travel money card conversion rate

Here Are the Four Best Travel Money Cards in 2024

François Briod

Co-Founder of Monito and money transfer expert, François has been helping Monito’s users navigate the jungle of money transfer fees, bad exchange rates and tricks for the last ten years.

Jarrod Suda

A writer and editor at Monito, Jarrod is passionate about helping people apply today’s powerful finance technologies to their lives. He brings his background in international affairs and his experiences living in Japan to provide readers with comprehensive information that also acknowledges the local context.

Links on this page, including products and brands featured on ‘Sponsored’ content, may earn us an affiliate commission. This does not affect the opinions and recommendations of our editors.

From the multitude of bank fees and ATM charges to hidden currency conversion fees, there's no question that spending your money abroad while travelling can be costly — and that's saying nothing about the cost of the holiday itself!

As you prepare for your trip abroad, the golden rule is that you'll save the most money by using the local currency of your destination. This means withdrawing local cash at foreign ATMs and using a debit card to pay directly in the local currency. For example, if you're from the UK, using your bank's debit card that accesses your British pounds will likely lose you money to hidden fees at ATMs abroad and at local merchants.

In general, we rate Revolut as the best travel card all around. Its versatile account and card can be used to spend like a local pretty much anywhere in the world. ✨ Get 3 months of free Revolut Premium as a Monito reader with our exclusive link .

If you're from the EU, UK, or US, here are a few more specific recommendations to explore:

• Best for travelling from the UK: Chase
• Best for travelling from the US: Chime ®
• Best for travelling from the Eurozone: N26

If it's not possible for you to spend in the local currency when travelling abroad, then spending in your home currency while using a card that doesn't charge any hidden exchange rate markups from your bank (e.g. only the VISA or Mastercard exchange rates to convert currency) is still a good bet for most people.

In this guide, we explore cards that waive or lower ATM fees and that hold multiple currencies. Spend on your holiday like a local and enjoy peace of mind after each tap and swipe!

Best Travel Cards (And More!) at a Glance

Best travel money cards.

• 01. What is the best best multi currency card? scroll down
• 02. Are prepaid currency cards really it? scroll down
• 03. Monito's best travel money card tips scroll down
• 04. FAQ about the best travel cards scroll down

Revolut: Best All-Rounder

Revolut is one of the most well-known fintechs in the world because it offers services across Europe, the Americas, Asia, and Oceania.

• Trust & Credibility 8.9
• Service & Quality 7.9
• Fees & Exchange Rates 8.3
• Customer Satisfaction 9.4

Revolut is available in many countries. You can double-check if it's available in yours below:

Here's an overview of Revolut's plans:

Revolut Ultra is currently only available in the UK and EU.

Like Wise, Revolut converts your currency to the local currency of your travel destination at an excellent exchange rate (called the 'Revolut Rate', which, on weekdays, is basically on par with the rate you see on Google), making it a good way to buy foreign currency before travelling abroad. As always though, bear in mind that Revolut's exchange rates might be subject to change.

Revolut's Standard Plan only allows currency exchange at the base mid-market exchange rate for transfers worth £1,000 per month. ATM withdrawals are also free for the first €200 (although third-party providers may charge a withdrawal fee, and weekend surcharges may also apply). These allowances can be waived by upgrading memberships.

N26: Good Bank For EU Travellers

One of the most well-known neobanks in Europe, N26 and its debit card operate in euros only. However, N26 is a partner with Wise and has fully integrated Wise's technology so that you never have to pay foreign transaction fees on your purchases outside of the eurozone. While N26 does not have multi-currency functionality, N26 will apply the real exchange rate on all your foreign purchases and will never charge a commission fee — making N26's card a powerful card for EU/EEA residents who travel across the globe.

• Trust & Credibility 7.9
• Service & Quality 8.0
• Fees & Exchange Rates 9.3
• Customer Satisfaction 8.1

These are the countries in which you can register for an N26 account:

And here is an overview of the various plans and account:

This low-fee option for banking is also ideal for travellers who do not belong to a European bank but frequent the Eurozone. For example, N26 is available for residents and citizens of Switzerland, Norway, and other European Economic Area countries that do not run on the Euro.

These citizens, who are in close proximity to the Eurozone, will save each time they spend with an N26 card while in Europe. N26 provides three free ATM withdrawals per month in euros but does charge a 1.7% fee per ATM withdrawal outside of Europe.

Take a look at our guide to the best travel cards for Europe to learn more.

Wise: Best For Multi-Currency Balances

Load up to 54 currencies onto this card at the real exchange rate, giving you access to truly global travel.

• Trust & Credibility 9.3
• Service & Quality 8.9
• Fees & Exchange Rates 7.6
• Customer Satisfaction 9.6

These are the countries in which you can order a Wise debit card:

Unlike banks, credit unions, airport kiosks, and foreign ATMs, Wise is transparent about never charging a hidden exchange rate margin when you convert your home currency into up to 54 currencies. The live rate you see on Google or XE.com is the one you get with Wise.

An industry-low commission fee per transaction will range from 0.35% to 2.85%, depending on the currency.

Chase: Great UK Bank For Travel

A recent arrival from the USA, Chase is one of the UK’s newest digital challenger banks and comes with a rock-solid reputation and no monthly charges, no currency conversion charges, no withdrawal fees, and no other charges for everyday banking from Chase. It’s a simple, streamlined bank account with an excellent mobile banking app and a great cashback offer. However, it doesn’t yet offer more advanced features like international money transfers, joint accounts, business banking, overdrafts and loans, and teen or child accounts.

• Trust & Credibility 10
• Fees & Exchange Rates 10
• Customer Satisfaction 8.7

Chime: Great Account For US Travelers

Chime  is a good debit card for international travel thanks to its no foreign transaction fees¹. Unlike multi-currency accounts like Revolut (which let you hold local currency), Chime uses the live exchange rate applied by VISA. This rate is close to the mid-market rate, and Chime does not add any extra markup to your purchases, although out-of-network ATM withdrawal and over-the-counter advance fees may still apply.

• Trust & Credibility 9.5
• Service & Quality 8.8
• Fees & Exchange Rates 9.8

While Chime waives ATM fees at all MoneyPass, AllPoint, and VISA Plus Alliance ATMs within the United States, this fee waiver does not extend to withdrawals made outside the country. For withdrawals abroad, Chime applies a $2.50 fee per transaction, with a daily withdrawal limit of $515 or its equivalent. This is in addition to any fees charged by the ATM owner. Therefore, we recommend Chime primarily for card purchases rather than relying on it for withdrawing cash while traveling internationally.

• No  foreign transaction fees ¹;
• Uses VISA's exchange rate ( monitor here ):
• A $2.50 fee per ATM withdrawal made outside of the United States;
• More info:  Read our  Chime review  or  visit their website .

Best Travel Money Cards in 2024 Compared by Country

In the table below, see our comparison summary of the four best travel cards for 2024 by country:

Last updated: 8 January 2024

What's The Best Prepaid Card to Use Abroad?

Travel cards come in many varieties, such as standard credit cards or debit cards with no foreign transaction fees or cards that waive all foreign ATM withdrawal fees.

What is a Multi-Currency Card?

Multi-currency cards are a specific type of travel card that allows you to own all kinds of foreign currencies, which you can instantly access when you pay with your card abroad. By spending the local currency in the region of travel , you bypass poor foreign exchange rates. ATMs and cashless payment machines will treat your card like a local card.

We have already mentioned a few multi-currency cards in this review, but we will also introduce Travelex . Travelex's Money Card also allows you to top up several foreign currencies — albeit at exchange rates slightly poorer than the real mid-market rate .

Wise Account

Wise has one of the best multi-currency cards available on the market.

Read our full review for more details.

Revolut is impressive for its vast options in currencies and its additional services.

Our in-depth review explores Revolut's services in detail.

Travelex offers a prepaid travel money card that supports 10 currencies and waives all ATM withdrawal fees abroad.

• Trust & Credibility 9.0
• Service & Quality 5.8
• Fees & Exchange Rates 7.1
• Customer Satisfaction 9.3

Travelex charges fees, which fluctuate according to the exchange rates of the day, in order to convert your home currency into the currencies that it supports. But once the currency is on the card, you'll be able to spend like a local. Learn more with our full review .

Don’t Let Banks, Bureaux de Change, and ATMs Eat Your Lunch 🍕!

Are you withdrawing cash at an ATM in the streets of Paris? Exchanging currencies at Gatwick airport? Paying for a pizza with your card during a holiday in Milano? Every time you exchange currencies, you could lose between 2% to 20% of your money in  hidden fees . Keep reading below to make sure you recognize and avoid them.

Currency Exchange Fees Eating My Lunch? What’s That?

You’re often charged a hidden fee in the form of an alarming exchange rate.

At any given time, there is a so-called “ mid-market exchange rate ” — this is the real exchange rate you can see on  Google . However, the money transfer provider or bank you use to exchange currencies rarely offers this exchange rate. Instead, you will get a much worse exchange rate. They pocket this margin between the actual rate and the poor exchange rate they apply, allowing the bank or money transfer provider to profit from the currency exchange. 

In other words, you or your recipient will receive less foreign currency for each unit of currency you exchange. All the while, the provider will claim that they charge zero commission or zero fees.

So the question now is… how can you avoid them? Thankfully, the best travel money cards will allow you to hold the local currency, which you can access instantly with a tap or swipe. Carrying the local currency avoids  exchange rate margins  on every purchase.

Top Travel Money Tips

• Avoid bureaux de change. They charge between 2.15% and 16.6% of the money exchanged.
• Always pay in the local currency and never accept the  dynamic currency conversion .
• Don't use your ordinary debit or credit card unless it's specifically geared toward international use. Doing this will typically cost you between 1.75% and 4.25% per transaction. Instead, use one of the innovative travel money cards below.

By opting for a travel card without FX fees, you can freely swipe your card abroad without worrying about additional charges. However, saving money doesn't stop there. To make the most out of your travel budget, consider using  Skyscanner , one of the most powerful flight search engines available that allows you to compare prices from various airlines and find the best deals.

With Skyscanner's user-friendly interface and comprehensive search options, you can discover cheap flights and enjoy your holidays with peace of mind and more money in your pocket.

Best Travel Money Card Tips

When you convert your home currency into a foreign currency, foreign exchange service providers will charge you two kinds of fees :

• Exchange Rate Margin:  Providers apply an exchange rate that is poorer than the true  "mid-market" exchange rate . They keep the difference, called an  exchange rate margin .
• Commission Fee:  This  fee  is usually a percentage of the amount converted, which is charged for the service provided.

With these facts in mind, let's see what practices are useful to avoid ATM fees, foreign transaction fees, and other charges you may encounter while on your travels.

Tip 1: While Traveling, Avoid Bureaux de Change At All Costs

Have you ever wondered how bureaux de change and currency exchange desks are able to secure prime real estate in tourist locations like the Champs-Élysées in Paris or Covent Carden in London while claiming to take no commission? It’s easy: they make (plenty of) money through hidden fees on the exchange rates they give you. 

Our study shows that Bureaux de Change in Paris charges a margin ranging from 2.15% at CEN Change Dollar Boulevard de Strasbourg to 16.6% (!!) at Travelex Champs-Élysées when exchanging 500 US dollars into euros for example. 

If you really want cash and can’t wait to withdraw it with a card at an ATM at your destination, ordering currencies online before your trip is usually cheaper than exchanging currencies at a bureau de change, but it’s still a very expensive way to get foreign currency which we, therefore, would not recommend.

Tip 2: Always Choose To Pay In the Local Currency

Don’t fall for the dynamic currency conversion trap! When using your card abroad to pay at a terminal or withdraw cash at an ATM, you’ve probably been asked whether you’d prefer to pay in your home currency instead of the local currency of the foreign country. This little trick is called dynamic currency conversion , and the right answer to this sneaky question will help you save big on currency exchange fees.

As a general rule, you always want to pay in the local currency (euros in Europe, sterling in the UK, kroner in Denmark, bahts in Thailand, etc.) when using your card abroad, instead of accepting the currency exchange and paying in your home currency. 

This seems like a trick question - why not opt to pay in your home currency? On the plus side, you would know exactly what amount you would be paying in your home currency instead of accepting the unknown exchange rate determined by your card issuer a few days later.

What is a Dynamic Currency Conversion?

However, when choosing to pay in your home currency instead of the local one, you will carry out what’s called a “dynamic currency conversion”. This is just a complicated way of saying that you’re exchanging between the foreign currency and your home currency at the exact time you use your card to pay or withdraw cash in a foreign currency, and not a few days later. For this privilege, the local payment terminal or ATM will apply an exchange rate that is often significantly worse than even a traditional bank’s exchange rate (we’ve seen margins of up to 8%!), and of course, much worse than the exchange rate you would get by using an innovative multi-currency card (see tip #3). 

