Many Australians earn points for their everyday credit card use within Australia. Points can also be earned when travelling overseas or shopping online. Some cards even award extra points on international spend.

Unfortunately, most cards also charge fairly significant overseas transaction fees, meaning the points do come at a cost. But there are some exceptions! At least one credit card has no forex fees and also awards Qantas points on overseas spend.

One member is currently weighing up their options ahead of an overseas trip. They want to earn points for their credit card spend, however their card charges a 3% overseas transaction fee.

Our members suggest comparing the number points earned with the cost of any credit card fees. By determining the effective cost of any points earned, it will be easier to make a judgement about whether or not it’s worthwhile.

Check forex / international transaction fee. This is the amount you are purchasing your points for. The value of your point will vary depending on how you use it.

If the fee is 3%, and your card earns you 2 points per dollar, each dollar you charge to the card results in the following: 1. 2 points credited to your account; 2. 3 cents charged to your account. This means you have bought a point for 1.5 cents each

But savvy travellers can benefit from a number of credit cards with no foreign transaction fees! The Latitude 28 Degrees Global Platinum Mastercard, which also has no annual fee, is a popular choice. But for those looking to earn points, the Bankwest Qantas Platinum card awards Qantas points while also charging no overseas transaction fees.

If you’re travelling overseas regularly, there are other credit cards that come with no foreign transaction fees. The 28 Degrees MasterCard and Bankwest Zero Platinum cards both have no annual fees or Forex fees. The Bankwest Qantas Platinum card has no forex fees and awards 0.75 Qantas points per $1, but there is a ~$160 annual fee.

The debit card that comes with a Citibank Plus Transaction account is also a useful addition to the wallet of any frequent overseas traveller. While it’s not a credit card and doesn’t earn frequent flyer points, the card comes with no fees and can be used to easily withdraw cash from ATMs all over the world.

The Citi Debit Card suits me. You get the headline rate or close enough to it which beats buying a travel card or cash bought before you leave and there’s no fees if you pick your atm carefully

There are many useful options to suit every type of traveller. So be sure to shop around and do your homework before your next overseas trip!

Join the discussion HERE.

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Matt Graham
The editor of Australian Frequent Flyer, Matt's passion for travel has taken him to over 60 countries… with the help of frequent flyer points, of course!
Matt's favourite destinations (so far) are Germany, Brazil, New Zealand & Kazakhstan. His interests include economics, aviation & foreign languages, and he has a soft spot for good food and red wine.

You can contact Matt at [email protected]