The Mastercard foreign transaction fee is 0% to 3%, depending on which card you have and the bank or credit union that issued it. There are plenty of Mastercards with no foreign transaction fee, and that goes for both credit cards and debit cards. But lots of other Mastercards charge foreign fees equal to 3% of each international purchase you make.
You certainly don’t want to pay 3% more than you have to when traveling abroad or shopping from foreign merchants while in the U.S. After all, the average foreign transaction fee on a credit card is about 1.6%. And some major credit card issuers – Capital One, Discover and USAA – have done away with foreign transaction fees altogether. Capital One and USAA both issue credit cards on the Mastercard network.
It’s also worth noting that Mastercard foreign transaction fees and Visa foreign transaction fees are pretty much the same. Some cards charge as much as 3%. Others don’t charge a dime. And like Mastercard, Visa is accepted in 200+ countries and territories.
There are many Mastercards with no foreign transaction fee to choose from, including offers for people of all credit levels. So it may be helpful to break them into specific categories.
Here are some Mastercard foreign transaction fees:
Citi Double Cash: 3%
Citi ThankYou Premier: 0%
Indigo Mastercard: 1%
Milestone Mastercard: 1%
Barclaycard Ring: 0%
Bank of America Cash Rewards: 3%
Deserve Classic Mastercard: 0%
Capital One (all cards): 0%
You should have no trouble finding a Mastercard with no foreign transaction fee. And if you use your Mastercard while traveling, you’ll enjoy worldwide acceptance at almost all merchants who take credit cards. But just so you know, the same can be said for Visa cards too.
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