Best Travel Cards for International Payments
The best travel cards for international payments include:
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Chase Sapphire Preferred® Card - Best for travelers who want flexible rewards
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Capital One Venture X Rewards Credit Card - Best for highest limit up to $100,000
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The Platinum Card® from American Express- Best for earning up to 90,000 Rewards Points
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Citi Premier® Card - Best for welcome bonus of 60,000 bonus points
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Bilt World Elite Mastercard - Best for Fees and Charges
Planning a trip abroad? Navigating international payments can be a hassle. To help you out, our travel experts have compiled a list of the Best Travel Cards in 2024. This guide will explore which cards offer the most advantages, how they function, and ultimately, which card will best suit your travel needs and budget.
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Is it worth getting a travel card?
Yes, travel cards offer benefits like no foreign transaction fees, travel rewards, and travel insurance, making them worth considering for international trips.
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Is it better to use a travel card or debit card?
A travel card is generally better for international travel due to features like no foreign transaction fees and travel rewards, whereas a debit card may have higher fees and less travel-specific perks.
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Who is a travel card suitable for?
Travel cards are suitable for frequent travelers, international travelers, airline or hotel loyalty program members, budget-conscious travelers, and those seeking travel protection benefits.
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How to choose the best travel card?
Consider factors such as no foreign transaction fees, rewards and benefits, ATM withdrawal fees, exchange rates, card acceptance, travel insurance coverage, and annual fees and APRs when choosing the best travel card for your needs.
Best international travel cards
Chase Sapphire Preferred® Card
The Chase Sapphire Preferred® Card offers a good set of rewards for travelers. Cardholders earn 5 times the points on travel booked through Chase Ultimate Rewards®, 3 times the points on dining, select streaming services, and online groceries, and 2 times the points on other travel purchases. Plus, there's a $50 annual Ultimate Rewards Hotel Credit.
Upon spending $4,000 in the first 3 months, users receive a welcome bonus of 60,000 points, which equates to $750 when redeemed through Chase Ultimate Rewards®. With a $95 annual fee and no foreign transaction fees, this card caters to those with excellent to good credit scores.
Pros of the Chase Sapphire Preferred® Card include the option to transfer points to leading frequent travel programs at a 1:1 rate, and various travel protections like auto rental collision damage waiver and trip delay reimbursement. However, it lacks an introductory 0% APR. This card is ideal for travelers seeking a robust rewards program, especially with its generous welcome bonus offer and array of travel perks.
Capital One Venture X Rewards Credit Card
The Capital One Venture X Rewards Credit Card presents a competitive option for frequent travelers. It offers unlimited 2X miles on all eligible purchases, with 5 miles per dollar on flights and 10 miles per dollar on hotels and rental cars booked through the Capital One Travel portal. For an annual fee of $395, cardholders receive a substantial welcome bonus of 75,000 miles after spending $4,000 in the first 3 months.
One of the standout features of this card is its lack of foreign transaction fees, making it ideal for international travel. Additionally, it provides access to over 1,300 lounges for the cardholder and two guests. While it has a high annual fee, the benefits, including a $300 Capital One Travel credit and statement credits for Global Entry or TSA PreCheck, outweigh the cost for frequent travelers.
The Platinum Card® from American Express
The Platinum Card® from American Express is tailored for travelers seeking luxury and comfort. With an annual fee of $695, it offers 5X Membership Rewards Points on flights booked directly with airlines or through American Express Travel, and 5X points on prepaid hotels booked through American Express Travel. Cardholders have access to the TSA Pre-Check program for 5 years, which makes going through airport security checkpoints faster and more comfortable. A welcome bonus of 80,000 Membership Rewards® Points awaits those who spend $8,000 within the first 6 months.
This card is packed with benefits such as up to $200 in annual airline fee credits, $200 in Uber Cash annually, and up to $200 in statement credits for prepaid Fine Hotels + Resorts or The Hotel Collection bookings. While the annual fee is steep, the extensive list of benefits, including automatic hotel elite status and various statement credits, makes it a worthwhile choice for frequent travelers.
Citi Premier® Card
The Citi Premier® Card offers a substantial welcome bonus of 60,000 points upon spending $4,000 within the first 3 months of account opening. With an annual fee of $95, this card provides an opportunity to earn 3 points per dollar spent on various travel essentials, including gas stations. Notably, there are no foreign transaction fees, making it a suitable choice for international travelers. However, its high variable APR and lack of an introductory APR offer may not be favorable for those planning to carry a balance.
