No forex fee cards – Money We Have

The Best No Foreign Transaction Fee Credit Cards in Canada for 2026

Barry Choi — Thu, 12 Mar 2026 17:27:28 +0000

Most Canadian credit cards add a 2.5% fee every time you make a purchase in a foreign currency. While this percentage might seem small, it adds up quickly during international trips or when shopping from global retailers online.

Choosing a credit card that eliminates foreign transaction fees can lead to substantial savings. If you spend several thousand dollars abroad or on foreign currency purchases, you could save over a hundred dollars in fees alone. These cards often come with additional travel perks, making them a practical choice for Canadians who travel internationally or shop across borders.

The best no foreign transaction fee credit cards in canada

Credit card	Annual fee
Scotiabank Passport Visa Infinite Card	$150
Scotiabank Gold American Express Card	$120
EQ Bank Card	$0
Home Trust Preferred Visa	$0
Wealthsimple Cash Card	$0
Amazon.ca Rewards Mastercard	$0

The Scotiabank Passport Visa Infinite Card stands out as a comprehensive option for travellers who prefer carrying a single card. This card charges an annual fee of $150 but delivers substantial value through its rewards program and travel perks.

You earn 3 Scene+ points per dollar at Empire-owned supermarkets, 2 points at eligible grocery stores, restaurants, entertainment venues, and on daily transit, plus 1 point on everything else. The bonus earning categories apply even when making purchases abroad in foreign currencies.

Travel benefits form the core appeal of this card. You receive a complimentary membership to the Visa Airport Companion Program through DragonPass, which includes six free lounge visits annually. Standard airport lounge access typically costs around US$99 yearly plus US$32 per visit, making this benefit valuable for frequent travellers.

The travel insurance package covers trips up to 31 days and includes medical emergencies, trip cancellation, trip interruption, lost baggage, and flight delay coverage. Additional perks include concierge services available 24/7, access to the Visa Infinite Hotel Collection with room upgrades and complimentary breakfast, and membership in the Dining and Wine Country program.

You also get a free Avis Preferred Plus membership, which provides faster rental car service and the ability to choose your vehicle. Priority Pass membership is not included, but the DragonPass access serves a similar purpose.

Eligibility: A minimum personal income of $60,000 or a household income of $100,000 or at least $250,000 in assets under management. A credit score of 700 is also recommended.
Welcome bonus: You’ll typically get 35,000 to 50,000 Scene+ points as the welcome offer. In most cases, you’ll need to spend a minimum amount in the first three months and another in the first 12 months for the full bonus.

The Scotiabank Gold American Express Card delivers exceptional earn rates that rival top-tier rewards cards in Canada. The annual fee sits at $120, making it slightly more affordable than the Passport card while still offering premium benefits.

Earning potential is where this card excels. You collect 6 Scene+ points per dollar at Empire-owned grocery stores, 5 points at other grocery stores, plus dining and entertainment purchases, 3 points on gas, public transit, rideshares, and streaming services, and 1 point on all other spending.

One important distinction exists with foreign transactions. While you won’t pay foreign transaction fees, purchases made in currencies other than Canadian dollars only earn the base rate of 1 point per dollar. The bonus categories don’t apply to international spending.

The card provides a comprehensive travel insurance package covering trips up to 25 days, including emergency medical coverage, trip cancellation and interruption, baggage loss and delay, and rental car coverage. Mobile device insurance protects your phone or tablet against damage and theft when you purchase the device with your card.

You also receive airport lounge access, though unlike the Passport card, you don’t get complimentary passes. You’ll need to pay per visit or purchase a membership separately if you want to use this benefit.

Eligibility: There’s no minimum income requirement. A credit score of at least 700 is recommended.
Welcome bonus: Typically worth between 40,000 and 60,000 Scene+ points when. To get the full bonus, you usually need to meet multiple minimum spending requirements.

The EQ Bank Card functions as a prepaid card with unique advantages for travellers. There’s no annual fee, and you earn 0.5% cash back on all purchases regardless of currency.

What makes this card particularly useful is that any balance loaded onto the card earns interest at a competitive rate. Your money grows even when you’re not spending it, which is uncommon for prepaid cards.

The standout feature is the ATM policy. You won’t pay foreign transaction fees when withdrawing cash from ATMs abroad. EQ Bank even reimburses ATM fees charged by other financial institutions in Canada. However, one-time fees charged by foreign ATM operators are not covered.

