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5.0/5.0 (2 Reviews)Last updated on 2024-11-01
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 3% 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 years and Bank of China Credit Cards and CIMB Credit Cards now charge the lowest overseas transaction fees of 3% 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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10% cashback capped at $1,200 spend, No cap for 1.7% cashback |
Earn 10% / 1.7% cashback for first $1,200 spend / thereafter |
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Minimum spend of $800 in a month |
Earn 10% rebates on overseas in-store FX spend |
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Maximum spend of $4,000 for first 2 months |
Earn 8% 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 and Indonesia only |
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Minimum spend of $800 in a month |
Earn 8% rebates on all foreign currency spend |
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|
Minimum spend of $800 in a month |
Earn 5% rebate on overseas dining, 3% rebate on overseas groceries and transport spend |
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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 $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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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 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 $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 8% cashback for all foreign currency online or offline spend (beating the 3.25% foreign currency transaction fees imposed by OCBC). The 8% cashback is capped at $25 and cardholders are required to have a minimum spend of $800 in a month to receive the 8% cashback. It also awards 8% cashback for online and mobile contactless 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 supplemeting this card with other cashback credit cards in the list or having their partners or family members also using the same card when travelling.
The Maybank Family & Friends Card is the best cash back credit card in Singapore 2024.
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