In the vast majority of times, knowing with complete certainty what amount you will pay in your home currency is not worth the additional steep cost of the dynamic currency conversion, hence why we recommend always choosing to pay in the local currency.

Tip 3: Don't Use a Traditional Card To Pay in Foreign Currency/Withdraw Cash Abroad

As mentioned before, providers make money on foreign currency conversions by charging poor exchange rates — and pocketing the difference between that and the true mid-market rate. They also make money by charging commission fees, which can either come as flat fees or as a percentage of the transaction.

Have a look at traditional bank cards to see how much you can be charged in fees for spending or withdrawing $500 while on your holiday.

These fees can very quickly add up. For example, take a couple and a child travelling to the US on a two-week mid-range holiday. According to this study , the total cost of their holiday would amount to around $4200. If you withdraw $200 in cash four times and spend the rest with your card, you would pay $123 in hidden currency exchange and ATM withdrawal fees with HSBC or $110 with La Banque Postale. With this money, our travellers could pay for a nice dinner, the entrance fee to Yosemite Park, or many other priceless memories. 

Thankfully, new innovative multi-currency cards will help you save a lot of money while travelling. Opening an N26 Classic account and using the N26 card during the same US holidays would only cost $13.60.

Need Foreign Cash Anyway?

In many countries, carrying a wad of banknotes is not only useful but necessary to pay your way since not every shop, market stall, or street vendor will accept card payments. In these cases you'll have two options to exchange foreign currency cheaply:

1. Withraw at an ATM

As we've explored in great depth in this article, withdrawing money from a foreign ATM will almost always come with fees — at the very least from the ATM itself, and so it's therefore the best strategy to use a travel debit card that doesn't charge in specific ATM withdraw fees on its own to add insult to injury. That said, if you need cash, we recommend making one large withdrawal rather than multiple smaller ones . This way, you'll be able to dodge the fees being incurred multiple times.

2. Buy Banknotes (at a Reasonable Rate!)

As we've also seen, buying foreign currency at the airport, at foreign bank branches, or in bureaux de change in tourist hotspots can be surprisingly expensive. Still, not all exchange offices are equally pricey . If you're looking for a well-priced way to exchange your cash into foreign currency banknotes before you travel, Change Group will let you order foreign currency online and pick them up at the airport, train station, or a Change Group branch just before you leave for your holiday. A few pick-up locations in the UK include:

• London centre (multiple locations),
• Glasgow centre,
• Oxford centre,
• Luton Airport,
• Gatwick Airport,
• St. Pancras Station.

(Note that Change Group also has locations in the USA, Australia, Germany, Spain, Sweden, Austria, and Finland!)

Although its exchange rates aren't quite as good as using a low-fee debit card like Revolut, Change Group's exchange rates between popular currencies tend to be between 2% to 3%, which is still a lot better than you'll get at the bank or at a touristy bureau de change in the middle or Paris or Prague!

FAQ About the Best Travel Money Cards

Having reviewed and compared several of the industry's leading neobanks, experts at Monito have found the Wise Account to offer the best multi-currency card in 2024.

In general, yes! You can get a much better deal with new innovative travel cards than traditional banks' debit/credit cards. However, not all cards are made equal, so make sure to compare the fees to withdraw cash abroad, the exchange rates and monthly fees to make sure you're getting the best deal possible.

• Sign up for a multi-currency account;
• Link your bank to the account and add your home currency;
• Convert amount to the local currency of holiday destination ( Wise and Revolut convert at the actual mid-market rate);
• Tap and swipe like a local when you pay at vendors.

Yes, the Wise Multi-Currency Card is uniquely worthwhile because it actually converts your home currency into foreign currency at the real mid-market exchange rate . Wise charges a transparent and industry-low commission fee for the service instead.

More traditional currency cards like the Travelex Money Card are good alternatives, but they will apply an exchange rate that is weaker than the mid-market rate.

The Wise Multi-Currency Card is the best money card for euros because unlike banks, credit unions, airport kiosks, and foreign ATMs,  Wise  is transparent about never charging a hidden exchange rate margin when you convert your local currency into euros with them.

The live rate you see on Google or XE.com is the one you get with  Wise . An industry-low commission fee will range from 0.35% to 2.85%. USD to EUR transfers generally incur a 1.6% fee.

Learn more about how to buy euros in the United States before your trip.

There are usually three types of travel cards, prepaid travel cards, debit travel cards and credit travel cards. Each have pros and cons, here's a short summary:

• Prepaid travel cards: You usually need to load cards with your home currency via a bank wire or credit/debit card top-up. You're then able to manage the balance from an attached mobile app and can use it to pay in foreign currencies or withdraw cash at an ATM abroad tapping into your home currency prepaid balance. With prepaid travel cards, as the name indicates, you can't spend more than what you've loaded before hand. Some prepaid card providers will provide ways to "auto top-up" when your balance reaches a certain level that you can customize. On Revolut for example, you can decide to top-up £100/£200/£500 from your debit card each time your balance reaches below £50.
• Debit travel cards: Some innovative digital banks, like N26 or Monzo, offer travel debit cards that have the same advantages than a Prepaid Travel Cards, except that they're debit card directly tapping into your current account balance. Like a Prepaid travel card, you can't spend more than the balance you have in your current account with N26 or Monzo, but you can activate an overdraft (between €1,000 or €10,000 for N26 or £1,000 for Monzo) if you need it, for a fee though.

Note that even if they're Prepaid or Debit cards, you can use them for Internet payments like a normal credit card.

• Credit travel cards: You can find credit cards made for international payments offering good exchange rates and low fees to withdraw money abroad, but you'll need to pay interests in your international payment if you don't pay in FULL at the end of every month and interest on your ATM withdrawals each day until you pay them back.

Why You Can Trust Monito

Our recommendations are built on rock-solid experience.

• We've reviewed 70+ digital finance apps and online banks
• We've made 100's of card transactions
• Our writers have been testing providers since 2013

Other Monito Guides and Reviews on Top Multi Currency Cards

Why Trust Monito?

You’re probably all too familiar with the often outrageous cost of sending money abroad. After facing this frustration themselves back in 2013, co-founders François, Laurent, and Pascal launched a real-time comparison engine to compare the best money transfer services across the globe. Today, Monito’s award-winning comparisons, reviews, and guides are trusted by around 8 million people each year and our recommendations are backed by millions of pricing data points and dozens of expert tests — all allowing you to make the savviest decisions with confidence.

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The best prepaid travel cards (travel money cards) in 2024

Article contents

In a nutshell

• Best prepaid travel money cards
• Best direct debit travel card
• Our criteria for the best prepaid travel money cards
• What's the best prepaid travel card for Europe?

What is a prepaid travel card?

Store multiple currencies, the best prepaid travel card in the uk.

• Pros and cons of prepaid travel cards

What’s the alternatives to multi-currency prepaid cards?

What is the mid-market rate (the real exchange rate), what’s the mastercard rate, prepaid travel card fees, how to get a prepaid travel card.

• Are prepaid travel cards safe?

Let’s recap

The best prepaid travel cards are Revolut and Wise. Although not a prepaid card, one of the best cards to use abroad is Currensea (it links to your bank account). They’re all super popular, with low fees, and are easy to sign up and use.

Heading off on an adventure or holiday abroad? Or perhaps a work trip? Making the right decision on travel money can save you a small fortune – and a prepaid travel money card is likely your best option. So without further ado, here’s the best:

The best travel money card

The best travel card overall.

Best travel card

Currensea tops the list – it's super simple to use, just connect it to your bank account and it’s low cost too. You'll also get a £5 welcome bonus.

£5 welcome bonus

With Currensea, you can get a travel card that connects directly to your bank account – it acts just the same as your bank card, and transactions come directly out of your bank account.

The only difference, is you won't have to pay hefty bank fees, saving anywhere from 85% to 100% of the cost.

It's a great alternative to a prepaid travel card if you want something a bit simpler.

Best prepaid travel money card

The best prepaid card you top-up beforehand, all ready to spend.

Wise is one of the best travel cards out there. It's super popular, with over 16 million customers around the world.

It's got some of the lowest fees you'll find, and it's available in over 40 currencies and 150+ countries.

The card is contactless, and there's a great phone app (and website) to manage everything too.

Our criteria for the best prepaid travel cards

To compare and determine the best travel money cards, we looked at:

Exchange rate

• Withdrawal fees from an ATM

Card delivery fee

• Number of currencies available
• Ease of use (manage online via a website or phone app)

There’s lots of options for converting (changing) your money, or spending abroad, such as changing cash in-person at a bureau de change (not recommended), using an ATM, or a credit card or debit card abroad – but a prepaid travel card is often one of the easiest and cheapest options – and you can reuse them for all your holidays in the future, or even on the same trip to different countries, spending different currencies. 

We’re big fans of prepaid travel cards here at Nuts About Money, and are only recommending the best – they’re ones we recommend to our friends and family (and readers of course), and use ourselves when we’re able to get away.

So, whichever travel card (from our recommendations) you opt for, you can be confident they’re safe to use, trustworthy, and you’ll be using one of the cheapest options available.

What’s the best prepaid travel card for Europe?

If you’re heading off to Europe for a bit of getaway, you’ve got loads of options when it comes to a prepaid travel card – just make sure you don’t use your current bank account and debit card – you’ll be charged hefty fees (we’ll cover all of this below).

Anyway, the best travel card for Europe is Currensea ¹ – it’s easy to use, just link it to your existing bank account and you’re good to go. It’s very low cost too (and no set up fees).

A prepaid travel card is similar to a bank card (debit card) that you might use for all of your spending in the UK, except instead of your money coming directly out of your bank account, you’ll top it up with money beforehand (or during your trip) – meaning you’ll simply send Pounds (GBP) from your bank account directly to the card (account). 

Note: you can send it back if you don’t spend it all.

Once the card has been 'topped-up', you can spend it abroad and withdraw cash from an ATM (cash machine), (e.g. Euros if you’re heading to Europe), meaning that you can save a lot of money in hidden fees and bad exchange rates – and these fees can really add up.

Why? Typically using your high street bank card abroad will mean a fee every time you want to use it, and your money will need to be converted into the local currency every time you use it too – at a very bad exchange rate that the bank sets (which often includes a hidden fee).

The prepaid travel cards we've listed above give you the freedom to spend like a local, and not worry about the cost. They’re pretty great.

With prepaid travel cards, you can actually store a range of different currencies in your account, it doesn’t have to be just one. And for this reason they’re often also called a multi-currency card, or a foreign currency card.

With Wise ¹, there’s actually over 40 different currencies you can store, and of course, spend. 

And normally, if you don’t have the particular currency you want to spend, the card will automatically convert another currency in your account to the currency you need when you spend. Pretty cool.

The best prepaid currency cards we’ve listed above are some of the best wherever you are in the world, for changing one currency to another, and spending in a different country (there’s a huge range of currencies with Wise ¹). And all great if you’re from the UK travelling abroad.

You can sign up online and use both Revolut ¹ and Wise ¹ if you’re in the UK, and are travelling to pretty much any other country in the world.

Pros and cons of prepaid travel money cards

Let’s run through the pros and cons of using a prepaid card:

• Cheap way of spending abroad (pay in the local currency)
• Easy way to spend (make contactless payments abroad)
• Store multiple currencies on one card
• Often free to withdraw cash from an ATM (up to a limit)
• Safe way of spending money abroad (don’t need loads of cash)
• Protection from fraud (sometimes able to refund a transaction, called a chargeback)
• Easily block your card if it’s lost or stolen (and get a replacement card)
• Great for setting a spending budget (no overdraft)
• Can be low withdrawal limits from an ATM (before fees)
• Might not be able to use it to hire a car or a hotel (or any pre-authorised transactions)
• Can’t spend more than you top up (no overdraft like a bank)

A prepaid currency card isn’t your only option, but it’s definitely one of the cheapest (especially with one of the top prepaid travel money card providers). You could also change cash before you go (very expensive), or use a credit card or debit card designed for foreign currency spending (don’t just use any credit or debit card, they can be expensive!).

But with those, you’ll need to do a full application with credit checks, and open a whole new bank account for a debit card. There’s not really much benefit vs a prepaid card (unless you’re travelling a lot, or in the market for a new bank).

Nuts About Money tip: if you don’t want to use a prepaid card, check out Currensea ¹, they’re a travel card that connects directly to your bank account – so whatever you spend comes directly out of your bank. It’s a pretty cool idea and much cheaper than your bank, as you’ll get cheaper currency conversion rates and no transaction fees.

Although you’ve likely heard of an exchange rate, which is how much you get in another currency when you swap (exchange) your Pounds for them (e.g. Pounds for Euros) – depending on where you exchange your money, this rate can vary wildly.

Typically banks and other foreign exchange places tend to set their own exchange rate, which is much worse than the real exchange rate… (it’s how you can often see commission-free advertised, but it’s not really, there’s a hidden fee in the exchange rate).

