Best No Foreign Transaction Fee Credit Cards in 2022

A foreign transaction fee is an amount of money you’ll be charged by a card issuer for every successful transaction you make outside your country. The fee can be between a range of one to three percent, depending on the issuer. So, if you’d like to save your cash, you should get yourself a no foreign transaction fee credit card.

No foreign transaction fee cards can come in quite handy for many reasons. They make it easier to do business or pay for things when you leave your country. So they are recommended for people who spend time abroad or deal with foreign transactions. Aside from helping you save money, these cards also offer some exceptional rewards that aren’t available on other cards like Visa.

Best No Foreign Transaction Fee Credit Cards in 2022

No Foreign Transaction Fee Credit Cards: Best Offers

The market is saturated with lots of options that can confuse anyone that wants to get these types of cards. To help you decide which card to go for in this extensive market, here is a comprehensive list of some of the best offers. By considering essential features such as foreign fees, welcome bonuses, rewards rates, and approval requirements, we’ve tailored the list to meet any user’s taste.

All you have to do is pay attention to the details and decide whether they meet your demands. Ensure you take time to compare the items here to clear your doubts and choose the best no foreign transaction fee credit card for you or your business. To begin, check out the list below.

  Annual Charge Rewards rate Credit score required
Capital One SavorOne Cash Rewards Credit Card None Up to 10% cashback rewards on different purchases 670-850
Wells Fargo Autograph℠ Card $0 3 points for every dollar you spend on travel, restaurant, gas, streaming, etc. 1% on all other purchases 690-850
Capital One Quicksilver Cash Rewards Credit Card  None Get 1.5% cashback on all your purchases. 5% extra cashback on car rentals and hotels. 690-850
Capital One Venture Rewards Credit Card  $95 5 miles for hotel and car rentals (Capital One Travel). Then 2 miles for every dollar on other purchases.  690-850
Chase Sapphire Preferred® Card $95 1-5x cashback  690-850
Bank of America® Travel Rewards Credit Card None Get 1.5 points when you spend a dollar. 3 points for every dollar you spend on travels booked via Bank of America Travel Center. 690-850
Ink Business Preferred® Credit Card  $95 3 points for every dollar you spend on travel and specific categories (applies to the first $150,000). 1 point on every dollar spent on other purchases. 690-850

Capital One SavorOne Cash Rewards Credit Card

Best for: Foodies, Fun Fans

Capital One SavorOne Cash Rewards is an excellent option for foodies and socialites. This no foreign transaction fee card is a top choice because of the rewards you get on entertainment, streaming, and grocery shopping. Although the credit score requirements are high, it offers users one of the best travel and retail perks.

Annual fee: None

Rewards rate: Up to a 10% cashback on various purchases 

Intro offer: You get a $200 cash bonus if you manage to meet the $500 net purchases in your first three months.

Credit score required: 670-850

Pros

Cons

Wells Fargo Autograph℠ Card

Wells Fargo Autograph Card

Best for: Travel

This option is one of the best ones to go for if you’re a fan of traveling but despise annual foreign fees. The card has zero annual foreign fees and uses a triple-point system to reward users when they spend on travel. The points also apply to other categories, such as groceries and streaming.

It uses a complete rewards system where you can continue to earn rewards as much as you can.

Annual fee: None

Rewards rate: 3 points for every dollar you spend on transport, dining, streaming, gas stations, etc., 1% on all other purchases, unlike Visa.

Intro offer: Get up to 30,000 points (an equivalent of $300 cash) when you reach a $1,500 quota of net purchases in the first three months. 

Credit score required: 690-850

Pros

Cons

Capital One Quicksilver Cash Rewards Credit Card

Capital One Quicksilver Cash Rewards Credit Card

Best for: Cashbacks

This is another Capital One card with impressive features. It’s a good recommendation for earning flat-rate rewards on all your purchases. You get a reward of 1.5% on almost all your purchases without imposing categories on you. It has an excellent sign-up bonus and an impressive interest rate for new cardholders.

