Comparing Travel Card Reward and Cashback Programs for Europe

As Europeans and international visitors shift spending away from cash, payment choices matter for cost control and rewards capture. Card acceptance and card-based transactions have expanded rapidly across the euro area: the European Central Bank reported that card payments accounted for roughly 57% of non-cash transactions in the second half of 2024, with an average value near €39 per card transaction—a data point that frames why travel card selection is a practical decision for most travellers. (European Central Bank)

This article contrasts reward and cashback structures available on cards commonly used across Europe, examines foreign-exchange and ATM cost mechanics, and offers actionable guidelines to match card features to traveller profiles. The analysis focuses on debit, prepaid and hybrid products marketed as travel solutions, together with the reward programs that attach to them. Sources are cited where the market or product specifics materially affect choice.

Market context and what rewards mean in practice

Reward programs return value in two basic forms: (1) cashback on spending and (2) partner or tiered rewards (points convertible to travel services or merchant discounts). For many European fintech and challenger banks the headline proposition is low or zero direct foreign transaction fees plus interbank or Mastercard/Visa wholesale rates. Loyalty elements are increasingly positioned on paid plans.

Choice elements that determine net value:

• Exchange margin (markup on the card network rate).
• ATM withdrawal allowances and post-limit fees.
• Cashback percentage and whether it applies to foreign currency spend, domestic spend, or both.
• Subscription costs for premium plans that include enhanced cashback or travel insurance.
• Acceptance network (Visa/Mastercard/Amex) and merchant or ATM third-party surcharges.

A straightforward arithmetic example clarifies scale. If a traveller spends €2,500 and a card pays 1% cashback on eligible transactions, the return equals 2500 × 0.01 = 25 euros. The same traveller who instead pays a 2.5% FX margin would lose 2500 × 0.025 = 62.50 euros in additional costs. Those two computations show that a modest cashback rate does not offset a large FX markup.

Representative product behaviours: what top travel cards Europe typically offer

The market includes full banks with travel plans, neobanks, prepaid multi-currency cards and aggregator wrappers. A selection of representative behaviours follows; each item links to primary product information or market summaries.

• N26 (Go/Metal travel features). N26 has actively marketed travel perks on paid plans, including a stated 1% cashback on point-of-sale transactions made outside the European Economic Area for qualifying plans during promotional windows. That offer is a time-limited product feature and the provider reserves the right to modify it. (N26)
• Revolut (tiered plans, Metal/Ultra). Revolut’s paid tiers bundle travel insurance, elevated ATM limits and subscription credits. Metal customers retain generous free ATM thresholds (for example the site lists a monthly fee-free ATM cap and other travel-oriented services) though the precise cashback or rewards structure can vary by market and promotional cycle. Travellers should compare the marketed Metal benefits with local terms. (Revolut)
• Monzo and other UK challengers. Monzo markets fee-free spending on debit cards and transparent use of Mastercard exchange rates for purchases, paired with tier-dependent cash withdrawal allowances. For many users that profile results in low out-of-pocket transaction cost for point-of-sale spending across much of Europe. (Monzo)
• Aggregator or universal cards (Curve and equivalents). Curve and comparable wallet cards advertise the capacity to route payments across underlying cards and to aggregate merchant cashback offers. Curve’s legal and promotional pages describe a cashback scheme on certain plans and limits on fee-free foreign spending depending on the subscription level. Such products can be useful to capture credit-card issuer benefits while reducing the need to carry multiple physical cards. (curve.com)
• Multi-currency and prepaid travel cards. Products branded as multi-currency travel cards position mid-market FX rates and preloaded balances as the primary benefit. Market comparison resources identify Revolut and Wise among the best known multi-currency offerings, each with different trade-offs between price, acceptance and loyalty elements—Wise historically emphasises low FX margins and transparent fee schedules while Revolut uses tiered subscription perks and occasional reward features. (Monito) (Wise)

How to read the numbers: FX rate, ATM limits, and net reward

Reward percentages are most meaningful when linked to typical trip spending and the alternate costs avoided. Key practical rules:

• Compare the card’s FX rate to the interbank mid-market rate. A 0.5% markup on €1,000 equals €5; a 2% markup equals €20. Small differences compound across larger spends.
• Check ATM fee allowances and the post-limit fee. If a plan offers €800 monthly fee-free ATM withdrawals and the traveller expects two large cash withdrawals, that allowance eliminates a common source of cost. Revolut’s Metal plan lists explicit fee-free ATM thresholds on its product page. (Revolut)
• Confirm where cashback applies. Some cashback promotions pay only on transactions outside the EEA or on non-domestic transactions for a defined period. N26 has run a 1% cashback proposition specifically tied to card payments made outside the EEA on certain plans. (N26)

A sample net value calculation shows the interplay. For a €3,000 trip:

• If the card charges a 1% FX markup, FX cost = 3000 × 0.01 = €30.
• If the card offers 0.5% cashback on qualifying spend, cashback = 3000 × 0.005 = €15. Net extra spend = €30 – €15 = €15. That figure is the effective cost attributable to currency conversion after rewards are applied.

