Top 7 credit cards in Canada with no foreign transaction fees

Top 7 credit cards in Canada with no foreign transaction fees

March 7, 2020 Banking Credit Cards News 0
credit cards in Canada with no foreign transaction fees

There is a 99% chance that you are paying 2,5% or more for every transaction you make overseas as it is estimated that 99% of credit cards in Canada charge 2,5% or more on foreign transactions.

Canadians like to travel, in fact, over 4,6 million Canadians travelled overseas in the year 2018, this is the highest on average for any country in the North and South America. In the United States, banks are now waiving or doing away with foreign transaction fees, but this is not happening in Canada. Read on to see some credit cards in Canada which offer free foreign transaction fees.

The main reason for this is because the Canadian banks get to benefit more from foreign transaction fees since as many as 4,6 million Canadians travel abroad every year.

Well if you don’t travel much you are not safe either, you can be charged even when you are in Canada. The foreign transaction fees apply to electronic purchases too when you pay with foreign currency, so the 2,5% charge applies to you if you like to purchase in the United States or Europe or anywhere around the world. 2,5% may not seem much but if you spend $15,000.00 on foreign transactions you will pay $375.00 on foreign transaction fees and it could be more since other credit providers charge up to 3% on every transaction.

Finding credit cards in Canada that charges 0% on foreign transactions can be a daunting challenge to many, however, our list will make it easier for you to choose the product that you need.

Our list of 0% credit/debit cards in Canada with no foreign transaction fees

1. SCOTIABANK PASSPORT VISA INFINITE CARD

Looking for a premium visa card that offers 0% on foreign transaction fees? Then look no further because Scotiabank passport visa card charges absolutely nothing on foreign transactions but be prepared to pay $139 of annual fees. The card comes with many features hence the annual fees are different from your standard cards. The rewards program on this card are very enticing and you get 30 000 initial bonus points worth $300.00 which can pay your annual fees for 2 years in a row provided you don’t think otherwise and spend them. As a premium card, to at least qualify for this card you need to earn a minimum of $60,000.00 per annum or have a household income of $100,000.00 to qualify. You might have to check your credit score also because you will need a good credit score to qualify for this card, so if your credit score is low you better fix it before applying for this credit card.

Here are some of the benefits of owning a Scotiabank passport visa infinite card:

  • 3 points for every $1 you spend on streaming services, gas, and daily transit.
  • 1 point for every $1 you spends on everything else.
  • You get 20 000 bonus points when you spend $1000.00 within the first 3 months of opening the account.
  • 0% charge on foreign transactions fees.
  • $139.00 in annual fees.
  • Travel insurance (lost baggage, travel emergency medical, hotel burglary and travel accident)
  • Receive 5 bonus points for every $1.00 you spend on groceries and entertainment.

Check out their offerings

2. SCOTIA GOLD AMERICAN EXPRESS GOLD

Another card from Scotiabank is the Scotiabank Gold American Express Gold which also has a 0% transaction fee on foreign purchases. What you need to do is just pay your exchange rate fees and you are good to go. You will need to have an annual income of $12,000.00 per annum to own this card and have a good-fair credit score. The card is more or less the same as a Scotiabank passport visa infinite card but on the other hand, this Scotiabank card has less annual fees attached to it. You only pay an annual fee of $120.00 apparently less than the Scotiabank passport visa infinite card.

Here are some of the card benefits :

  • 3 points for every $1 you spend on streaming services, gas, and daily transit.
  • 1 point for every $1 you spends on everything else.
  • You get 20 000 bonus points when you spend $1000.00 within the first 3 months of opening the account.
  • 0% charge on foreign transactions fees.
  • $120.00 in annual fees.
  • Travel insurance (lost baggage, travel emergency medical, hotel burglary and travel accident)
  • Receive 5 bonus points for every $1.00 you spend on groceries and entertainment.

This card may not be a premium card but a better option if you want to save on foreign transaction fees if you are earning less or want a card that has a low rate on annual fees while saving 2,5% on foreign transaction fees.

