The 3 Best No Foreign Transaction Fee Credit Cards in Canada for 2024
You may not realize it, but most credit cards in Canada come with foreign transaction fees when you buy stuff abroad and online. So every time you make a transaction in a foreign currency, you are charged a 2.5% to 3% fee in addition to the exchange rate. Fortunately, no foreign transaction fee credit cards exist! Check out our list below to save money on your next trip. This list is part of our analysis of the best credit cards in Canada, from travel to premium or easy to get credit cards. If you cannot find the right card for you among our lists, use our credit card comparison tool.
1. Rogers World Elite Mastercard – Best for Cash Back on USD Purchases
The Rogers World Elite Mastercard is a no-annual-fee credit card with a high cashback rate for all your pruchases in U.S. dollars. Eligibility requirements are high. You must have a minimum personal income of $80,000 per year or a household income of $150,000. This card also offers a welcome bonus of $25 in cashback. To get this bonus, make your first purchase within three months of receiving your card.
Specifically, you’ll earn 1.5% cashback on all your purchases, no matter which currency, and a 3% cashback on all eligible purchases in U.S. dollars, which will soon wipe out most fees associated with currency conversion!
The Rogers World Elite Mastercard offers an attractive range of insurance benefits, including collision and damage insurance for car rentals and an extended warranty and purchase protection which could come in handy in the event of a glitch with your mobile device. When you’re outside Canada or simply out-of-province, the Rogers World Elite Mastercard covers you for emergency medical care, trip interruption and trip cancellation. You’ll also receive a free Mastercard Travel Pass, giving you access to 1,300 airport lounges worldwide at a cost of $32 USD per visit.
2. EQ Bank Card – Best No Fee Card
The EQ Bank Card offers a range of benefits to its users. First, do not worry about the fact that EQ doesn’t have its own ATM machines, because it provides free ATM access within Canada. EQ Bank even covers any surcharges or out-of-network fees imposed by ATM providers in Canada. Second, for every purchase made using the EQ Bank Card, users receive 0.5% cash back, which is deposited onto the card monthly.
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Moreover, the EQ Bank Card offers the advantage of earning a competitive interest rate of 2.5% to 3% on every dollar into your account. The card is also free from various fees, such as transaction fees, foreign transaction fees, monthly fees, and inactivity fees. When making purchases in foreign currencies, you only pay the Mastercard currency conversion rate at the time of the transaction, avoiding the typical 2.5-3% surcharge imposed by most credit cards.
3. Scotiabank Gold American Express – Best for Lounge Access
The American Express Gold Scotiabank no foreign transaction fee credit card is the most attractive on our list when it comes to earning rewards points. You earn 6 Scene points for every dollar you spend at participating grocery stores like Sobeys, Safeway, FreshCo, Foodland, and more. Then, you get 5 points at other eligible grocery stores, restaurants and fast food outlets, as well as for ready-to-eat meal service and meal delivery subscriptions. You also earn 5 points for every dollar spent on entertainment products, such as movie or theatre tickets.
Otherwise, you also get 3 points for every dollar you spend on gas or public transportation, including cabs and Uber, as well as on certain streaming services, such as Netflix. Finally, you also earn 1 point for every dollar on all your other purchases. The Scotiabank Gold American Express credit card offers the opportunity to quickly earn points on your everyday purchases.
The card gives you access to several American Express services, including the Amex Preferred program. This program gives you access to exclusive pre-sales for concerts and other events, and seats reserved for American Express customers. Travellers also receive a discount on the Priority Pass program, which gives them access to more than 1,200 airport lounges worldwide.
This article is the shortened version of an article originally published on Hardbacon.ca by Louis Angot under the title "The 7 Best No Foreign Transaction Fee Credit Cards in Canada for 2024".