This approach gives you flexibility when travelling. Instead of exchanging currency before departure or upon arrival, you can withdraw local currency as needed. You can load additional funds to your card while abroad by sending yourself an e-transfer.

Since this is a prepaid card, you can only spend what you’ve loaded. This helps with budgeting and eliminates the risk of overspending. Prepaid cards don’t require a credit check or minimum income, making them accessible to nearly everyone.

Eligibility: Must have an EQ Bank account. No income or credit history is required.
Welcome bonus: You get a $20 cash bonus when signing up with a referral link and funding your account with $100 within 30 days of account opening.

The Home Trust Preferred Visa offers a straightforward approach with no annual fee and no foreign exchange fees. You earn 1% cash back on purchases made in Canadian dollars, but it doesn’t apply to foreign-currency transactions.

This card functions as a traditional credit card rather than a prepaid option. You don’t need to load funds in advance, and you receive a credit line based on your creditworthiness. This makes it more convenient than prepaid alternatives for those who qualify.

Benefits are minimal beyond the no forex fee feature. You get purchase security coverage for 90 days against theft, loss, or damage. No travel insurance, airport lounge access, or concierge services are included.

One quirk to note: customer service has historically blocked transactions made outside Canada for security reasons. Call before you travel to notify them of your plans and avoid having your card declined.

Eligibility: No minimum income is required. A credit score of at least 660 is recommended.
Welcome bonus: None.

Another prepaid credit card with no foreign transaction fees is the Wealthsimple Cash Card. All purchases earn you 1% back in cash, stock, or crypto. In addition, any funds you have loaded to your card earn interest. That means your money always grows even when you’re not spending it.

As a no fee, prepaid card, there aren’t any other benefits. The main draw here is the cash back earned and the no foreign transaction fees. You also won’t pay foreign transaction fees on ATM withdrawals. That said, most foreign ATM operators will charge you a one-time fee, and Wealthsimple limits your withdrawals to $500 CAD a transaction. There’s also a daily withdrawal limit of $1,000 CAD per day.

This card is very similar to the EQ Bank Card. Many people prefer the EQ Bank Card because you get $20 when signing up with a referral link. However, Wealthsimple does give you a higher cash back and savings interest rate.

Eligibility: Must have a Wealthsimple Cash account, but no income or credit history is required.
Welcome bonus: Up to $3,000 (it’s random)

The Amazon.ca Rewards Mastercard is one of the best no foreign transaction fee credit cards in Canada, but it flies under the radar. You’ll earn 2.5% back at Amazon.ca, Whole Foods and foreign transactions. All other purchases earn you 1% back. However, you must be an Amazon Prime member to get this rate. Non-Prime members earn 1.5% back at Amazon.ca and Whole Foods, and 1% on foreign transaction fees.

The cash back works like this. Once you’ve earned 2,000 points, a $20 Amazon.ca gift card is deposited into your account. Other benefits with the card include discounts at Avis and Budget Rent a Car, purchase assurance, extended warranty, and zero liability insurance.

This card is only worth considering if you’re an Amazon Prime member and you do a lot of shopping on Amazon. The good news is that there’s no annual fee.

Eligibility: Must be an Amazon Prime member for the increased earning rate. No minimum income or credit score is listed.
Welcome bonus: A $35 Amazon.ca gift card is given instantly upon approval.

What are foreign transaction fees?

When you make a purchase in any currency other than Canadian dollars, an additional charge gets applied to the exchange rate. This applies to all international transactions, including online shopping in US dollars.

Even if you’re buying from a Canadian business, paying in a foreign currency typically triggers these charges. The fee is embedded directly in the exchange rate, making it difficult to spot on your credit card statement.

Charges from your card provider

Your credit card provider typically adds a 2.5% foreign transaction fee to international purchases. Some providers charge up to 3.5%, depending on the card you hold.

Here’s what these forex fees mean for your spending:

$1,000 in foreign purchases = $25 to $35 in fees
$2,000 in foreign purchases = $50 to $70 in fees
$5,000 in foreign purchases = $125 to $175 in fees

These currency conversion fees accumulate quickly, especially if you travel frequently or shop internationally online.

