Best Travel Credit Cards (2023)

FAQs

What bank has the best travel card? ›

Quite simply, you can save a lot of money with a travel credit card. If it's your main card on holiday, then you can potentially save a fortune in fees. Specialist travel cards do not charge fees for foreign spending, unlike most everyday credit cards.

The American Express Gold is an incredible option for earning travel rewards on dining and U.S. supermarket purchases, and it's ideal for foodies that can take advantage of the dining-related bonus perks. Although it has a $250 annual fee, cardholders can easily offset it with moderate spending and its annual credits.

Potential to avoid currency conversion fees: If you use a credit or debit card while travelling, your institution may charge you currency conversion fees for each transaction. With a travel card, your funds will already be in the currency of the country in which you are travelling, so this may therefore be avoided.

It is almost always cheaper to withdraw cash abroad at an ATM than to exchange it at a bureau de change at the airport or in tourist areas. If you want to buy foreign currency while still in your home country before your travels, then we recommend signing up for a Wise Multi-Currency Account.

Order online, via the app or in branch and load any of the 23 currencies on your Travel Money Card. You'll receive your card within 2-3 days.

Credit card transaction fees are typically higher than debit cards. Shops may charge a fee, and banks may charge a conversion fee for the payment.

If your goal is to get or maintain a good credit score, two to three credit card accounts, in addition to other types of credit, are generally recommended. This combination may help you improve your credit mix. Lenders and creditors like to see a wide variety of credit types on your credit report.

What is the best way to spend money abroad? ›

If you want to stick to a budget without the security risk of cash, then a prepaid travel card may be the best option. These work in a similar way to debit cards in that they can be used to withdraw cash – Or you can hand them over at the till to pay for goods and services.

The truth is both types of cards are widely accepted abroad, and are therefore better choices for international travel than Amex or Discover. As noted above, Mastercard may offer a slightly better exchange rate than Visa, but if you don't travel frequently, it probably won't make a huge difference.

You can also avoid foreign transaction fees by making purchases online only with international merchants that work with American credit cards and accept US dollars. When shopping online, make sure that their business is based in the US or that they accept a range of payment options that include US currency.

The American Express Gold Card is one of the best cards for international travel thanks to a host of valuable perks and generous earnings on vacation spending.

The main advantage of using a debit or credit card overseas is that you won't pay foreign transaction fees every time you spend. While many also won't charge fees for cash withdrawals, you will still usually be charged interest from the date of the transaction if you use a credit card.

Get Cash at Your Bank Before Leaving the US

One of the best ways to minimize currency exchange fees is to visit your bank or credit union before you leave the U.S. to exchange dollars for the currency of your destination.

You'll usually have to pay fees if you use your credit card abroad. Take a little time to check the fees which apply to your credit card account, just so you know what to expect. Also check your cards expiry dates before you travel.

American Express does not disclose a specific income requirement, but it will need to be enough to make payments on the card and to afford the $250 annual fee.

Amex Platinum ultimately offers more value, though. For example, its benefits include airport lounge access, while the Amex Gold Card's perks do not. When it comes to ongoing rewards on purchases, Amex Platinum has a higher maximum earning rate and better travel rewards. But Amex Gold provides more everyday value.

Most Amex Platinum cardholders have a credit score of 670 or better, and relatively high income. But your score alone does not fully decide whether or not you will be approved. If you have a strong credit score with a few years of credit history and a decent annual income, you stand a good chance of being approved.

Is it cheaper to use a credit card or debit card abroad? ›

Credit card transaction fees are typically higher than debit cards. Shops may charge a fee, and banks may charge a conversion fee for the payment.

You should always opt to pay using the foreign currency when given the option between paying in your home currency or the foreign currency. The currency conversion rate that your card issuer will use is certainly going to be better than the conversion rate charged through dynamic currency conversion.

Visa and Mastercard are widely accepted worldwide. If an establishment takes credit cards, it's a good bet that your Visa or Mastercard will work. American Express and Discover have an international presence, too, but they are accepted by fewer merchants.

If you want to stick to a budget without the security risk of cash, then a prepaid travel card may be the best option. These work in a similar way to debit cards in that they can be used to withdraw cash – Or you can hand them over at the till to pay for goods and services.

You can also avoid foreign transaction fees by making purchases online only with international merchants that work with American credit cards and accept US dollars. When shopping online, make sure that their business is based in the US or that they accept a range of payment options that include US currency.

Capital One's online bank stands apart from many banks because it doesn't charge a currency conversion fee or a fee for using a foreign ATM network. If an out-of-network ATM operator charges you a fee, however, it won't be reimbursed by Capital One 360.

The best way to take money abroad

A prepaid card or app-only bank also allows you to spend money and withdraw cash without being charged interest or fees. In addition, a majority of app-only banks and prepaid cards allow you to freeze your card should it get lost or stolen whilst you are away.

You'll usually have to pay fees if you use your credit card abroad. Take a little time to check the fees which apply to your credit card account, just so you know what to expect. Also check your cards expiry dates before you travel.

Although this depends on many factors, including which currencies you want to convert and which country you are travelling to, generally speaking exchanging your money AFTER you travel will provide you with a more favourable exchange rate. The rule is simple: the more common the currency is, the cheaper it will be.

key takeaways. European travelers should always have some cash on hand; getting it from an ATM abroad is usually the easiest, most advantageous way. Credit cards are generally accepted, especially in cities; but check with your card issuer about foreign transaction fees and currency exchange fees.

Is Visa or Mastercard better for international travel? ›

The truth is both types of cards are widely accepted abroad, and are therefore better choices for international travel than Amex or Discover. As noted above, Mastercard may offer a slightly better exchange rate than Visa, but if you don't travel frequently, it probably won't make a huge difference.

The American Express Gold Card is one of the best cards for international travel thanks to a host of valuable perks and generous earnings on vacation spending.

Cons of travel money cards: Lock in exchange rate – if rates decrease, you miss out. Some have fees, like purchase fees or ATM fees. No credit limit offered.

Using cash on holiday helps you stick to a budget, but it's a security risk and there's no Section 75 protection for purchases like with a credit card. It's a good idea to always have a small amount of cash on you for times when you can't use a card, though for safety avoid carrying large amounts of cash in public.