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For frequent flyers and travelers, a credit card with no foreign transaction fees can mean significant savings abroad. However, these cards also come with additional rewards (and limits), so it’s important to consider your broader spending patterns and financial habits before you apply.
For example, the Capital One Venture Rewards credit card offers an enticing welcome bonus of 75,000 bonus miles if you spend $4,000 within the first three months of opening an account. But if you do not fly often, there is no reason to choose this credit card. Instead, consider an alternative such as the Citi Premier® Card, which offers new cardholders 60,000 ThankYou® Bonus Points after they spend $4,000 in their first three months, plus 3 points in multiple spending categories such as gas stations. stations, supermarkets and even flights.
Also, pay attention to details such as annual interest rates and annual fees. For example, 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 buy groceries just for yourself, these perks might not make up for 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 on any purchase.
All in all, while the absence of foreign transaction fees is certainly a worthy search reward, it’s not the only field your next credit card should check. Consider the benefits each credit card offers and choose the option that rewards your current lifestyle.
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