Charges from payment networks

Visa, Mastercard, and American Express apply their own small fees for currency conversion. These charges are much smaller than provider fees.

The payment networks use slightly different exchange rates than the official rate available to financial institutions. Here’s a comparison when converting 1 CAD to USD:

Official exchange rate – 0.77118
Visa exchange rate – 0.77333
Mastercard exchange rate – 0.77255

Mastercard offers marginally better rates than Visa, though the difference is minimal in practice. American Express uses comparable rates but doesn’t publish them publicly.

You can check current conversion rates through xe.com, along with Visa and Mastercard’s websites. Understanding both types of fees helps you calculate the true cost of foreign currency transactions.

How Are Foreign Transaction Fees Calculated?

Your credit card company sets the foreign transaction fee, which typically appears in your cardholder agreement. The fee structure combines two main components: the currency conversion fee and the network’s exchange rate.

Visa and Mastercard each apply their own exchange rates when processing international purchases. These rates differ from the mid-market rate, which represents the true wholesale price between currencies. The gap between what you pay and the mid-market rate contributes to the total cost of your foreign purchase.

Exchange rates fluctuate based on currency market conditions. Economic events, political stability, and supply and demand for specific currencies all influence these rates daily. Your card issuer applies the rate that’s active when your transaction processes, not necessarily when you make the purchase.

Most Canadian credit cards add a 2.5% fee on top of the exchange rate used for currency conversion, though some cards charge between 1% and 3%.

Should I Pay in the Local Currency or CAD?

When making purchases abroad, merchants may offer you the choice between paying in the local currency or Canadian dollars through dynamic currency conversion. You should always select the local currency option. Your credit card issuer will convert the transaction using their exchange rate, which is typically more favourable than the payment processor’s.

Choosing to pay in CAD means accepting the merchant’s conversion rate, which includes a markup. This additional cost varies by processor but consistently exceeds the conversion rate your card provider uses. Even if your card doesn’t charge foreign transaction fees, paying in local currency remains the better option because you avoid the inflated merchant conversion rates.

Credit cards without foreign exchange fees make this choice even more advantageous. You receive competitive exchange rates without any percentage-based surcharges, maximizing your purchasing power overseas.

Do Foreign Transaction Fees Apply to ATMs?

Using a credit card at an ATM abroad triggers a cash advance, which means you’ll face immediate interest charges exceeding 22%. A foreign transaction fee also applies on top of this, and the ATM operator may charge their own service fee. This combination makes traditional credit cards a poor choice for withdrawing cash overseas.

Prepaid cards offer a better alternative. Cards like the Wealthsimple Cash Card and EQ Bank Card function like debit cards and don’t charge foreign transaction fees or interest on ATM withdrawals abroad. These cards provide access to cash without the costly charges associated with credit card advances.

Standard debit cards aren’t ideal either. Banks typically charge foreign transaction fees between 2.5% and 3.5% when you use your debit card at an international ATM. Both your bank and the ATM provider will likely apply one-time usage fees.

Is a No Foreign Transaction Fee Credit Card Worth It?

You should strongly consider getting a no foreign transaction fee credit card to avoid paying unnecessary charges on international purchases. Most cards charge 2.5% on foreign currency transactions, which accumulates quickly when you travel or shop online from international retailers.

Consider this scenario: if you spend $4,000 during a vacation abroad using a card that charges foreign exchange fees, you’ll pay an extra $100 in fees alone. That amount could cover a quality restaurant experience or another activity during your trip.

Numerous credit cards waive these fees entirely, so you can select one that aligns with your spending habits and preferences. Even if you only use the card occasionally throughout the year for international transactions, you’ll save money every time you avoid foreign transaction fees. There’s no compelling reason to pay extra when alternatives exist that eliminate these charges completely.

The savings become more significant if you travel frequently or regularly purchase from foreign websites. Choosing a card without foreign transaction fees makes financial sense for anyone who makes purchases in currencies other than Canadian dollars.

How to Select a Credit Card Without Foreign Transaction Fees

When comparing cards from your shortlist, several factors will help you identify the right option for your needs.

Consider whether you prefer a no-fee credit card or are comfortable paying an annual fee in exchange for premium perks. Cards with annual fees often offer added benefits such as airport lounge access, car rental discounts, and travel insurance coverage.

