Canadian Credit Cards No Foreign Transaction Fees Compared

If you're a Canadian looking to travel abroad or shop online from international retailers, you'll want a credit card that doesn't charge foreign transaction fees.

The Scotiabank Passport Visa Infinite Card has no foreign transaction fees, making it a great option for international travel.

This card also offers a 25,000-point bonus for new cardholders, which can be redeemed for travel purchases.

Some credit cards, like the American Express SimplyCash Preferred Card, charge a 2.5% foreign transaction fee.

Canadian credit cards with no foreign transaction fees are a game-changer for travelers and international shoppers. The Home Trust Preferred Visa is a true no foreign transaction fee card that also charges no annual fee.

You can earn 1% cash back on all purchases in Canadian dollars with this card. The EQ Bank Card is another option, but it's a prepaid debit card rather than a credit card.

The top 3 no foreign transaction fee credit cards in Canada, according to the article, are the Home Trust Preferred Visa, the Scotiabank Passport Visa Infinite Card, and the Scotiabank Gold American Express Card. Here are some key features of these cards:

These cards can help you save money on foreign currency purchases and earn rewards on your international transactions.

If you're a frequent traveler or online shopper, you'll want to consider a credit card with no foreign transaction fees. This can save you a significant amount of money on your international purchases.

For example, using a regular credit card like the CIBC Dividend Visa Infinite can result in a $37.73 foreign transaction fee on a €1,000 purchase. In contrast, a no FX fee credit card like the Scotiabank Passport Visa Infinite will save you $37.73.

The Scotiabank Passport Visa Infinite is a top contender for credit cards with no foreign transaction fees, earning you 2X points on spending in categories like groceries, dining, entertainment, and transit, even overseas.

Here are the top 3 no forex credit cards:

These credit cards can help you save money on foreign exchange fees and earn more rewards on your international purchases.

The Home Trust Preferred Visa Card is a great option for those looking to avoid foreign transaction fees. It's a no-fee card, which means you won't have to pay any annual fees. This card is perfect for Canadians who want to save money on foreign currency purchases.

You can earn 1% cash back on all transactions in Canadian dollars with this card. This is a great perk for those who want to earn rewards on their everyday purchases. Plus, you'll save money abroad with no foreign transaction fees.

Here are some key details about the Home Trust Preferred Visa Card:

This card is a great choice for those who want a basic card with no foreign transaction fees. It's easy to hold onto for whenever you might need it, and you won't have to worry about paying any annual fees. However, it doesn't come with a bevy of perks and benefits, so you might want to consider other options if you're looking for more rewards or travel benefits.

The key to choosing the right no foreign transaction fee credit card is understanding your spending habits and needs. If you travel overseas frequently, a card like the Scotiabank Passport Visa Infinite, which offers airport lounge access and a 2.5% forex fee waiver, might be a good fit.

Consider the rewards program and interest rates when selecting a card. For example, the Home Trust Preferred Visa offers 1% cash back on all Canadian purchases and waives the 2.5% forex fee on all foreign currencies.

To make the most of your rewards, look for cards that offer higher earn rates on specific categories, such as groceries, dining, or foreign purchases. The Meridian Visa Infinite Travel Rewards card, for instance, offers 3 points per $1 on foreign purchases.

Here are some key requirements to consider when choosing a no foreign transaction fee credit card:

Ultimately, the right card for you will depend on your individual circumstances and preferences. Be sure to read the fine print and consider your needs before making a decision.

Determining the best credit card with no foreign transaction fees requires careful consideration of several factors. The MoneySense editorial team assesses the value of credit cards across various categories, including foreign transaction fees, annual fees, interest rates, welcome offers, rewards earn rates, and redemption options.

To save on foreign exchange fees, consider using a no forex fee credit card. This can be especially beneficial for international travellers or shoppers. For example, using a no forex fee credit card like the Scotiabank Passport Visa Infinite can save you $37.73 on a €1,000 purchase in Europe.

The best credit cards with no foreign transaction fees often have a range of features that cater to international travellers. These features may include airport lounge access, strong travel insurance coverage, and rewards earn rates that are tailored to international spending.

Here are some key features to look for in a no foreign transaction fee credit card:

Ultimately, the best credit card with no foreign transaction fees will depend on your individual needs and preferences. Be sure to weigh up the pros and cons of each card and consider factors such as the annual fee, interest rates, and rewards earn rates.

