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5.0/5.0 (2 Reviews)1. Credit Cards Overseas Transaction Fees
2. Why Use Credit Card Overseas?
3. Best Cash Back Credit Cards for Overseas Spending Promotion
4. What is the Best Credit Card for Overseas Use?
Credit cards typically charge 2.75% to 3.5% for overseas transactions in a different currency. These transaction fees are usually lower then the merchant's exchange rate. Hence, it makes sense to charge your purchases in a foreign currency when abroad and use the credit card's exchange rate instead of the merchant's exchange rate. Different banks charge different fees but these fees have generally been creeping up over the past year and Maybank Credit Cards now charge the lowest overseas transaction fees of 2.75% as compared to Standard Chartered Bank Credit Cards which charge 3.5%.
Despite the transaction fees, banks often tangle attractive cashbacks for using credit cards overseas. These cashbacks can sometimes more than offset the transaction fees involved. To make things easier for comparison, the table below will summarise the rate of cash rebate for using various cashback credit cards abroad as well as the minimum requirements needed to qualify for the cashback.
| Credit Card Issuer and Type of Card | Minimum Requirements / Conditions | Rate for Cash Rebate |
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Maximum spend of $3,000 for first 2 months |
Earn 10% cashback on all spend for first 2 months, 1.6% cashback after first 2 months. |
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Minimum spend of $800 in a month |
Earn 8% cash rebate for preferred categories for cashback in Malaysia only |
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Minimum spend of $600 in a month |
Earn 6% rebates on online and overseas in-store foreign currency spend |
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Minimum spend of $800 in a month |
Earn 6% rebate on overseas dining, 3% rebate on overseas groceries and private hires |
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Minimum spend of $600 in a month |
Earn 5% cash rebates on dining, groceries, petrol and transport locally or overseas |
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Minimum monthly spend of $600 in a month |
Earn 5% cashback on contactless payments |
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5% cashback capped at $1,500 spend, No cap for 1.7% cashback |
Earn 5% / 1.7% cashback for irst $1,500 spend / thereafter |
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Minimum monthly spend of $2,000 or $1,000 or $500 for all 3 months in a quarter |
Earn 3.33% cash rebates on all transactions |
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Min. deposit of $100k in StanChart Unlimited$aver Account for 3% cashback |
Earn 3% cashback on any purchase else earn 1.5% cashback on any purchase if not linked to StanChart Unlimited$aver Account |
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New signups can receive additional 1.5% cashback capped at a maximum spend of $5,000 for first 6 months |
Earn 2.5% cashback on overseas spend. Earn an additional 1.5% cashback for new signups |
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None |
Earn 4% insurance rebate per $1 spend in foreign currency |
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Minimum $2,000 deposit in fresh funds to HSBC Everyday Global Account and minimum 5 card transactions a month and spend of $2,000 in a month |
Earn 3.5% / 2.5% / 1.5% cashback for all spend |
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Minimum spend of $300 / $1,000 in a month for all 3 months in a quarter |
Earn 3.33% cash rebate on all spend |
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Minimum spend of $500 a month for all 3 months in a quarter. Cashback only applicable on spending in excess of $500 each month |
Earn up to 2% / 5% / 8% cashback for 1st / 2nd / 3rd month in a quarter on all spend in excess of $500 for each month. Highest effective cashback rate is 3.2% |
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None |
Earn 3% cashback on overseas spend |
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Minimum spend of $3,000 in a month |
Earn 3% cash rebate on all spending |
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Minimum spend of $500 in a month |
Earn 3% rebates on PayPass |
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None |
Earn 3% cashback on overseas spend |
The flexible OCBC Frank Credit Card gets our vote for the best credit card for overseas travel. It awards 6% cashback in-store overseas currency spend (beating the 3.25% foreign currency transaction fees imposed by OCBC). The 6% cashback shares a joint category cashback cap of $25 with mobile contactless spend and cardholders are required to have a minimum spend of $600 in a month to receive the 6% cashback. It also awards 6% cashback for online spend which cardholders can use for travel bookings (cashback also capped at $25). The cashback cap is somewhat low as compared to other cards on the list but one can overcome this problem but having their partners or family members also using the same card when travelling.
The rebooted OCBC Frank Credit Card adds an attractive 6% cashback for mobiles contactless spend...
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