Credit Cards Can Save You Foreign Transaction Fees

No Foreign Currency Fee Credit Card

Most Canadian credit cards charge nasty foreign transaction fees when you shop in a non-Canadian currency. However, with these 4 cards you can save 2.5 percent, as that’s the standard fee other cards charge.

Amazon Canada Rewards Visa Card – A no-annual fee credit card that offers no foreign currency fee as well. Does not have many perks and features, but a good one to keep for foreign travel and online shopping in foreign currency. Issued by Chase Canada. This card will not work in Burma (Myanmar), Cuba, Iran, North Korea, Sudan, Syria and Libya.

Marriott Rewards Premier Visa Card - Also issued by Chase Canada and will not work in Burma (Myanmar), Cuba, Iran, North Korea, Sudan, Syria and Libya. This one has a $120 annual fee. A Marriott hotel chain co-branded credit card earns Marriott reward points and comes with other benefits.

Rogers Platinum MasterCard – This one works a little differently. You pay the 2.5 percent foreign transaction fee, but Rogers offers 4 percent cash back on foreign transactions, making it 1.5 percent return in foreign purchases. The annual fee is $29, but waived for the first year. If you pay your Rogers bills by pre-authorized payment, the annual fee is waived each year.

CIBC Air Canada AC Conversion Visa PrePaid Card – Although it’s a prepaid card, it’s marketed as a no-foreign currency transaction fee cards as long as you are transacting in one of the 10 supported currencies it offers. However, when you load foreign currency, it seems to factor this in and charge a foreign currency fee. Still, I like this card because it lets you withdraw from one ATM per month for free in foreign locations in supported currency and it’s safer when you travel, as you are the one to decide how much you want to load.

Tangerine MoneyBack MasterCard – This one charges 1.5 percent foreign transaction fees, instead of 2.5 percent.