Credit cards with no foreign transaction fees
Most Canadian credit cards charge a conversion fee for foreign currency transactions. It’s usually a 2.5% fee.
If you use your card to make purchases abroad or online in non-Canadian currency, it may be worthwhile to get a credit card with no foreign transaction fees!
Here are the best 3 travel credit cards with no foreign transaction fees in Canada:
HSBC World Elite® Mastercard®
The HSBC World Elite® Mastercard® is a great credit card with no foreign transaction fees, especially for travel purchases.
For a limited time, you can get:
- Up to 110,000 points ($550 value in travel rewards) if you live in Quebec and with no minimum purchase!
- Up to 80,000 points ($400 value in travel rewards) and waiver of the annual fee for the first year if you live outside Quebec
With the HSBC World Elite® Mastercard®, you can earn:
- 6 points per dollar for travel purchases (flights, hotels, Airbnb, all-inclusive, etc.)
- 3 points per dollar for all other purchases including Costco
This means a return of 1.5% to 3% depending on your purchases!
You can apply your points on any travel purchase charged to your HSBC World Elite® Mastercard® (flights, hotels, Airbnb, all-inclusive, etc.). But you can also transfer your points to three airline loyalty programs: British Airways Executive Club, Asia Miles and Singapore Airlines Krisflyer.
Finally, with the HSBC World Elite® Mastercard® you get:
- $100 annual travel credit (for airport lounges, for example)
- Unlimited access to Boingo WiFi hotspots around the world
- 10% discount for hotel bookings on Expedia or Agoda
- Premium insurance for your travels and purchases
Finally, the HSBC World Elite® Mastercard® does not charge any conversion fees for foreign exchange transactions: you save 2.5% for each transaction.
Scotiabank Gold American Express® Card
The Scotiabank Gold American Express® Card only requires a minimum income of $12,000.
For a limited time, you can earn up to 40,000 points in the first-year, which is a $400 value on travel purchases including Airbnb. Plus, the first year is free!
With the Scotiabank Gold American Express® Card, you earn 5 points per dollar for:
- grocery stores
Note that starting October 1, 2022, you will earn 6 points per dollar at Sobeys, IGA, Safeway, Foodland, FreshCo, Voilà by Sobeys, Voilà by IGA, Voilà by Safeway, Chalo! FreshCo, Thrifty Foods, IGA West, Les Marchés Tradition, Rachelle Béry and Co-Op!
And 3 points per dollar on gas, transit and streaming services purchases.
You can redeem your points on travel purchases (flights, hotels, all-inclusive and even Airbnb).
The Scotiabank Gold American Express® Card is a no foreign transaction fee card. It has Premium travel and purchase insurance, Concierge services, Exclusive Benefits American Express (Front of the Line Program).
Scotiabank Passport™ Visa Infinite* Card
With the Scotiabank Passport™ Visa Infinite*, you get 25,000 points after only $1,000 in card purchases ($250 value). And each year, if you make at least $40,000 in Card purchases, you’ll earn 10,000 additional points ($100 value).
With the Scotiabank Passport™ Visa Infinite* Card, you get 2 points per dollar you spend on:
- grocery stores
You can redeem your points for any travel purchases (flights, hotels, all-inclusive and even Airbnb). The Scotiabank Passport™ Visa Infinite* Card also offers:
- no foreign transaction fee
- 6 complimentary passes to airport VIP lounges
- Premium insurance for your travels or purchases
- Concierge services
These three credit cards are all excellent choices for travellers: they provide travel points as well as extensive benefits and reliable insurance.
It’s up to you to make your choice!