Credit Card With No International Fees

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Credit card with no international fees

Background Introduction

Credit cards that waive overseas transaction fees can save you a good amount of money, especially if you travel frequently or shop online on international websites. In Australia, most credit cards charge a 2-4% fee on overseas transactions, meaning a US$1000 purchase could cost around AU$ 350.

Using a credit card without overseas transaction fees can avoid these extra charges and save money on your travel expenses. For example, if you travel abroad for three weeks a year and spend an average of AU$ 1200 per day, you could save over $750 using a fee-waiving card.

It’s important to note that not all credit cards with no overseas transaction fees offer the same exchange rates. Some cards may charge a higher fee for foreign currency conversion, which can offset the savings from the lack of an overseas transaction fee.

To find the best credit card for your needs, it’s essential to compare the different options available. Some factors to consider include the annual fee, the foreign transaction fee, the exchange rate, and any other rewards or benefits the card offers.

What are international Transaction fees on credit cards?

You may be charged a foreign transaction fee when you use your Australian credit card or bank card to purchase or withdraw cash outside Australia. This transaction fee is typically between 1% and 3% of the transaction amount.

Your bank or credit card issuer charges the foreign transaction fee to cover the costs of processing international transactions. These costs include currency conversion, network, and merchant fees. The list of credit cards and general benefits offers no foreign transaction fees. These credit cards can be an excellent option for people who travel internationally or shop online.

List of Credit cards in Australia with no international fees:

  • Bankwest Breeze Platinum Card offers 0% p.a. for the first 15 months on purchases and for the transfer of balance, a first-year annual fee waiver, and no foreign transaction fees.
  • NAB StraightUp charges no interest or late payment fees and has no international fees on overseas purchases.

Credit card with no international fees

 

  • Coles Rewards Mastercard waives its international transaction fee on retail purchases and offers up to 100,000 Flybuys bonus points plus 0% p.a. on balance transfers for six months.
  • Westpac Lite Credit Card has a low purchase rate of 9.90% p.a., up to 45 days interest-free, $0 foreign transaction fees when you shop overseas or online, and a limited-time cashback offer of up to $360 for the first year.
  • ANZ Rewards Travel Adventures Card has no international transaction fees on purchases overseas, including online from international websites. It also waives the cash advance fee when used at overseas branches and ATMs. The card offers 40,000 bonus Reward Points, with no minimum spend required.
  • Latitude 28 Degrees has no annual fee and $0 international transaction or currency conversion fees.
  • Bankwest Zero Platinum card has no international fees, no annual fee ever, and 0% p.a. on balance transfers for 34 months.

These are just a few examples of credit cards that offer no foreign transaction fees. Many other cards are available, so it is important to compare your options before choosing a card.

How To Use Your Credit Card Abroad?

Using a credit card internationally is similar to using it domestically. You can swipe, tap, or insert your card and follow the same steps to verify your identity. However, it’s important to remember that your bill or receipt charges may be in foreign currency. Your credit card issuer will convert the transaction to dollars when they bill you.

To avoid additional charges or fees, paying your credit card bill on time and in total is essential. By doing so, you can ensure a smooth and financially responsible international credit card experience.

How to avoid international transaction fees on credit cards?

International transaction fees can add up, especially if you travel frequently. Here are some strategies to avoid them:

  • Use a local debit or credit card. If you stay in one country for an extended period, getting a local debit or credit card may be worth it. These cards often do not charge international transaction fees.
  • Use cash. When you need cash, try withdrawing it in the local currency from an ATM. This will help you avoid banks’ high fees for converting currency.
  • Choose a credit card without international transaction fees. Many credit cards on the market do not charge international transaction fees. These credit cards can be an excellent option for travellers who want to avoid these extra charges.

By following these strategies, you can save money on your international transactions.

 

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