Pros of the Citi Premier® Card include flexible travel redemption options and the ability to add authorized users at no extra cost. On the downside, it lacks travel or purchase protections. Cardholders can redeem their ThankYou® Points for gift cards or travel rewards, with no expiration or limit to the points earned.
Bilt World Elite Mastercard
The Bilt World Elite Mastercard stands out for its unique feature of earning rewards on rent payments. With no annual fee, this card offers opportunities for travelers to accumulate points, especially with its 2x points on travel and 3x points on dining. Cardholders check in through Fast Line and relax in Lounge Key at 1,000 airports around the world. While it requires five card transactions per statement period to earn rewards, it provides primary car rental and cell phone insurance, adding value to its offerings.
Pros of the Bilt World Elite Mastercard include the ability to transfer points to partners and the absence of foreign currency conversion fees. However, it lacks a welcome bonus and has a relatively high regular APR range.
Credit One Bank Wander® Card
The Credit One Bank Wander® Card targets individuals with fair to good credit scores, offering high reward potential despite the average credit requirement. With a $95 annual fee and a high variable APR of 29.74%, this card allows users to earn 10x points on eligible hotels and car rentals booked through the Credit One Bank travel partner site, making it appealing for frequent travelers. Additionally, it offers 5x points on eligible travel, dining, and gas purchases, along with 1x points on all other purchases. However, it lacks a low introductory APR period and charges a foreign transaction fee.
Comparison of the basic parameters of the best travel cards in 2024
| Name | Fees and Charges | Withdrawal Limit | Welcome benefits | How to Get | Best for |
|---|---|---|---|---|---|
Chase Sapphire Preferred® Card |
$95 |
The withdrawal limit for the Chase Sapphire Preferred® Card is typically determined by the cardholder's credit limit and the ATM's own limits |
New cardholders can earn 60,000 bonus points after spending $4,000 on purchases in the first 3 months from account opening, equivalent to $750 when redeemed through Chase Ultimate Rewards® |
To obtain the Chase Sapphire Preferred® Card, you need to apply for it and meet eligibility criteria, including not currently holding a Sapphire card, not having received a new cardmember bonus for any Sapphire card in the past 48 months, and not having opened five or more personal credit cards from any issuer in the past 24 months |
Travelers who want flexible rewards, points on dining and streaming, and travel benefits at a reasonable annual fee |
Capital One Venture X Rewards Credit Card |
$395 |
The highest limit seen on the Capital One Venture X card is $100,000, but immediate approval is unlikely |
Earn 75,000 bonus miles when you spend $4,000 on purchases in the first 3 months |
To qualify, you need excellent credit, defined as never declaring bankruptcy, having a FICO score of at least 800, and meeting specific credit history criteria |
Frequent travelers who spend a lot on travel and entertainment and want to maximize the value of their rewards |
The Platinum Card® from American Express |
$695 |
The withdrawal limit for cash using The Platinum Card® from American Express is £1,000 within a single 30-day period |
Welcome benefits include earning at least 12,000 Membership Rewards Points upon approval, with the potential to earn up to 90,000 points annually |
To get The Platinum Card® from American Express, you can apply online by following the steps on their website having a credit score between 700-749 |
Best for individuals looking for a card with exclusive benefits such as travel insurance, purchase protection, and access to curated events and experiences |
Citi Premier® Card |
$95 |
The Citi Premier® Card has a cash withdrawal limit of Rs. 25,000 every 14 days in India and US $750 every 14 days overseas |
The Citi Premier® Card offers a welcome bonus of 60,000 bonus points after spending $4,000 in the first 3 months of account opening |
To get the Citi Premier® Card, you can apply online through the Citibank website or other designated platforms |
Regular travelers and diners who want to earn bonus points on travel and everyday purchases, with flexibility to redeem for travel, cash back, or gift cards. |
Bilt World Elite Mastercard |
$0 |
Up to $800 for cell phone protection, $5,000 for trip cancellation and interruption coverage, and $200 per day up to $1,800 for trip delay reimbursement |
The Bilt World Elite Mastercard® does not offer a welcome bonus |
To qualify for the Bilt World Elite Mastercard®, you need to make at least 5 transactions in a statement period using the card |
The Bilt World Elite Mastercard® is best for those who pay rent, as it offers rewards on rent payments and various travel benefits like trip protections and cellphone protection |
Credit One Bank Wander® Card |
$95 |
Does not specify a withdrawal limit but offers rewards on eligible travel purchases, dining, gas, and other categories |
The Credit One Bank Wander® Card does not offer a welcome bonus |
The Credit One Bank Wander® Card is available to those with fair credit and requires an average minimum credit rating. |
Suitable for travelers with fair credit who want to earn rewards on travel expenses without foreign transaction fees. |
Best Forex brokers
What is a travel card?
