In the complex world of credit cards, one of the biggest offerings from leading US bank Chase is known as Sapphire: that’s the name it gives to two types of credit card, Sapphire Preferred and Sapphire Reserve.
Both these credit cards are especially popular with travelers, because of the extra points they offer on travel-related purchases.
If you’re interested in the Chase Sapphire Preferred foreign exchange rate, or the Chase Reserve foreign exchange rate you’re in the right place — learn all you need to know about Chase exchange rates, and Chase Sapphire international fees in this handy guide.
📑 Table of Contents
- Chase Sapphire Preferred foreign transaction fee
- Does Chase Sapphire Reserve have foreign transaction fees?
- What’s the Chase Sapphire exchange rate?
- Spend abroad like a local with Wise
- Chase Sapphire fees to keep in mind
Chase Sapphire Preferred foreign transaction fee
The Chase Sapphire Preferred credit card comes with a range of rewards when you spend, and a reasonable annual fee.
Even better, there’s no foreign transaction fee¹ when you use Chase Sapphire Preferred. That means that there’s no special fee to pay when you spend in a foreign currency.
The fact that there’s no foreign transaction fee doesn’t mean you’ll get completely fee free transactions with Chase Sapphire, though. More on that later.
Does Chase Sapphire Reserve have foreign transaction fees?
The Chase Sapphire Reserve credit card is a premium version of the Sapphire card, with a higher annual fee. It also has higher earning opportunities — great if you’ll be spending a lot on the card and want to max out the benefits.
Like the Sapphire Preferred card, there’s no Chase Sapphire Reserve foreign transaction fee. However there are other costs you’ll need to take into consideration when you apply for and use your Chase card.
💡 Wondering which Chase Sapphire is the right one for you? Check out our full guide on Chase travel cards
What’s the Chase Sapphire exchange rate?
When you spend in a foreign currency using a US issued credit card, the transaction value will be converted back to USD using the card network’s exchange rate.
Chase Sapphire cards are issued on the Visa network, so this will mean that card purchases are converted using the Visa exchange rate before being billed to your account.
Generally, the rates used by major card networks are pretty fair, making this a reasonable way to spend as long as you don’t get hit by foreign transaction fees or other card charges.
You can find the Visa exchange rate online — but it’s worth noting that the rate which will apply is the one that’s live at the point of the transaction being processed.
This may be a day or two after you actually make the purchase. Frustratingly, this means you can’t know the Chase Sapphire exchange rate until after you’ve already committed to the payment.
Chase credit card exchange rate: other aspects to consider
Foreign transaction fees aren’t the only cost that’s specific to traveling abroad. Often foreign currency transactions also come with a charge that’s been rolled into the exchange rate.
If you send money abroad or get foreign cash from a currency exchanger, it pays to shop around to find an exchange rate as close as possible to the mid-market rate.
That’s what the banks use to trade between themselves — but it’s not often passed on to regular retail customers. With Wise, you can even send money abroad at the mid-market rate itself, with only a simple and clearly stated fee to pay. Wise is not a bank, but an online financial services provider, designed with international transactions in mind.
Spend abroad like a local with Wise
Speaking of the mid-market exchange rate, Wise is a great debit card option for you to send and spend money internationally.
🎯 With Wise you can
- Manage all your international (and local) spend with the app
- Send payments to over 160 countries
- Spend locally in over 150 countries
- Get local account details in 9 different currencies
- Have the mid-market rate for all transactions
- Pay low fees for currency conversion
- Travel rewards
Get a Wise card
Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up to date pricing and fee information.
Chase Sapphire fees to keep in mind
There may not be a foreign transaction fee, but whether your card is Sapphire Preferred² or Sapphire Reserve³, there are other fees to remember. Here’s an overview:
Charge typeChase Sapphire fees Annual fee
- Sapphire Preferred — 95 USD per year
- Sapphire Reserve — 550 USD per year, with a 75 USD fee for each additional authorized user.
APR
- Variable APRs based on creditworthiness — penalty APRs can also apply if you don’t pay your bills promptly
Balance transfers
- 5 USD or 5% of the transfer amount — whichever is greater
Cash advances
- 10 USD or 5% of the advance amount — whichever is greater
Late or return payments
- Up to 40 USD
What are the benefits of each card, though? For travelers, there are quite a few. Both credit cards come with a high number of bonus points if you spend 4,000 USD in the first 3 months, and those points can translate into rewards and savings in travel costs.
And there are more travel bonuses. Generally, with both cards you earn 1 point per dollar, but you can earn up to 5x or even 10x rewards on certain spend categories, depending on how you use your card.
- A quick note about using credit cards abroad. If you’re asked whether you want to make the transaction in the local currency or your home currency, US dollars, choose the local currency every time.
- This avoids dynamic currency conversion — a huge headache which comes with high fees and poor exchange rates — and nets you the best value every time.
Chase Sapphire credit cards may suit you if you want a credit option with no foreign transaction fees, and opportunities to earn rewards. However, there are fees to pay, including annual charges, interest and some transaction costs.
Alternative options like debit cards might be worth exploring if you want to consider avoiding costly yearly membership fees and avoid high credit costs. Check out the Wise international debit card as an especially efficient way for you to use your money abroad.
Happy traveling!
Sources:
- Chase – No fpreign transaction fee credit cards
- Chase – Sapphire Preferred pricing
- Chase – Sapphire Reserved pricing
All sources checked 06.03.2022