Are you tired of paying extra every time you purchase while traveling abroad or shopping from international websites? Foreign transaction fees can add up quickly, often costing an additional 2.5% to 3% on every purchase. Luckily, many credit cards in Canada offer no foreign transaction fees, helping you save money. In this blog, we’ll explore the best credit cards in Canada with no foreign transaction fees and their benefits.
What Are Foreign Transaction Fees?
Before diving into the best credit cards, it’s important to understand what foreign transaction fees are. These fees are charged when you make a purchase in a foreign currency or from an international retailer. The extra charge usually ranges between 2.5% to 3% of the total purchase, making travel and international shopping more expensive.
A credit card with no foreign transaction fees means you can avoid these extra costs. Let’s look at the top options available in Canada.
Best Credit Cards with No Foreign Transaction Fees in Canada
1. Scotiabank Passport™ Visa Infinite
One of the best choices for frequent travelers is the Scotiabank Passport™ Visa Infinite. Not only does this card offer no foreign transaction fees, but it also includes a range of travel-related perks.
Key Benefits:
- No foreign transaction fees
- Earn 2 Scotia Rewards points for every $1 spent on travel, groceries, dining, and entertainment
- Comprehensive travel insurance coverage
- Priority Pass membership with 6 free airport lounge visits annually
- Access to Visa Infinite benefits, including exclusive dining and entertainment experiences
The annual fee for this card is $139, but the perks more than makeup for it, especially if you’re a frequent traveler.
2. HSBC World Elite® Mastercard
The HSBC World Elite® Mastercard is another excellent option for Canadians looking to avoid foreign transaction fees. This card is well-suited for travelers who want flexibility in redeeming their rewards.
Key Benefits:
- No foreign transaction fees
- Earn 3 HSBC Rewards points for every $1 spent on eligible travel purchases
- Earn 6 HSBC Rewards points for every $1 spent on travel booked through HSBC Rewards
- $100 annual travel enhancement credit
- Comprehensive travel insurance that includes emergency medical, trip interruption, and baggage coverage
While this card comes with a higher annual fee of $149, the numerous travel perks and no foreign transaction fee make it a strong contender for globetrotters.
3. Brim Financial World Elite Mastercard
The Brim Financial World Elite Mastercard stands out for offering no foreign transaction fees as well as a generous cashback program. It’s a great option for those who travel and shop internationally but also want strong domestic rewards.
Key Benefits:
- No foreign transaction fees
- Earn 2% cashback on all purchases made anywhere
- Unlimited cashback with no caps or restrictions
- Access to exclusive offers with Brim’s partner retailers, including travel and entertainment discounts
- Mobile device insurance, car rental insurance, and more
This card has an annual fee of $199, which is higher than some others, but the cashback potential and benefits can offset this cost.
4. Home Trust Preferred Visa
For those who prefer a no-fee card, the Home Trust Preferred Visa is a great option. While it lacks some of the premium travel perks of the other cards mentioned, it still offers the huge advantage of no foreign transaction fees with no annual fee.
Key Benefits:
- No foreign transaction fees
- 1% cashback on all eligible purchases
- No annual fee
- Car rental insurance
If you’re looking for a straightforward card with no annual fee and no foreign transaction fees, this card should be on your list.
How to Choose the Best No Foreign Transaction Fee Credit Card
With several options available, it’s important to choose a card that fits your lifestyle and spending habits. Here are some factors to consider:
- Annual Fee: While cards like the Scotiabank Passport Visa Infinite and HSBC World Elite Mastercard come with higher annual fees, the perks may outweigh the cost if you travel frequently. On the other hand, no-fee cards like the Home Trust Preferred Visa can be a great option for more casual spenders.
- Travel Perks: If you’re a frequent flyer, look for cards that offer travel insurance, airport lounge access, or bonus points on travel-related purchases. The Scotiabank Passport Visa Infinite offers Priority Pass membership, while the HSBC World Elite Mastercard includes comprehensive travel insurance.
- Rewards Program: Consider how you plan to use your rewards. Some cards offer cashback, while others provide travel points that can be redeemed for flights, hotels, or even gift cards. If you value flexibility, the HSBC World Elite Mastercard or Brim Financial World Elite Mastercard are great choices with versatile rewards programs.
- Additional Benefits: Other perks to look out for include mobile device insurance, car rental discounts, and exclusive dining or entertainment offers. The Brim Financial World Elite Mastercard provides extra benefits that could appeal to both travelers and everyday spenders.
Conclusion
Choosing a credit card with no foreign transaction fees can save you a significant amount of money, whether you’re traveling abroad or shopping from international retailers. From the premium perks of the Scotiabank Passport Visa Infinite to the no-fee simplicity of the Home Trust Preferred Visa, there’s a card to suit every budget and travel style.
By selecting the right card, you can enjoy your trips and overseas purchases without the added cost of foreign transaction fees. Make sure to weigh the annual fees, travel benefits, and rewards programs to pick the best option for your needs.
Disclaimer: This article contains sponsored marketing content. It is intended for promotional purposes and should not be considered as an endorsement or recommendation by our website. Readers are encouraged to conduct their own research and exercise their own judgment before making any decisions based on the information provided in this article.
