When figuring out the best travel credit cards, I considered several criteria to maximize benefits and minimize inconveniences. I ended up getting two different ones than the one I had.
First and foremost, it's crucial to choose a card with no foreign transaction fees. Many credit cards charge a hefty fee for transactions abroad, which can quickly add up. The range is from 1% to 3%, but in my experience, the usual charge is 2.5%.
Opting for a card that waives these fees means your purchases are processed without extra charges, making it cost-effective for frequent travellers. Another critical factor is the card's acceptance worldwide. Cards like Visa and MasterCard are widely recognized globally, ensuring you're rarely caught in a bind where your card isn't accepted. Amex is less accepted in some locations but generally has better rewards programs.
The rewards program is another significant criterion. Many cards offer travel-related rewards, such as miles or points for every dollar spent, which can be redeemed for airfare, hotel stays, or car rentals. Investigating cards with generous sign-up bonuses and high reward rates in categories like travel and dining can substantially lower travel costs. Additionally, consider cards that offer travel insurance, including trip cancellation, lost luggage, and rental car coverage. This can be a financial lifesaver in case of unexpected travel mishaps.
Lastly, the card's security features should not be overlooked. A card with chip-and-PIN technology offers enhanced security against fraud, which is particularly important in unfamiliar destinations. Also, consider the issuing bank's customer service and their ability to handle issues from afar. The ability to report lost or stolen cards 24/7 and receive emergency replacements is essential. By carefully weighing foreign transaction fees, global acceptance, rewards programs, travel insurance, and security, travellers can select a credit card that will be a convenient payment tool and a beneficial travel companion.
Smart Travel Money: Choosing Between Cash, Debit, and Credit for Paying Abroad
Best Travel Credit Cards for Canada
Canada is one of the best places to use points after the USA, but it still lags way behind. With that said, Air Canada is one of the best (if not the best) programs for redeeming points.
