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

Best No Foreign Transaction Fee Credit Cards in Canada

Many Canadians love to travel, but the cost of using credit cards with foreign transaction fees can add up quickly. Luckily, there are credit cards available that do not charge foreign transaction fees. In this article, we will explore the best no foreign transaction fee credit cards in Canada.

Scotiabank Passport Visa Infinite Card

The Scotiabank Passport Visa Infinite Card is a popular choice for Canadians who frequently travel outside the country. This credit card offers no foreign transaction fees, as well as a variety of other travel perks. Cardholders can earn 2x Scotia Rewards points on eligible grocery stores, dining, entertainment, and transit purchases. Additionally, the card offers six complimentary airport lounge visits per year, and travel insurance coverage.

Home Trust Preferred Visa Card

The Home Trust Preferred Visa Card is designed for those who want to avoid foreign transaction fees and earn cashback on their purchases. Cardholders can earn 1% cashback on all purchases, with no limit on the amount they can earn. This credit card also offers rental car collision insurance and roadside assistance.

Brim Mastercard

The Brim Mastercard is a great choice for those who want a credit card that offers no foreign transaction fees and a variety of rewards. Cardholders can earn 1% cashback on all purchases, as well as 2% cashback on select categories, such as dining, entertainment, and travel. This credit card also offers travel insurance coverage and mobile device insurance.

Tips for Applying for a Credit Card

When applying for a credit card, it is important to consider your credit score and financial situation. Make sure to read the terms and conditions of the credit card before applying, including any fees and interest rates. Additionally, it is important to pay your credit card bills on time to avoid interest charges and damage to your credit score.

Saving Money with Credit Cards

Credit cards can offer a variety of benefits, including cashback, rewards points, and travel perks. To maximize these benefits, it is important to use your credit card responsibly and pay off your balance in full each month. Additionally, look for credit cards that offer rewards in categories that you frequently spend money on, such as groceries or dining.

Annual Fees and Risk Avoidance

Some credit cards may come with an annual fee, which can be worth it if the rewards and benefits outweigh the cost. However, it is important to consider whether the annual fee is worth it for your spending habits and lifestyle. Additionally, be aware of the potential risks of using credit cards, such as overspending and identity theft. Make sure to monitor your credit card statements regularly and report any suspicious activity to your credit card company immediately.

Credit Card Company Recommendations

When choosing a credit card, it is important to consider the reputation and customer service of the credit card company. Some popular credit card companies in Canada include American Express, TD Bank, and CIBC. It is important to do research and read reviews to determine which credit card company is right for you.

In conclusion, there are a variety of no foreign transaction fee credit cards available in Canada. When choosing a credit card, consider your spending habits and travel needs, as well as the rewards and benefits offered by the card. Additionally, make sure to use your credit card responsibly and monitor your statements regularly to avoid any potential risks.