These Are the Cheapest Swiss Credit Cards

Along with debit cards, credit cards are one of the most important financial companions for Swiss consumers. But particularly when traveling abroad, many consumers become aware that using credit cards can be expensive. Getting informed about credit card fees and opting for an affordable credit card before you travel is worth it. moneyland.ch studied the credit card fees that apply locally in Switzerland, and when using Swiss credit cards in foreign countries.

Hundreds of francs in potential savings

moneyland.ch compared the costs and benefits of 128 different Swiss credit cards based on three different user profiles. The comparison accounted for all relevant fees for the first two years, as well as the franc-to-euro exchange rate on 16 different dates across May and June 2024.

The results show that there are big differences in the costs and benefits of Swiss credit cards. “Many consumers use credit cards that are expensive or poorly suited to their needs. These consumers could save hundreds of francs by migrating to more suitable credit cards,” says moneyland.ch’s managing director Benjamin Manz.

Consumers matching the occasional user profile could save 590 francs over two years by using the cheapest credit card for that profile, compared to using the most expensive one. And that figure does not account for expensive platinum credit cards. For consumers matching the frequent user profile, the potential savings are 780 francs.

The cheapest credit cards for occasional use

The occasional user profile assumes that the user makes 200 francs of purchases in Switzerland every month, plus 1000 euros of purchases outside of Switzerland every year. The calculations are based on the first two years as a cardholder.

The cheapest credit cards for consumers matching the occasional user profile are the American Express versions of the Swisscard Cashback credit card and the Poinz Swiss Loyalty credit card. The cash back rewards of the Swisscard Cashback American Express card cover all of the costs and exceed them by 15.55 francs. That means cardholders with this profile get more money back from rewards than they spend on card fees. The cost of using the Poinz American Express card, accounting for rewards, is 1.35 francs. In third and fourth place for this profile are the Migros Cumulus Visa credit card with a cost of 35.20 francs, and the Coop Supercard Visa or Mastercard, with a total cost of 43.10 francs.

Table 1: The 10 cheapest Swiss credit cards for occasional use

None of the cheapest credit cards for occasional users have an annual card fee.

The cheapest credit cards for travel outside of Switzerland

The abroad-only user profile is based on 5000 euros of purchases in foreign countries each year and cash withdrawals of 1000 euros at foreign ATMs. Although using credit cards to get cash is expensive, making cash withdrawals using credit cards remains popular among Swiss holidaymakers.

The cheapest credit card for consumers who match the abroad-only profile is the Migros Cumulus Visa credit card, with total costs of 372.85 francs over two years. The reason: Although the currency exchange rates used by the card are not very favorable, the card does not have any extra fees for foreign transactions. In second and third place are the Coop Supercard Visa and Mastercard credit cards, with total costs of 459.90 francs. The other eight of the ten cheapest cards for this profile can be found in Table 2.

Table 2: The 10 cheapest Swiss credit cards for travel

The cheapest credit cards for everyday use

The frequent user profile is based on spending of 1000 francs per month on purchases in Switzerland, and 5000 euros per year on purchases outside of Switzerland. Additionally, the profile also accounts for five cash withdrawals of 200 francs per year in Switzerland and five withdrawals of 200 euros per year outside of Switzerland. There are still consumers that use credit cards to get cash, in spite of the high cash advance fees charged by issuers.

The cheapest credit cards for consumers matching the frequent user profile are the American Express versions of the Swisscard Cashback credit card and the Poinz Swiss Loyalty credit card. Both of these cards have total costs of 319.15 francs over the first two years. In third and fourth place are the Migros Cumulus Visa credit card with costs of 343.65 francs, and the Coop Supercard Visa and Mastercard credit cards with costs of 455.70 francs.

Table 3: The 10 cheapest credit cards for frequent use

Use the right credit card for foreign travel

Before going on holiday, it is important to get the most affordable credit card for your trip. You can find the cheapest credit card for your specific needs using the unbiased Swiss credit card comparison on moneyland.ch. It is also beneficial to use a debit card (from your main bank account, for example) to make cash withdrawals when traveling. Using a neobank card for making purchases in foreign countries can also be beneficial.

Another tip for travelers: Some credit cards include complimentary travel insurance as a benefit. In most cases you get this insurance when you use your credit card to pay for the trip. You can find an overview of the insurance benefits that come with different credit cards in the moneyland.ch credit card comparison.

Getting informed about country-specific savings tips on blogs or websites is also beneficial, especially when you travel outside of Europe.

Tips for making payments while holidaying abroad

When you use your credit card to make purchases outside of Switzerland, you will often be given a choice between paying in Swiss francs or in the local currency. “Paying in the local currency is preferable, because doing so helps you avoid additional fees,” recommends Benjamin Manz. Making cash withdrawals using credit cards when traveling is best avoided, because Swiss credit cards have high fees for foreign cash withdrawals (typically a minimum fee of 10 francs per withdrawal). Using debit cards or neobank cards for cash withdrawals is cheaper. Another tip: The companies that operate ATMs often charge ATM fees for cash withdrawals. In many cases, ATMs from large banks have lower fees than ATMs run by independent operators (at Airports or stores, for example).

Credit card or neobank card?

Some neobank cards like Neon, Radicant, Wise, and Yuh have favorable currency exchange rates that make them cheaper for use in foreign countries than the most affordable Swiss credit cards. However, the cards offered by neobanks are generally debit cards, not credit cards. They are not suitable for transactions that specifically require a credit card, such as certain car rentals or hotel bookings. The costs of neobank cards are analyzed in a separate moneyland.ch study.

Because conventional credit cards are somewhat more widely accepted, taking one with you when you travel is recommended.

For purchases in Switzerland, on the other hand, many Swiss credit cards are more favorable than neobank cards – as long as you only use them for card-based payments and do not make cash withdrawals. That is because unlike most neobanks, many Swiss credit cards have cash back or other rewards.

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