The real exchange rate (used worldwide) is called the mid-market rate, and this is the rate that banks themselves use to swap money (also called the interbank exchange rate), without any hidden fees involved. It is the rate the ‘market’ sets – where buyers and sellers come together.

Technically the mid-market rate is the middle of the buy and sell prices of two currencies (e.g. Pounds to Euros), and so it effectively represents the current exchange rate.

So, if a travel money company isn’t using the mid-market rate (they might say interbank rate), you’re not getting the ‘real’ exchange rate, and you’ll be paying a fee.

European Central Bank (ECB) rate

In Europe, the European Central Bank (an organisation that is intended to look after the finances of all the countries in Europe that use the Euro, similar to the Bank of England in the UK), set an exchange rate too, called the European Central Bank rate. 

You could think of this as another official rate, just for Euros, although you’ll never actually be able to get this rate – but the closer to it, the more money you’ll save.

There’s also something called the Mastercard rate, which as you’ve probably guessed, is the rate the company Mastercard sets – they’re a very big company who provides cards for banks and other financial companies for their customers to use (e.g. a bank debit card). Another similar company is Visa.

And similar to the mid-market rate, they set an exchange rate which is set on their cards for foreign exchange. 

They take a small fee within this rate, so it will always be slightly higher than the mid-market rate. And, companies using Mastercard services (e.g. to give their customers cards), can choose to either add their own fee on, or add no fees and pass on the exact exchange rate.

So, if you see a bank saying you’ll get the Mastercard rate, that means they haven’t added any extra fees and are passing the lowest rate possible they can get (with Mastercard) onto you. 

This rate will be one of the cheapest you'll be able to get. Just make sure they haven't added any commission on top.

The topic we’re all here for, how much do you actually pay with prepaid travel cards? We’ve covered the exchange rates above, and typically this is the main fee you’ll pay (if there is a fee hidden in the exchange rate).

However, there are some other fees to be aware of, depending on which card you choose, let’s run through all the foreign exchange fees:

Note: you don’t typically get charged a fee to spend money (often called foreign transaction fees) with prepaid cards, these are more common on credit cards and and with banks.

As mentioned above, there’s always a fee within the exchange rate, whether it’s hidden or not. Normally, you’ll see this as the mid-market rate, interbank rate or mastercard rate plus a certain amount on top (e.g. the mid-market rate plus 1%).

ATM withdrawal fees

Some card providers will let you withdraw cash for free from an ATM (cash machine), some have a limit on how much you can withdraw for free per month (or a maximum number of transactions before there’s a fee), and others have no limit but will charge for every withdrawal.

This can range from a fixed fee per withdrawal (e.g. £1), to a percentage of the amount you take out (e.g. 2%), or a combination of both.

Producing a card can involve a lot of admin and of course actually producing and printing the card and delivery, so a travel money card provider will often pass this fee onto you – so they can cover their costs if you don’t end up using the card.

This is normally around £5-10, although with some companies it can be free, but there’s normally conditions such as topping up your card beforehand.

Note: if you lose your card, you’ll often have to pay a card replacement fee too. This is typical with all cards, even our recommended options.

Inactivity fee

With some cards, there can also be an inactivity fee, which is a fee for not using the card after a certain period of time. This is normally after 12 months, and a fee per month of around £2 per month.

Note: the best cards we recommend above ( Revolut ¹ and Wise ¹) don't have this fee. You can leave them for as long as you like (until your next holiday).

The great news is it’s super easy to get a prepaid travel card – it’s not like applying for a bank account or a credit card, you can get set up within a few minutes and the card can arrive the next day.

All you’ll need to do is first decide which travel card you’d like (we recommend Revolut ¹ or Wise ¹ as they’re the cheapest, and have easy to use apps for managing your money), and then fill out a few details on their website (or app), prove you are who you say you are with your passport or driving licence, and that’s it.

You’ll need to transfer some money (also called ‘load money’) over from your bank account, or deposit via a debit card, and that’s it. You can start spending online straight away (you can also add your card to Apple Pay or Google Pay) – or wait until your card arrives in the post to start spending on that.

It literally couldn’t be easier.

Are prepaid travel money cards safe?

Yep, it’s perfectly safe to use a prepaid travel card.

The company giving you the card will need to be authorised by the Financial Conduct Authority (FCA), who are the people making sure financial companies are looking after you and your money.

Your money will also be held in a bank account with a very large bank (e.g. Barclays), completely separate from the company’s own money. So, if anything happened to the company such as going out of business, your money could only be returned to you.

Using a card is also much safer than taking out cash when abroad, and keeping cash in your hotel room (or your sock). There’s lots of safety features such as being able to freeze your card (so it temporarily can't be used) and protection from fraudulent transactions if your card was lost or stolen – which you can often do immediately within an app on your phone.

That’s all there is to it. Pretty simple right? You can get a prepaid travel card in just a few minutes, and the card can turn up the next day – you’ll benefit from saving a small fortune on your spending money abroad. Plus, it’s much safer than travelling with cash.

You can also use your card in a huge range of shops, bars and restaurants, just as you would in the UK (with contactless), and withdrawing cash from an ATM can be easy too.

We recommend using one of the best travel cards above, such as Revolut ¹ or Wise ¹, they’re super popular, trustworthy, are easy to use and have great mobile apps to manage everything, not to mention they’re the cheapest out there (by quite a bit!).

And there you go, that’s your travel money sorted, all that’s left is to enjoy the holiday!

This article was written by the team at Nuts About Money, and fact-checked by 2 independent reviewers. You’re in safe hands.

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Travel Money Card fees and charges

The Travel Money Card is not only convenient, it’s also affordable. Below are the fees and charges associated with your Travel Money Card – a small price to pay for peace of mind when travelling. If you have any questions regarding your Travel Money Card, please visit  our support page .

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Things you should know

1  The cash withdrawal fee will not apply to cash withdrawals made in Australia.

2 This example is for illustrative purposes only.

3  Transfer is only available to an eligible Commonwealth Bank account in the same name. Any withdrawal or balance enquiry fee will come from the currency for which you are using your card. If this currency is not loaded on your card, the fee will be taken from the first (or sole) currency loaded on your card. Any SMS balance alert fee will come from the first (or sole) currency loaded on your card. As this advice has been prepared without considering your objectives, financial situation or needs, you should before acting on this advice, consider its appropriateness to your circumstances.  The Product Disclosure Statement and Conditions of Use  (PDF 302kb) issued by Commonwealth Bank of Australia ABN 48 123 123 124 for Travel Money Card should be considered before making any decision about this product.  View our Financial Services Guide  (PDF 160kb).

4  ATM balance enquiries are not available at all ATMs. 5  Fees may be charged by other parties involved in the delivery of the emergency funds. 

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Travel money cards with the lowest fees

We look at seven travel money cards from the big banks and airlines..

Prepaid travel money cards are offered by major banks, airlines and foreign exchange retailers like Travelex. Before travelling overseas, you load money into the card account, which locks in the exchange rate for foreign currencies at that time. 

You can then use the card for purchases and cash withdrawals just like a debit or credit card, usually wherever Visa and Mastercard are accepted. 

You can reload money on-the-go via an app or website, and if the card is lost or stolen, it can be replaced (usually at no cost to you).

Prepaid travel money cards also give you assurance that you're not handing the details of your everyday banking account to merchants you're not familiar with, and they provide easy access to cash when you want some, says Peter Marshall, head of research at money comparison website Mozo .

CHOICE tip: Travel money cards are best for longer trips. They're usually not worth your while if you're only taking a short trip, as some have closure, cash out and inactivity fees.

Travel money card fees

A major difference between prepaid travel cards and debit or credit cards is their fees. Some costs aren't immediately apparent, such as hefty margins built into the exchange rates.

And although fees have come down since we looked at these cards two years ago, you still need to watch out for:

• fees to load the card – either a percentage of the total or a flat fee
• ATM withdrawal fees
• a cross currency fee or margin when you use the card in a currency you haven't preloaded
• further fees if you close the account or haven't used the card for a period of time.

Travel money card with the lowest fees and best exchange rate

Westpac worldwide wallet.

Westpac closed its Global Currency Card in July 2021 and offers its new card in partnership with Mastercard.  It's also available from Bank of Melbourne and BankSA.

Currencies: AUD, USD, NZD, EUR, GBP, SGD, THB, JPY, HKD, CAD, ZAR.

Key features:

• No loading, reloading, closing or inactivity fees.
• Free to use it in network ATMs in Australia and partner ATMs overseas in a range of countries including the UK, US and New Zealand.
• A charge applies at non-Westpac and non-partner ATMs in Australia and overseas.
• Best exchange rates for the US dollar, the Euro and GBP in our comparison.*
• The only card that lets you preload the South African rand.

Other travel money cards

Next to the Westpac Worldwide Wallet, there are six other travel money cards available.

Australia Post Travel Platinum Mastercard

Available online or at post offices.

Currencies : AUD, USD, NZD, EUR, GBP, SGD, THB, JPY, HKD, CAD, AED.

• Fee to reload the card via BPay, debit card or instore, but free via online bank transfer.
• Closure fee.
• Fees for ATM withdrawals in Australia and overseas.

Cash Passport Platinum Mastercard

It's issued by Heritage Bank and is available online and from a number of smaller banks and credit unions (like Bendigo Bank and Bank of Queensland) as well as travel agents. 

• Fee to reload with a debit card or instore, but free via BPay.

CommBank Travel Money Card

CommBank Travel Money Card (Visa)

As NAB and ANZ have closed their travel money cards, this is the only other travel money card available from a major bank. This card has the largest variety of currencies that can be preloaded.

Currencies : AUD, USD, NZD, EUR, GBP, SGD, THB, JPY, HKD, CAD, AED, VND, CNY.

• Fee if you make a purchase with currencies not preloaded.
• Fee for withdrawals at overseas ATMs.

Qantas Travel Money Card

Qantas Travel Money Card (Mastercard)

The only travel money card offering from an airline. It can be added as a feature to your Qantas Frequent Flyer card, so you don't need a dedicated card, and you can earn points using it.

• Free to reload via bank transfer or BPay, but there's a reload fee if using debit card.

Travelex Money Card

Travelex Money Card (Mastercard)

Travelex is an international foreign exchange retailer. In Australia, it operates more than 140 stores at major airports and shopping centres, across CBDs and in the suburbs. It was the card with the best exchange rate for New Zealand dollars.*

Currencies : AUD, USD, NZD, EUR, GBP, SGD, THB, JPY, HKD, CAD.

Fees : 

• Load fee instore, but free via Travelex website or app.
• Reload fee instore or via BPay, but free via Travelex website or app.
• Closure fee and monthly inactivity fee (if not used for 12 months).

Travel Money Oz Currency Pass

Travel Money Oz Currency Pass (Mastercard)

The Travel Money Group is owned by Flight Centre and is a foreign exchange retailer. 

• Reloading the card via an online bank transfer or instore is free, but there's a fee if you reload via BPay, debit card or credit card. 
• Cash out (closure) fee. 

Travel money card tips

• Make sure the card allows the currencies you'll need, and also consider stopovers. For example, the South African rand is only supported by the Westpac card.
• Try to load your card with the right currencies and amounts on days with good exchange rates. 
• Make sure you know how to reload your card if you run out of funds while overseas.
• It may be more convenient to choose a card that has an app that can be linked to your bank account.
• Avoid loading more money than you'll need as there may be fees and exchange rate margins to get the unused money back.
• Remember to cancel the card once you're finished your trip, especially if it has inactivity fees.
• Be mindful that you still may need a credit card, as travel money cards may not be accepted as security for hotels and car rental agencies. 

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The 6 Best Travel Money Cards for the US - 2024

If you’re visiting the US, a specialised travel money card can make it cheaper and more convenient to access US dollars for spending and withdrawals. There are various options available, such as travel debit cards, prepaid travel cards, and travel credit cards, which cater to different types of customers. The right one for you will depend on your personal preference and how you like to manage your money.

Read on for all you need to know, including a closer look at travel money card types, some great options to consider, and the sorts of fees you need to think about when you choose.

Wise - our pick for travel debit card for the US

Before we get into details about different travel money card options, let's begin with the Wise card as a versatile travel money debit card that can hold and spend USD, as well as a diverse range of other currencies.

Hold and exchange over 50 currencies alongside USD

No fee to spend any currency you hold, low conversion fees from 0.41%

Mid market exchange rate on all currency conversion

Some fee free ATM withdrawals every month

No ongoing costs and no interest to pay

ATM fees apply once you exceed your plan limits

No option to earn points or rewards

Click here to read a full Wise review

What is a travel money card?

Similar to your standard bank card, a travel money card can be used for online and in-store purchases, as well as for cash withdrawals. However, with a travel money card, the features and fees are tailored for global usage. This may result in a better exchange rate, or fewer charges, in comparison to using your regular card abroad. Certain travel cards even offer opportunities to earn cashback and rewards for using your card internationally.