A travel card, also referred to as a travel prepaid card or ForEx card, serves as a convenient and secure method for travelers to manage their finances while journeying internationally. These cards allow users to load foreign currency onto them before embarking on their travels. Available in various types such as single currency cards, multiple currency cards, and borderless prepaid travel cards, they cater to the diverse needs of travelers.
Travel cards operate by enabling users to preload them with one or more currencies relevant to their destination countries. Subsequently, travelers can utilize the card for transactions like booking accommodations, purchasing flight tickets, or dining at restaurants. Similar to debit or credit cards, these cards facilitate payments in the local currency of the visited country. Furthermore, they help travelers avoid currency conversion charges and offer a safer alternative to carrying large sums of cash.
To utilize a travel card, travelers must register on the card provider's website, submit necessary documents, and load the card with the desired foreign currency. In case of emergencies, the card can be used to withdraw cash from ATMs. Equipped with security features like chip and pin protection, travel cards ensure a secure experience for international transactions. Additionally, they offer the flexibility to reload funds at any time and from any location, enhancing their convenience as a financial tool for travelers.
Types of travel credit cards
Business credit cards for travel
Business credit cards tailored for travel cater to the specific needs of business travelers. They offer perks such as travel rewards, points, or miles that can be utilized for flights, hotels, and other travel-related expenses. Additionally, these cards often provide benefits like airport lounge access, travel insurance, and expense management tools customized for business use.
Fixed-value credit cards
Fixed-value credit cards offer a straightforward approach to earning and redeeming rewards. These cards assign a set value for points or miles, making it easier for users to understand the worth of their rewards. Typically, users can redeem these points for a fixed value towards various travel expenses, including flights, hotels, or car rentals.
Hotel credit cards
Co-branded with specific hotel chains like Marriott, Hilton, or Hyatt, hotel credit cards allow users to earn points or rewards redeemable for hotel stays, upgrades, and other related expenses. These cards often provide perks such as complimentary nights, elite status benefits, and discounts on hotel amenities.
Luxury travel credit cards
Catering to high-spending travelers seeking exclusive benefits, luxury travel credit cards offer features such as highly transferable points programs, airport lounge access through Priority Pass or similar programs, travel insurance benefits like trip cancellation/interruption coverage, rental car insurance, and annual travel credits to offset expenses. However, these cards typically come with high annual fees and are best suited for travelers who can justify the cost through rewards earned and benefits utilized.
Cash back travel credit cards
Unlike traditional travel credit cards that offer points or miles, cash back travel credit cards provide cash back on travel-related spending. They may offer a higher cash back percentage on travel categories, bonus cash back for booking through specific portals, and some travel protection benefits like trip cancellation/delay insurance. These cards appeal to travelers who prefer the simplicity of cash back and the flexibility to use it for any travel expense.
Who is a travel card suitable for?
Travel cards cater to a diverse array of travelers, offering benefits and rewards tailored to different preferences and travel habits. Here are the categories of travelers for whom travel cards are particularly advantageous:
Frequent travelers
Ideal for those who travel frequently, travel cards allow for maximizing travel points, accessing perks like airport lounges, and earning rewards for travel-related expenses. Cards such as the Platinum Card® from American Express are tailored for frequent flyers, offering points for flights, lounge access, and other travel benefits.
International travelers
Highly beneficial for travelers who frequently journey abroad, travel credit cards often waive foreign transaction fees and provide travel protections. They offer rewards that can be utilized for international flights, hotels, and other expenses. The Chase Sapphire Reserve® stands out as a great option for international travelers.
Airline or hotel loyalty program members
Particularly suitable for individuals enrolled in specific airline or hotel loyalty programs, co-branded airline and hotel credit cards offer points or miles redeemable within their loyalty programs. This includes benefits such as free checked bags, priority boarding, complimentary nights, and automatic elite status. Examples include cards affiliated with United Airlines or Marriott.
Budget-conscious travelers
Prepaid travel cards prove helpful for travelers conscious of their budget, allowing for pre-loading a specific amount to stick to their travel budget. Additionally, certain travel credit cards offer money-saving benefits like travel statement credits or included travel insurance.
Those seeking travel protection
Many travel credit cards come with built-in travel protection benefits, including trip cancellation/interruption insurance, rental car insurance, and baggage delay coverage. These features provide peace of mind and potential savings in case of unexpected travel disruptions.
