you aren't careful, you could end up using a card that charges an additional fee on every foreign transaction. This is easy to avoid, so long as you take the right cards with you when you travel.
Find your Credit Card in the Card Optimizer tool in the TW App. Click on the card and see if this benefit is listed under the Card Features.
HOT TIP: Many vendors abroad will give you the choice of paying in local currency or USD through the Point of Sale. So long as your card does not have foreign transaction fees, always choose to pay in the local currency. You will receive a much better currency conversion rate this way!
Many cards do not charge foreign transaction fees, but here are just a few of our favorite card options to carry when we travel outside of the country:
Capital One Venture Card & Capital One Venture X - Default (2x)
Setting aside perks like car rental coverage, since that is not available on these two cards, the Venture & Venture X cards are sneaky good options to have while abroad. It earns 2x points on every purchase, without any added fees, so you're able to maximize all purchases across the board. Of course, using it in tandem with your favorite Restaurant and/or Travel card will maximize your purchases while traveling, it's still a great fallback option if you only like to carry one card.
Chase Sapphire Reserve - Restaurants, Travel (3x)
The Sapphire Reserve is a premium card while in the US, but it also adds a ton of value overseas as well. While all meals will earn the multiplier for you, the extremely broad Travel category always comes in handy while traveling (airfare, hotels, rental cars, public transportation, taxis, ride share, etc.). This is also the go-to card for primary rental car coverage, so you can waive the overpriced policies the agencies offer you at check-in. And don't forget to carry your Priority Pass card with you as well so you can relax in a cushy airport lounge before your flight.
Chase Sapphire Preferred - Restaurants, Travel (2x)
Like its older brother above, the Sapphire Preferred is also a great card option when traveling. It earns 2x points on the same categories as the Reserve, so it is a great option for Restaurants, Travel, and primary rental car insurance. Unfortunately, the Sapphire Preferred does not come with complimentary lounge access.
Amex Platinum - Airfare (5x)
While the multiplier is limited compared to the two cards above, the Amex Platinum is a must-have on your travels, if only for the lounge access alone. From their unparalleled Centurion Lounges to their Global Lounge Collection, the Platinum card will have you waiting for your flights in style. Additionally, this card also has a Priority Pass card to bring along to provide access to even more lounge possibilities. The Amex Platinum also offers premium car rental protection, helping you avoid the agency's offered policy.
Amex Gold - Restaurants (4x), Airfare (3x)
Another solid card choice to keep in your wallet while you're on the move, the Amex Gold has no foreign transaction fees, will earn a great multiplier while you dine, and also provides the all-important car rental coverage. There are downsides though: the card's usually valuable Grocery Store multiplier is only available in US-based stores, so no leveraging it abroad, and there is no complimentary lounge access tied to this card either.
If you have an international trip on the books or are in the process of planning one, don't forget to account for having the proper cards in your wallet before you leave. If you want to consult on which of your current cards you should take or if you'd like to apply for one of the cards above, reach out to the Wealth Team at Wealth@TravelWealth.com.