The Citi Premier® Card foreign transaction fee is 0%. This means you won’t be charged extra anytime you use the Citi Premier® Card outside of the United States. This applies whether it’s a purchase at a physical location in a foreign country or an online transaction through an internationally-based merchant.
Foreign transaction fees are an unnecessary burden, whether you’re traveling or just shopping online from an international merchant. So, it’s good to know there are several Citi credit cards with no foreign transaction fee. And many pack attractive rewards.
Citi Premier, for instance, has a 0% foreign fee and offers 80,000 points for spending $4,000 in the first 3 months. The card also offers 3 points per $1 spent at restaurants, supermarkets and gas stations, 3 points per $1 on air travel and hotels, and 1 point per $1 on all other purchases. However, just because these cards have no foreign transaction fees doesn’t mean they’re free. Most charge annual fees – Citi Premier comes with a $95 annual fee.
Best Citi Credit Card with No Foreign Fee and No Annual Fee
If you want a Citi credit card with 0% foreign transaction fees and $0 annual fee, consider the Costco Credit Card. It’s on the Visa network, so its worldwide acceptance also makes it a worthy travel companion. The card also offers 4% cash back on eligible gas (up to $7,000 spent per year), 3% back on restaurants and travel, 2% back on Costco and Costco.com purchases, and 1% back on all other purchases.
The Citibank credit card exchange rate is the exchange rate quoted by Visa or Mastercard plus a foreign transaction fee between 0% and 3%. The network’s exchange rate will vary based on the date of the purchase, and the card network that’s used will depend on which Citibank credit card you have. The foreign transaction fee will also vary by card.… read full answer
Visa and Mastercard publish their exchange rates daily, while Discover and American Express don’t publish them at all. Some reports say that Mastercard tends to offer marginally better exchange rates than the others, but with so much volatility in the rates, this isn’t always the case. All in all, the differences in these exchange rates are negligible, and shouldn’t determine which Citibank card you carry.
Ideally, though, you should always use a credit card with no foreign transaction fee when purchasing from international merchants. As long as you get a card with no foreign transaction fee and avoid dynamic currency conversion, the exchange rates you’ll pay on international spending with a credit card will be much lower than those you’d get converting cash with banks, credit unions, or airport currency exchange services.
The best Citibank credit cards with no foreign transaction fee are the Costco Credit Card and the Citi Premier. In addition to their $0 foreign fees, these Citibank cards are good for international travel because they offer great ongoing rewards rates.
Best Citibank Credit Cards with No Foreign Transaction Fee
Citi® / AAdvantage® Executive World Elite Mastercard®
Citi® / AAdvantage® Platinum Select® World Elite Mastercard®
In addition to using a card with no foreign transaction fee, you’ll want to avoid dynamic currency conversion while you’re abroad. By doing these two things, you could save up to 10% when traveling internationally.
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