The foreign transaction fee is a discrete charge that tends to show up separately on your statement.

You'll often see it when your money gets converted into a different currency while traveling or paying on a foreign website.

The exchange rate is the rate at which your money gets converted, and it's usually set by the bank or credit card issuer.

This rate is often already set to include a conversion fee, even if the bank claims to have no foreign transaction fees.

Typically, if a bank claims not to have any foreign transaction fees, the money will be converted with the mid-market rate.

It's always a good idea to keep an eye on the exchange rate used to process your payment.

If you're a frequent traveler or shopper in foreign currencies, having a credit card with no foreign transaction fees can save you a significant amount of money in the long run.

The Home Trust Preferred Visa is a great option, as it's the only no-fee credit card in Canada that waives foreign exchange fees on all currencies. This means you won't have to worry about the extra 2.5% charge on your monthly statement.

The Rogers Red World Elite Mastercard is another popular choice, offering 3% cash back on U.S. currency purchases, which is enough to cover the foreign exchange fees and then some. This card also has a low annual fee of $0.

Here are some of the top Canadian credit cards with no foreign transaction fees:

Scotiabank credit cards are a great option for Canadians who want to avoid foreign transaction fees. Two of their credit cards, the Passport Visa Infinite and Gold American Express, offer this feature.

The Scotiabank Passport Visa Infinite is the only no foreign transaction fee card in Canada to also offer airport lounge access, with six free visits per year. This card also has a flexible rewards system, allowing you to redeem Scene+ points for travel rewards at a rate of 1 cent per point.

To qualify for the Scotiabank Passport Visa Infinite, you need a personal income of $60,000 per year or a household income of $100,000 per year, and a credit score of 725 or higher. The annual fee is $150.

The Scotiabank Gold American Express Card, on the other hand, has a lower minimum income requirement of $12,000 and an annual fee of $120. It offers excellent earning rates in Canada, including 6 Scene+ points per dollar spent on Sobeys, IGA, Safeway, and other Empire-affiliated grocery stores.

Here are the key features of the two Scotiabank credit cards:

Both cards offer a range of insurance coverage, including emergency medical insurance, trip cancellation and interruption insurance, and more.

Scotia SelectPay is a flexible way to pay off eligible Scotiabank Visa credit card purchases of $100 or more with no interest rate on your plan.

You can use Scotia SelectPay to pay off purchases of $100 or more, which is a great option for those who want to avoid interest charges.

To take advantage of Scotia SelectPay, you'll need to make sure you have enough credit available on your credit card account.

To view your credit limit for your credit card account, you can check your account details online or through the Scotiabank mobile app.

Scotia SelectPay also comes with a low fee, which is a small price to pay for the peace of mind that comes with no interest charges.

Keep in mind that Scotia SelectPay is only available for eligible purchases of $100 or more, so make sure you're making big enough purchases to qualify.

The Scotiabank Passport Visa Infinite is a premium credit card that offers a range of benefits for frequent travelers. It's the first card from a big Canadian bank to waive foreign transaction fees.

The annual fee for this card is $150, which is among the highest on the list. However, it offers strong rewards, a flexible rewards system, and impressive airport lounge benefits.

You can earn up to 3 Scene+ points per $1 spent at Sobeys stores and 2 points per $1 on groceries, dining, entertainment, and transit. The rewards system is easy to understand and flexible, allowing you to redeem points for travel on any airline or hotel, including Airbnbs.

One of the standout features of this card is its airport lounge access. With a complimentary Priority Pass membership, you'll receive six free lounge visits per year, the most available on a card with an annual fee below $200.

Here are some key benefits of the Scotiabank Passport Visa Infinite:

If you're looking for more options beyond the top picks, there are several other Canadian credit cards that offer no foreign transaction fees.

The American Express SimplyCash Preferred Card offers 2% cash back on all purchases, with no foreign transaction fees.

The Scotiabank Passport Visa Infinite Card offers 2 points for every dollar spent on eligible purchases, with no foreign transaction fees.

The TD Cash Back Visa Infinite Card offers 3% cash back on gas and 2% cash back on groceries, with no foreign transaction fees.

The CIBC Dividend Visa Infinite Card offers 2% cash back on groceries and 1% cash back on all other purchases, with no foreign transaction fees.