6 travel money cards for the US compared

Before we get into each card option in more depth, here’s a summary of how six of the best travel money cards for the US compare to each other.

The features of various travel money cards can differ significantly. Generally, travel debit cards can be convenient and relatively inexpensive to use, while travel credit cards may offer extra benefits such as cashback or rewards. However, they also come with the risk of incurring interest and late payment fees, if you don’t pay off your bill in full every time.

Travel debit cards usually allow you to easily add funds online or via a mobile app, which helps you stick to your budget and avoid overspending. Conversely, travel credit cards enable you to spend up to your credit limit, and you can pay off the balance over several months. Which is best for you will come down to how you like to manage your money - we’ll dive into a few more details about each card type, next.

What are different types of travel cards?

Generally, Canadian customers are able to select a travel money card from either a regular bank or a specialist provider, with card types available including travel debit cards, travel prepaid cards or travel credit cards. We’ll walk through what each travel money card type is, and pick out a couple of good card options, so you can compare and choose.

1. Travel debit cards

2. Travel prepaid cards

3. Travel credit cards

1. Travel Debit Cards

Travel debit cards are usually offered by specialist providers, with linked digital accounts you can use to hold and exchange a currency balance. Although these cards may have varying features, they generally provide an easy-to-use online platform and mobile app for topping up your balance. Additionally, you can view your balance and receive transaction notifications on your phone, making it easier to manage your finances no matter where you are in the world.

Travel debit card Option 1: Wise

Wise is our pick for a travel debit card for the US. There’s no fee to open a Wise account, and no delivery fee for your Wise card, with no minimum balance and no monthly charge. You just pay low Wise fees from 0.41% when you convert currencies, and transparent ATM fees when you exhaust the monthly free transactions available with your account.

No fee to open a Wise account , no minimum balance requirement

No fee to get your Wise card, free to spend any currency you hold

2 withdrawals, to 350 CAD value per month for free, then 1.5 CAD + 1.75%

Hold USD and 50+ other currencies, convert between them with the mid-market rate

Get local account details to receive CAD, USD and 7 other currencies for free

Click here to read a full review on the Wise card

Travel debit card Option 2: Canada Post Cash Passport

You can pick up a Canada Post Cash Passport in your local Post Office, and top up your account in CAD. You can then switch your balance to any of the 7 supported major currencies - or you can just allow the card to convert to the currency you need, although there is a foreign exchange fee of 3.25% for doing so. You can use your Canada Post Cash Passport card in ATMs and wherever the network is supported. ATM fees apply which vary by currency.

Supports 7 major currencies, including USD

No fee to spend currencies you hold in your account

Variable ATM fee, 2.5 USD when in the the US for example

1.5% fee for using your card in Canada - plus any applicable fee to convert funds back to CAD if you hold a foreign currency

Pros and cons of using debit travel cards in the US

Avoid interest costs and late payment fees

Hold and exchange currencies in advance or at the time of spending

Accounts can be topped up, viewed and managed using just your phone

Safe to use, as accounts aren’t linked to your main Canadian bank account

Travel debit cards are issued on popular global payment networks

Transaction and currency conversion fees may apply

Cash back and rewards may not be available

How to choose the best travel debit card for the US?

Choosing the best travel debit card for the US depends on your personal preferences and financial management style. If you travel often - and not just to the US - it's smart to consider an account that offers mid-market currency exchange rates and a wide selection of supported currencies, including USD, like Wise.  Other providers like Canada Post also support USD alongside a handful of other major world currencies, and the Cash Passport can be conveniently collected in your local Post Office.

Is there a spending limit with a travel debit card in the US?  

Card use limits are determined by individual providers and can vary depending on the transaction type. Limits may apply on a daily, weekly or monthly basis. For instance, there may be a cap on the number or value of ATM withdrawals allowed per day or a limit on the value of contactless payments you can make. These limits are set for security reasons and can often be adjusted using the provider's app.

2. Prepaid Travel Cards

With a prepaid travel card you’ll usually need to first order a card and then add funds in CAD from your bank account or card. Once you have a balance you can then pay merchants and make cash withdrawals at home and abroad. While prepaid travel cards are usually issued on large global networks - and can therefore be used pretty widely - you may find you pay a foreign transaction fee when overseas, depending on the specific card you select.

Prepaid travel card option 1: BMO Reloadable Mastercard

The BMO Reloadable Mastercard can be topped up in CAD and used when you travel in the US. You’ll pay a 2.5% foreign transaction fee when overseas, but you’ll still have the advantage that - as with other prepaid and travel cards - this card is not linked to your primary bank account, so it can increase security when spending abroad. There’s a 6.95 CAD annual fee, but as this is a purchase card rather than a credit card, there’s no interest to worry about. You just top up and you can spend up to your account balance freely.

6.95 CAD annual fee, 2.5% foreign transaction fee

5 CAD ATM fee

No interest to worry about

Manage your card online or using your phone, to top up and view balance

Add funds from BMO or other Canadian banks directly

Prepaid travel card option 2: Koho Premium Mastercard

You can get up to 2% cash back with the Koho Premium Mastercard, and there’s no foreign transaction fee to worry about. Instead, you pay a monthly card fee of 9 CAD. The basic card is free to get, or you can upgrade to a Koho metal card for 159 CAD if you want a fancier way to pay when you’re at home and abroad.

9 CAD/month premium fee

No foreign transaction fee

Earn cash back on your spending

Pros and cons of using prepaid travel cards in the US

Manage your account, add more money or convert funds online or with an app

Accounts with no monthly fees are available

Issued on globally popular networks for good coverage

ATM withdrawals supported globally

Some accounts have extras like options to earn cash back or reward points

Typically only CAD supported - watch out for foreign transaction charges

Transaction fees apply to most accounts

How to choose the best travel prepaid card for the US?

There’s no single best travel prepaid card for the US - it’ll come down to your personal preference. If you don’t mind paying a monthly fee you might like the Koho Premium card which waives foreign transaction fees, and other charges like ATM withdrawal fees. Otherwise, if you just want a simple prepaid card and don’t mind the foreign transaction fee when you’re in the US, the BMO prepaid card might suit you.

Is there a spending limit with a prepaid card in the US?

Various prepaid travel cards have different spending and withdrawal limits that can vary depending on the currency. To find the right card for you, you’ll want to carefully review the terms and conditions of each card provider you’re considering. This way, you’ll be confident you’ve picked a provider that meets your specific needs and requirements.

3. Travel Credit Cards

Travel credit cards often come with additional benefits not found in regular credit cards. These benefits can include lower or no fees for foreign transactions and the chance to earn extra rewards when using the card abroad. While travel credit cards offer safety and convenience, it's worth noting that they may be more expensive than using a debit card.

Before choosing a travel credit card, it's essential to consider factors such as fees, rates, eligibility criteria, and interest rates. Take the time to compare different options and select the one that suits you best.

Travel credit card option 1: HSBC World Elite Mastercard

The HSBC World Elite Mastercard has been optimised for overseas use, with extra rewards on international spending and travel, plus no foreign transaction fees to pay. There are lots of ways to earn rewards, including variable new customer bonus offers - the downside is that there’s an annual fee of 149 CAD, so you’ll need to check if the benefits outweigh the costs. As with any other credit card, you’ll also need to pay off your bill in full every month to avoid interest charges.

149 CAD annual fee, 5 CAD ATM withdrawal fee

Variable interest rate

Options to earn rewards, including enhanced benefits for travel spending

Travel credit card option 2: Home Trust Preferred Visa Card

The Home Trust Preferred Visa Card is a credit card with a variable interest rate, no foreign exchange fees and 1% cash back on all eligible purchases. There’s no annual fee to pay, although the ATM withdrawal fees can run pretty high - 1% or 1.5% depending on the ATM type, and the maximum cap is 15 CAD for some withdrawals.

No annual fee, no foreign transaction fee

1% cash back on all eligible purchases

ATM fees apply, which are set as a percentage, and can run pretty high

Pros and cons of using credit cards in the US

Enjoy peace of mind with zero liability policies offered by some cards

Spread the cost of your travel expenses over several months

Some cards have no foreign transaction fees, saving you money on international purchases

Exchange rates typically offered by card networks are usually fair

Earn cash back and rewards on your spending with select cards, making your travel even more rewarding.

Interest charged if you don’t repay in full every month

Eligibility rules apply

How to choose the best travel credit card for the US?

Selecting the best travel credit card for the US largely depends on individual preferences. If you aim to earn rewards and cashback on your foreign transactions, the Home Trust Preferred Visa may be a suitable option as it does not have a foreign transaction fee and provides cash back on all purchases. Whichever card you’re considering you’ll want to weigh up the potential fees you’ll need to pay against the rewards you can earn to make sure it’s worthwhile.

If you regularly travel to the US or further afield, getting a travel money card which supports the currencies you need frequently can help you save money. Travel money cards have different features, and can be picked up via regular banks, online specialists and even the Post Office.

You could opt for a low cost travel debit card which comes with a linked account to hold a selection of currencies - like the Wise account. Or you might prefer a prepaid travel money card like the Koho Premium Mastercard which has monthly fees in exchange for features like no foreign transaction charges - handy if you use it abroad often. Finally, another option is to get a travel credit card either to earn cashback and rewards, or to avoid foreign transaction fees.

The good news is that the Canadian market is well served for all types of travel money cards - use this guide to start your research and pick the right option for your specific needs.

FAQ - Best travel cards for the US

You can usually make cash withdrawals with a credit card in the US at any ATM that supports your card network. You’ll often find that a fee applies, and you may start to accumulate interest on the withdrawn amount immediately. Travel money debit cards from providers like Wise and Canada Post can be a lower cost option for cash withdrawals overseas.

You can use your debit card anywhere you see the card network’s logo displayed. Visa and Mastercard networks are very well supported globally, including in the US, making these good options to look out for when you pick your travel debit card for the US.

Prepaid cards from reputable providers are safe to use at home and abroad. They aren’t linked to your main bank account which can offer extra peace of mind, and may also make it easier to manage your travel budget. However, you’ll need to check the card features and fees carefully to make sure you're getting the best match for your needs.

Currency Experts

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Why Travel Money

How to pick the best travel money cards

It can be stressful and confusing to stay on top of constantly changing exchange rates and bank fees when you travel overseas. Particularly if you need to juggle different foreign currencies.

There’s a myriad of products that can make it easier to manage your travel money when overseas — but finding which one suits your needs best can be confusing and time consuming.

While there’s no denying the convenience of a credit card when travelling overseas, associated costs like foreign transaction fees, conversion fees, cash withdrawals fees and ATM fees can quickly add up and give you a nasty surprise when you check your statement.

Thankfully there are other equally convenient ways to manage your spending money.

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A debit card attached to your bank account, a prepaid travel card like a Travelex Money Card, or a foreign currency account can save you lots of fees and foreign exchange rate surprises but you still need to do a bit of homework to find which of them will suit your needs.

We came across some new research from financial comparison site Mozo that shows you can save hundreds of dollars by planning ahead and choosing the right travel money card before hopping on a plane.

Mozo’s research found that travellers planning a trip to the United States, the United Kingdom or Europe, could save hundreds of dollars by opting to use a foreign currency account.

This type of account is useful for travellers who need access to more than one type of currency, because they provide easy access to several different currency options and have low conversion rates and fees.

The research showed foreign currency accounts offered the best exchange rates for travellers converting Australian dollars into American dollars (USD), British pounds (GBP), and European euros (EUR). Their exchange rates were roughly 5 per cent less than those on prepaid travel cards when looking at USD, GBP and EUR.

On a balance of $10,000 that equates to a saving of $311 — and that can pay for an overnight stay in a good hotel.

If you don’t want to open a dedicated foreign currency account or use a prepaid travel card, Mozo research shows there are still ways that travellers can save hundreds of dollars if they plan ahead.

Opening a transaction account with no monthly account keeping fee that has a debit card can provide competitive exchange rates via Visa and Mastercard, but travellers should make sure the accounts also charge no currency conversion fees and no overseas ATM fees.

Rachel Wastell, Mozo’s personal finance expert, says while most debit cards can provide competitive exchange rates, travellers can get burned on high currency conversion fees and overseas ATM fees charges, so it’s important to compare in advance.

When comparing exchange rates on fee-free everyday debit cards, Mozo’s research showed they were almost on par with foreign currency accounts.

On a $10,000 balance, travellers with everyday debit cards that charge fees, could be paying $262 in conversion fees, and that doesn’t include the potential cost of overseas ATM fees, which cost $3.16 on average for every withdrawal you make.

You can find much more user-friendly and useful information about managing your travel money at mozo.com.au .

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Travel money card

Spend like a local with a travel debit card for exploring the globe. Whether it's a virtual or a physical card, we've got all your travel money needs covered.

