The World Mastercard is the only card product that the auto insurance is honored worldwide. Others are not accepted in some countries.

What cards are world Mastercards?

AAdvantage World Mastercard
US Airways (Juniper Bank/Barclays) World Mastercard
Chairman Card
Just to name a few.

We spend a lot of time overseas and are looking for a credit card that does not charge fees for foreign transactions. Points for airfare would be good too. What can you recommend? and maybe which to avoid with other hidden fees? We have excellent credit, so should qualify for most anything.

Thanks!

Capital One has the best deal because they entirely waive the foreign fees (0%) , plus their cards offer various kind of rewards (cash back, miles, points, etc.).
One other rewards card that matches Cap One's 0% foreign fees is the BMW Visa card, but it's 1% reward is only good toward the purchase of a BMW. (Source: May 22nd posting here Which Credit Cards Have the Lowest Foreign Exchange Fees?)

You can use this rewards calculator to see which Capital One card will pay you the greatest reward for your normal spending profile:
Best Credit Cards Rewards Calculator (Capital One and other issuers)

Note that the calculator converts all reward currencies (miles, points, cash back) to dollars for an apples-to-apples comparison.

The Cap One No Hassle Miles Ultra for Professionals card can earn nearly 2% rewards if you're purchasing airline tickets that are $600+ or close to, but not over, $350.

Problem is that CapOne has famously lousy customer service and a generally bad attitude. Good ads, though.

Other options include Pentagon Credit Union (you don't have to be in the service to join) or USAA or Nordstrom's credit cards. The fees may be a touch higher, but the service is well worth it.

Do check out the best deals thread in the post above. It is full of good info.

A little OT, I think I've read somewhere that start from next year (2008), Citi will impose surchage to its own customers for cash withdraw from any overseas Citi ATM, can anyone confirm this?

http://www.flyertalk.com/forum/showthread.php?t=746665

I agree with biggestbopper regarding the crappy customer service with cap1. Get a commerce bank ATM or credit card if you live in NY or NJ. 0% fee and ATM fee rebate if you have 2.5K in your account.

You can actually make a profit using the Pentagon Credit Union card. 1% foreign exchange fee, but 1.25% cash back on all purchases (5% on gasoline). I have had no problems using this card worldwide.

How does one become eligible for this card if not in the service?

Join the association, it is an option on the website.

It a CU for the military people, but you can join the national association of military families as a concerned citizen. Yes, that's me, and the one time joining fee is 20 bucks. Worth 20 bucks.

Thanks -- I wasn't sure about eligibility requirements for that. But I also noticed that members of the Military Coalition are eligible. Does anyone know if members of the 36 organizations (e.g. the Navy League) that are members of the Military Coalition are themselves eligible without any further requirements?

i have the cap 1, pent fed, cairman amex and wells fargo signature visa card. all, except the pent fed, offer 0%. by far the best in my opinion is the wells fargo signature card. they have never turned it off (despite my never having advised them of my travel plans in advance--and going through africa, eastern europe, etc.) and the customer service is always excellent. they don't convert to airline miles but you can redeem the points for $$ at a very good rate and they pay double points for T&E expenses.

not sure where you are located but you need a relationship with wells fargo and must ask your banker to apply for it for you. if you travel a significant amount overseas, it is worth going out of your way to get this card.