Key factors to evaluate:

Card benefits – Review what extra features matter to you, such as travel insurance or rental vehicle protection
ATM withdrawal costs – Some cards waive fees when you take out cash abroad
Rewards structure – Certain cards offer cash back that can offset other costs, while others simply don’t charge foreign transaction fees
Welcome bonuses – New cardholders may receive promotional offers worth considering
Purchase APR – Check the interest rate if you plan to carry a balance

Your spending habits and travel frequency should guide your decision. A card with an annual fee might deliver better value if you travel regularly and use the included benefits.

Frequently Asked Questions

Are foreign transaction fees refunded?

Foreign transaction fees are generally not refundable once charged to your account. These fees become part of your transaction total and are processed immediately with your purchase.

If you notice an incorrect fee on your statement, you can contact your card issuer to dispute it. Document the transaction details and explain why you believe the charge is wrong. Your issuer will investigate and may credit your account if they find an error.

The most effective approach is to avoid these fees altogether by using a card that doesn’t charge them. Prevention saves you the time and effort of seeking refunds that may not be granted.

What Makes US Dollar Cards Different from No-FX-Fee Cards?

US dollar credit cards and no foreign transaction fee cards serve different purposes. A US dollar card bills your purchases in American currency, which you then pay in USD from a US dollar account.

No foreign transaction fee cards bill in Canadian dollars but don’t charge the standard 2.5% conversion fee. You still pay in CAD, but the exchange rate is applied without an additional markup.

US Dollar Cards:

Require a US dollar bank account for payments
Best for frequent US travellers
Avoid conversion fees on USD purchases only
Still charge fees for other currencies

No Foreign Transaction Fee Cards:

Bill in Canadian dollars
Work for all foreign currencies
No extra account needed
Apply exchange rates without added fees

If you primarily travel to the United States and maintain USD accounts, a US dollar card may suit you. For worldwide travel or varied currency use, a no-fee card offers more flexibility.

What Other Options Exist Besides No-FX-Fee Cards?

Prepaid travel cards provide an alternative for managing foreign currency expenses. You load these cards with funds before travelling and use them like debit cards abroad. Many charge lower fees than traditional cards, though they may have loading and ATM withdrawal costs.

Digital payment services and mobile wallets sometimes offer competitive exchange rates. However, their acceptance varies by location and merchant, limiting their reliability as your sole payment method.

Alternative options include:

Multi-currency prepaid cards
Online payment platforms with international features
Traveller’s cheques (largely outdated)
Cash withdrawn from low-fee bank accounts

Each alternative has trade-offs in cost, security, and acceptance. No foreign transaction fee credit cards typically offer the best combination of convenience, protection, and value for most travellers. They work everywhere credit cards are accepted and require no advance planning or currency loading.

Scotiabank Gold American Express Review

Barry Choi — Thu, 05 Feb 2026 21:45:39 +0000

In this Scotiabank Gold American Express review, you’ll find out why it’s one of the best travel credit cards in Canada. The card has one of the best earning rates, a decent welcome bonus, and no foreign transaction fees. If you spend a lot on your credit card and like to travel, this card is a solid choice and a popular card for points enthusiasts.

Welcome bonus and earn rate

Although the welcome bonus of the Scotiabank Gold American Express® Card often changes, it’s typically worth between 40,000 – 50,000 Scene+ points. The recent offers have had two parts. You’d get 20,000 – 25,000 Scene+ points after spending $1,000 in the first three months of cardmembership, and the rest after spending $7,500 in the first 12 months. The annual fee of $120 is sometimes waived for the first year as part of the welcome bonus.

As for the earning rate, you’ll get 6 Scene+ points per $1 spent at Empire owned grocery stores (Sobeys, IGA, Safeway, Foodland, FreshCo, Voilà by Sobeys, Voilà by IGA, Voilà by Safeway, Chalo! FreshCo, Thrifty Foods, IGA West, Les Marchés Tradition, Rachelle Béry and Co-Op), 5 points on other grocery stores, dining, and entertainment purchases, 3 points on gas and daily transit, and 1 point on all other purchases.

That’s some pretty generous multipliers, but they have an annual spending cap of $50,000. That means for every dollar you spend over $50,000 in the 5X or 3X categories, you’ll only earn 1 point per dollar spent.