Need an international travel card? Take us all around the world

Exchange currencies, send money abroad, and hold 30+ local currencies in-app. These are just some of the reasons why our customers love their travel debit cards.

Built-in security features

Set spending limits, get payment notifications, and freeze or unfreeze your card in-app.

Add it to Google Pay or Apple Pay

No need to wait for your physical card to arrive — spend instantly with a virtual card.

No-fee ATM withdrawals

Get no-fee ATM withdrawals, up to A$1,400 per rolling month, depending on your plan type.¹

Manage travel money in-app

Manage everything for your holiday money card in the Revolut app, from top-ups to transfers.

Spend like a local in 100+ countries

No-fee ATM withdrawals, up to A$1,400 per month on Metal

Spend right away with Apple Pay or Google Pay

How to get your travel money card in Australia

Get your currency debit card in 3 steps

Get revolut.

Join 40+ million people worldwide saving when they spend abroad with Revolut.

Order your card

Order your travel money card to spend in 100+ countries.

Spend like a local

Start spending around the world. That's your travel money, sorted.

Get instant payment notifications

Trusted by travellers

Spend with confidence

Built-in security measures

How to save money with travel currency cards

Tips for saving money with a money travel card

Don't exchange at airports or at home.

Don’t exchange cash before you travel — use your travel money card to spend or withdraw money from an ATM (just watch out for ATM fees).

Always choose the local currency

Choose the local currency when spending with your card in shops and restaurants.

Save on travel spending with a Revolut card

Spend in the local currency at competitive rates on your next trip from Australia.

So much more than a travel money card

We're not a prepaid card you just throw away after your trip. Trust us, you’ll want to use Revolut for future adventures and everyday life.

Rating as of 20 Apr 2024

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Spend your holiday money in 100+ countries

Need a little more help?

Holiday money card FAQs

What is a travel money card, what currencies can i spend in with a travel money card, what are the limits for spending with a travel card, how can i manage my travel money card, is a travel money card safe and secure, how can i order a travel money card.

• Download the Revolut app : find it in Apple or Google Play Store
• Sign up to Revolut : apply for an account and verify your identity
• Add a debit card : go to Cards and follow the instructions to start your order
• Set your PIN : choose a PIN that you'll remember
• Arrange delivery : enter your delivery address, and select your delivery method before proceeding to checkout (Delivery fees may apply)

Is a travel money card better than cash?

• Don’t exchange cash at the airport. It may be cheaper to withdraw money from an ATM with your travel money card.
• Don't carry more cash than you need. When you return home from your trip, you’ll need to re-convert this cash back to AUD, which can take time and cost you in fees.
• Always choose the local currency when spending with your card in shops and restaurants.
• Sign up to Revolut so you can manage your balance and get instant notifications on what you spend.

The content of this page is for general information purposes only and does not constitute financial advice. If you have any questions about your personal circumstances, please seek professional and independent advice. Revolut is not a financial adviser. ²Canstar 2023 Outstanding Value, Travel Money Card award received June 2023 for Standard and Premium accounts.

Travel Money

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Clubcard Prices are available for all currencies, just enter your Clubcard number on the next page. Full T&Cs below.

• Click & Collect Click & Collect

Collect for free from more than 350 Tesco stores with a Bureau de change.

• Home Delivery Home Delivery

Free delivery on orders worth £500 or more.

Exchange rates may vary during the day and will vary whether buying in store, online or via phone.

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Find a Store to get your Travel Money

With Click & Collect you can order your travel money online and pick it up from selected Tesco stores near you, or you can buy instantly from an in-store travel money bureau.

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3 easy ways to purchase Travel Money

Click & collect.

• Order online and choose to collect from over 500 Tesco store locations Order online and choose to collect from over 500 Tesco store locations
• Pick a collection day that works for you Pick a collection day that works for you
• Order euro or US Dollars Order Euros or US Dollars before 2pm and you can pick-up from most stores the next day

About Click & Collect

Home delivery

• Order online by 2pm Mon-Thurs for next day delivery (excludes bank and public holidays), to most parts of the UK Order online by 2pm Mon-Thurs for next day delivery (excludes bank and public holidays), to most parts of the UK
• Free delivery for orders of £500 or more Free delivery for orders of £500 or more
• Secure delivery via Royal Mail Special Delivery Secure delivery via Royal Mail Special Delivery

About Home Delivery

Buy in-store

• Buy your foreign currency instantly in our travel money bureaux in selected Tesco stores across the UK Buy your foreign currency instantly in our travel money bureaux in selected Tesco stores across the UK
• Turn unspent travel money back into Pounds with our Buy Back service Turn unspent travel money back into Pounds with our Buy Back service

About Buy Back

Best Travel Money Provider 2023/24

Now in it’s 26th year and voted for by the public, the Personal Finance Awards celebrate the best business and products in the UK personal finance market. We’re delighted that you voted us as Best Travel Money Provider 2023/24.

Additional Information

Ordering and collection.

You can pick a collection date when you're ordering your money. Order before 2pm and you can pick up Euros and US Dollars from most Tesco Travel Money bureaux the next day. Other currencies can take up to five days. Alternatively, you can order any currency for next weekday delivery to most of the selected customer service desks.

Please make sure you collect your money within four days of your chosen date. If you don't, your order will be returned and your purchase will be refunded, minus a £10 administration charge.

Will I be charged if I cancel my order?

Collection fees

Click and collect from stores with a Bureaux de change:

• Free for all orders

For non-bureaux stores with a click and collect function:

• £2.50 for orders of £100.00 - £499.99
• Free for orders of £500 or more

What to bring

For security, travel money will need to be picked up by the person who placed the order.

• a valid photo ID – either a passport, EU ID card, or full UK driving license (we do not accept provisional driving licenses)
• your order reference number
• the card you used to place the order (you’ll also need to know the card’s PIN)

Home Delivery

We can send your travel money directly to you via secure Royal Mail Special Delivery. You can even pick the delivery date that suits you best.

We also offer next-day home delivery on all currencies to most parts of the UK if ordered before 2pm Monday-Thursday.

Check the Royal Mail site to find out if your postcode is eligible for next day delivery

Delivery costs

£4.99 for orders of £100 - £499.99 Free for orders of £500 or more

• You’ll need to make sure there’s someone at home to sign for your delivery.
• Bank holidays and public holidays will affect delivery times.
• We are unable to cancel or amend home delivery orders after they have been placed.

Clubcard Prices

Clubcard Prices are available on the sell rate only for currencies in stock online, on your date of purchase. The Clubcard Price will be better than the standard rate advertised online on the date of purchase. When purchasing online you must enter a valid Clubcard number to obtain the Clubcard Price rate. Exchange rates may vary whether buying in store, online or by phone.

Clubcard Prices apply to foreign currency notes in stock on your date of online purchase. Due to constant market and currency fluctuations, rates on the date of purchase cannot be compared to another day’s rates. The actual rate you receive may vary depending on market fluctuations. Clubcard data is captured by Travelex on behalf of Tesco Bank.

Check out the Tesco Bank privacy policy to find out more.

Buying foreign currency using a credit or debit card

No matter how you purchase your travel money, whether it be in store, online or over the phone, you will not be charged any card handling fee by us. However, regardless of your card type, your card provider may apply fees, e.g. cash advance fees or other fees, so please check with them before you purchase your travel money.

Click & Collect cancellations

You can cancel a Click & Collect order any time prior to collection. We'll refund you with the full Sterling amount that you paid for your order, unless you cancel less than 24 hours before your collection date, in which case we'll charge a £10 late cancellation fee.

We are unable to refund any fees charged by your card issuer, so please contact them if you have any further queries.

When you get home, we'll buy your travel money back

Let us turn your unspent holiday money into Pounds. It couldn't be simpler.

Just pop into one of our in-store Travel Money Bureaux when you get home. We buy back all the currencies we sell in most banknote values and also the Multi-currency Cash Passport™. Buy back rates may vary during the day.

It doesn't matter where you bought your travel money, even if it wasn't from a Tesco Travel Money Bureau, we'll still buy it back.

More about currency buy back

How our Price Match works

If you find a better exchange rate advertised by another provider within three miles of your chosen Tesco Travel Money Bureau, on the same day, we'll match it.

Price Match only applies in store on a like-for-like basis on sell transactions and does not apply to any exchange rate advertised online or by phone. This is not available in conjunction with any other offer. We reserve the right to verify the rate you have found and the three mile distance (using an appropriate route planning tool).

See full terms and conditions below.

Tesco Travel Money is provided by Travelex

Tesco Travel Money ordered in store is provided by Travelex Agency Services Limited. Registered No. 04621879. Tesco Travel Money ordered online or by telephone is provided by Travelex Currency Services Limited. Registered No. 03797356. Registered Office for both companies: Worldwide House, Thorpewood, Peterborough, PE3 6SB.

Multi-currency Cash Passport is issued by PrePay Technologies Limited pursuant to license by Mastercard® International. PrePay Technologies Limited is authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011 (FRN: 900010) for the issuing of electronic money and payment instruments. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.

How much travel money will I need?

Whether it’s a burger in Brisbane or a taxi in Toronto, get a feel for how far your travel money might go with our foreign currency guides. We’ll help you manage your travel budget like a pro.

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Find our best exchange rates online and enjoy 0% commission on over 60 currencies. And you can choose collection from your nearest branch or delivery to your home

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Delivery options, available branches and fees may vary by value and currency. Branch rates will differ from online rates. T&Cs apply .

Why get your holiday cash from Post Office?

• Order online, buy in branch, or choose delivery to your home or local branch 
• 100% refund guarantee* if your holiday’s cancelled, at the same exchange rate, excluding bank and delivery charges. Just send your receipts and evidence of cancellation to us within 28 days of purchase. *T&Cs apply
• Order euros or US dollars to collect in branch in as little as 2 hours

Today’s online rates

Rate correct as of 20/04/2024

Travel Money Card (TMC) rates may differ. Branch rates may vary. Delivery methods may vary. Terms and conditions apply

Win £5000 with Post Office Travel Money Card

A chance to win £5000 when you top up a new or existing Travel Money Card*. Offer ends 12 May

*Exclusive to travel money cards. Promotion runs 4 March to 12 May 2024. 1 x £5,000 prize available to be won each week. Minimum equivalent spend of £50 applies.

Stay in control

Manage your holiday essentials together in one place on the move, from your Travel Money Card and travel insurance to extras like airport parking.

New-look travel app out now

Our revamped travel app’s out now. It makes buying, topping up and managing Travel Money Cards with up to 22 currencies a breeze. Buying and accessing Travel Insurance on the move effortless. And it puts holiday extras like airport hotels, lounge access and more at your fingertips. All with an improved user experience. Find out what’s changed .

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Please immediately call: 020 7937 0280

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Read our travel money FAQs or contact our team about buying currency online or in branch:

Visit our travel money support page

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Best no annual fee travel credit cards of April 2024

Fortune Recommends™ has partnered with CardRatings for our coverage of credit card products. Fortune Recommends™ and CardRatings may receive a commission from card issuers.  

Terms apply to American Express benefits and offers. Enrollment may be required for select American Express benefits and offers. Visit americanexpress.com to learn more.  

Travel rewards cards are a lot like gyms. The best ones may come with tons of added benefits (saunas, yoga class, etc.) but they also cost a lot, usually with a big financial commitment upfront. 

As a result, whether you’re considering a Chase Sapphire Preferred ® Card (with its $95 annual fee) or a CrossFit membership, you probably have the same question on your mind: will I really use it enough to justify paying for it? 

While there aren’t any free gyms we know of, there thankfully are plenty of no-annual-fee travel rewards cards that require essentially zero commitment. And just like an ab roller or a Richard Simmons DVD, you can simply use them a few times, forget about them, and put them in a drawer until beach season. Or, you can stick with it and make them part of your daily routine—whatever works for you.

You’re also far more likely to see “instant results” with these cards, too. From 100,000-point welcome bonuses to rewards for paying rent, free travel insurance to 3X on gas, these cards offer way more than you’d expect for a fee of $0 per year. 

The best no-annual-fee travel cards for April 2024

Best overall: bilt mastercard, best for hotel rewards: ihg one rewards traveler credit card, best for airline rewards: united gateway℠ card, best for travel earnings: wells fargo autograph℠ card, best for flat-rate earnings: capital one ventureone rewards credit card.

The Bilt Mastercard allows you to earn points from paying rent and transfer them 1:1 to well over a dozen different travel partners including United MileagePlus and Marriott Bonvoy. Toss in some surprisingly robust travel insurance and you have our unconventional—yet logical—choice for the best overall no-annual-fee travel card of 2024.

Bilt Mastercard®

Special feature.

