Best travel cards with no annual fees [2024]
Travel cards are optimised for international use, with extras like ways to hold a foreign currency balance, extra rewards when you spend overseas, or easy ways to avoid foreign transaction fees.
Travel cards can be either prepaid, debit or credit cards, and may be issued by major banks, card networks, or specialist non-bank alternatives like Wise or BigPay. Whichever you choose, picking a card with no annual fee can mean you get all the perks when you travel, but don’t have to pay ongoing costs.
This guide walks through 5 of the best travel cards with no annual fee for Malaysian customers, so you can see if any might fit your specific spending needs.
Key points: Best cards with no annual fees
Here are the cards we’ll investigate in more detail as we dive into the best travel cards with no annual fees:
Wise Travel Debit Card: Hold 40+ currencies, and spend with the mid-market exchange rate and low fees from 0.43% in 150+ countries
- BigPay Travel Prepaid Card: Hold MYR and spend internationally with a 1% foreign transaction fee - plus budgeting tools, bill pay, and remittances
- HSBC Everyday Global Card: Hold 11 currencies, exchange with preferential rates and no fee to spend currencies you hold - 1% fee for spending unsupported currencies
- Maybank Singapore Airlines Krisflyer American Express Gold Credit Card: Spend and earn rewards including great benefits if you fly with Singapore airlines, with no annual fee in the first year
- RHB World Mastercard Credit Card: Travel credit card with no annual fee and extra perks like lounge access and insurance
We’ll take a look at each provider more in detail, later.
Are there travel cards with no annual fee?
Yes, you can get travel cards without annual fees, including prepaid, debit and credit cards. Generally travel cards have some features specific to international use, whether that’s ways to hold a foreign currency balance, no foreign transaction fees, or extra cash back when you spend overseas. Picking a card with no annual fee - or no monthly fees - means you can use your card as and when you like, with no ongoing costs to cover. This guide looks at both prepaid, debit and credit cards, including major bank options - and some alternatives you may like to consider, like Wise and BigPay.
Best international travel cards with no annual fees 2023
This guide walks through a selection of no annual fee travel cards from different provider types. We’ve got a couple of smart international travel cards from non-bank providers, plus 3 travel credit cards. This gives a great overview into the options available for Malaysian customers - let’s start with a head to head comparison, and dive into the detail right after:
| Travel card | Annual or monthly fee | Card features | Fees | Exchange rates |
|---|---|---|---|---|
| Wise Travel Debit Card | 13.7 MYR card order fee No annual, or monthly fees | Hold and exchange 40+ currencies Spend in 150+ countries | Exchange fees from 0.43%; no foreign transaction fee Some free ATM withdrawals monthly, 5 MYR + 1.75% fees after that | Mid-market rate currency exchange |
| BigPay Travel Prepaid Card | 20 MYR card order fee No annual, or monthly fees | Secure card for international spending Extra features including: bill pay, send payments locally and internationally | 6 MYR local ATM fee; 10 MYR international ATM fee 1% foreign transaction fee | Network rate + up to 1% |
| HSBC Everyday Global Card | No annual, or monthly fees | 11 currencies supported for holding a balance Access a good range of other HSBC services | ATM fees vary - standard accounts pay 1 MYR for local withdrawals, and 5 MYR internationally No fee to spend currencies you hold - but a 1% fee plus possible Visa charges when spending an unsupported currency | HSBC or Visa exchange rates, depending on conversion type |
| Maybank Singapore Airlines Krisflyer American Express Gold Credit Card | No annual, or monthly fees for first year 100 MYR/year after that | Reward Krisflyer miles Airport lounge access Dining privileges | Interest of 15% - 18% annually, depending on card usage Cash advance fee of 18 MYR or 5% 2.5% foreign transaction fee | Network rate |
| RHB World Mastercard Credit Card | No annual, or monthly fees | Up to 5x rewards on spending Exclusive travel perks | Interest of 15% - 18% annually, depending on card usage Cash advance fee of 15 MYR or 5% 1% foreign transaction fee | Network rate |
*Details correct at time of writing - 7th December 2023
Wise Travel Debit Card
Who is it for? Customers looking for low cost ways to hold, send, spend, and exchange 40+ currencies with a handy, low cost travel debit card
Wise is a non-bank provider which has digital account options you can use to hold 40+ currencies and spend internationally with a linked debit card which is accepted globally. Add money in MYR and simply allow the card to make the conversion at the point of transaction, or convert your funds to the currency you need ahead of time. In either case you get the mid-market rate and low, transparent fees - plus some free ATM withdrawals globally every month.