Not paying your credit card balance in full each month can lead to interest charges, which can add up quickly. This is why it's essential to pay your balance on time.

Some Canadian credit cards offer rewards programs, but be aware that high fees can offset the benefits. For example, a card with a $150 annual fee may not be worth it if you're not using the rewards frequently.

To avoid debt and fees, consider setting up automatic payments to ensure you never miss a payment. This way, you can avoid late fees and interest charges.

Avoiding debt requires discipline and a solid understanding of your financial situation. According to a study, 64% of Americans struggle with debt.

To start, make a budget that accounts for all your expenses, including necessities like rent and utilities. Consider using the 50/30/20 rule to allocate your income.

Credit card debt is a major contributor to financial stress, with interest rates ranging from 15% to 30% or more. This can quickly add up and make it difficult to pay off the principal amount.

Consider paying more than the minimum payment on your credit card bill each month to avoid this trap. For example, if you have a $2,000 balance with an 18% interest rate, paying just the minimum payment could take over 10 years to pay off.

High-interest debt can be especially problematic, especially if you're paying more in interest than the original purchase price. For instance, if you buy a $1,000 item on credit with an 18% interest rate, you'll end up paying over $2,300 in total.

Avoiding fees is also crucial when it comes to managing debt. Late payment fees, for example, can add up quickly and make it harder to pay off your debt.

Using a no forex fee credit card can save you a significant amount of money on foreign exchange fees. For example, if you spend €1,000 during a trip to Europe, you can save $37.73 in fees with a no FX fee credit card.

These cards may also earn you more rewards. The Scotiabank Passport Visa Infinite, for instance, earns 2X points on spending on groceries, dining, entertainment, and transit, even overseas.

You can save a total of $37.73 on foreign exchange fees by using a no forex fee credit card, which can make a big difference in your overall expenses.

Here's a comparison of a regular credit card and a no FX fee credit card:

This is just one example of how using a no forex fee credit card can save you money and earn you more rewards.

If you're looking to maximize your rewards earnings, consider using a credit card that offers higher rewards on specific purchase categories, such as US$ purchases or foreign gas stations and grocery stores.

The Rogers World Elite Mastercard and Rogers Mastercard offer 3% cash back on US$ purchases, but only for customers who redeem the cash back for Rogers, Shaw, or Fido purchases, giving a net benefit of 2% on US$ purchases.

Alternatively, you can opt for a credit card that earns rewards on select merchant categories, such as foreign gas stations and grocery stores. The CIBC Dividend VISA Infinite card, Scotia Momentum VISA Infinite card, and Scotiabank Platinum American Express Card earn 4% back on these categories, giving a net benefit of 1.5%.

Here are some credit cards that offer higher rewards on select merchant categories:

If you're looking to earn rewards on your US dollar purchases, there are a few options to consider.

The Rogers World Elite Mastercard offers a 3% cash back on US dollar purchases, giving a net benefit of 0.5%. However, for Rogers, Shaw, or Fido customers, redeeming the cash back for purchases on these networks boosts the reward by 50%, making it 4.5% cash back with a net benefit of 2%.

The Rogers Mastercard also offers 3% cash back on US dollar purchases, but only for Rogers customers who redeem the cash back towards a Rogers, Fido, or Shaw purchase, giving a net benefit of 0.5%.

Here are the details on these rewards:

Rewards on Select Purchases can be a great way to boost your earnings, but they often come with specific conditions. For example, the Rogers World Elite Mastercard and Rogers Mastercard offer 3% cash back on US$ purchases, but only if you're a Rogers customer and redeem the cash back for Rogers, Shaw, or Fido purchases.

The net benefit on these cards is 0.5% for Rogers World Elite Mastercard and 0.5% for Rogers Mastercard, but redeeming the cash back for Rogers, Shaw, or Fido purchases boosts the reward by 50% for the World Elite Mastercard, making it 2% net benefit. No annual fee is required for either card.

Some credit cards also offer higher rewards on select merchant category foreign purchases. CIBC Dividend VISA Infinite card, Scotia Momentum VISA Infinite card, and Scotiabank Platinum American Express Card offer 4% back on most foreign gas stations and grocery store categories, giving a net benefit of 1.5%. TD Cash Back Visa Infinite Card offers 3% back on most foreign gas stations and grocery store categories, but only a 0.5% net benefit.