Rewards Rates

• 1x Earn 1X points on rent payments without the transaction fee, up to 100,000 points each calendar year
• 1x Earn 3X points on dining
• 2x Earn 2X points on travel
• 1x Earn 1X points on other purchases
• Use the card 5 times each statement period to earn points.
• Uniquely earns points on rent
• Rent Day bonus every first of the month offers double points (excluding rent)
• Robust travel transfer partners
• Cash redemption rate is poor
• No traditional welcome bonus
• Travel perks: Trip Cancellation and Interruption Protection, Trip Delay Reimbursement, Auto Rental Collision Damage Waiver
• See this page for details
• Foreign Transaction Fee: None

Why we like this card: As mentioned, the Bilt Mastercard’s most compelling feature is that it allows you to pay rent with a credit card—even if your landlord doesn’t take plastic—and avoid the transaction fee paying rent by credit card would typically incur. Then, as long as you complete five transactions each month, you’ll trigger 1X rewards on your rent payments. 

Note that rewards on rent are capped at 100,000 points per year.

In terms of earning potential, if you pay the median ~$2,000 rent in the U.S., you could earn approximately 24,000 points per year which can be used to book travel in Bilt’s portal at a value of 1.25 cents per point or transferred to any of Bilt’s airline or hotel partners at a 1:1 ratio. In other words, you could likely earn a domestic flight with United or a weekend stay at Hyatt, all for simply paying rent on time.

The Bilt card also provides trip cancellation and interruption protection, trip delay reimbursement, and primary rental car insurance (terms apply)—perks you wouldn’t typically find on a no-annual-fee credit card.

If you’re looking for a hotel rewards card that offers the most free nights for no annual fee, wait until you read about the IHG One Rewards Traveler Credit Card. With a six-figure welcome bonus, up to 17X on stays and other compelling rewards, it’s currently the gold standard for no-fee hotel rewards.

IHG One Rewards Traveler Credit Card

Intro bonus.

• 17x Earn up to 17X points when you stay at IHG Hotels & Resorts 
• 3x Earn 3X points on dining, utilities, internet, cable, and phone services, select streaming services, and at gas stations
• 2x Earn 2X points on all other purchases
• Generous welcome bonus not typically seen in a $0 annual fee card
• Travel protections that are unusual for a no-annual-fee card
• Fourth night free on award bookings
• Limited redemption options outside of IHG
• IHG points are worth less than some other rewards currencies
• Silver status granted with the card has limited benefit
• Additional perks: Trip cancelation/interruption insurance, auto rental collision damage waiver, purchase protection, ability to spend to Gold status
• Foreign transaction fee:None

Why we like this card: We like calling the IHG One Rewards Traveler card the “Liam Hemsworth” of travel rewards cards because it lives in the shadow of its big brother—the IHG One Rewards Premier Credit Card —but still delivers plenty of quality and substance in its own right (with no annual fee, to boot). 

For starters, you can get a welcome bonus of 80,000 bonus points after spending $2,000 on purchases within the first 3 months of account opening, potentially worth around $500 to $700 in IHG redemption. 

Plus, enjoy up to 17X points when you stay at IHG Hotels & Resorts, instant Silver Elite status and a handy bonus where you redeem points for three consecutive nights and get the fourth night in your stay free. So, if you book a three-night stay using your welcome bonus, you’ll essentially be getting a complimentary four-night stay at a nice IHG property for no annual fee. The IHG One Rewards program could be very rewarding for the right traveler.

Check out our full review of the IHG One Rewards Traveler .

As a no-annual-fee airline card, the United Gateway℠ Card currently edges out its rival the Delta SkyMiles® Blue American Express Card by offering a more generous welcome bonus and travel insurance that the Delta card does not provide. If you fly occasionally and would like to earn miles, but aren’t willing to make the commitment of $95 or more for a mid-tier airline card with more perks, the Gateway is a strong choice. 

United Gateway℠ Card

• 2x 2 miles per $1 spent on United® purchases, including tickets, Economy Plus, in-flight food, beverages and Wi-Fi, baggage service charges and other United purchases.
• 2x 2 miles per $1 spent on local transit and commuting, including rideshare services, taxicabs, train tickets, tolls, and mass transit.
• 1x 1 mile per $1 spent on all other purchases
• No annual fee or foreign transaction fee
• Reward bonus categories outside of United Airlines
• Robust travel protections for a no-annual-fee card
• No baggage or expanded award availability benefits like with other United cards
• Subject to Chase 5/24 rule.
• United perks: 25% back as a statement credit on purchases of food, beverages and Wi-Fi on board United-operated flights and on Club premium drinks when you pay with your Gateway Card
• Other perks: Auto Rental Collision Damage Waiver, Trip Cancellation/Interruption insurance, Purchase Protection, Extended Warranty
• Foreign transaction fee: None

Why we like this card: The United Gateway card offers 2 miles per $1 spent on United® purchases, at gas stations and on local transit and commuting plus 1 mile per $1 spent on all other purchases. Considering a United Mile is worth roughly around 1.2 cents these days, effectively earning 2.4 cents back on everyday purchases is a solid value proposition. 

You’ll also get a welcome bonus of 20,000 bonus miles after you spend $1,000 on purchases in the first 3 months your account is open. And, you can save with a discount of 25% back on United in-flight and Club Premium drink purchases. 

New cardholders will enjoy a 0% Intro APR on Purchases for 12 months, after 21.99%–28.99% variable applies.

If the United Gateway card has a small lead on the Delta Skymiles Blue Amex at this point, it soars ahead (pun intended) when you look at the included travel and shopping protections. Both cards offer secondary rental car insurance, but only the Gateway includes trip cancellation and interruption insurance, purchase protection and extended warranty protection. 

So, if you’re seeking a no-annual-fee card you can use to rack up miles—and you either tend to fly United most of the time or you’re at minimum not devoted to a competing airline—the United Gateway is the card to beat.

Check out our full review of the United Gateway Card for more info.

To view rates and fees of the Delta SkyMiles® Blue American Express Card, see this page  

With a generous welcome bonus in exchange for an attainable spend amount, 3X on travel, and a fancy name, you’d think the Wells Fargo Autograph℠ Card would command an annual fee of at least $95. But it doesn’t, making it a superb candidate for general travel use.

Wells Fargo Autograph℠ Card

Intro bonus.

• 3X 3X points on restaurants, travel, gas stations, transit, popular streaming services and phone plans
• 1X 1X points on other purchases
• No annual fee
• 20,000 bonus points when you spend $1,000 in purchases in the first 3 months (that's a $200 cash redemption value)
• Points transfer to partners
• Car rental insurance is secondary
• No travel insurance
• Transfer partners are limited
• Additional perks: Cell Phone Protection: Provides up to $600 in cell phone protection when you pay your monthly cell bill with your Wells Fargo Autograph card. Coverage is subject to a $25 deductible and limited to two claims every 12-month period.
• Foreign transaction fee: N/A

Why we like this card: The Wells Fargo Autograph offers unlimited 3X points on restaurants, travel, gas stations, transit, popular streaming services and phone plans and even your landline bill too if you have one, plus 1X points on other purchases—all without charging an annual fee. And, to make traveling a little cheaper/less stressful, you’ll also get $600 worth of cell phone protection (minus a $25 deductible) as long as you pay your phone bill with this card and secondary rental car insurance. 

Cardholders can transfer points at a 1:1 ratio to Wells Fargo’s first wave of transfer partners including Air France‑KLM Flying Blue, Avianca Lifemiles, British Airways Executive Club, AerClub, and Iberia Plus and 1:2 to Choice Privileges. 

But even if you aren’t a member of those loyalty programs, earning 3X on dining, travel, gas, and more is hard to pass up. You can redeem points at a value of 1 cent each to offset past purchases on your account, meaning you can wield the Autograph either as a no-annual-fee travel card or as a cash-back card effectively earning unlimited 3% back in a wide swath of useful categories. 

Check out our full review of the Wells Fargo Autograph .

Sometimes, you just want a card that offers a little more than 1X on every purchase—without having to worry about what this quarter’s rotating rewards are, or whether a specific merchant qualifies as “groceries” for the purposes of your card’s rewards. If you value simplicity and the lack of an annual fee in your travel card, you’ll probably be a fan of the Capital One VentureOne Rewards Credit Card and its straightforward rewards program.

Capital One VentureOne Rewards Credit Card

Reward Rates

• 5x Earn 5x miles on hotels and rental cars booked through Capital One Travel
• 1.25x Earn 1.25x miles on every other purchase
• Flexible travel rewards
• No foreign transaction fee
• Maximizing Capital One Miles requires a learning curve
• Cash redemption value is limited
• The VentureOne offers travel accident insurance, rental car coverage, extended warranty protection, exclusive access to events through Capital One Dining and Capital One Entertainment

Why we like this card: The Capital One VentureOne Rewards offers 1.25X miles per dollar spent on everyday purchases and 5x miles on hotels and rental cars booked through Capital One Travel. That’s pretty much all that you have to remember. You can also get a nice welcome bonus of 20,000 miles after spending $500 on purchases within 3 months from account opening, which is a solid payout for a very attainable spending target. 

Capital One Miles can be transferred to well over a dozen airline and hotel partners, most at a 1:1 rate. Partners include Air Canada’s Aeroplan, British Airways Executive Club, Choice Privileges, Virgin Red, and Wyndham Rewards, among others. Other ways to book travel include redeeming miles through Capital One’s portal or making the purchase directly, paying with your card like normal, then using miles for a statement credit to cover the transaction. 

The Venture One also offers a 0% intro APR on purchases for 15 months (after that, the variable APR will be 29.99%). There’s an intro balance transfer fee of 3% of the amount of each transferred balance that posts to your account during the first 15 months that your account is open , then 4% per transfer for any promotional APR offered after. 

Come to think of it, provided you have the excellent credit needed to apply, the VentureOne could make a great travel companion for a grad student given its simplicity, lengthy intro APR period and low spending threshold required to trigger the welcome bonus.

Check out our full review of the Capital One VentureOne Rewards .

Frequently asked questions

Which card is best for international transactions without extra charges.

Zero foreign transaction fees is actually a common benefit among travel rewards cards, including many with no annual fee. For example, neither the Bilt Mastercard nor the United Gateway card charges a foreign currency conversion fee. 

What is the best travel credit card for a young person? 

If you’re still paying rent, the Bilt Mastercard is an excellent choice since it can generate points from rent payments which can then be transferred 1:1 to well over a dozen airline and hotel partners. If you’d prefer a card with a welcome bonus, which the Bilt card lacks, the IHG One Rewards Traveler card currently offers a massive welcome bonus for a no-annual-fee card—potentially worth hundreds of dollars toward a future IHG hotel stay. 

Is a travel card with an annual fee worth it?

Using a travel rewards card with an annual fee can be worth it as long as you’re extracting enough points and benefits to justify paying the fee each year. If you travel infrequently or just want one less fee to worry about, consider one of the no-annual-fee cards on our list above. But, the best perks and protections are typically available on cards with annual fees.

For example, the Capital One Venture X card offers a $300 annual travel credit for bookings made through Capital One Travel. If you use that every year, you’ve gone a long way toward offsetting the $395 annual fee. You also get 10,000 bonus miles, worth at least $100 toward travel, every year starting on your account anniversary.

Methodology

To bring you our top picks for the best travel rewards cards with no annual fee, the Fortune Recommends surveyed more than a dozen cards currently available from today’s top issuers. From there, we ranked each one based on the following core categories and weights:

• Welcome bonus (10%): Some cards—even those with no annual fee—offer welcome bonuses that you can earn once you make enough purchases within a certain time frame, such as spending $1,000 within three months of account opening.
• Travel earnings (25%): These are the point rewards you’d earn by making travel-related purchases (e.g. 3X on hotels, 2X on airfare).
• Car rental insurance (15%): Many, but not all travel-centric rewards cards include an auto rental collision damage waiver, which allows you to decline a portion of the rental company’s insurance and save potentially up to $30 per day. We gave extra consideration to if a card offers primary rental car insurance versus secondary, because primary kicks in immediately in a covered scenario—whereas secondary only applies after your own, personal insurance. 
• Travel insurance benefits (15%): Some travel rewards cards automatically apply trip cancellation/interruption insurance, lost/delayed luggage reimbursement and even travel accident insurance on travel bookings made using the card.
• Gas earning (5%): Since road trips remain a common form of travel, whether or not a card offers points rewards at the pump factored into our rankings.
• Dining earning (10%): If a no-annual-fee travel rewards card offered 2X or more on restaurant purchases it favored well in this category.

The remaining 20% was based on the card’s main focus: hotel, airline or general travel rewards. 

• For general travel—points transferrable to partners (20%): Points are literally worth more if you can transfer them to certain partners, so a card’s ability to transfer rewards to airline and hotel partners factored into our rankings.
• For hotel rewards—free award night with booking (20%): Some hotel rewards cards offer a BOGO-like perk where if you redeem a certain number of nights with points you get an extra tacked on for free.
• For airline rewards—ability to spend towards status (20%): Most airline rewards cards allow you to earn miles, but not all of them count those miles towards your next loyalty status. If a card treated them as “qualifying miles,” it fared better in this category.