Hold and exchange 40+ currencies
Manage your money with just your phone
Mid-market currency exchange with conversion fees as low as 0.43%
Spend in 150+ countries
No ongoing fees or minimum balance
| Wise card pros | Wise card cons |
|---|---|
✅ Hold multiple currencies, with no fee to spend currencies you hold ✅ Mid-market exchange with fees from 0.43% ✅ Convert in advance or let the card do it for you - the fee is the same ✅ Spend in 150+ countries, send payments to 160+ countries ✅ Ways to receive payments from others in multiple currencies, too | ❌13.7 MYR card order fee ❌ 5 MYR + 1.75% ATM fee once free withdrawals are exhausted ❌ You may wait a few days for your card to arrive by mail |
Wise Fees: 13.7 MYR card order fee: 5 MYR + 1.75% ATM fee once free withdrawals are exhausted; currency exchange from 0.43%
Here’s how to apply for Wise card in Malaysia:
Register a Wise account online or in the Wise app
Add a currency balance in MYR or another supported top up currency
Tap the Cards tab in the app, and follow the prompts to order your card
Complete any required verification step
Pay the one time fee, and your card will be mailed to you
Learn more: Wise card review
BigPay Travel Prepaid Card
Who is it for? Customers looking for a travel prepaid debit card which is easy to use, with low foreign transaction fees and extras like international remittance options
BigPay is a popular and well known regional provider which offers ewallet accounts and cards for local and international transactions. You’ll need to add ringgit to your account, but you can then spend at home and abroad with a fairly low 1% foreign transaction fee when you’re overseas. Accounts also offer extras like ways to send money overseas, budgeting and analytic tools and easy ways to make local payments.
Hold MYR and spend internationally with a 1% foreign transaction fee
Send international remittances
Spend globally wherever Visa and Mastercard is accepted
Get extras like budgeting tools, bill payment, and analytics
Trusted and popular local card provider
| BigPay card pros | BigPay card cons |
|---|---|
✅ Hold MYR and spend with a 1% foreign transaction fee when you’re overseas ✅ Ways to split bills, pay friends and settle local payments ✅ International remittances ✅ Safe and easy to use ✅ Saving and budgeting features | ❌20 MYR card fee ❌Foreign transaction fees when overseas ❌10 MYR international ATM fee |
BigPay fees: 20 MYR card order fee; 6 MYR local ATM fee; 10 MYR international ATM fee; 1% foreign transaction fee
Here’s how to order your BigPay card:
Register a BigPay account in the BigPay app
Tap Cards, and then Order card
Add a balance of 20 MYR if you don’t already have it (to cover the issue fee)
Check your mailing details, and your card will be mailed to you
HSBC Everyday Global Card
Who is it for? Customers looking for a card which is issued by a major global bank with multi-currency balance features and no annual fee
The HSBC Everyday Global Account and Card offers international features including ways to hold 11 major currencies, and there’s no ongoing fee to pay. This card can be part of a standard account, but there’s also the premium HSBC tiers which offer lower account operating costs and extra perks - in exchange for taking more services from HSBC, or holding a high deposit with the bank. Once you have a currency balance in your account it’s free to spend it - but there’s a 1% fee if you want to spend an unsupported currency.
