VentureOne® from Capital One®
- 20,000 miles sign-up bonus.
- 30,000 miles for everyday spend.
Nobody likes fees. Thankfully there are many choices when it comes to avoiding them. A credit card with no foreign transaction fees can be a very valuable tool for an avid traveler. Even if you do not travel, this is a great perk. Did you know it is possible to be charged this fee without ever leaving the country if you make online purchases from a merchant based outside the U.S.?
Not only can you avoid paying the fee by using the right credit card, but if you make most of your purchases with that card you will not have to exchange as much cash either. This can save money because you can skip the horrible rates offered at those exchange bureaus located in airports. Not to mention that you would have to pay again to change it back if you have some cash leftover at the end of your trip.
Some banks have affiliations with overseas financial institutions, but for the most part if you withdraw cash from an ATM without global partners you can end up paying a foreign transaction fee, whatever exchange rate they’re offering and ATM fees. The best way to avoid these fees (which can rack up fast) and get the best exchange rate is by using a no foreign transaction fee credit card when traveling overseas.
Ever come back from a vacation abroad and review your statement only to find out that among all your expected charges there was a significant amount of money that was wasted on fees? Every time you withdraw money from the ATM or make a purchase with a card that charges a foreign transaction fee you’re essentially throwing away money. How you ask? Because you don’t have to pay these fees.
What is a foreign transaction fee? It is a charge by the card issuing bank which is basically unnecessary. They are not paying anything extra on these transactions, so why should you? These fees are especially unnecessary due to the number of credit cards available that do not charge them. If you travel often and are looking for a credit card that can help you add to your bottom line, it is a must to have a credit card with no foreign transaction fees.
The best credit cards with no foreign transaction fee: April 2018
40,000 bonus miles after you spend $3,000 in the first 90 days
The short answer is absolutely. Depending on your travel and spending habits, this card may or not make sense for you after the first year when you start paying the annual fee, but earning 40,000 miles after meeting the minimum spend and earning 2X miles on all purchases are tremendous benefits. Not only that, but if this becomes your go-to card, miles will rack up fast, and with the 5 percent redemption bonus, that’s like earning 2.1 percent back on every purchase, every day. This card is just as good as any other cashback card currently on the market.
20,000 bonus miles once you spend $1,000 on purchases within the first 3 months
If you’re looking for a no-fee rewards card that offers a solid sign-up bonus and hassle-free redemptions, than the the VentureOne card from Capital One is a great option. You’ll get 20,000 miles worth $200 for spending just $1,000 in 90 days, plus you’ll earn a generous 1.25 miles per dollar for every purchase.
Getting the card is a risk-free proposition because it won’t cost you a penny. Whatever miles you earn with the card are pure profit because there aren’t any fees. You can even use the card while traveling internationally, since there are no foreign transaction fees either.
$150 bonus once you spend $500 on purchases within the first 3 months
Capital One’s Quicksilver card is a great card for earning cash back. If you want to simplify your wallet and you value cash more than miles and points, this is the card for you. Since you can earn 1.5 percent back on every single purchase you make and never pay an annual fee, you can earn some serious cash on everyday purchases, big ticket items, all types of travel or whatever else you choose.
Again, since this card has no annual fee, there’s little downside to the Quicksilver credit card. Yet, it still comes with the elevated MasterCard World Elite protections. As far as travel cards go, this is not a premium card that helps earn status, free checked bags or lounge access, but if you’re an occasional traveler or prefer to fly economy, this card is still a good bet. The cashback you earn can be used toward travel or any other purchase you make. Flexibility makes this a great card.
40,000 bonus points after you spend $1,000 in the first 90 days
The JetBlue Plus card is great for frequent JetBlue travelers. The annual anniversary bonus makes this card relatively cheap to have. For anyone that flies at least 2 to 3 times a year on JetBlue, the free checked bag benefit alone can pay for the card.
More than that, this card has significantly better earning power than most co-branded airline cards. With 2x points at both restaurants and grocery stores, plus an impressive 6x points for JetBlue purchases, there are a ton of opportunities to rack up the points and earn your next free flight quickly.
50,000 bonus points after you make $4,000 in purchases within the first 3 months
You can get excellent value out of ThankYou points, particularly if you transfer them to airlines and redeem for expensive premium cabin tickets. If you are a traveler that often books the cheapest economy class ticket, then there can also be strong value in redeeming points through the ThankYou program’s travel portal thanks to the 25 percent discount offered by this card.
