Recommendations for no foreign transaction fee credit cards?

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Recommendations for no foreign transaction fee credit cards?

Postby October » Tue Jul 19, 2011 11:29 am

What's up everyone? Long story short: In a month I will begin travelling full time. I'm 18 years old, self employed and have never owned a credit card before.

Because I'm looking to save some cash and don't want to get hit with foreign transaction fees, I've decided to get at least one card for travel.

After tons of research, I decided to apply for an AmEx Platinum Card. My application was denied despite having a credit score of 713. Apparently the big issue was not having enough credit history to qualify.

I have a few options right now, hopefully you guys have some wisdom to offer to a new cardholder.

I could have a family member with excellent credit get an amex platinum card and I would then be added onto the account. I'm a bit wary about taking this route since I don't want to interfere with my family's credit history. My main question in regards to this option is: how soon could I get a card in my own name after having done this?

The other option I'm seriously considering is to apply for some basic no foreign transaction fee credit card (Capital One probably) and then grab a priority pass to get the lounge access and just do without concierge (sure would be a neat bonus, haha).

Anyway, I'm open to new suggestions too. Let me know what you guys think.



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Postby LTomBerry » Tue Jul 19, 2011 9:54 pm

I'd say go with your Capital One plan. They have several options with no foreign transaction fee. You'll have to decide if you are more interested in cash back or miles rewards; since you are traveling a lot I'd say go for miles. However, most of the ones that offer miles might need more credit history than you have. You might be more likely to be approved for a No Hassle Cashback card. You'll probably have to wait a few years to qualify for any Amex except for the Zync, which has a 2.7% foreign transaction fee and a really screwy rewards system.

If you wait it out and do get the Platinum in a few years, it has no foreign transaction fee, and travel perks up the yin-yang, but it also has a $450 annual fee so that may or may not negate the foreign transaction fee advantage, depending on how much you spend. Since you are worried about foreign fees, I assume you will be doing a lot of international travel, and to be honest I don't think AmEx is accepted as widely worldwide as Visa or MasterCard. (help me out here fellas if you have any input on that)

Bottom line: Start out with a Capital One No Hassle, maybe upgrade in the future to a Capital One VentureOne Rewards, then you'll have to make your own decision on the AmEx when the time comes.

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Postby Mogul of Pineapples » Tue Aug 02, 2011 11:04 pm

For a no annual fee card, LTomBerry hit the nail on the head. Once you have a better credit history and want something that's higher class, you may want to go for the Chase Sapphire Preferred or Citi Thank You Premier, both of which are no foreign transaction fee credit cards. Keep in mind those they do have annual fees so if you don't cancel before you first year is up, you will be charged for having them.
Disclosure: I am a moderator/paid staff of this site, which does have advertising relationships with some credit cards that are discussed and linked to. Regardless, anything I say is my honest opinion.

Current Cards:
American Express: Blue Cash, Simply Cash Bank of America: WorldPoints Platinum Plus Chase: Amazon, British Airways, Cash Plus Rewards, Freedom, Ink Cash Citi: Thank You Premier, Dividend Platinum Select Discover: More
Primary Everyday Card: American Express Blue Cash
Primary Travel Card: Chase Sapphire Preferred

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