Disclosure: the Wealthsimple link in this post is a referral link — if you apply through it, we may receive a referral bonus. The rankings won’t change either way.
Rates and fees verified November 8, 2026.
Most Canadian credit cards charge a 2.5% foreign transaction fee on purchases made in another currency. That works out to about $25 for every $1,000 you spend abroad, and because the fee is folded into the exchange rate, it is easy to miss on your statement. A card with no foreign transaction fee removes that cost entirely, which makes it one of the simplest ways to save on travel and online shopping in foreign currencies.
This list starts with the cards we’ve fully verified; more are added as verification completes.
See all eight cards side by side: Compare Credit Cards.
Best no-FX card for points and lounges: Scotiabank Passport Visa Infinite
Annual fee: $150/yr. Foreign-transaction fee: 0%. Earn: 3 pts/$1 at Sobeys-banner grocery stores, 2 pts/$1 on other groceries, dining, entertainment and transit, and 1 pt/$1 on everything else (bonus earn to $50,000/yr). Airport lounge access: 6 visits/yr. Extended warranty: +1 year. Income requirement: $60,000 personal / $100,000 household.
For travellers who want points on everyday spending as well as lounge access: no foreign-transaction fee, six lounge visits a year and solid grocery earn make this the points-first choice for spending abroad.
Best no-FX card for simple cash back: Wealthsimple Visa Infinite Privilege
Annual fee: $240/yr, billed $20/mo, waived with $100,000+ at Wealthsimple or $4,000/mo in direct deposits. Earn: 2% cash back on everything. Foreign-transaction fee: 0%. Extended warranty: +1 year.
For people who would rather have cash back than points: 2% on everything, no foreign-transaction fee and no categories or caps to track — and the fee is waived if you meet the balance or direct-deposit condition.
You can earn a 5% cash back boost for 30 days when you join with our code wealthsimple.com/invite/6WWDIQ and get approved for the 2% Wealthsimple credit card. T&Cs apply.
How to choose
- Choose the Scotiabank Passport Visa Infinite if you want points and lounge visits on top of no foreign-transaction fees.
- Choose the Wealthsimple Visa Infinite Privilege if you want simple cash back and are likely to qualify for the fee waiver.
General information only — not financial advice.