| HSBC Everyday Global Card pros | HSBC Everyday Global Card cons |
|---|---|
✅ Hold 11 currencies ✅ Different card and account options for premium tier customers ✅ Spend currencies you hold with no extra fees ✅ Branch network for face to face service ✅ Major bank, with plenty of other account and card options if you decide to change | ❌ ATM fees apply at home and abroad if you have a standard card ❌Up to 1% foreign transaction fee, plus any extra costs Visa applies ❌To get a premium tier account you need to hold a high minimum deposit with HSBC |
HSBC Everyday Global Card fees: ATM fees vary - standard accounts pay 1 MYR for local withdrawals, and 5 MYR internationally; No fee to spend currencies you hold - but a 1% fee plus possible Visa charges when spending an unsupported currency
Here’s how to order your HSBC card:
Go to the HSBC Malaysia website and hit Instant Apply
Pick the purpose of the account you want to open
Follow the prompts - you may be directed to apply in branch, or to visit a branch to verify your account, depending on the situation
Maybank Singapore Airlines Krisflyer American Express Gold Credit Card
Who is it for? Customers looking for a credit card with great airline perks, and with no annual fee for the first year
The Maybank Singapore Airlines Krisflyer American Express Gold Credit Card does have an annual fee of 100 MYR, but this is fairly low, and waived completely in the first year. We’ve included it in this roundup as the free introductory offer gives a low risk way to test out if the card is suitable for you. You’ll get lots of travel related perks - notably with Singapore Airlines, plus airport lounge access and accident coverage. There are also dining privileges and discounts on car rental, making this a handy card to use if you travel a lot.
| Maybank Krisflyer Credit Card pros | Maybank Krisflyer Credit Card cons |
|---|---|
✅ No annual fee for the first year ✅ Earn reward points on all spending ✅ Specific travel perks like airport lounge access and accident coverage ✅ Spread the cost of purchases over a few months if you need to ✅ Secure way to spend | ❌ Interest and penalty fees apply ❌ Subject to meeting eligibility criteria and a credit check ❌ 5% cash advance fee if you use your card at an ATM |
Maybank Singapore Airlines Krisflyer American Express Gold Credit Card fees: Interest of 15% - 18% annually, depending on card usage; Cash advance fee of 18 MYR or 5%; 2.5% foreign transaction fee
Here’s how to order your Maybank card:
Go to the Maybank website and hit Apply now
Enter your personal and contact information
Follow the prompts to enter the details needed for eligibility checks
Once your account is approved, you’ll be sent your card in the mail
RHB World Mastercard Credit Card
Who is it for? Customers looking for a travel credit card with low foreign transaction fees and exclusive travel perks
The RHB World Mastercard Credit Card is optimised for international use with a fairly low 1% foreign transaction fee, and no ongoing fee so you can use it as and when you want to. Your card comes with ways to earn cashback on common spending categories, as well as access to airport lounge facilities, perks if you like to play golf, and travel insurance as part of the card package. As with any credit card, interest and fees can apply so it’s important to read through the terms and conditions carefully before you apply.
| RHB World Mastercard Credit Card pros | RHB World Mastercard Credit Card cons |
|---|---|
✅ No annual fee ✅ Earn rewards as you spend, on travel, petrol and dining ✅ Lounge and golf privileges included ✅ Get some insurance as part of the package ✅ Secure option for overseas spending | ❌ 80,000 MYR annual income minimum ❌ Cash advance and interest fees apply ❌ Subject to credit checks and eligibility rules |
RHB World Mastercard Credit Card fees: Interest of 15% - 18% annually, depending on card usage; Cash advance fee of 15 MYR or 5%; 1% foreign transaction fee
Here’s how to order your RHB card:
Go to the Discover website and hit Apply now
Enter your personal and contact information
Follow the prompts to enter the details needed for eligibility checks
Once your account is approved, you’ll be sent your card in the mail
How can you avoid paying an annual fee?
Avoiding annual fees can keep down the costs of your spending overall, and allow you to get a card which you use primarily when you travel, with no extra charges to worry about.
Here are a few tips to help you pick out the right one:
Look out for debit or prepaid cards in particular - as they often don’t have any annual fee
Read your card’s terms and conditions carefully to make sure you’re not caught out by surprise ongoing costs
See if you can find a card which waives the annual fee for new customers - this can be a low risk way to see if a travel card suits your needs
Pick a card from a non-bank alternative like Wise or BigPay which both have account options with no annual or ongoing fees
How do no-annual-fee travel cards work?
