Writer: Brittney Mayer
Editor: Lillian Guevara-Castro
Reviewer: Ashley Fricker
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Key Takeaways
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Foreign transaction fees can add up quickly when you're out of the country, so opt for a credit card that doesn't charge them.
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Some student-centric credit cards offer rewards and perks that can help you make the most of your spending.
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When traveling, you need a card that has modern security features, including the ability to lock it from your mobile device if it is stolen.
Perhaps one of the most exciting opportunities open to college students is the chance to study abroad and immerse themselves in a brand-new culture.
Of course, as exciting as it may be, living in a foreign place — even temporarily — comes with its own challenges, not the least of which is navigating new currencies and payment methods. Luckily, a good credit card can solve both of those problems.
The best travel credit cards can help you make purchases without worries about local currency conversions, unfamiliar cash and coins, and pricey foreign transaction fees. Let’s take a look at some of the best study abroad credit cards on the market today, including cards with no foreign transaction fees, chip & PIN cards, cards with dining rewards, and cards for those with little or no credit history.
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Best Student Cards With No Foreign Transaction Fee
The very first thing to look at when considering a student credit card to use while studying abroad is whether the card charges foreign transaction fees. These fees are charged any time the banks or networks need to convert currency, and they can range from 3% to 5% of every transaction.
The simplest way to avoid those annoying foreign transaction fees is to choose a card that doesn’t charge them at all. And here’s the good news: many top student credit cards skip these fees—and even annual fees! It’s definitely worth taking a look at them.
If you want a little more bang for your buck, the Discover it® Student Cash Back offers quarterly rotating bonus categories that allow you to earn bonus cash back each activated quarter, subject to a spend cap. This is a great way to earn more rewards at places many consumers shop frequently.
The Discover it® Student Chrome is a good option for making purchases abroad — and not just for its lack of hefty fees like some other cards carry. You’ll also earn cash back on every purchase, including at gas stations and restaurants, making it more affordable to explore your destination.
Best Chip & PIN Credit Cards for Europe
While your trusty chip-enabled credit card will function in many places abroad, you might encounter occasional hiccups, particularly when trying to use unmanned terminals and kiosks in Europe. That’s because Europe relies on PIN-based verification instead of the signature verification we’re used to in the U.S.
To ensure smooth use of your card while studying in Europe, think about getting a PIN-capable credit card. Many U.S. cards offer PIN verification and often waive foreign transaction fees, which is a great perk for you.
Additional Disclosure: Bank of America is a CardRates advertiser.
The Bank of America® Travel Rewards credit card for Students is a PIN-enabled card with no annual fee, plus it charges no foreign transaction fees.
You can request your four-digit PIN by logging into your online Bank of America account, through the mobile app, or by calling the customer service number on the back of your Visa credit card.
The Capital One Quicksilver Student Cash Rewards Credit Card is one of the best travel companions an international student could hope for. You can call and request a PIN to use for purchases, it charges no foreign transaction fees, and pay flat-rate cash back on every purchase you make.
It also has several protection features to keep your account secure while abroad. One knock against this card is its high purchase APR relative to other student cards, but the APR can be avoided by paying your balance in full each month.
Best Dining Rewards Cards
Every place you visit has its own unique attractions, but sampling new foods and drinks while traveling is truly unmatched.
To make the most of your foodie adventures, consider taking along a credit card that offers bonus rewards for your restaurant purchases. With the right cash back or points card, you can save on every culinary curiosity and perhaps make a little extra room in the budget for a second helping.
The Capital One Savor Student Cash Rewards Credit Card offers generous cash back rewards on dining purchases, with no foreign transaction fees to negate the rewards you earn.
If your card is lost or stolen, you can lock your card in the Capital One mobile app to prevent fraudulent purchases. And if they do occur, you’ll never be held liable for unauthorized charges.
You’ll earn cash back rewards on every purchase with this card, with an elevated cash-back rate for dining purchases (subject to a spend cap), making this a great choice if you’re looking to earn while you eat.
