Between crowded airports and rising prices, travellers have plenty of aggravation to contend with this summer.
Here’s a way to lighten the load if your travel takes you outside Canada: Get a travel reward credit that that does not charge the usual 2.5 per cent fee on purchases in foreign currency.
With inflation running at 7.7 per cent, saving 2.5 per cent on travel costs sounds almost inconsequential. But that forex markup really adds up on substantial trips where you’ll pay for hotels, restaurants, attractions and shopping with your credit card. Is that the kind of trip you’re planning in the second half of 2022 and beyond?
Credit cards without forex markups used to be a fringey niche in the travel reward category. But in the past few years, quite a few new competitors have come into the market from both banks and smaller competitors. To help you sort through the options, I found some online reviews and resources:
- A travel blogger picks the six best cards with no foreign transaction fees
- The Savvy New Canadians blog’s list of best cards includes a prepaid Mastercard with no forex fees
- CreditCardGenius does its usual thorough job of highlighting the features of the various options available – plus, there are user reviews
- Budget travel expert Barry Choi’s survey of the best cards in this category
- The Rates.ca list includes full details on the other features of cards with no forex fees
- GreedyRates offers a handy comparative chart
There are a few no-fee options for cards…
