Best Cashback Credit Cards for Overseas Spending Comparison

 

Best Cashback Credit Cards for Overseas Spending Comparison

Credit Cards Overseas Transaction Fees

Credit cards typically charge 2.5% 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. As a general rule of the thumb, MasterCards and Visa Cards have similar transction fees while American Express Cards have the highest transaction fees.

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.

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Credit Cards Cash Rebate for Overseas Spending Comparison Table

Credit Card Issuer and Type of Credit Card Minimum Requirements / Conditions Rate for Cash Rebate

HSBC Credit Cards

Minimum spend of $1,000 in May or June 2017

Earn 12% cash rebate for overseas spend during weekends
Earn 6% cash rebate for overseas spend during weekdays

CIMB Platinum MasterCard

Minimum spend of $500 with at least 8 transactions of min $30 each in a month

Earn 10% rebates on travel expenses only

OCBC 365 Credit Card

Minimum spend of $1,500 in a month

Earn up to 10% cashback on overseas spend

Maybank Family & Friends Card

Minimum spend of $1000 or $300 in a month

Earn 8% or 5% cash rebate at leading petrol stations and hypermart in Malaysia only

BOC Family Card

Minimum spend of $500 in a month

Earn 7% cashback on overseas dining only

UOB Visa Signature Card

Minimum spend of $1,000 per statement period

Earn 5% cash rebate or 10X UNI$ per $1 overseas spend

POSB Everyday Card

Minimum spend of $1,000 overseas in a month

Earn 5% cash rebate on overseas spend

UOB One Card

Minimum monthly spend of $2000 for all 3 months in a quarter

Earn 5% cash rebates on all transactions

ANZ Credit Cards

Minimum spend of $200 between 21 Apr to 31 May 2017

Earn $10 cashback for every accumulated $200 spend

ICBC Unionpay Dual Currency Card


ICBC Visa Dual Currency Card

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

UOB UnionPay Card

None

Earn 2% + 2% cashback on all spend

Standard Chartered Unlimited Cashback Card

None

Earn 3% cashback for transactions in foreign currencies

American Express True Cashback Card

Maximum spend of $5,000 for first 6 months

Earn 3% cashback on any purchase

Standard Chartered MANHATTAN World MasterCard

Minimum spend of $3,000 in a month

Earn 3% cash rebate on all spending

CIMB Visa Infinite Card

Minimum spend of $2,000 per statement period

Earn 2% cash rebate on overseas spending

 

Best Cashback Credit Card for Overseas Spending

The UOB Visa Signature Card gets our vote for the best credit card for overseas travel. The main reasons are due to the card having a low minimum requirement of S$1,000 overseas spend to qualify for the high 5% cash rebate which will more than offset any overseas card usage transaction fees. Lets also not forget that the 10X UNI$ is also equivalent to 4 air miles per $1 overseas spend, which helps the card to a double accolade of also being the best mileage Credit Card for Overseas Spending.

Other than the card mentioned above, HSBC Credit Cards has an attractive promotion that allows cardholders to earn up to 12% cash rebate for overseas and online spending during the months of May and Jun 2017. Cardholders simply have to register via SMS and spend $1,000 in either qualifying period to qualify for this promotion.

 

Comments on Best Credit Card for Overseas Spending Comparison

 

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Featured Cards

UOB Prvi Miles Card

UOB PRVI Miles Platinum American Express Card Earn 1.4 miles for local spend and 2.4 miles for overseas spend. Apply and receive $80 cash credit.

ANZ Travel Visa Signature Card

ANZ Travel Visa Signature Card Earn 2.4 miles for spend in Australia and New Zealand and 1.4 miles everywhere else. Apply to receive $60 cashback



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