Benefits and perks

It’s time to go over the benefits of this Scotiabank Gold American Express® Card review. Admittedly, you don’t get as many perks as other travel credit cards, but when you combine the high earning rate with the insurance provided, you’ll quickly see why many people favour this card.

No foreign transaction fees

This card has no foreign transaction fees, which saves you 2.5% whenever you make a purchase in a foreign currency. That may not sound like a lot, but it certainly adds up. For example, if you spent $4,000 on foreign transactions, you’d save $100 with this card.

Mobile device insurance

When you purchase a mobile device (cell phone or tablet) with your card, you’re covered for up to $1,000 in the case of loss, theft, or damage. This mobile insurance benefit is decent, but note that depreciation does apply when you make a claim. If you’re on a subsidized plan, you need to charge the entire amount of your monthly bill to your card for the insurance to apply.

Travel insurance

Travel emergency medical – $1,000,000/25 days if 64 and under, 3 days for 65+
Trip cancellation – $1,500 per insured person/$10,000 total
Trip interruption – $1,500 per insured person/$10,000 total
Flight delay – $500 per insured person, per trip/4 hours
Delayed & lost luggage – Up to $1,000 per trip/4 hours
Hotel/motel burglary – Up to $1,000 per occurrence
Rental car collision loss/damage – $65,000/48 days
Travel accident – $500,000

The Scotiabank Gold American Express travel insurance is not bad and pretty comparable to some of the best credit cards with travel insurance, but there are a few things I want to point out.

Like all travel medical insurance that comes with your credit card, you get that benefit no matter what. However, for your other travel insurance to be valid, you must charge at least 75% of your travel purchases to your card.

You’ll also want to take a close look at the days covered. If you’re 64 or under, you’re covered for 25 days, but if you’re 65+, you’re only covered for three days, which is pathetic. I understand that this is a common practice for most credit cards, but I still think it’s disappointing that’s all you get.

Purchase insurance

Purchase security – 90 days
Extended warranty – Up to one additional year

My Scotiabank Gold American Express review wouldn’t be complete without covering all the types of insurance included. Although purchase security is pretty standard, it’s a great type of insurance when needed. If one of your purchases gets lost, stolen, or damaged within the first 90 days of the purchase, you can get it fixed or replaced. As for the extended warranty, your manufacturer’s warranty is doubled up to one additional year.

American Express experiences

Anyone who holds an American Express credit card gets access to American Express experiences, which is a highly underrated perk. The things you can look forward to include:

Offers – You’ll get cash back offers on dining, shopping, and more throughout the year.
Front of the line – American Express has partnerships with many concerts, theatre products, restaurants, and live shows where cardholders get exclusive access to presale tickets.
Invites – From advance movie screenings to live events, American Express Invites get you into exclusive experiences.

Concierge service

Cardholders get access to the American Express concierge. With this service, you can have someone help you make restaurant reservations or help you find tickets to special events. While this benefit may sound great, it’s not like they can make miracles happen. If the Taylor Swift concert is sold out, the concierge won’t be able to find tickets at retail cost.

How to redeem your points

The Scotiabank Gold American Express Card earns you Scene+ points, one of the best bank travel rewards programs. Not only can you use points on different types of travel, but you can also use your points on groceries, entertainment, restaurants, and more.

The base redemption rate is 1,000 points = $10 off travel booked through the Scotiabank travel portal, purchases made at Empire-owned grocery stores, Cineplex, and select restaurants.

Alternatively, one of the best benefits of the Scotiabank Gold Amex card, and one you don’t find on many cards, is the Apply Points to Travel option that lets you use your points to offset any travel purchase you booked on your own. This is valuable when you want to book directly with an airline or a hotel chain, as you will earn loyalty points, and your status benefits will apply.

The Apply Points to Travel option also adds flexibility as you can redeem your points for travel spending that you might not be able to book on a travel portal. Trailer parks, campgrounds, passenger railways or bus tickets are all eligible categories for which you can use the Apply Points to Travel option to offset costs. Note that there is a 5,000 points minimum redemption when using the Apply Points for Travel option.

Since you earn 5 points per dollar spent on gas, grocery, dining, and entertainment purchases, you get a 5% return for those categories.