Additional Disclosure: Non-Monetized. The information related to Chase Sapphire Preferred® Card was collected by CardRates and has not been reviewed or provided by the issuer of this product/card. Product details may vary. Please see issuer website for current information. CardRates does not receive commission for this product.
While not for the credit card novice, the Chase Sapphire Preferred® Card is a solid card for any trip abroad, offering 3X Ultimate Rewards points on dining purchases. Points can be redeemed at a solid rate for more travel to help you get out and explore.
Best Cards for Poor or Limited Credit
It’s awesome to look for a credit card with great rewards and low fees, but if you’re a college student with a less-than-perfect credit record, your top priority might just be getting that approval.
But that may not be the challenge you fear. Many credit card issuers offer cards specifically designed to help students build their credit while offering the purchase rewards and low fees you want out of your card.
The Capital One Platinum Secured Credit Card doesn’t offer rewards, but you can get this card with as little as $49 down, even with bad credit. There’s no annual fee, and you can have your deposit refunded when you consistently make your monthly payment on time.
This card is currently not available. Additional Disclosure: This page includes information about the Discover it® Secured Credit Card which is no longer available, and the offer details may be out of date.9. Discover it® Secured Credit Card
The Discover it® Secured Credit Card is a solid choice for rebuilding or establishing your credit. The card’s lack of an annual fee or foreign transaction fees also makes it a good addition to your study abroad supplies.
Benefits and Drawbacks of Using Credit Cards Abroad
Using your credit card abroad is a convenient and secure way to pay and earn rewards. But do potential fees and acceptance issues overshadow those positive aspects?
Let’s consider some potential pros and cons to help you determine if your current card is the right fit—or if it’s time to explore new options.
Potential Benefits
- Convenience: Credit cards are widely accepted in most countries, which means you don’t have to walk around with a lot of cash.
- Easy Currency Exchange: Credit cards convert your purchases to the local currency based on the exchange rate. And many cards have better exchange rates than banks or other exchange brokers
- Security: Most cards offer zero-liability protection for unauthorized purchases, and issuers typically monitor for fraud and can alert you to suspicious activity — no matter where you are.
- Travel Perks: Some cards provide additional benefits while you are abroad, which may include travel insurance or rental car coverage.
Potential Drawbacks
- Foreign Transaction Fees: Many credit cards charge foreign transaction fees on all purchases you make abroad. This typically adds between 1% and 3% to the cost of every swipe.
- Limitations in Certain Areas: If you make purchases at small vendors, street markets, or in rural areas, you may still need to use cash. Also, some countries (or regions) may favor one credit card network over another — i.e. Visa over American Express. That may reduce the usefulness of your card.
- Possible Card Locks or Declines: If you don’t notify your bank that you’ll be traveling, making purchases in other countries could trigger security measures that lock your account. And, depending on where you are, resolving those issues with customer service could take time.
Choosing the right credit card helps you maximize perks while minimizing downsides. It’s about looking at where you’re headed, knowing your credit score, and understanding what you need before you apply.
Immerse Yourself in Local Culture with the Right Card
Studying abroad offers one of the most rewarding experiences for college students. Not only do you get to immerse yourself in a new culture, but you also earn college credits at the same time.
Exploring a new country can be daunting, but being ready for it makes all the difference. Having the right credit card can save you from the stress of local currency exchanges and payment problems.
Before traveling with your new card, be sure to contact your credit card company to make it known that you plan to travel abroad with your card. This will help prevent your foreign purchases from being flagged as fraud and your card being frozen at an inopportune time.
Additionally, ensure your overseas adventure doesn’t lead to financial headaches when you return. Make sure to pay your credit card bills on time—keeping time zone differences in mind—so you’re not hit with costly late fees or, even worse, credit score issues upon your return.
Keep a close eye on your spending when you’re overseas. Even if you’re not directly converting currency when using cash, it’s crucial to track your expenses. This way, you can avoid any surprises when your credit card bill arrives in U.S. dollars.
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