Lastly, just keep in mind that virtually every aspect of a travel rewards card—from the rewards to the welcome bonus and fee structure—is subject to change, which could impact how many miles or points you earn. 

Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefits guide for more details. Underwritten by Amex Assurance Company.  

Please note that card details are accurate as of the publish date, but are subject to change at any time at the discretion of the issuer. Please contact the card issuer to verify rates, fees, and benefits before applying.  

EDITORIAL DISCLOSURE : The advice, opinions, or rankings contained in this article are solely those of the Fortune Recommends ™ editorial team. This content has not been reviewed or endorsed by any of our affiliate partners or other third parties.

Guide to travel rewards credit cards

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You will receive a welcome email shortly, mozo money moves: gap between investor and owner occupier rates narrows, are banks targeting investors.

Welcome back to another edition of Mozo Money Moves, your weekly banking wrap where we look at key changes to personal finance products, and review what’s been happening to interest rates, fees and conditions. 

This week, National Australia Bank (NAB) cut advertised variable rates for some loans, which prompted Mozo to look a little deeper into the rates on offer for investors and owner occupiers, and it appears the gap between owner occupier rates and investor rates for borrowers paying principal and interest is narrowing.

Mozo also shared new research that showed the differences in cost between different travel money cards, to help Aussies save hundreds of dollars on their trips abroad this Winter by planning their spending method ahead before hopping on a plane.

Home Loan Moves

A few smaller lenders made changes to home loan rates this week, making adjustments to current offers, but no substantial moves from the bigger banks.

Notably on Monday, NAB cut interest rates between 0.78%-1.08% on its Tailored Home Loan offerings, marking the first variable rate cut by a Big Four Bank this year.

The cuts were applied to rates for both owner-occupiers and investors, paying principal and interest or interest-only, with a loan-to-value ratio (LVR) between 70-80%. 

NAB's Tailored Home Loan now advertises a variable interest rate starting at 6.79% p.a. (6.87% p.a. comparison rate*) for owner occupier borrowers with a 70% LVR paying principal and interest, a drop 0.78% from its previously advertised rate.

Investors looking to secure a NAB home loan benefited from an even bigger drop in rates, with cuts of 1.08% to variable rates as low as 7.09% p.a. (7.17% p.a. comparison rate*) for those with an LVR of less than 70%.

“Mozo data shows there could well be a trend emerging in the home loan space, as the gap between investor home loan rate and owner occupier home loan rate averages for borrowers paying principal and interest is narrowing, ” said Mozo’s money expert Rachel Wastell.

“As interest only loans are high risk, these loans are priced higher for either borrower type, and as such there is very little difference between these advertised rates for owner occupiers and investors, but historically principal and interest loans for investors come with much higher rates.”

According to the Mozo database, in 2018, the gap between the average investor rate and owner occupier rates was roughly 50 basis points. However in the last quarter of 2021 that gap began to close, dropping below 45 basis points, to continue on a downward trend. The gap is now closer to 35 basis points. 

Further, recent Lending Indicators data from the Australian Bureau of Statistics highlights a surge in lending to investors, rising by 21.5% over the past year, and accounting for over half total new loan commitment growth.

“It seems like the banks are adapting to an evolving property market, and this narrowing gap between investor and owner occupier home loan rates may be a strategic move by the banks to attract a growing cohort of property investors,” said Wastell.

Last week, the Commonwealth Bank also released data that suggested the younger generation were opting to invest when buying their first property, rather than buying a property to live in. According to the bank, 46% of its new property investors in 2023 were made up of millennials, and 37% were Gen z buyers.

"As property prices and rents continue to skyrocket, first home buyers who feel locked out of the market may be opting to rent-vest, rather than buying a home to live in, to get their foot on the property ladder,’ said Wastell.

“Buying a property at a lower cost in a less desirable area, and then renting it out, could be an opportunity for younger generations to become homeowners, and if the gap between investor rates and owner occupier rates continues to narrow, there could be some attractive rates on offer for prospective rent-vestors.”

Low Rate Investor Loans

*WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years

Mozo Home Loan Insights:

• This week, NAB dropped interest rates on select home loans, with a cut of up to 1.08% now available to investors paying principal and interest.
• If you’ve been paying down your current home loan for a few years now, you could be in a position to score a better rate, here’s how.
• If you fall into negative equity, it can become a problem. So what is it exactly, and should you be concerned about it?
• Can you afford an $800,000 home? Here’s how much you’ll need.

Travel Money Moves

Mozo also released new data this week to help travellers preparing for trips abroad this Winter, urging them to carefully consider their choice of travel money card. 

For travellers, travel money options beyond credit cards include debit cards, foreign currency accounts, and prepaid travel cards. As part of the Mozo Experts Choice Awards 2024 Mozo looked at exchange rates, conversion fees and overseas ATM fees to find that proactive planning could save Aussies hundreds of dollars.

Opting for a foreign currency account held the most substantial savings for travellers visiting the US, UK, or Europe, as they offered superior exchange rates, roughly 5% less than those charged on prepaid travel cards, and close to 1% less than everyday debit cards that use Visa and Mastercard exchange rates.

However, travellers should make sure that if they opt for an everyday debit card to fund their overseas travel, they should make sure they are not charged currency conversion fees or overseas ATM fees.

Travellers with everyday debit cards that do charge fees, could be paying $262 in conversion fees, based on the average currency conversion fee in the Mozo database of 2.62% and a $10,000 (AUD) balance. That doesn’t include the potential cost of overseas ATM fees, which cost $3.16 on average for every withdrawal you make.

"As the cost of living continues to rise, making informed decisions about the type of card you use on your trip has never been more crucial," explained Wastell.

"While most debit cards can provide competitive exchange rates, where travellers get burned is on high currency conversion fees and overseas ATM fees charges, which really add up over the course of a holiday. This is why it's so important to compare in advance."

Best Travel Money Cards

Travel money insights.

• Mozo money writer Jack Dona shares his own experience with the Wise foreign currency account and how it saved him money and kept it simple.
• When planning for a holiday most will think about where they want to go and how much it will cost, but travel insurance should also be top of mind .
• Thinking about taking a trip abroad this winter? Here’s where Aussies are travelling, and which destinations have the biggest insurance savings.
• If you can’t afford to go overseas, and are opting for a road trip increase, you’ll want to check these things before you jump in the car.

As a part of Mozo’s commitment to making your money count for more, each month we “roundup” the rate changes, key banking trends and money moves in the Australian personal finance market. 

If you’d like to see the analysis in full once it’s released, you can subscribe to receive the Mozo Banking RoundUp here.

Disclaimer: Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice. Target Market Determinations can be found on the provider's website. While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo. 

Who we are and how we get paid

Our goal at Mozo is to help you make smart financial decisions and our award-winning comparison tools and services are provided free of charge. As a marketplace business, we do earn money from advertising and this page features products with Go To Site links and/or other paid links where the provider pays us a fee if you go to their site from ours, or you take out a product with them. You do not pay any extra for using our service.

We are proud of the tools and information we provide and unlike some other comparison sites, we also include the option to search all the products in our database, regardless of whether we have a commercial relationship with the providers of those products or not.

'Sponsored', 'Hot deal' and 'Featured Product' labels denote products where the provider has paid to advertise more prominently.

'Mozo sort order' refers to the initial sort order and is not intended in any way to imply that particular products are better than others. You can easily change the sort order of the products displayed on the page.

Important information on terms, conditions and sub-limits

Terms, conditions, exclusions, limits and sub-limits may apply to any of the insurance products shown on the Mozo website. These terms, conditions, exclusions, limits and sub-limits could affect the level of benefits and cover available under any of the insurance products shown on the Mozo website. Please refer to the relevant Product Disclosure Statement and the Target Market Determination on the provider's website for further information before making any decisions about an insurance product.

What the Wells Fargo Autograph Journey Visa Card offers

• How other travel cards compare to the Wells Fargo Autograph Journey℠ Visa® Card
• 3 key benefits cardholders get from the Autograph Journey 

Move Over, Chase Sapphire Preferred. This New Travel Credit Card Is Turning Heads

Wells Fargo's newest card has one key advantage over the gold standard in travel cards.

Holly Johnson

Contributor

Holly Johnson is a credit card expert and writer who covers rewards and loyalty programs, budgeting, and all things personal finance. In addition to writing for publications like Bankrate, CreditCards.com, Forbes Advisor and Investopedia, Johnson owns Club Thrifty and is the co-author of "Zero Down Your Debt: Reclaim Your Income and Build a Life You'll Love."

Tiffany Connors

Tiffany Wendeln Connors is a senior editor for CNET Money with a focus on credit cards. Previously, she covered personal finance topics as a writer and editor at The Penny Hoarder. She is passionate about helping people make the best money decisions for themselves and their families. She graduated from Bowling Green State University with a bachelor's degree in journalism and has been a writer and editor for publications including the New York Post, Women's Running magazine and Soap Opera Digest. When she isn't working, you can find her enjoying life in St. Petersburg, Florida, with her husband, daughter and a very needy dog.

The editorial content on this page is based solely on objective, independent assessments by our writers and is not influenced by advertising or partnerships. It has not been provided or commissioned by any third party. However, we may receive compensation when you click on links to products or services offered by our partners.

The Wells Fargo Autograph Journey℠ Visa® Card * -- Wells Fargo’s latest and best travel card -- recently launched with an impressive set of features. Its competitive rewards, welcome bonus and redemption options take aim at incumbent travel credit cards from Chase, American Express and Capital One.

What gives Wells Fargo’s first foray into the point-transfer space an edge is that you don’t have to book travel in a portal to earn the highest rewards rates. 

Here’s why we think the Wells Fargo Autograph Journey could go toe-to-toe with some of the best travel credit cards, plus three insider tips to help you decide if you should add it to your credit card lineup.

Here’s a quick overview of what you can expect with the Autograph Journey:

• Earn 60,000 welcome bonus rewards points after spending $4,000 in purchases within three months of account opening.
• Earn unlimited 5x points on hotels, 4x points on airlines, 3x points on other travel and dining and 1x on other purchases.
• Receive an annual statement credit with a $50 minimum airline purchase.
• No foreign transaction fees.
• Other benefits include trip cancellation and interruption insurance, lost luggage reimbursement, roadside dispatch and cell phone insurance.
• $95 annual fee.

How other travel cards compare to the Wells Fargo Autograph Journey℠ Visa® Card

Wells Fargo Autograph Journey℠ Card

Chase Sapphire Preferred® Card

Capital One Venture Rewards Credit Card

3 key benefits cardholders get from the autograph journey .

Here’s a rundown of four facts we discovered about the Autograph Journey that you should know when deciding whether to apply.

1. You can transfer points with Wells Fargo point-based cards

The launch of the Autograph Journey also marks the first transferable points program from Wells Fargo, which joins other card issuers like Chase and Capital One, which have their own pooling programs .

Autograph Journey will be able to do a points transfer with the no-annual-fee Wells Fargo Autograph℠ Card . This is especially notable since the Wells Fargo Autograph℠ Card offers bonus rewards in different categories than the Autograph Journey. 

For example, the Autograph card earns unlimited 3x points on restaurants, travel, gas stations, transit, popular streaming services and phone plans, plus 1x points on other purchases. So you can maximize your point earning across different categories, then transfer your points to your Autograph Journey account to access premium travel redemptions.

2. It offers more options for earning bonus miles on travel than some competitors

The Autograph Journey will offer more flexibility than many travel rewards cards when it comes to earning more points on travel purchases. For example, cardholders earn unlimited 5x points on hotels booked directly with hotel brands and 4x points on airfare booked with airlines. 

This helps the card stand out from other popular travel credit cards that offer the most bonus points only if you book travel through their portals. For example, the Capital One Venture Rewards Credit Card * and the Capital One Venture X Rewards Credit Card * only offer the highest bonus rewards on travel booked through Capital One Travel. The Chase Sapphire Preferred® Card also offers its highest rate of 5x points on travel booked through Chase Travel℠, whereas other travel purchases earn 2x points.

Autograph Journey cardholders also earn a minimum of 3x points on other travel purchases, which could include rental cars, cruises and travel booked through online travel agencies like Expedia and Priceline.

3. The card may grow in value as more transfer partners join

The Autograph Journey Card will earn flexible travel rewards points that transfer to a selection of airline and hotel partners, similar to Amex Membership Rewards points or Chase Ultimate Rewards . While the list of transfer partners is limited, Wells Fargo stated in its initial press release that “more partners will continue to be added throughout the year.”

Points transfers could dramatically change the value proposition of the Autograph Journey, especially if new partners include domestic airlines and popular hotel loyalty programs. 