A no annual fee travel card allows you to get your card without paying fixed annual, monthly or ongoing charges. You’ll still find some fees apply in most cases - for example, a one time order fee or a card delivery fee, or fees based on how you transact. However, the advantage here is that you can choose a card which only charges you for the specific services you need, so you can use it as and when you need to without having fees to pay when the card is simply sitting at home.
Pros and cons of no annual fee travel cards
Pros:
No ongoing charges so just pay the for transactions and services you use
Cut the costs of international spending
Cards are convenient and safe to use, at home and abroad
Travel cards have international benefits, which can include multi-currency balances and no foreign transaction fees
Cards are available from banks, direct from card networks, and from non-bank alternatives - giving you a great range to choose from
Cons:
You may not get all the features and benefits you would with a card which has annual fees
Transaction fees still apply, which can include cash advance or currency conversion charges
You’ll need to complete your application for a new card, and wait for it to arrive in most cases - it’s not an instant option
How to get a travel card with no annual fees
Each travel card has its own application process, but in most cases you can order your card online or in an app, and complete all the verification and eligibility checks needed with nothing more than your laptop or phone. Here’s what you’re likely to need to do to get a travel card with no annual fees:
Research which card provider might suit your specific needs
Go to the provider’s app or website and hit Open Account, or Register
Enter your personal and contact information
Complete any verification or eligibility checks needed
Add a balance if you’re ordering a debit card
Once everything is checked and approved, your account will be opened and you’ll get all you need to use and manage your card by mail
How to choose the best card for your travel
The right travel card for your needs will depend on how you plan to use it - including how frequently you’ll transact, how often you’ll be transacting overseas, and whether you prefer a debit or credit card. Here are a few things to consider:
If you’ll travel often: Picking a card that lets you hold multi-currency balances - like the Wise card - can reduce the costs of spending in multiple different currencies, without ongoing fees
If you’ll only use your card occasionally: No annual fee cards can be the best bet, particularly debit cards which tend to be cheaper and more flexible overall
If you want to spread the costs of travel: You’ll want to prioritise credit cards, but look carefully at the interest, and think about how to repay to minimise the costs
If you want to reduce your costs as much as possible: Debit cards are usually cheaper overall than credit cards, and you can’t accidentally spend more than planned or run up an unexpected bill
Conclusion
No annual fee travel cards can offer lots of benefits for anyone who travels frequently - but because there are no ongoing costs, they’re also super helpful for people who only occasionally transact internationally. You’ll only pay for the services you need, and many card providers also have ways to upgrade if you find you use your card regularly and would prefer to pay ongoing charges to unlock more benefits.
If you’re thinking of a debit card which has low costs and lets you hold foreign currency balances, check out the Wise Travel Debit Card which is flexible enough to hold and exchange 40+ currencies, and offers mid-market exchange rates and low, transparent fees. Or if you want to spread the costs of travel over a few months, you might prefer a travel credit card like the Maybank Singapore Airlines Krisflyer American Express Gold Credit Card. You’ll earn rewards as you spend, and although there will be interest to pay, this does allow you to pay back your costs gradually if you choose to.
Use this guide to get you started in picking the right no annual fee travel card for your needs.
No annual fee travel cards FAQs
Why do some cards have annual fees?
Different travel cards are designed for different customer needs. You’ll be able to find some with no annual fees, such as the flexible debit and prepaid cards from Wise and BigPay - but if you’re a frequent card user you might prefer a card with an annual fee which can also often have extra perks and benefits as part of the package.
Is a travel card with an annual fee worth it?
Whether or not a travel card will be worthwhile for you depends on how often you travel and how you prefer to manage your money. The benefit of a no annual fee card is that you can test it out with little risk - check out the no annual fee options from Wise and BigPay if you want a flexible debit card which has no ongoing costs and low service charges.