Although there are better options, you can reduce monthly fees and maximize your earnings with the Quicksilver account.

Annual charge: None

Rewards rate: Get 1.5% cashback on all your purchases. 5% extra cashback if you spend on hotels and rental cars ordered through Capital One Travel.

Intro offer: Get a $200 bonus for spending up to $500 in your first 90 days.

Credit score required: 690-850

Pros

Cons

Capital One Venture Rewards Credit Card

Capital One Venture Rewards Credit Card

Best for: Commuting

This is one of the most popular options for travelers. It owes its popularity partly to its heavy advertisement. But its success in the market is thanks to its impressive features. The card pays you no foreign fee and high rewards for multiple purchases.

It allows users to earn rewards regardless of many variables. So you can travel with any airline or hotel anytime without missing out on the rewards with less foreign fee.

Annual charge: $95

Rewards rate: 5 miles for hotel and car rentals (Capital One Travel). Then 2 miles for every dollar on other purchases. 

Intro offer: Get 75,000 miles for reaching the total purchases of $4,000 within 3 months of opening an account.

Credit score required: 690-850

Pros

Cons

Chase Sapphire Preferred® Card

Chase Sapphire Preferred Card

Best for: Cashback

This option allows you to access many impressive features for just a small amount. The card charges a high amount annually but you get compensated with its rewards. So, you can earn on travel, dining, groceries, streaming, etc.

Annual charge: $95

Rewards rate: 1-5x cashback 

Intro offer: Get 60,000 bonus points for reaching the $4,000 net purchase quota within 90 days of opening your account.

Credit score required: 690-850

Pros

Cons

Bank of America® Travel Rewards Credit Card

Bank of America Travel Rewards Credit Card

Best for: Travel 

This option is excellent for anyone who travels a lot, especially with a visa. It offers flexible rewards without incurring monthly or annual charges. The points are also relatively easy to redeem, and you don’t get charged foreign transaction fees anywhere in the world.

Annual fee: $0

Rewards rate: Get one and half points when you spend a dollar on purchases. 3 points for every dollar you spend on travels booked via Bank of America Travel Center.

Intro offer: Get 25,000 points (equivalent to $250) when you spend more than $1,000 in the first three months.

Credit score required: 690-850

Pros

Cons

Ink Business Preferred® Credit Card

Ink Business Preferred Credit Card

Best for: Travel 

Chase Ink Preferred is another product from Chase. This credit card is quite helpful for anyone who spends heavily but wants to maximize it. Asides from its special welcome offer, you’ll also be able to get rewards and less foreign fee on every dollar you spend with the card.

Annual fee: $95

Rewards rate: 3 points awarded for every dollar you spend on transport and other categories. 1 point on every dollar spent on other purchases.

Intro offer: Get up to 100K bonus points ($1,000 cash back or $1,250 travel) when you spend up to $15,000 on all purchases in the first 90 days.

Credit score required: 690-850

Pros

Cons

What Is a No Foreign Transaction Fee Credit Card

What Is a No Foreign Transaction Fee Credit Card?

Some credit card providers charge you small amounts of foreign fee for every successful transaction you complete internationally. This charged amount is called a foreign transaction fee. For users who spend much of their money on foreign transactions, this amount could accumulate and become higher than expected.

Hence, credit cards with no transaction fees are unique types of credit cards. They help you save money by avoiding extra fees on foreign transactions. They are similar to regular banking options but will charge no fee for any transaction you complete abroad.

You can even use these cards like a standard card for day-to-day purchases and get flexible rewards. So, it’s a lifesaver for anyone traveling or dealing with multiple international clients and foreign fees.

