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Credit Cards Overseas Transaction Fees
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%.
Benefits for Using Credit Cards Overseas
Despite the transaction fees, banks often tangle attractive cashbacks for using credit cards abroad. 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 Cards Cash Rebate for Overseas Spending
Comparison Table
| Credit Card Issuer and Type of Card | Minimum Requirements / Conditions | Rate for Cash Rebate |
|
Minimum spend of $800 in a month |
Earn 10% rebates on overseas travel expenses in foreign currency |
|
|
Minimum spend of $800 / $500 in a month |
Earn 8% / 5% cash rebate on petrol, groceries and dining in Malaysia only |
|
|
Minimum spend of $1,000 in a month |
Earn 6% cashback on all spend |
|
|
Minimum monthly spend of $2000 for all 3 months in a quarter |
Earn 5% cash rebates on all transactions |
|
|
None |
Earn 5% cash rebate for spend in Japanese Yen |
|
|
Min. deposit of $100k / $50k in StanChart Unlimited$aver Account for 5% /3% cashback |
Earn 5% / 3% cashback on any purchase else earn 1.5% cashback on any purchase if not linked to StanChart Unlimited$aver Account |
|
|
Minimum monthly spend of $600 in a month |
Earn 5% cashback on contactless payments |
|
|
Minimum spend of $600 in a month |
Earn 5% cash rebate for overseas spend in China |
|
|
Maximum spend of $5,000 for first 3 months |
Earn 4.5% cashback on all spend, 1.6% cashback after first 3 months. |
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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 |
|
|
None |
Earn 4% insurance rebate per $1 spend in foreign currency |
|
|
HSBC Advance customers / Non-HSBC Advance customers with minimum monthly spend of $2,000 |
Earn 3.5% / 2.5% cashback for all spend |
|
|
Minimum spend of $300 / $1,000 in a month for all 3 months in a quarter |
Earn 3.33% cash rebate on all spend |
|
|
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% |
|
|
None |
Earn 3% cashback on overseas spend |
|
|
Minimum spend of $1,000 in a month |
Earn 3% cashback on all spend |
|
|
Minimum spend of $3,000 in a month |
Earn 3% cash rebate on all spending |
|
|
Minimum spend of $500 in a month |
Earn 3% rebates on PayPass |
|
|
Minimum spend of $200 in a month |
Earn 3% Qmoney rebate on overseas spend |
|
|
Minimum spend of $800 in a month |
Earn 3% Qmoney rebate on overseas spend |
Best Cashback Credit Card for Overseas
Spending
The flexible UOB One Card gets our vote for the best credit card for overseas travel. It is strictly-speaking not a cashback credit card for overseas spending as it awards a potential cashback of 5% for everyday purchases (beating the 3.25% foreign currency transaction fees imposed by UOB). The 5% cashback comes with conditions such as five minimum purchases per statement period and a minimum monthly spend of $2000 for all three months in a quarter. Despite the conditions, failure to spend the minimum monthly spend will still earn you 3.33% cashback (which is still higher than the other above listed cards) provided you meet the minimum monthly spend of $500 for all three months in a quarter. Additional perks include enrolment in the SMART$ rebate programme, a huge rarity among credit cards that already earn cash back in the first place.
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