Wells Fargo point transfers will be available to new cardholders starting on April 4. For now, Wells Fargo transfer partners include the following:

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After writing about hundreds of credit cards, these two are still my favorite, 6 reasons the chase sapphire preferred should be your next credit card, 3 steps to take when your flight is canceled or delayed, 8 best credit card strategies to maximize earnings in 2024, as a foodie who enjoys a night out on the town, this credit card gives me plenty to savor.

* All information about the Wells Fargo Autograph Journey, Capital One Venture Rewards Credit Card and Capital One Venture X Rewards Credit Card have been collected independently by CNET and has not been reviewed by the issuer.

CNET editors independently choose every product and service we cover. Though we can’t review every available financial company or offer, we strive to make comprehensive, rigorous comparisons in order to highlight the best of them. For many of these products and services, we earn a commission. The compensation we receive may impact how products and links appear on our site.

Best balance transfer credit cards of April 2024

W ith interest rates continuing to climb over the past two years, variable-rate debt has become more expensive than ever to own. If you’re looking to give yourself a clean slate, opening a new card with an introductory 0% APR balance transfer offer could be a smart strategy. 

The Fortune Recommends TM team evaluated more than 30 balance transfer credit cards available today and ranked them based on factors such as introductory period, annual percentage rate (APR) , rewards structure, consumer benefits, and more. See our full methodology here.

• Best overall balance transfer card : U.S. Bank Visa® Platinum Card
• Best for no fees: Citi Simplicity® Credit Card

Best for fair credit: Citi® Double Cash Credit Card

Best for post-balance transfer apr: bankamericard®.

• Best for cash back: Chase Freedom Flex℠ Credit Card
• Best for travel and consumer protections: Chase Freedom Unlimited ® Credit Card

Best for travel rewards: Amex EveryDay® Credit Card

• Best for choose-your-own-adventure: Bank of America® Customized Cash Rewards

Best for Preferred Rewards members: Bank of America® Unlimited Cash Rewards

Best overall balance transfer card:  u.s. bank visa platinum card, why we like this card .

The U.S. Bank Visa® Platinum Card features an exceptionally long 0% introductory APR period for purchases and balance transfers. After that, the card reverts to a variable APR of 18.74%–29.74%, depending on creditworthiness. Balance transfers also include a fee or 3% of the amount of each transfer, $5 minimum.

This card also comes with a few additional perks, including up to a $600 reimbursement if your cell phone is stolen or damaged when you pay your monthly cell phone bill with your card. Plus, there’s no annual fee, making the U.S. Bank Visa® Platinum Card an economical choice for cardholders looking to minimize their debt.

Best for no fees: Citi Simplicity Credit Card

With no annual fee, late fees, or penalty APR, the Citi Simplicity® Credit Card stands out as a consumer-friendly option. It offers an impressive 21-month introductory 0% APR on balance transfers (and a 0% intro APR for 12 months on purchases). The balance transfer fee is 3% of the amount of the transfer, $5 minimum, for transfers completed within four months of account opening. After that, the fee is 5% of each transfer (minimum $5). Once the intro period is over, the APR reverts to a variable 19.24%–29.99%, depending on creditworthiness.

The Citi® Double Cash Credit Card is ideal for those who want a straightforward rewards program without the need to track spending categories or sign up for quarterly bonuses—and without the need for excellent credit to qualify. It offers a generous 18-month introductory 0% APR on balance transfers. The balance transfer fee is 3% of the amount of the transfer, $5 minimum, for transfers completed within four months of account opening. After that, the fee is 5% of each transfer (minimum $5). Once the intro period is over, the APR reverts to a variable 19.24%–29.24%, depending on creditworthiness.

Additionally, the Citi Double Cash card provides 2% cash back on all purchases: 1% cash back when you make a purchase, plus an additional 1% as you pay. There are no category restrictions or enrollment required, and there is no limit on the amount of cash back you can earn. For a limited time card holders also earn 5% total cash back on hotel and car rentals booked on the Citi Travel℠ portal through 12/31/24.

New cardholders also have the opportunity to earn $200 cash back after spending $1,500 on purchases in the first six months of account opening. Plus, the card offers additional perks such as 24-hour fraud protection with no annual fee.

Dig deeper:

A balance transfer acts as a patronus against the dementor of debt

How to gain control of your debt with a balance transfer

The BankAmericard® is an excellent choice for those who want a card with a long 0% APR period for both purchases and balance transfers, plus a reasonable APR once the intro period is over. It offers a valuable introductory 0% APR for the first 18 billing cycles on purchases, as well as balance transfers made within 60 days of opening your account. After the intro APR offer ends, a variable APR of 16.24%–26.24% applies, depending on creditworthiness. A 3% fee applies to all balance transfers.

Despite its lack of an annual fee, cardholders also enjoy several valuable perks, including free access to their TransUnion FICO score and optional overdraft protection for an eligible Bank of America checking account.

Best for cash back: Chase Freedom Flex Credit Card

The Chase Freedom Flex Credit Card is an excellent option for those seeking high cash back rates and a diverse rewards program. It provides an impressive introductory 0% APR for the first 15 billing cycles on purchases and balance transfers. It also has a generous rewards structure that, when maximized, rivals the best cash-back cards on the market.

Best for travel and consumer protections: Chase Freedom Unlimited credit card

In addition to a lengthy introductory APR period and generous rewards program, the Chase Freedom Unlimited® credit card also offers a host of valuable protections. It offers a competitive introductory 0% APR for the first 15 billing cycles on purchases and balance transfers. Despite its lack of an annual fee, the Chase Freedom Unlimited card also comes with several consumer and travel benefits, including purchase protection, extended warranty protection, cell phone insurance, trip cancellation/interruption insurance, and auto rental collision damage waiver. 

The difference between a 0% intro APR card and a balance transfer card is that 0% intro APR offers usually refer to new purchases. Some 0% APR cards offer a balance transfer intro rate and vice versa, but make sure the card does double duty if you want to both make a big purchase and do a balance transfer.

The Amex EveryDay® Credit Card is particularly well-suited for regular shoppers, especially those who spend a lot on groceries, as well as frequent travelers. It comes with a 0% introductory APR on purchases and balance transfers for 15 months from the date of account opening while earning valuable Membership Rewards points. Plus, the Everyday card comes with added travel protections such as car rental loss and damage insurance and a Global Assist hotline.

Best for choose-your-own-adventure: Bank of America Customized Cash Rewards

The Bank of America® Customized Cash Rewards card is ideal for those looking for flexible reward options, especially in categories where they spend the most, along with additional perks and a competitive sign-up bonus, all without an annual fee. It offers a 0% introductory APR for your first 15 billing cycles for purchases, and for any balance transfers made within the first 60 days of opening your account.

This card also stands out for its competitive cash back rewards. First, you choose which category you want to earn 3% cash back in: gas and EV charging stations; online shopping, including cable, internet, phone plans and streaming; dining; travel; drug stores and pharmacies; or home improvement and furnishings. This selection can be changed in the future.

You also automatically earn 2% cash back at grocery stores and wholesale clubs, and an unlimited 1% cash back on all other purchases. Note that you earn 3% and 2% cash back on the first $2,500 in combined purchases each quarter in the choice category, and at grocery stores and wholesale clubs, then earn unlimited 1% thereafter. Preferred Rewards members earn 25% to 75% more cash back on every purchase.

The Bank of America® Unlimited Cash Rewards card is a compelling option for those looking for a straightforward, no-annual-fee cash back credit card—especially for Bank of America Preferred Rewards members who can maximize their cash back returns.

Like the Customized Cash Rewards card, the Unlimited Cash Rewards card from Bank of America offers a 0% introductory APR for your first 15 billing cycles for purchases, and for any balance transfers made within the first 60 days of opening your account.

However, these cards differ when it comes to their rewards. The Bank of America Customized Cash Rewards card provides 1.5% cash back on all purchases. There’s no limit to the amount of cash back you can earn and cash rewards don’t expire. 

Preferred Rewards members earn 25%-75% more cash back on every purchase, which translates to a cash back rate of 1.87% to 2.62%. Members of the Bank of America Preferred Rewards program enjoy many other exclusive benefits and pricing discounts as well.

You can't transfer balances between credit cards from the same issuer. When selecting a new balance transfer card to apply for, make sure it's issued by a different bank or credit union than the card(s) on which you currently have debt.

Pro tip: You can't transfer balances between credit cards from the same issuer. When selecting a new balance transfer card to apply for, make sure it's issued by a different bank or credit union than the card(s) on which you currently have debt.

What is a balance transfer?

A balance transfer involves moving the outstanding balance from one or more credit cards to another credit card, usually with a lower interest rate. In order to attract new business, some cards may even offer an introductory 0% APR on balance transfers. Cardholders generally choose to transfer a balance in order to consolidate high-interest credit card debt and reduce the amount of interest being accrued, allowing them to save money and pay off the balance faster. Learn more about how balance transfers work .

What is the difference between 0% APR on purchases and a balance transfer?

A balance transfer happens when you take the balance from a higher-interest loan and transfer it to a card with a lower interest rate. 0% APR on purchases allows you to finance a large purchase for a longer period of time without interest. If you are looking to make a large purchase, check out our list of Best 0% APR cards .

How much does it cost to do a balance transfer? 

Most credit card issuers charge a balance transfer fee that typically ranges from 3% to 5% of the amount being transferred. For instance, if you transfer $10,000 and the fee is 3%, you would pay a one-time cost of $300.

Also, keep in mind that while some balance transfer credit cards offer a 0% introductory APR for a set period (usually around 12 to 18 months), if you don't pay off the transferred balance within that period, you will start accruing interest at the card's standard rate. Before transferring a balance to a new card, be sure to check the fee and APR for balance transfers and understand how long the promotional rate applies.

When should I do a balance transfer? 

If you have high-interest credit card debt, transferring the balance to a card with a lower interest rate can save you money. It also makes it easier to pay off your debt faster since 100% of your payments go toward the principal balance. If you find a credit card offering an introductory 0% APR on balance transfers, this can be a great opportunity to pay down your debt without accruing additional interest during the promotional period.

How do I do a balance transfer?

Start by comparing your options and look for a card that offers favorable terms. Key factors to consider include the length of the introductory 0% APR period (if there is one), the regular APR after the introductory period ends, and the balance transfer fee.

Once you've chosen a card that fits your needs, you can apply for it. Be sure your credit score aligns with the card issuer's requirements to ensure you get approved. 

After your application is approved and you receive your new card, you can initiate the transfer. This can often be done online through your new credit card account or by calling the card issuer. You’ll need to provide a few details, including the card numbers and amounts you want to transfer from each account.

Frequently Asked Questions 

Do balance transfers hurt your credit score.

A balance transfer itself should have a negligible impact on your credit score. However, if you continually open new credit cards and transfer debt around without paying it down, your score can be harmed in the long run.

Is a balance transfer ever a good idea?

A balance transfer can be a good idea if you have a high-interest credit card with a significant balance. Transferring the balance to a new card with a low or 0% APR can help you pay down the debt faster without the added burden of accrued interest.

Is there a catch to balance transfer cards?

There is no catch with balance transfers, but there are a couple of important points to be aware of. The first is that in most cases, you’ll be required to pay a fee of around 3% to 5% when you transfer a balance. However, this fee is usually worth the interest savings. Second, you should pay off your entire balance before the introductory APR is over, otherwise you will start accumulating interest at the regular purchase rate.

Our methodology 

To bring you our top picks for the best cash back credit cards, the Fortune Recommends team compared more than 30 balance transfer cards available from major issuers. 

We ranked each account in these six core categories: 

• Introductory 0% APR balance transfer term (60%): The most heavily weighted factor in our rankings was the length of time that the introductory 0% APR on balance transfers lasts.
• Balance transfer fee (5%): This is the one-time fee associated with each balance transfer. We only considered cards with a balance transfer fee of 3% or less.
• Maximum APR on purchases and balance transfers (10%): To ensure cardholders with an existing balance once the intro period is over aren’t burdened by excessive interest rates, we considered the maximum APR each card charges for balance transfers and purchases.
• Rewards (10%): Cards that also provide rewards (such as cash back or points ) on spending were given a boost in our rankings.
• Welcome bonus (5%): It’s common for credit card issuers to entice new customers by offering a bonus when they spend a certain amount of money within a few months after opening an account. Cards that include a welcome bonus were favored in our rankings.   
• Consumer benefits (10%): Cards were awarded 0–5 points based on which consumer benefits/protections were included: purchase protection, extended warranty, cell phone insurance, car rental coverage, and trip cancellation/interruption insurance.

Keep in mind that the interest rates, balance transfer terms, and fee structures for the cards mentioned are available for limited periods and subject to change. 

Please note that card details are accurate as of the publish date, but are subject to change at any time at the discretion of the issuer. Please contact the card issuer to verify rates, fees, and benefits before applying.

Terms apply to American Express benefits and offers. Enrollment may be required for select American Express benefits and offers. Visit americanexpress.com to learn more.

Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by Amex Assurance Company.

This story was originally featured on Fortune.com