Reward program mechanics that alter net value

Three design choices shape practical returns:

1. Cashback timing and taxation. Cashbacks may be delivered monthly, credited to a balance, or paid as statement credits. Some platforms apply withholding taxes on interest-like payments to account balances; the Wise balance-cashback program explains thresholds and tax withholdings. Travellers should check local withholding rules if savings or balance cashbacks are material. (Wise)
2. Merchant exclusions and category limits. Cashback may exclude certain merchant categories or require activation of offers. Promotion terms often list excluded merchant types.
3. Paid plan economics. Many fintechs place the best cashback or highest ATM limits behind paid subscriptions. The decision reduces to whether subscription fees are offset by realistic cashback and avoided fees across the intended travel cadence.

Practical mapping: traveller types to product archetypes

• Occasional tourist (one or two trips per year). A fee-free debit card or basic prepaid multi-currency card is usually lower cost. A card that charges no foreign transaction fees and uses wholesale exchange rates will typically beat an annual subscription whose break-even requires repeated travel. MoneySavingExpert and similar consumer guides commonly recommend mainstream no-fee debit cards for this audience. (MoneySavingExpert.com)
• Frequent traveller or digital nomad. A premium plan with higher ATM allowances and focused cashback on foreign spending may pay off. The traveller should model expected cash withdrawals, total card spend and subscription cost. N26 and Revolut both market plans aligned to these needs; details and promotional timeframes differ by jurisdiction. (N26) (Revolut)
• Payments aggregator user seeking rewards stacking. Using a wrapper card such as Curve can combine issuer card rewards with a single-tap solution and occasional Curve rewards, subject to the aggregator’s terms. The choice is operationally convenient for stacking loyalty but requires attention to issuer rules on charges and advance authorisation holds. (curve.com)

Travel card comparison Europe: recommended evaluation checklist

When comparing offers, the following checklist reduces surprises:

• Exact FX markup or whether the mid-market rate is used.
• ATM fee-free allowance and any per-withdrawal caps.
• Whether cashback applies to foreign currency spend and the numeric rate.
• Subscription fee, if any, and what non-cashback benefits are included (insurance, lounge access, data).
• Merchant acceptance and whether the card is debit, credit or prepaid.
• Reported reliability and complaint records in the traveller’s destination markets.

Final Considerations

Selecting the best Europe travel card 2025 depends on spending profile and willingness to pay for subscription benefits. The market offers a wide range of top travel cards Europe residents and visitors can use: from no-fee debit alternatives that minimize transaction costs to paid plans that offer hotel and travel discounts, layered insurance and modest cashback. Travel card comparison Europe is most productive when undertaken with a specificity of numbers: expected trip spend, ATM needs and which currencies will be used. For travellers prioritising exchange costs and multi-currency flexibility, multi-currency travel card and prepaid travel card Europe products remain compelling. For those seeking rewards, premium plans and aggregator products provide incremental value at a cost that must be quantified.

An additional structural observation from a policy perspective: Europe is sensitive to its payments infrastructure. ECB commentary and market reporting highlight the continent’s dependence on international card schemes, an operational backdrop that has implications for acceptance and cross-border processing of reward credits. Philip Lane of the European Central Bank observed that “Europe’s reliance on foreign payment providers has reached striking levels,” a statement reflecting strategic sensitivity about payments rails and their impact on end-user options. (Reuters) (European Central Bank)

Readers who require focused comparisons for a particular nationality, residency status or destination should assemble the numerical assumptions above and compare the relevant product pages. For travel money card reviews, empirical comparison of FX rates paid on a sample basket of transactions plus the clear quantification of subscription cost versus expected cashback provides the most defensible selection method. (Monito) (MoneySavingExpert.com)

Selected product pages and market summaries cited in the article: European Central Bank payment statistics; N26 travel benefits and promotional terms; Revolut Metal product page; Monzo travel help pages; Monito travel money card comparisons. (European Central Bank) (N26) (Revolut) (Monzo) (Monito)