The most effective no international transaction cost credit cards in Canada for 2024

Canadians appreciate travel and buying, but when making use of their credit score cards exterior of Canada, a lot of pay out overseas transaction fees—as substantially as 2.five%—on every buy. The superior information is there’s a very good range of credit rating cards for Canadians that possibly give no overseas transaction fees or reward with extra than enough income back again to go over the fees.

At a look: The Household Believe in Most popular Visa is a genuine no-overseas-trade-price playing cards in Canada that also expenses no annual rate. This indicates it waives the fx on buys in all international currencies, not just U.S. dollars.

The pros

• Receive one% dollars back on anything you invest in in Canadian dollars with no boundaries on how significantly you can receive.
• Like most no-price cards, it comes with primary benefits like zero legal responsibility coverage insurance policy and purchase stability insurance coverage

The cons

• You can not receive cash back on purchases in a non-Canadian forex, but you also will not pay back foreign transaction service fees, which typically include up to two.five%.

At a look: As the to start with card from a single of Canada’s major banking institutions to waive its overseas transaction charges, the Scotiabank Passport Visa Infinite features powerful rewards, an simple-to-comprehend and versatile benefits system, and significantly amazing airport lounge added benefits.

The professionals

• The Scotiabank Passport Visa Infinite is the only no-currency trading-charge card in Canada to also give airport lounge obtain. With this card, you are going to get a complimentary Precedence Go membership with 6 totally free airport lounge visits for every yr that is the most lounge passes out there on a card with an annual rate below $200.
• Scotia’s Scene+ factors are exceptionally flexible. You can redeem factors utilizing Scotia’s vacation company or utilize factors on any travel invest in from almost any airline or lodge company up to 12 months afterwards.
• Redemptions for vacation purchases are intuitive and as easy as dollars back again in your wallet. There are no challenging vacation charts or maps, and you will get the identical worth anywhere you fly. But, you will require to redeem a least of 5,000 points (equal to $fifty in personal savings) at a time.
• Scotia’s journey redemptions are very broad. Details can be redeemed for a broad wide range of merchandise and products and services, even in opposition to purchases with Uber, UberEats and Airbnb.
• The Scotiabank Passport Visa Infinite rewards high-volume spenders. Every single year that you cost $40,000 or extra, you are going to receive an further 10,000 reward details ($one hundred worth towards vacation).
• This card gives a whole vary of travel insurance coverage gains which include journey crisis professional medical insurance plan, journey cancellation/excursion interruption insurance coverage and extra.

The downsides

• On October one, 2022, the Scotiabank Passport Visa Infinite’s yearly cost amplified from $139 to $150.
• You’ll want to receive an earnings of at minimum $sixty,000 (or $a hundred,000 as a household) to qualify, which means the card may be out of get to for some Canadians.

At a look: The Scotiabank Gold American Convey has an outstanding day to day generate rate, particularly on foods and transit. Merged with its absence of overseas transaction expenses, this card is not just just one of the best no-currency trading-price playing cards but one of the best general benefits playing cards in Canada.

The execs

• This credit score card’s get paid rate is significantly remarkable, with an excellent five-periods the factors on groceries and dining.
• Scene+ details are versatile, quick to use and excellent for up to twelve months immediately after you make a travel invest in, which suggests you can ebook when you want and experience the benefits afterwards.
• Redeem for vacation in uncomplicated increments of 1,000 factors (valued at $ten). There are no intricate regulations or exceptions to manage, and you will get the exact benefit no issue the place you go.
• Scotia’s definition of travel is very wide so you can redeem for buys even at Uber, UberEats and Airbnb.
• The Scotiabank Gold American Express offers a complete range of travel insurance policy rewards including travel emergency health-related coverage, trip cancellation/excursion interruption insurance and additional.
• This card will come with Amex Working experience benefits. Amex grants early entry to presale tickets to a large array of situations (including live shows and sporting activities activities), while Amex Presents get you extra special discounts and cost savings on a rotating roster of retailers.
• The card’s least earnings prerequisite is $12,000, making it available to most Canadians.

The negatives

• Even though American Express is accepted at hundreds of locations throughout Canada, there are some notable exceptions. For illustration, Loblaws doesn’t settle for Amex and you may not be capable to use this card at some smaller sized independent stores, groceries, convenience retailers and places to eat. Dependent on wherever you are travelling, Amex acceptance could be even more confined.
• When you get in a foreign forex, you only generate details at the base rate. This implies, for case in point, that if you purchase groceries in a overseas currency, the overseas-exchange cost will be waived but you will only gain 1 issue for each $one invested somewhat than the 5 factors generally made available in the grocery category for buys in a Canadian forex.

At a look: This is a aggressive mid-tier credit card with a below-typical annual rate, featuring impressive travel insurance policy and bonus details on non-Canadian purchases which will assist you save on foreign transaction fees.

The pros

• The 3 points per $one get paid rate for international purchases indicates you are going to net roughly .five% back on anything at all in a non-Canadian forex (after offsetting foreign transaction charges).
• The solid base fee of one.5% on Canadian purchases implies you’ll receive an higher than-common return on all purchases, irrespective of the group.
• The annual payment for the Meridian Visa Infinite Journey Benefits card is only $99, which is considerably less than many comparable to other playing cards on this listing with no foreign trade expenses.
• The travel coverage on the Meridian Visa Infinite Journey Benefits card is outstanding and contains up to $five,000,000 in emergency journey coverage for up to forty eight days, which manages to conquer out vacation coverage made available by even the ideal journey credit rating cards.
• Though several credit score card travel insurance policies advantages only use to people sixty five and more mature, the unexpected emergency journey insurance policy protection on the Meridian Visa Infinite Travel Benefits credit card applies to those people up to 75 several years outdated.

