NEW YORK (MainStreet) — Unlike navigating the ever-more-complex fees and restrictions imposed by airlines and the Transportation Safety Administration, world travelers can follow a few straightforward criteria to pick the right credit card.
First, “they’ll want to choose one that has a good rewards program,” Amber Stubbs, managing editor for CardRatings.com, tells MainStreet. She explains that globetrotters should pursue a card that carries a rewards program where they can earn points on all of their travel purchases, and that also lets them redeem these points on airfare or at hotels and their favorite restaurants.
Secondly, Stubbs suggests looking for a card that also offers an ample sign-on bonus for its reward program, since “it can help get you to your next vacation.”
Finally, and perhaps most importantly, travelers will want a card that charges little to no foreign transaction fee, which many issuers charge for making purchases overseas.
“There are not a lot of cards that don’t have them,” Stubbs says, adding that these fees can cost consumers up to 3% of each transaction, depending on the issuer.
Based on these criteria, MainStreet asked some credit experts to provide recommendations for the cards that creditworthy globe trotters should be carrying around in their wallets as they journey around the world.
Capital One Venture Rewards
According to Ken Lin, CEO of CreditKarma.com, Capital One’s Venture Rewards card stands out as the “best product” for travelers since Capital One (Stock Quote: COF) does not charge a foreign transaction fee and the rewards program associated with it is pretty substantial.