Scotiabank Gold American Express eligibility

Must be a Canadian citizen or are a permanent resident.
Must be at least the age of majority in your province or territory.
Must not have declared bankruptcy in the past seven years.
Your home address matches your credit report home address

Since this is an American Express credit card, there’s no formal minimum income requirement. That said, American Express will examine your credit score as one factor to determine your approval. As a general rule, you’ll want your credit score to beat at least 700 since that would be a good standing.

How the Scotiabank Gold American Express compares

Scotiabank Gold American Express vs. American Express Cobalt Card

The American Express Cobalt Card is very similar to the Scotiabank Gold American Express Card. With the Cobalt Card, you earn 5 points per $ 1 spent on grocery and dining, 2 points on travel (gas, flights, hotels, etc.), and 1 point for everything else. Although the Scotiabank Gold American Express Card has a higher earning rate, American Express Membership Rewards points can be worth more since you can transfer them to Aeroplan and Marriott Bonvoy.

The Cobalt Card is likely the better choice if you want to maximize your points. That’s because American Express Membership Rewards points can be transferred to Aeroplan at a 1:1 ratio. Since one Aeroplan point can easily have a value of 2 cents, your earning rate is potentially higher with the Cobalt Card. That said, the Scotiabank Gold American Express has no foreign transaction fees and better travel insurance.

Scotiabank Gold American Express vs. Scotiabank Passport Visa Infinite Card

Another card worth comparing is the Scotiabank Passport Visa Infinite Card. The Scotiabank Passport Visa Infinite Card has a lower earning rate compared to the Scotiabank Gold American Express at 3 Scene+ points per $1 spent on Empire owned grocery stores and 2 Scene+ points on eligible grocery stores, dining, entertainment, and daily transit purchases. Both cards come with no foreign transaction fees.

You would pick the Scotiabank Passport Visa Infinite Card for the included airport lounge access. You get a Visa Airport Companion Program membership and six free annual passes per year. Those passes are worth $32 USD each. Although the Scotiabank Gold American Express advertises that you get airport lounge access, you only get a discount on a Priority Pass membership. Plus, you still need to pay for each individual visit.

Final thoughts

My Scotiabank Gold American Express review is positive. Although the card may not offer the most generous signup bonus, it’s a great choice for people in the following situations:

You shop a lot at Empire-owned grocery stores – At 6 Scene+ points per $1 spent at Empire-owned grocery stores, no other card earns you as many points.
You want a card with no FX fees – Since this card doesn’t charge foreign exchange fees, you’ll save 2.5% on all foreign transactions.
You want flexible travel rewards – Scene+ allows you to use your points on travel booked through the Scene+ travel portal or on travel purchases charged directly to your card.
You want good insurance – You get an excellent travel and mobile device insurance package.

The Scotiabank Gold American Express Card is one of the best travel credit cards in Canada. It offers solid travel insurance, one of the best earning rates, and you get access to American Express Experiences. With an annual fee of $120, this card is a winner.

Apply now for the Scotiabank Gold American Express

Minimum application requirements:

You’re a Canadian citizen or are a permanent resident
You have a minimum annual personal gross income of $12,000
You haven’t declared bankruptcy in the past 7 years
You’re at least the age of majority in your province or territory
Your home address matches your credit report home address

Credit Card Fees in Canada: How to Avoid Them Effectively

Barry Choi — Thu, 14 Aug 2025 19:47:23 +0000

Credit cards offer convenience and rewards, but hidden fees can drain your budget. In Canada, these fees range from annual charges to foreign transaction costs. Many Canadians pay unnecessary charges simply because they don’t understand how or when they apply.

From balance transfers to cash advances, credit card fees in Canada can accumulate quickly. Luckily, most can be avoided with proper knowledge. Understanding the fee landscape helps you select the right card and use it wisely. Learn the major fee types, identify hidden costs, and apply smart strategies to save hundreds annually.

Understanding Credit Card Fees in Canada

Credit card fees range from $0 to over $770 annually, with extra charges for cash advances, foreign transactions, and late payments. These fees appear as separate line items on your monthly statement and vary widely among credit card providers.

Common Types of Fees

Before choosing a credit card, it’s crucial to understand the most common fees that can quietly add up and impact your bottom line.

