Most Canadian credit cards charge a 2.5% foreign transaction fee on all purchases made in other currencies. Here are the best credit cards in Canada with no foreign transaction fees.
Best Travel Credit Card with No Foreign Transaction Fees
The Scotiabank Passport® Visa Infinite* Card sets itself apart as a true traveller’s card, offering strong welcome bonus, no foreign exchange fees, and the flexible Scene+ points for all purchases.Travellers can take comfort in earning points abroad without having to pay FX fees on all their expenses, including hotel stays, eats, drinks, entertainment, public transportation, and more when journeying abroad. You’ll also have no trouble using this card along your travels, thanks to the wide acceptance of Visa cards around the world.Also, this card comes with a complimentary DragonPass membership and six annual visits to participating airport lounges and restaurants.You'll be backed by the card's suite of insurance coverage, including emergency travel coverage for up to 25 days out-of-province, flight delay insurance, delayed and lost baggage insurance, and more.It’s always nice when you can extract multiple travel benefits from a single card (and a single annual fee).If you're looking to save money abroad, look no further than the Scotiabank Passport® Visa Infinite* Card .
Best American Express Card with No Foreign Transaction Fees
The
Scotiabank Gold American Express Card is one of the best all-round credit cards in Canada. You’ll earn Scene+ points to the tune of
5% back on groceries, restaurants, and entertainment,
3% back on gas, transit, and streaming services, and
1% back on everything else.
However, it’s worth noting that the card
only earns 1% back on foreign purchases, even in the bonus categories. Still, it’s good to earn any amount of rewards when you’re eating abroad.
For a card that you want in your wallet anyway for its peerless earn rates at home, you’ll always have a solid no-FX option when travelling and paying at stores that take Amex.
Best No Fee Credit Card with No Foreign Transaction Fees
If you'd rather not pay an annual fee, consider the entry-level
Home Trust Preferred Visa Card instead. It has no annual fee, and earns
1% back on all purchases in Canadian dollars.
Unfortunately, you won't earn cash back on foreign transactions; however, you'll still save money that you'd otherwise be charged on a card with foreign transaction fees.
As a card with no annual fee, there aren't many other notable features to benefit from, aside from saving on foreign transactions. However, if your ultimate goal is to save cash, the Home Trust Preferred Visa Card is your best bet.
Best Business Credit Card with No Foreign Transaction Fees
For businesses with a lot of expenses in US dollars or other currencies, the
Scotiabank Passport® Visa Infinite Business* Card is your best choice.
The card earns a steady
1.5% back in the form of Scene+ points, along with a welcome bonus of
30,000 points, worth $300. Considering that other business credit cards charge a 2.5% foreign transaction fee, and often offer lower rewards rates, you might find immense value in paying the $199 annual fee if your business makes a lot of purchases in a foreign currency.
Not to mention, the card has great travel perks too. You’ll get a comprehensive insurance package, lounge access, car rental discounts, and assorted Visa Infinite benefits.
If you spend a lot of time abroad for your business and need a Visa card, this one’s a fantastic option not only for keeping your rewards up and costs down, but also for boosting your travel experience along the way.
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