How to Pick the Best No Foreign Transaction Fee Credit Card

A credit card typically provides you extra cash with the hope that you will repay soon. However, people tend to use theirs for different things, so finding the right option is important. People who spend heavily on groceries might get additional benefits by opting for a card that supports grocery shopping with less foreign fee.

Likewise, the goal of anyone who travels abroad or spends much on international transactions and foreign fees should be how to maximize their cards. Hence, it would be best to consider many important factors before choosing a foreign transaction card. Some of these factors are discussed below.

Annual Fee

An annual fee is a charge you sometimes have to pay for using a financial service. Most card issuers charge small amounts to maintain your account and transactions, while others don’t. Most times, these annual fees can help you get better services and don’t even break your pocket because they are mostly less than $100 per year.

Therefore, considering a card’s annual foreign fee is essential when deciding which to opt for. Choosing a card that charges foreign transaction fees might seem counterproductive because by avoiding foreign transaction fees, you are already trying to cut costs. So, ensure you compare your options to choose the card with the best offers.

Rewards Rate

A rewards rate is a way for financial institutions to incentive their loyal customers. Card rewards can range from $50 to $5,000, depending on your card type. Consider this factor when choosing because the kind of rewards you can earn depends on your purchases.

For example, it would be a waste of you to spend much on travel but sign up for a card that rewards users on grocery purchases.

So, when selecting your ideal option, consider the type of reward and the foreign fee they offer and ensure it aligns with your interests.

Intro Offer

As a goodwill gesture, many issuers offer new members bonuses and rewards. If you’re a fan of welcome offers, you might opt for a no transaction fee credit card with juicy intro bonuses. 

These bonuses could be in the form of cash rewards, bonus points, cash backs, reduced APRs, or travel funds. So you need to pay attention to redemption. To make sure claiming your bonus is easy and smooth.

Credit Score Required 

Several financial institutions go through a credit check before approving users to access their services. This can be an advantage if you have a good or excellent score. Most of the options on this list range between 690-850 scores.

If the score required is above your current status, then the good idea is to opt for a no transaction fee credit card with lower score requirements that charges no foreign fee.

How to Pick the Best No Foreign Transaction Fee Credit Card

Are No Foreign Transaction Fee Credit Cards Worth It?

Yes, you’ll never regret getting a no transaction fee credit card. It’s even more valuable if you make multiple transactions abroad. The major advantage is that you will pay no foreign fee for all your international payments, unlike regular cards.

You can use your no foreign transaction fee credit cards to make day-to-day purchases. You’ll also be able to avoid annual foreign fees on most of them. Finally, you will get all the juicy benefits, rewards, and offers a typical credit card owner enjoys.

Pros And Cons Of No Foreign Transaction Fee Credit Cards

Pros

Cons

Conclusion

No doubt, getting yourself one of the best payment mediums is a good decision. And one of the best ways to do this is to opt for one that allows you to complete all your International transactions without incurring additional expenses to your bankroll.

Luckily, we’ve taken the time to compile the top options above. Ensure you compare the important features such as the introductory offer, late payment charges, annual or maintenance charges and various others, which are crucial determinants of how well you’d enjoy whichever one you choose on this list.

FAQs

  1. When do I pay a foreign transaction fee? You must pay a foreign fee for a transaction outside your country. Either you send money from your country or you travel abroad with a Visa and complete a transaction with your card there. These two cases will charge you foreign fees.
  2. Which banks charge no foreign transaction fees? There are many banks that do not impose foreign transaction fees. Some of the best options include Wells Fargo, Capital One, Chase, and Bank of America. While some of the popular no foreign transaction fee cards they offer include Wells Fargo Autograph, Chase Sapphire Preferred, Bank of America Travel Rewards, Capital One SavorOne, etc.
  3. How can I incur no foreign transaction fees? The only way to incur no foreign transaction fees is to do international transactions. However, opt for a no foreign transaction fee credit card if you wish to avoid this. This card charges you zero foreign transaction fees, even with a visa card.