Early online Christmas shopping? You’ll need a low fee card

By Polly Fleeting ·
woman-shopping-online-for-christmas

The weather is warming up and you know what that means … Christmas is coming. 

It’s true, it may seem like we’ve jumped the gun a little on this one. But, if you’re an online shopper looking to buy gifts from international retailers (given COVID delivery delays) you may want to get yourself sorted now. 

“It’s often easy to leave Christmas shopping to the last minute, but given the current environment, shoppers are going to have to be a little more savvy this year,” says Mozo Director Kirsty Lamont. 

“Over the past few months, customers have seen long delay times on international orders which could ramp up as the holiday period rolls around.” 

Don’t forget the foreign exchange fee 

As well as being wary of long wait times on overseas orders, it’s important to have the right payment method to avoid being stung with additional fees. 

According to the Mozo database, there are 10 credit card providers and 10 debit card providers that offer cards without a foreign exchange fee

When it comes to credit cards, these fees range from 0% to 3.65%, while for debit cards they go from $0 up to $3.65 per transaction. 

“While many Aussies haven’t been able to make their planned international trips this year and spend overseas, it’s still important to consider the foreign exchange fee attached to your credit or debit card,” says Lamont. 

“You can still be stung with a hefty international transaction fee while you shop online at overseas retailers from the comfort of your own couch.” 

So which cards currently have no foreign exchange margin? Check some options below!

Compare credit cards with no foreign exchange fee

Bankwest Zero Platinum Mastercard
Promoted
  • 0% foreign exchange fee
  • No annual fee
  • Extended warranty and purchase protection

If you’re looking for a credit card with minimal fees when you shop online, say hello to the Bankwest Zero Platinum Mastercard. Not only does this card have a 0% foreign exchange margin, there is also no annual fee to worry about either. Plus, there are other perks: these include 55 interest-free days, extended warranty and purchase protection on eligible transactions. Just make sure you make the minimum repayment each month, otherwise you’ll face a $25 late payment charge.

NAB StraightUp card
Promoted
  • 0% foreign exchange fee
  • 0% purchase rate
  • No upfront annual fee

Need a credit card that has straight up ditched a bunch of fees and interest? Meet NAB’s new StraightUp credit card. This card has no interest rate, no foreign exchange fee and no late payment fee. Instead there is a monthly fee that ranges between $10 and $20 (depending on your credit card limit). And what’s great is if you don’t end up using your card within a statement period or your balance is at 0, NAB will waive this cost. So the card will be fee-free for that timeframe!

Bankwest More World Platinum Mastercard
Promoted
  • 0% foreign exchange fee
  • 115,000 bonus points each year (spending criteria applies)
  • 2.5 points per $1 on eligible purchases

With the Bankwest More World Platinum Mastercard you’ll get minimal fees as well as great rewards. For cardholders there is no foreign exchange margin, meaning you can shop online at international retailers and not be charged a fee on top of your transaction. All about the rewards? Well, with this card you earn 2.5 points per each dollar you spend on eligible purchases (uncapped). Plus, there’s an opportunity to earn 115,000 bonus points each year you hold the card - as long as you use the card to spend $84,000 in a year. Also remember, there is a $270 annual fee to budget for.

Compare debit cards with no overseas transaction fee

HSBC Everyday Global Account
Promoted
  • No overseas transaction fee
  • 2% cashback on contactless purchases under AU$100 (conditions apply)
  • $100 bonus for customers that apply before 31 December 2020

The HSBC Everyday Global Account debit card can be used on any global website without a foreign exchange charge. How about contactless shopping? You’ll be pleased to know this card is available via Apple Pay, Google Pay and PayID. Plus, if you deposit $2,000 into the account each month, you’ll be given 2% cashback (up to $50 a month) on tap and go purchases under $100. Still want more? If you apply by the end of this year, you’ll receive a juicy $100, criteria applies.

Citi Global Currency Account
Promoted
  • No foreign exchange fee
  • 2020 Mozo Experts Choice winner^
  • Up to 0.90% on AUD balance

If you are looking for an account to hold multiple currencies that won’t charge you for international spends, the Citi Global Currency Account may be your perfect match. Like its name suggests, this account is designed to be used globally. Not only can you hold up to 10 different currencies at one time, there is no international transaction fee either. And if you have a large balance over $25,000 in AUD, you can earn 0.90% on your funds. It’s no wonder this account was a 2020 Mozo Experts Choice Awards winner^ in the Exceptional Everyday Account category.

Up Everyday Account
Promoted
  • No international transaction fee
  • 2020 Everyday & Savings Bank of the Year
  • $5 bonus when you use code MOZO5

The Up Everyday Account is an award-winning debit card option that could be exactly what you are looking for. There is no foreign exchange fee charged when you use this card internationally, plus there are no other ongoing fees to worry about. And to help your savings along, there is an optional roundup feature that rounds purchases to the nearest dollar and transfers it into a linked Saver Account. But that’s not all! If you used the code MOZO5 when you sign up, you’ll receive a nice little $5 into the account. There are many reasons that Up was awarded 2020 Everyday & Savings Bank of the Year in the 2020 Mozo Experts Choice Awards.^

Want to be rewarded for your Christmas spending? Jump over to our rewards credit card comparison table for some hot offers right now.

^See information about the Mozo Experts Choice Awards.

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.

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.

Polly Fleeting
Polly Fleeting
Money writer

Polly Fleeting is a personal finance writer here at Mozo, specialising in loans and credit cards. Her work is aimed at helping people find ways to make smart product choices, reduce debt and get more for their hard-earned dollars. Polly has a degree in Journalism from the University of Technology, Sydney.