Best No Foreign Transaction Fee Credit Cards in Canada For 2024

Kevin Shahnazari

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Whenever you do a transaction that is not in Canadian dollars, you have to exchange your currency from Canadian dollars to that currency first.

While the exchange rate is great, credit card companies often add a 2.5% foreign transaction fee on these cards, which can become a considerable fee if you have large amounts of foreign transactions.

Luckily, there are a few cards that waive this fee, which would be great additions to your credit card arsenal for when you travel abroad. Let's go through these cards:

Best No Foreign Transaction Fee Credit Card

More Details

Scotiabank Passport® Visa Infinite* Card

4.3

Finly Rating

$60 Cash Rebate From FinlyWealth

Now $150 until Oct 31, 2024

Welcome Bonus

Up to 35,000 Scene+ points

Net Annual Rewards

$183.58

Based on $2,000/mo spending. Calculate your rewards.

Annual Fee

$150

Interest Rates

20.99% / 22.99%

RECOMMENDED CREDIT SCORE

300

Poor

560

Fair

660

Good

725

Very Good

760

Excellent

Why we like it

The Scotiabank Passport Visa Infinite is a strong choice for frequent travelers, especially those who value flexibility and premium perks. It stands out with its rare benefit of no foreign transaction fees, making international purchases more cost-effective. Additionally, the card offers a valuable blend of travel perks, including airport lounge access, comprehensive insurance coverage, and flexible rewards, making it an ideal companion for those who frequently travel abroad and want to avoid extra fees while enjoying premium benefits.

Pros & Cons

Pros

High Rewards on Select Purchases: Earn up to 3 points per $1 spent on select categories.
No Foreign Transaction Fees: Shop abroad without additional charges.
Comprehensive Insurance: Includes 11 types of insurance coverage.
Airport Lounge Access: Enjoy up to 6 airport lounge passes per year through the Visa Airport Companion program.

Cons

High Income Requirements: Requires $60,000 personal or $100,000 household income.
Lower Overall Rewards: Rewards potential is lower compared to premium credit cards.
High Annual Fee: Comes with a significant annual fee.
Average Insurance Coverage: Insurance benefits are standard, not exceptional.
Mediocre Earnings Potential: The card’s rewards structure might not offer the highest returns for every spender.

Product Details

Rewards

3 Points on on every $1 you spend at Sobeys, Safeway, IGA, Foodland & Participating Co-ops
2 Points dining and at other eligible grocery stores,entertainment purchases which includes movies, theatre, and ticket agencies and Rides which includes rideshare,buses,taxis, subways and more
1 Point on everything else

Insurance

Coverage

Emergency Out of province Medical
$2M/insured up to 25 days
Emergency Medical Over 65
$2M/insured up to 3 days
Trip Cancellation
$1,500/person, $10,000/trip
Trip Interruption
$2,500/person, $10,000/trip
Flight Delay
$500/person after 4 hours
Lost or Stolen Baggage
$1000
Baggage Delay
$1000
Travel Accident
$500,000/insured, $1M combined
Car Rental Damage & Theft
$65,000 up to 48 days
Hotel Burglary Insurance
$1,000
Purchase Protection
90 days
Extended Warranty
1 year

Benefits

Details

No Foreign Transaction Fees
Airport Lounge - Dragon Pass
6 Free complimentary visits
Status lift
Avis® Preferred Plus membership
Concierge Services
Visa Infinite Exclusive Benefits

Eligibility

Credit Score
Good
Annual Income
$60,000 personal or $100,000 household

The Scotiabank Passport credit card is not only the best no foreign transaction fee credit card but also the best travel credit card, as voted by FinlyWealth!

There are multiple reasons this card is the best. While some other cards offer no foreign transaction fee, many of them are on the American Express network, meaning there are many places where you would not be able to use this card since it's a less accepted network compared to Visa. So, this card would be a better option compared to all those other cards.

There is only one non-American Express credit card, other than the Scotia Passport card, that offers no foreign transaction fees, which is the Home Trust Visa card (we will discuss it in detail further down the blog). The issue with that card is that even though it offers no foreign transaction fee, it doesn't offer any rewards on those specific purchases, while the Scotiabank Passport card also gives you rewards on these purchases, which could add up considerably over time. Additionally, the Scotia Passport card is an overall much better card for traveling, given all the benefits it provides.

Best Free No Foreign Transaction Fee Credit Card