The cons

• This card features no bonus categories, so it may possibly not be the very best benefits composition for those people who shell out big in common categories like groceries, fuel or recurring payments.
• Rewards details just can’t be utilized to offset the cost of airline taxes or surcharges.
• The cash flow necessity makes it out of attain for some Canadians.

At a glance: With substantially higher get paid costs than most no-price cards, the Rogers Earth Elite Mastercard essentially nets you funds again on purchases in U.S. pounds. Nonetheless, demanding personal earnings amounts and expending specifications make this card inaccessible to some.

The execs

• The card earns an extraordinary one.five% money again on every little thing you acquire, a level a lot more generally seen in playing cards with an once-a-year price.
• As a Mastercard, it is arguably the best card to use at Costco due to the fact it has a flat one.five% generate price.
• The Rogers Environment Elite Mastercard earns an accelerated three% cash back again on buys manufactured in U.S. dollars which offsets the roughly 2.5% overseas transaction payment, generating this an great card for snowbirds or any individual who frequently travels to the United States.
• You can redeem your cash again benefits whenever, in increments of $ten, utilizing the Rogers application.
• Despite currently being a no-fee card, the Rogers Environment Elite Mastercard presents you rewards like rental motor vehicle collision destruction coverage and journey insurance policies.

The disadvantages

• Not like “true” no-overseas-transaction-payment credit rating cards which help you conserve on all non-Canadian forex buys, the Roger Planet Elite Mastercard will only enable you avoid international transaction expenses on purchases built in U.S. bucks.
• A evident downside of this card is that you need to cost at least $fifteen,000 in purchases on the card each and every 12 months or you are mechanically downgraded to the entry-stage Rogers Platinum Card that earns a less impressive one% money back on almost everything.
• You will want an cash flow of at the very least $eighty,000 per yr (or $one hundred fifty,000 per residence) to qualify for the card—the optimum income need on our rating of ideal no foreign transaction cost credit score cards.

At a glance: Fantastic benefits with no restrict to what you can receive, comprehensive insurance protection, strong benefits, and no foreign trade fees make this a card to consider.

The professionals

• You can earn up to thirty situations the bonus points on buys when you store online with Brim partners.
• Redemptions are versatile. You can redeem on any buy or as funds back on your card.
• Features thirteen distinctive insurance policy coverages, including journey and mobile device protection, plus some precious benefits like free Boingo Wi-Fi and DragonPass membership.

The negatives

• The $199 once-a-year price is greater than normal, although it is waived for the initially 12 months.
• Candidates will have to have a higher annual income to qualify.
• Your earn fee drops to one level for each $1 invested soon after you spend your to start with $twenty five,000 each year.

At a glance: Ok, Okay, this isn’t a credit rating card, but a prepaid debit card. However, the EQ Financial institution Card can enable you prevent high priced service fees when you’re withdrawing or spending revenue in a foreign currency by waiving all international exchange fees billed by EQ (transactions are nevertheless issue to Mastercard’s currency conversion fee). This is a great again-up card for these purchases where credit cards aren’t approved.

The professionals

• Preload this card with money so you normally have obtain to money.
• Get paid .five% dollars back on buys furthermore fascination on your deposits.
• Spend no fees, which includes foreign trade.

The negatives

• EQ Bank is an online lender, which indicates you just cannot pay a visit to brick and mortar branches for in-particular person assistance, although assist is obtainable on line.
• To accessibility your dollars, you have to preload the card by transferring funds from your discounts account. You’ll be high-quality as long as you plan in advance and try to remember to do this.

What is the conversion price on my credit history card?

A credit score card conversion fee is a surcharge you fork out for buys in a international forex. These costs are established by your credit card network this kind of as American Specific, Visa and Mastercard. These fees are usually really shut to current market premiums, but they are frequently superior than what you’d get at a currency trade. You can discover the conversion rate for your card in your credit rating card settlement.

Must you fork out making use of neighborhood forex or transformed forex?

From time to time, you’ll be presented the choice to fork out in a area forex or have the price tag transformed to your home forex. In standard, it is in your money curiosity to purchase in the regional forex, due to the fact converting to one more currency can incur charges that are tacked on to the acquire value. This is real regardless of whether or not you are using a card that prices transaction fees, so in either scenario, you’ll be preserving income by maintaining the currency neighborhood.

What if employing my no foreign transaction rate credit score card is not an choice whilst I’m abroad?

Making use of a no overseas transaction price credit history card is great–until you want to make a order from a small business that doesn’t accept credit rating cards. It’s normally sensible to carry some income on you just for these instances, but withdrawing revenue from an ATM can also appear with high priced costs. Just one fantastic remedy is to use a debit card that doesn’t charge international transaction service fees, like the EQ Bank Card. Take note that even though your card could possibly waive the charges, the ATM probably will not. Also be knowledgeable that employing a credit card to withdraw cash from an ATM incurs the highest expenses of all and must be avoided apart from for emergencies.

Regularly requested thoughts

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• Finest journey credit history playing cards in Canada
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• Best vacation insurance credit history playing cards in Canada
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