Annual fees: These are the most noticeable charges, ranging from $0 on basic cards to $120+ on core or premium travel or rewards cards.
Interest charges: Apply when you carry a balance beyond the due date. Most Canadian cards charge 20% to 24% interest on unpaid amounts.
Cash advance fees: Most cards immediately charge interest rates of 22% to 6% on cash advances.
Foreign transaction fees: Add 2.5% to 3.5% to purchases made in non-Canadian currencies. Some cards waive this fee.
Balance transfer fees: Usually 1% – 3% of the amount transferred to another card.

Why Credit Card Fees Exist

Credit card issuers charge fees to cover operational costs and generate revenue. Annual fees support premium perks such as travel insurance, concierge services, and enhanced rewards programs.

Interest charges compensate issuers for lending money when you carry a balance. Cash advance fees reflect the higher risk and immediate liquidity provided.

Foreign transaction fees cover costs for currency conversion and international processing. Late payment and returned payment fees discourage risky payment behaviour and cover administrative expenses.

Premium cards with higher annual fees usually provide better rewards and exclusive perks. No-fee cards generally have fewer benefits but offer basic features without yearly charges.

How Credit Card Fees Appear on Statements

Your credit card statement itemizes every fee with a clear label:

Annual fees are posted annually, typically on your account anniversary.
Interest charges appear under headings such as “Interest on Purchases” or “Interest on Cash Advances,” complete with detailed calculations.
Cash advance fees are displayed immediately after the transaction is posted.
Foreign transaction fees are included in the exchange fee for any purchase not made in Canadian dollars. This is the one fee that isn’t very transparent.
Balance transfer fees are applied immediately upon completion of the transfer.

Your issuer must clearly identify each fee type and amount on your monthly statement to ensure full transparency.

Major Credit Card Fees and How to Avoid Them

Credit card issuers charge various fees that can quickly erode your rewards and increase your debt. The four most significant fees affecting Canadian cardholders are annual fees, foreign transaction fees, interest charges, and late payment fees.

Annual Fees

Annual fees for credit cards can range from $0 to over $799, depending on the card’s rewards program and travel perks. Premium travel cards typically charge $120 or more per year, while basic cards often come with no annual fee at all.

Cards with annual fees usually offer enhanced rewards, comprehensive travel insurance, airport lounge access, and other high-value benefits. The real question is: do the perks outweigh the cost?

How to avoid annual fees:

Opt for no-fee cards if you don’t need premium features
Look for first-year fee waivers when signing up
Open a bank account that offers fee waivers on select cards
Choose cards with benefits that exceed the fee, like the Marriott Bonvoy American Express Card, which offers a free night certificate each year

Foreign Transaction Fees

Whenever you make purchases in a foreign currency or shop with international merchants, foreign transaction fees may apply. Most Canadian credit cards charge 2.5% on these transactions. You might not even notice it because it’s often embedded in the exchange rate.

If you’re offered the choice to pay in Canadian dollars or the local currency, always choose the local currency. Paying in Canadian dollars triggers dynamic currency conversion, where the merchant sets the exchange rate – often at a markup.

How to avoid foreign transaction fees:

Use a prepaid card that has no foreign exchange fees, like the EQ Bank Card
Get a no FX credit card, such as the Scotiabank Gold American Express or the Scotiabank Passport Visa Infinite

Interest Charges

Interest begins to accrue when you carry a balance past your payment due date. In Canada, the average annual percentage rate (APR) is around 19.99%, but it can rise above 22% for cash advances.

Interest is calculated daily on any unpaid balance, based on your average daily balance throughout the billing cycle, so even small balances can accumulate quickly.

How to avoid interest charges:

Pay your full balance by the due date every month
Take advantage of the 21-day grace period minimum

The grace period only applies to purchases, not cash advances or balance transfers. Missing even one payment can trigger penalty rates that make carrying debt significantly more expensive.

Late Payment Fees

Late payment fees range from $25 to $48 when you miss your minimum payment deadline. Some cards also impose penalty interest rates after late payments.

Beyond the immediate fee, late payments can damage your credit score and may result in higher interest rates on future balances.

How to avoid late payment fees:

Set up automatic minimum payments
Use online banking to avoid mail delays
Call your issuer immediately if you miss a payment

The grace period does not apply to cash advances or balance transfers. Additionally, missing two payments can result in a negative impact on your credit score.

Other Common and Hidden Credit Card Fees

Beyond annual fees and interest charges, several less obvious fees can substantially increase your credit card costs. These charges often catch cardholders off guard and can total hundreds of dollars each year if you’re not cautious.

