What Are the Best No Foreign Transaction Fee Credit Cards in Canada?

What Are the Best No Foreign Transaction Fee Credit Cards in Canada?

As more and more Canadians travel abroad for business or leisure, it's increasingly important to have a credit card withno foreign transaction fees. These fees can add up quickly and can make your trip much more expensive than you planned. In this article, we'll explore the best no foreign transaction feecredit cardsin Canada.

1. Scotiabank Passport Visa Infinite Card

The Scotiabank Passport Visa Infinite Card is a great option for frequent travelers. It has no foreign transaction fees and offers six free airport lounge visits per year. The card also comes with travel insurance coverage, including coverage for emergency medical expenses and trip cancellation/interruption insurance.

2. Home Trust Preferred Visa Card

The Home Trust Preferred Visa Card is a no annual fee credit card with no foreign transaction fees. It's a great card for those who don't travel frequently, but still want to save money when they do. The card also offers rental car collision and damage insurance, and purchase protection insurance.

3. Rogers World Elite Mastercard

The Rogers World Elite Mastercard is a great option for those who want to earn cash back on their purchases while also avoiding foreign transaction fees. The card offers 1.5% cash back on all purchases, with no limit on how much you can earn. The card also comes with travel insurance coverage, including emergency medical and trip cancellation/interruption insurance.

Tips for Applying for a Credit Card

When applying for a credit card, there are a few things to keep in mind to ensure you get the best possible card for your needs:

1. Check your credit score: Before applying for a credit card, it's important to check your credit score. This will give you an idea of what cards you're likely to be approved for.

2. Compare cards: Don't just apply for the first credit card you come across. Compare the benefits, fees, and interest rates of several cards to find the best one for you.

3. Apply for the right card: Make sure you apply for a card that matches your spending habits and needs. If you travel frequently, for example, look for a card withtravel benefits.

Saving Money with Credit Cards

Credit cards can be a great way to save money if used correctly. Here are a few tips for saving money with your credit card:

1. Pay your balance in full: Paying your balance in full each month can help you avoid interest charges and late fees.

2. Use rewards wisely: If your card offers rewards, make sure you use them wisely. Don't redeem them for items you don't really need or want.

3. Take advantage of perks: Many credit cards offer perks such as discounts on travel or purchases. Make sure you take advantage of these perks to save money.

Annual Fees and Avoiding Risks

When choosing a credit card, it's important to consider the annual fee and any potential risks. Here are a few tips for avoiding risks and making the most of your credit card:

1. Avoid high annual fees: Make sure the benefits of the card outweigh the annual fee. If the fee is too high, look for a different card.

2. Pay on time: Late payments can result in fees and damage to your credit score.

3. Protect your information: Be careful with your credit card information, and monitor your account regularly for any suspicious activity.

Recommended Credit Card Companies

There are several credit card companies in Canada, but some stand out for their benefits and customer service. Here are a few recommended credit card companies:

1. Scotiabank: Scotiabank offers a range of credit cards with great benefits andrewards programs.

2. TD Canada Trust: TD Canada Trust offers a variety of credit cards with low interest rates and great travel benefits.

3. American Express: American Express offers premium credit cards with exclusive benefits and rewards programs.

In conclusion, having a credit card with no foreign transaction fees can save you money when traveling abroad. Make sure to compare cards and choose one that matches your spending habits and needs. Use your card wisely to save money and avoid risks, and choose a reputable credit card company for the best possible experience.