How to choose the best card for international travel
Look for no foreign transaction fees
Prioritize selecting a travel credit card that does not impose foreign transaction fees. These fees can accumulate quickly when using your card abroad, potentially impacting your travel expenses. Opting for a card without these fees can lead to significant savings.
Consider rewards and benefits
Assess the rewards and benefits provided by the card. Seek out cards offering travel rewards, cashback, or perks such as airport lounge access, travel insurance, and complimentary hotel stays. These features enhance your travel experience and provide additional value.
Check for ATM withdrawal fees
Ensure the chosen card offers reasonable or no fees for ATM withdrawals overseas. Excessive ATM fees can diminish your travel budget, so selecting a card with low or no withdrawal fees is advantageous.
Review exchange rates
Compare the exchange rates offered by different cards. Opt for a card providing favorable exchange rates to minimize the costs associated with making purchases in foreign currencies during your travels.
Consider card acceptance
Verify the global acceptance of the card. Opt for a card affiliated with a major payment network like Visa or Mastercard to ensure widespread acceptance across various destinations during your international trips.
Look for travel insurance coverage
Evaluate cards offering travel insurance coverage, including benefits such as trip cancellation insurance, lost luggage reimbursement, and emergency medical assistance. This coverage provides peace of mind and financial protection during your travels.
Evaluate Annual Fees and APR
TU Expert Andrey Mastykin suggests taking into account any annual fees associated with the card, as well as the annual percentage rate (APR) for purchases and cash advances. Compare these costs with the benefits and rewards offered to determine the card's overall cost-effectiveness for your travel needs. However, also note that just looking at the costs without weighing in the benefits is likely to give a one-dimensional view, which may lead to all cards looking unattractive.
Travel card vs credit card
| Feature | Travel Card (Prepaid) | Credit Card |
|---|---|---|
Function |
Pre-loaded with currency for spending abroad |
Borrow money from bank to make purchases |
Initial funding |
Load funds before your trip |
No upfront funding required |
Spending |
Up to the amount loaded |
Up to your credit limit |
Budgeting |
Easier to budget as you spend only what's loaded |
Potential for overspending if not careful |
Security |
Can be blocked if lost or stolen |
Potentially liable for unauthorized charges |
Foreign transaction fees |
May or may not have fees, depends on card |
Typically have foreign transaction fees (1-3%) |
Expert Opinion
I highly recommend travelers to maximize the usage of Forex cards for their international journeys. One valuable tip is to keep a close eye on exchange rates before loading your Forex card. Exchange rates can fluctuate, and by timing your currency conversion strategically, you can potentially lock in more favorable rates, ultimately saving you money during your travels.
Additionally, always ensure to keep track of your spending and budget accordingly. Forex cards allow for easy tracking of expenses, enabling you to stay within your budget and avoid overspending while abroad. Regularly monitoring your transactions through online banking or mobile apps provided by your Forex card issuer is essential for maintaining financial discipline during your travels.
Summary
In this guide to selecting the best travel cards for international journeys in 2024, the experts at TU explored various factors crucial for making an informed decision. From prioritizing cards with no foreign transaction fees to assessing rewards, benefits, and ATM withdrawal charges, each aspect plays a vital role in enhancing your travel experience while minimizing expenses. Additionally, they emphasized the importance of considering exchange rates, card acceptance, and travel insurance coverage, along with evaluating annual fees and APRs to ensure cost-effectiveness. Remember, by following these expert recommendations, travelers can confidently choose the ideal travel card, empowering them to make the most out of their international adventures while staying financially healthy.
Team that worked on the article
Chinmay Soni is a financial analyst with more than 5 years of experience in working with stocks, Forex, derivatives, and other assets. As a founder of a boutique research firm and an active researcher, he covers various industries and fields, providing insights backed by statistical data. He is also an educator in the field of finance and technology.
As an author for Traders Union, he contributes his deep analytical insights on various topics, taking into account various aspects.
Dr. BJ Johnson is a PhD in English Language and an editor with over 15 years of experience. He earned his degree in English Language in the U.S and the UK. In 2020, Dr. Johnson joined the Traders Union team. Since then, he has created over 100 exclusive articles and edited over 300 articles of other authors.
Mirjan Hipolito is a journalist and news editor at Traders Union. She is an expert crypto writer with five years of experience in the financial markets. Her specialties are daily market news, price predictions, and Initial Coin Offerings (ICO).