5 Best Credit Cards for Overseas Spending

February 26, 2018


Credit Cards for Overseas Spending | MoneyMax.ph

Credit cards that bear the logo of Mastercard, Visa, or American Express are most likely accepted as a payment mode for transactions around the world. Yes, nobody’s stopping you from swiping your card—the only problem is that it can be really costly if you’re using just a regular card.
A number of credit cards in the Philippines help Filipinos save money and earn great rewards on purchases made abroad. Some cards have no foreign transaction fees, while others have great rewards programs for international purchases. They also provide travel-related perks such as travel insurance and free access to airport lounges.
Looking for that kind of credit card? Here are five of the best credit cards for overseas spending.

1. Security Bank Platinum Mastercard

security bank platinum mastercard
This premium rewards card is a dual currency credit card that bills overseas purchases in US Dollar instead of Philippine Peso, saving you from the high cost of exchanging a foreign to local currency.
Security Bank credit cards, including the Platinum Mastercard, don’t charge a foreign currency transaction fee. This saves you money on your credit card bills.

Key Features and Benefits

  • Dual currency billing: Separate credit card billing statements for international transactions
  • Rewards: 1 point for every PHP 20 charged to the Platinum Mastercard
  • Free access to airport lounges
  • Travel insurance
  • Free concierge services

Fees and Charges

  • Annual fee: PHP 4,000 (waived for the first year)
  • Interest rate: 3.25%
  • Foreign currency transaction fee: None
  • Cash advance fee: 5% of the withdrawn amount or PHP 500, whichever is higher

2. RCBC Bankard Visa Infinite Card

RCBC Visa Infinite
People who enjoy shopping when traveling abroad can maximize their spending with this premium lifestyle credit card. When you charge your Visa Infinite credit card at any clothing and apparel shops here and abroad, you can get a 5% rebate.

Key Features and Benefits

  • 5% rebate on clothing and apparel purchases at all local and international retail shops
  • 0% installment for overseas transactions
  • Rewards: 1 point for every PHP 36 charged to the Visa Infinite card (PHP 125 for grocery, medicine, and fuel purchases). Accumulated rewards points have no expiry and no limits, and these can be redeemed for cash rebates, air miles, or shopping vouchers.
  • Travel insurance of up to PHP 1 million
  • Free access to select airport lounges for the cardholder and one travel companion

Fees and Charges

  • Annual fee: PHP 3,600
  • Interest rate: 3.54%
  • Foreign currency transaction fee: 3.50% of the transaction amount or 2.25% of the amount converted to PHP
  • Cash advance fee: 3% of the withdrawn amount or PHP 500, whichever is higher, plus an interest charge at the prevailing rate

3. HSBC Platinum Visa

HSBC Platinum Visa
HSBC offers a generous rewards system to Platinum Visa cardholders who use their card abroad (except for cash advance), with 4x bonus points for every qualified transaction.

Key Features and Benefits

  • Rewards: 4 bonus points for every PHP 20 charged to the Platinum Visa for foreign currency transactions abroad and online, plus 1 air mile point for every PHP 25 spent
  • Travel insurance

Fees and Charges

  • Annual fee: PHP 5,000 (waived for the first year)
  • Interest rate: 3.50%
  • Foreign currency transaction fee: 2.50% of the converted amount plus 1% Visa assessment fee
  • Cash advance fee: 3% of amount withdrawn or PHP 500, whichever is higher

4. BDO American Express Cash Back

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This Amex cashback card is a cost-saving option for those who often make overseas purchases. It offers a 2% rebate on international purchases, in addition to a 1% rebate on local transactions.
Unlike other rebate cards in the Philippines, the BDO-Amex credit card doesn’t have a limit on rebates and required minimum purchase.

Key Features and Benefits

  • 2% rebate on purchases made abroad; 1% rebate on local purchases
  • 5% rebate within the first three months since the card is issued
  • American Express Selects: Exclusive discounts from all over the word for cardholders on travel, shopping, dining, and entertainment
  • Taste from American Express Invites: A global dining program that lets the cardholders experience favorite local cuisines from over 400 restaurants worldwide—with a discount or complimentary wine or appetizer
  • 24/7 Global Assist: Immediate personal advice during an emergency while on a trip abroad, such as referrals to an English-speaking doctor or lawyer
  • Annual fee waiver: A total PHP 200,000 annual spend on the credit card will entitle the cardholder to a free annual fee for the next year

Fees and Charges

  • Annual fee: PHP 3,000 (waived for the first year)
  • Interest rate: 3.50%
  • Foreign currency transaction fee: 2.50% of the converted amount
  • Cash advance fee: 5% of the withdrawn amount or PHP 500 / USD 10, whichever is higher

5. BPI Family Credit Card

BPI Family Credit Card
For frequent travelers who want just a basic credit card for overseas use, the BPI Family Mastercard fits the bill. It comes with a low annual fee, interest rate, and foreign transaction fee.

Key Features and Benefits

  • Affordable to own because of its low annual fee, interest rate, and foreign transaction fee
  • Cash advance of up to 30% of credit limit

Fees and Charges

  • Annual fee: PHP 1,000 (waived for the first year)
  • Interest rate: 2%
  • Foreign currency transaction fee: 0.75% of the converted amount plus 1% Mastercard assessment fee
  • Cash advance fee: 3% of the withdrawn amount or PHP 500, whichever is higher

Final Thoughts

Which of the five best credit cards for overseas spending suits your needs? Share your choice in the comments section!
credit card application