A handful of travel credit cards now waive foreign transaction and currency conversion fees, saving you as much as 5 percent compared to standard credit cards. Finding the right card for you depends on your itinerary and your personal style.

The first time I traveled to Europe, back in the early 1990s, friends had warned me about foreign transaction fees. Even though my trusty Citibank card carried a 3 percent surcharge on each of my purchases and cash advances, the corner bureau de change charged a whole lot more. Today, far more European merchants accept Visa, MasterCard, and even American Express. It's cheaper than ever to let your credit card convert your currency on the fly. And a handful of banks hope to lure your business by eliminating transaction fees entirely.

• Capital One Venture Rewards Credit Card

  Through a series of mergers over the years, Capital One actually enjoys status as a chartered bank in the United Kingdom. Therefore, as an EU bank, it's not a "foreign" transaction to use a Capital One card in Europe. Even if this was not the case, none of Capital One's credit card charge a foreign transaction fee -- just in case you decide on a detour.

• The Platinum Card from American Express

  AmEx revitalized its classic business charge card by eliminating foreign transaction fees and boosting its airline-related perks. You'll just need to fly a lot to justify the $450 annual fee.

• Chase Sapphire Preferred Card

  The Preferred version of Chase's travel rewards card also offers no foreign transaction fees, along with bonus earning opportunities at hotels and restaurants abroad.

Even with waived foreign transaction fees, there's one more thing you may want to ask your prospective credit card issuers about before you complete an application. Fearing heightened credit card fraud and identity theft, many European merchants have restricted the number of cards they will process using traditional magnetic stripes. Those retailers have switched to the "chip and PIN" version of the EMV standard, not yet widely supported in the United States.

According to travelers posting on bulletin boards hosted by travel experts at Frommer's and Fodor's, Capital One's unique structure as both a United States and a United Kingdom bank means that its cards get accepted almost everywhere. If you choose another credit card issuer, call their customer service department to request a chip-and-signature version of your card. Though there still may be occasional difficulties due to a lack on PIN, few travelers have experienced problems using their chip-and-signature cards. American Express, Chase, and Wells Fargo have already started issuing experimental versions of these EMV cards on request, while rolling them out officially for some "luxury" and "business" branded accounts. A money-saving credit card won't help you overseas if your merchant can't read it.