Canadian Credit Cards with No Foreign Transaction Fees

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Let’s face it, one of the worst parts of the travelling is having to deal with foreign transaction fees, exchange rates, and all the other fees that goes into switch our money from one currency to another.

There’s nothing more annoying than coming home from your adventure-filled travels to find every purchase on your credit card statement much higher than expected.

From the majority of the Canadian banks, every time you make a purchase that isn’t in Canadian dollars, chances are you’re paying a foreign transaction fee between 2.5-3%. And that’s on top of the currency exchange rate.

Unfortunately for Canadians, there really isn’t a whole lot of credit card choices for us to choose from that doesn’t charge a foreign transaction fee.

And until recently, I’ve been happily using my Chase Amazon credit card, but Chase has decided to close down shop in Canada, further reducing our options. This ignited my search once again for a Canadian credit card with no foreign transaction fees.

Here’s what I’ve found:

Home Trust Preferred Visa

The Home Trust Preferred Visa is currently the only Canadian credit card I could find that gives you a foreign currency conversion fee of 0%. Furthermore, it’s also free and doesn’t charge a monthly fee. Score!

But wait before you do your happy dance, because this card also gives back. You’ll get 1% cash back on all your purchases, with no limits or restrictions to the amount you can earn. You’ll also get purchase and travel insurance included at no extra costs.

$0Annual Fee
$0Sign Up Bonus
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Fido Mastercard

While the Fido Mastercard doesn’t technically give you a foreign currency conversion fee of 0%, the math does work out in your favour in the end.

The credit card still charges a 2.5% foreign conversion fee, but on all purchases made in a foreign currency, you’ll get 4% cash back. Basically, the foreign transaction fee cancels out. At the end of it all, you’ll get “no foreign conversion fee” and will get a 1.5% cash back on foreign transactions.

Similar to Home Trust Preferred Visa, there’s no annual fee, but there is one kicker to this card though. It’s very much geared towards Fido customers. They make this obvious when you try to redeem your cask back, making you use the Pay with Review app or through your Fido account when using a computer. Also the rewards predominately revolve around everything Rogers and Fido.

$0 Annual Fee
$50 Sign Up Bonus
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Rogers Platinum MasterCard

The Rogers Platinum MasterCard is pretty much identical to the Fido Mastercard. It doesn’t give you a foreign transaction fee of 0%, but it does cover it with its cash back.

With this card, there is a foreign transaction fee of 2.5%, but it gives users a 4% cash back on all purchases made in a foreign currency. Again, it basically cancels out the foreign transaction fee and you’ll still get a 1.5% cash back. This also has an addition bonus of giving you a 1.75% cash back on all other purchases.

The main difference between the Rogers Platinum MasterCard and the Fido Mastercard though is it’s annual fee. This card does have a $29 annual fee, but can possibly be waived if you notify them you’re a Rogers customer or if you set up pre-authorized payments with the card.

$29 Annual Fee
$25 Sign Up Bonus
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