The Best Credit Cards with No Forex Fees

card1If you travel overseas or shop online regularly, a credit card with no foreign transaction fees can save you hundreds or even thousands of dollars! Most credit cards charge fees of between 3% and 4% on overseas purchases. But there are a small handful of cards that don’t, making them perfect for frequent travellers.

The 28 Degrees MasterCard and Bankwest Zero Platinum credit cards are both highly popular among travellers. As well as no forex fees, these cards do not charge any annual fees. Additionally, the Bankwest Zero Platinum card comes with complimentary travel insurance.

Until recently, the Bankwest Qantas Platinum credit card was the only credit card without Forex fees that also awards airline frequent flyer points. With an annual fee of $160, this credit card earns 0.5 Qantas points per dollar on domestic and overseas transactions.

But a new credit card has recently been launched that offers even greater benefits to travellers! The ANZ Rewards Travel Adventures card has a slightly higher annual fee of $225. However, this is justified by a free annual return Virgin Australia flight, 2 annual Virgin Australia lounge passes and the ability to earn points with Virgin Australia, Singapore Airlines or Cathay Pacific! The card also has no fees on foreign transactions, making it ideal for international travellers looking to save money and earn points at the same time.

The new card is already proving a hit. In fact, the benefits are so good that some members are considering switching from ANZ’s more expensive Black card.

I was looking at getting the 28 degrees mastercard. Both cards offer not transaction fees for international purchases. 28 Degrees is annual fee free. ANZ card costs $225 but that you be offset by complimentary return flight

So, the kicker is the points. 2 ANZ reward points per dollar (on AMEX) equates to 1 Virgin Frequent Flyer point. And 0.5 points per dollar on the Visa. Plus the 2 Virgin lounge passes on top. If you have tied yourself to the Velocity mast – its a no brainer.

Our members have are also impressed by the amount of destinations available for the free annual return Virgin flight. Darwin, Perth and Cairns – and many other Australian cities – are all listed as possible destinations from Sydney, Brisbane and Melbourne. Return flights between these cities usually sell for well over $225!

This card is actually pretty good if you travel to Perth or Darwin. They are listed as a free flight destination from Sydney, Melbourne and Brisbane.

Following the introduction of interchange fee caps on bank-issued credit cards, some members speculate that we may begin to see more cards without Forex fees in the near future. International transactions remain one of the few areas that banks can impose uncapped interchange fees.

Yeah, we’ll probably see more cards since FX transactions will be the one area where issuers can still milk interchange revenue.

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]