If you are interested in domestic award travel or simple award redemptions, this card may prove to be too complex. Instead, consider cards with more domestic transfer partners. You may not get quite the same value for your points, but there will be more availability and easier redemptions.
50,000 Avios after you spend $3,000 in the first 3 months
Although British Airways Avios aren’t hard to come by, this credit card is a great way to earn even more with the extremely generous sign-up bonus. And because British Airways Executive Club offers some great redemption opportunities on its own metal and with oneworld carriers, you don’t need to be a frequent British Airways customer to get a lot of value out of the card.
With only a 95 annual fee, the sign-up bonus more than outweighs the cost of the card. Plus, if you spend $30,000 or more each year, the Travel Together Ticket carries some serious value that completely offsets the annual fee.
50,000 bonus points after you spend $4,000 on purchases in the first 3 months
The Chase Sapphire Preferred is a great card for just about everybody. Whether you’re just getting started with travel rewards cards or you’re a frequent business traveler, this card offers many great benefits including a big sign-up bonus, a great earning rate on spending and a host of other travel benefits.
On top of that, 2 bonus points are a great way to pad your Ultimate Rewards balance or to get you started. And because you always earn double points on travel and dining purchases, the mid- range annual fee of $0 first year, then $95, makes this a great card to keep beyond the first year and to also keep at the top of your wallet.
25,000 bonus points after you spend $2,000 within the first 3 months
If you’re in the market for a travel rewards cards with fantastic earning potential, the Premier Rewards Gold card is it. In fact, no other Membership Rewards card offers such significant reward rates. Additionally, you can earn 25,000 points for spending $2,000 in the first three months.
The points can be transferred to partners or used as cash through the Amex travel center, which offers a choice for purchasing a ticket with points when award seats aren’t available. Flexibility in both earning and redeeming is one of the strongest features of this card.
Compare all credit cards by RE® Value, which is an estimate of how much you will earn during first year of credit card use minus annual fees.
If you are looking for a card with no foreign transaction fees you are probably planning some international travel. In that case, I recommend getting a card with a chip because it’s necessary to complete some types of transactions overseas. I also suggest having several credit cards on you when traveling in case one is declined. It is good to have cards from several issuers, too (like Visa, MasterCard and Amex). However, it is not recommended to apply for more than one card at a time.
When comparing cards, there are factors to consider that are subjective and will be based on your spending habits and things that are unique to you. But here are some general things to consider:
Not only is it possible to avoid credit card fees altogether, but it is possible to earn money from them. That’s right, cold hard cash in your hands. And you can make those rewards even more valuable if you redeem them for travel. But don’t negate the awards you’ve earned by paying unnecessary fees.
Three percent may not sound like a lot, but it can add up quick. This fee is easily avoidable because so many cards don’t charge it. There is just no reason to pay to make purchases abroad. A penny saved is a penny earned.
Most of the major issuers, including Chase, Citibank and American Expresss, offer credit cards that have no foreign transaction fees. None of the cards offered by Capital One and Discover have foreign transaction fees, either. However, if you are traveling outside of the Caribbean or Mexico, a Discover card may not be useful as they are not as widely accepted abroad. Therefore, it is highly recommended that everyone have at least one card that uses a well-known network, like Visa or MasterCard, that does not charge a foreign transaction fee.
If purchasing goods or services internationally, always use a credit card and pay in the local currency when possible. In some cases you may be given an option to pay in U.S. dollars. If you choose to pay in U.S. dollars, you may be charged a high exchange rate. This is different from a foreign transaction fee and is charged when the money is converted. The payment network, such as Visa or MasterCard, sets the exchange rates for card transactions in foreign currencies, and they can change on a daily basis.
Most banks also offer cards that do not charge an annual fee. It’s not hard to find a fee-free rewards card that has a promotional interest rate and a welcome bonus. However, I am not against paying an annual fee if the benefits, or even the sign-up bonus alone, make it worth the extra cost. Keep in mind that in many cases banks will waive the annual fee for the first year.
Pay your bills on time and do not carry a balance. That is the best way to avoid paying interest. Most credit cards offer a grace period, which usually expires within 21 days of the issuance of the billing statement. So, if you pay your bill in its entirety within that timeframe, you will not be charged any interest. However, if you are already carrying a balance, try a balance transfer to a card with a 0% promotional interest rate.