Check out their offerings

3. HOME TRUST PREFERRED VISA

Probably the best option on our list for those who like to save. This credit card in Canada has $0.00 charge on annual service fees, yes $0.00 so you don’t have to pay any annual service fees. If you are earning anything above $15,000.00 per annum you can afford to get this card. The card has a 0% charge on foreign transaction fees. You will need to have a fair – good credit score to score this card.

Below are some of the benefits of owning this visa card:

  • 1% back on all purchases
  • 0% foreign transaction fees
  • $0.00 in annual service fees
  • Free roadside assistance

Home trust preferred visa is preferred by many so if you want to be extra savvy on your credit card costs this might be your best option.

Check out their offerings

4. KOHO PREMIUM VISA

KOHO PREMIUM VISA is a debit card, so if you are looking for a debit card that offers 0% on foreign transaction fees then KOHO PREMIUM VISA might be your best bet. Forget about credit score if you want to apply for this card as it doesn’t apply. There is no minimum income required to own this good card with $0.00 on annual fees for a standard card and $9.00 charge per month for those who want to own a premium card.

Here are the benefits of owning the KOHO PREMIUM VISA:

  • 1 free international atm withdrawal per month
  • 0% on foreign transaction fees
  • Free savings and budgeting tools
  • Up to 2% cashback on all purchases
  • Free financial coaching

Check out their offerings

5. ROGERS PLATINUM MASTERCARD

This credit card in Canada has no annual service fees attached to it and offers 0% foreign transaction fee charge. If you earn less than $80,000.00 and want to own a premium card then Rogers platinum Mastercard might be what you are looking for.

Here are some of the benefits of owning ROGERS PLATINUM MASTERCARD:

  • Get $25.00 cashback when you make your first purchase within the first 3 months.
  • $0.00 IN SERVICE FEES
  • 1.25% cashback on all purchases
  • 2% cashback when you buy Roger’s services and products

Check out their offerings

6. ROGERS WORLD ELITE MASTERCARD

This card offers cashback on foreign transactions and matches any fee with equal amount of cashback or more. This is a premium credit card in Canada and must earn at least $80,000.00 to own this card. A good credit score will even better your chances of getting your hands on this card. Better than the Rogers Platinum Mastercard, the card boost with much favourable benefits than the Rogers Platinum Mastercard offering better rewards and cashback on foreign transactions.

Here are some of the benefits of owning a powerful credit card in Canada, the ROGERS WORLD ELITE MASTERCARD :

  • 4% cashback on purchases made using foreign currency.
  • Extended warranty
  • Purchase protection
  • 2% cashback on Rogers products and services
  • Get $25.00 cashback when you use your card for the first time within the first 3 months
  • 1.25% cashback on purchases
  • Car rental insurance

Check out their offerings

7. HSBC WORLD ELITE MASTERCARD

Considered a premium card, HSBC WORLD ELITE MASTERCARD is one of the few credit cards in Canada that offer a 0% transaction fee on foreign transactions. The card has a $149.00 annual fee attached to it. You will definitely need a fair – good credit score and must earn over $80,000.00 to get your hands on this card.

Here are some of the offers by HSBC WORLD ELITE MASTERCARD :

  • 20 000 bonus points when you use your card for the first time.
  • 0% foreign transaction fee charge
  • Earn up to 3% on travel rewards on eligible travel purchases
  • Car hire insurance
  • 10% discount on hotel bookings when using Expedia and agoda with your card
  • Emergency travel medical insurance
  • $100 annual travel enhancement credit

Check out their offerings

Closing remarks on credit cards in Canada with no foreign transactions fees

It is good to know that you don’t need to pay 2,5% for any transaction done in foreign currency whether you earn a humble income or more, there is a product for you out there that will certainly give you your 2,5% back on your foreign transactions that you probably needed the most.

If you are a newcomer to Canada, you can checkout our article on best banks for newcomers

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