Yesterday, we published an article about what a bad deal dynamic currency conversion is for a typical international traveler. Another bad deal is banks charging a 2 -3% foreign exchange fee for using your credit card internationally. For a long trip, that 2 – 3% can be a significant amount of money. The fee can be easily avoided with a no foreign exchange fee credit card.
Here is a list of no foreign exchange fee credit cards. Visa and Mastercard will still charge 1% fee even for cards that do not have a foreign exchange fee. We always use a no foreign exchange fee card when traveling internationally. It is much better than paying cash. However, not everyone travels internationally as frequently as us and getting a no foreign exchange fee credit card might not make sense since most carry a significant annual fee. In those cases, it is probably advisable to get a no foreign exchange card if cost of the foreign exchange fee is greater than your annual membership fee.
- American Express Platinum Charge Card – $450 annual fee. Free lounge access to American, Delta, US Air + 670 lounges globally, $200 annual airline credit, global entry fee reimbursed and many other benefits.
- All Capital One credit cards have no foreign exchange fees
- Chase British Airways – $95 annual fee. 2-for-1 certificate after $30,000 annual spend
- Chase Continental Presidential Plus – $395 annual fee. Lounge access to Continental Presidential Club
- Chase Hyatt Visa – $75 annual fee. One free hotel night certificate annually for category 1-4 hotels
- Chase JP Morgan Select Visa – $95 annual fee, waived 1st year. Has primary rental car coverage
- Chase Marriott Rewards Premier – $85 annual fee, waived 1st year. One free hotel night certificate annually for category 1-5 hotels
- Chase Priority Club Select – $49 fee, waived 1st year. One free hotel night certificate annually
- Chase Sapphire Preferred – $95 annual fee, waived 1st year. 20% point discount on travel and 7% annual points bonus.
- Citi Executive AAdvantage – $450 annual fee. Almost American Gold Elite Status Benefits & lounge access
- Citi ThankYou Premier – $125 annual fee, waived 1st year.
- Citi ThankYou Prestige – $500 annual fee
- PenFed American Express – No Fee
- PenFed Promise Visa – No Fee