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Using a credit card while traveling overseas may be convenient, but it can get quite costly when you factor in rates and fees. Learning how to get ideal rates and avoid unnecessary costs — including currency exchange fees and foreign transaction fees — can go a long way toward saving you cash.
Traveling can be expensive, and fees can accumulate quickly. Here are a few ways to save on your next trip.
These cards advertise no fees when you use your card for overseas purchases. You may pay a slightly higher annual fee for this type of credit card, but the money you’ll save on overseas spending might balance that out if you often travel.
Most U.S. debit cards will charge foreign currency exchange fees when used overseas. To save costs on your next holiday, look for a debit card with low or no foreign transaction fees. Unlike a credit card, debit card transactions don’t incur interest and you can withdraw funds without being charged a cash advance fee. If your card belongs to an international ATM alliance, you can also save on ATM withdrawal costs.
Rewards are typically more expensive when it comes to annual fees and interest rates, but you can find some with no foreign transaction fees. If you’re usually able to repay your balance each month, a rewards credit card with no foreign transaction fees could be a great way to get rewarded for your holiday expenses.
Compare rewards credit cards here
Carrying the local currency in cash is another way you can avoid foreign transaction fees on day-to-day holiday expenses. It’s not exactly safe to carry all of your travel budget in cash, though, so look for a card that has low ATM withdrawal fees such as Capital One 360 or Charles Schwab Investor Checking.
Back to topWhen spending abroad with your credit card, you may encounter foreign transaction fees and currency conversion fees.
Luckily, you can avoid these fees. It’s all about choosing the right product for travel spending. You can compare some of your options below.
Even if your travel money card or strategy helps you avoid currency conversion fees, there are still other costs and factors to consider. When you’re comparing your travel money options, keep the following in mind as well:
How often you travel, the length of your stay and the way you spend money abroad can all factor into the type of credit, debit or travel card you choose to use abroad. Consider your typical expenses and everyday spending when choosing a travel credit card that will offer you the most value.
Back to topOur picks for the best no-annual-fee cards.
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