The Bottom Line
For frequent flyers and travelers, a no foreign transaction fee credit card can mean significant savings overseas. However, these cards also come packed with additional rewards (and restrictions), so it’s important to think about your broader spending patterns and financial habits before applying.
For instance, the Capital One Venture Rewards Credit Card has an enticing welcome bonus of 75,000 bonus miles when you spend $4,000 in the first three months from opening your account. But if you don’t fly often, there’s little reason to select this credit card. Instead, consider an alternative like the Citi Premier® Card, which offers new cardholders 60,000 bonus ThankYou® Points after spending $4,000 in the first three months, plus 3x points in multiple spending categories, like gas stations, supermarkets, and even air travel.
Furthermore, pay attention to details like APR and annual fees. For instance, the Amex Gold Card provides a generous rewards program, with 4x points at restaurants and supermarkets. However, if you don’t eat out much or are buying groceries for just yourself, those perks may not cancel out the hefty $250 annual fee. Meanwhile, the Capital One Quicksilver Cash Rewards Credit Card has no annual fee and rewards cardholders with 1.5% cash back for any and every purchase.
All in all, while no fees on foreign transactions is certainly a worthwhile reward to search for, it’s not the only box your next credit card should check. Consider the benefits offered with each credit card and select the option that rewards your current lifestyle.
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