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Credit cards with no foreign transaction fees are designed to help you save money by offering 0% fees when you're travelling overseas or shopping online with an international retailer. In comparison, most other credit cards charge a fee of 2–3% of each international transaction you make.
Use this guide to compare 0% foreign fee cards to find one that best suits your needs.
Eligibility criteria, terms and conditions, fees and charges apply
A platinum card offering a 0% introductory balance transfer rate, a $0 first-year annual fee waiver and complimentary insurance covers. Plus, 0% foreign transaction fees.
When you travel or shop online with a retailer that's based overseas, many cards will charge a foreign transaction fee worth around 2–3% of your purchase amount. But credit cards with 0% foreign fees waive this cost or rebate it to your account, helping you save money when you make international transactions.
The potential savings you can get on a credit card with no foreign transaction fees depend on how much you spend overseas and the fees you would pay on a different credit card. For example, if you spent $2,000 on your card that charges a foreign transaction fee of 3%, you would pay $60 more than you would with a card that charges a 0% foreign transaction fee.
It's also worth noting that the cost (and potential savings) may not be obvious straight away. For example, if you spent $200 a month through an online store that is based overseas, a 3% foreign transaction fee would add just $6 to your monthly account balance. However, switching to a card with a 0% foreign transaction fee would save you $72 per year.
A bunch of credit cards offer 0% foreign transaction fees, so what else should you compare when considering a credit card for overseas spending?
Tips to protect your card when shopping online
When you use an Australian credit card to make a transaction in another currency, it will be converted back to Australian dollars based on the exchange rate that's applicable for your credit card. For example, if you spent US$100 and the applicable exchange rate was US$0.72 to AUD$1, this transaction would show up on your credit card account as AUD$138.89 (to the nearest cent).
Sometimes when you're travelling, a business will give you the option of paying in the local currency or in Australian dollars. If you choose to pay in Australian dollars, the transaction will be processed using Dynamic Currency Conversion, which usually costs you a lot more than paying in the local currency.
It's often useful to have a couple of different ways to spend money when you're travelling. As well as a credit card, you may want to buy foreign currency before you go or take a debit card in case you end up needing cash when you're away. While a bit more restrictive, another option is to get a prepaid travel card that lets you spend money in different currencies, which would give you another way to avoid foreign transaction fees.
Compare more travel money options
If you're a frequent traveller or regularly shop online with international retailers, a credit card that has 0% foreign transaction fees could help you keep your costs to a minimum. Just remember to compare a range of options and look at the other features available so that you can find a credit card that really suits your needs.
Pictures: Shutterstock
Back to topGet $250 credit back when you meet the eligibility requirements and 55 days interest-free on purchases.
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