Over-the-Limit and Overdraft Fees

Over-the-limit fees happen when you go over your credit limit on purchases or interest charges. Most Canadian credit card providers charge between $25 and $35 for each incident. Some cards automatically decline transactions that would push your balance over the limit, while others allow the transaction but charge the fee right away.

How to avoid over-the-limit fees:

Set up account alerts when you reach 75% of your limit
Check your balance regularly through mobile apps
Pay down your balance before you receive your statement
Request a credit limit increase if you consistently approach your limit

Overdraft protection fees are separate but related. These fees apply when your bank account doesn’t have enough funds to cover a credit card payment, usually costing $45 each time.

Balance Transfer Fees

Balance transfer fees range from 1% to 5% of the transferred amount, with most Canadian cards charging 3% to 3.5%. On a $5,000 transfer, you’ll pay $150 to $175 upfront.

Some promotional offers waive balance transfer fees entirely. These deals typically last 6 to 12 months but require excellent credit scores.

Key considerations for balance transfers:

Calculate whether the fee outweighs interest savings
Factor in the promotional interest rate duration
Read the fine print for minimum transfer amounts
Avoid making new purchases on the destination card

Many cards also impose minimum balance transfer fees of $5 to $10, even on small amounts.

Cash Advance Fees

Cash advances are among the most expensive credit card transactions. You’ll usually pay a fee of $10 or 3.5% of the amount withdrawn, whichever is greater.

Unlike regular purchases, interest starts accumulating immediately, with no grace period. To make things worse, most cards charge a higher interest rate on cash advances, usually between 22% and 25% annually.

Alternatives to cash advances:

Use your debit card at ATMs instead
Consider a line of credit for emergency funds
Ask friends or family for short-term loans

Tips for Minimizing and Avoiding Credit Card Fees

Strategic card selection paired with proactive account management can help you avoid nearly all fees. Focus first on finding cards that match how you spend, then put automated safeguards in place, like autopay reminders, to steer clear of penalties.

Choosing the Right Credit Card

Your spending habits should guide your choice of credit cards. If you travel internationally often, select cards that do not charge foreign transaction fees, such as the Scotiabank Gold American Express Card, which waives the usual 2.5% fee on foreign purchases.

Cards without annual fees are ideal for infrequent users, providing basic rewards without ongoing costs. However, frequent spenders might see more value in premium cards that offer higher rewards, outweighing the annual fee.

Key features to prioritize:

No foreign transaction fees for travellers
Low or no annual fees for occasional users
Reward categories aligned with your spending habits

Think about your credit score when applying. Premium cards need excellent credit, while basic cards accept lower scores without extra fees.

First Year Free Cards

Some credit cards waive annual fees during the first year, offering access to enhanced benefits without immediate costs. This approach is especially useful for testing whether a card’s perks justify its ongoing annual fee.

First-year promotions often include higher welcome bonuses. You can earn significant points or cashback while avoiding the annual fee entirely. Cancel before the second year if the benefits do not justify the cost.

Popular first-year waiver options:

Travel cards with lounge access
Premium rewards cards with bonus categories
General travel rewards via a bank loyalty program

Monitor your anniversary date closely. Set calendar reminders two months ahead to assess whether maintaining the card remains financially worthwhile. Many cardholders forget and face unexpected charges.

Annual Fee Waived With Specific Bank Accounts

Banks often waive credit card annual fees if you keep qualifying accounts with them. This relationship banking strategy can help you avoid fees on premium cards permanently.

TD Bank and some other institutions offer fee waivers when you maintain chequing accounts with a minimum balance. The required threshold usually ranges from $3,000 to $6,000 in total deposits.

Common waiver requirements:

Maintain minimum balance in chequing account
Set up direct deposit for employment income
Keep multiple products with the same bank

Calculate whether the required balance earns enough interest elsewhere to cover the annual fee. If your savings account pays 4% yearly, maintaining $5,000 to avoid a $120 fee costs you $200 in lost interest.

Some banks waive fees based on the overall relationship value rather than specific account types. Your mortgage, investments, and deposits might collectively qualify for waivers across multiple credit cards.

Setting Up Automatic Payments

Automatic payments help avoid late fees and protect your credit score from missed payments. Set up payments for at least the minimum amount due, ideally the full balance, to prevent interest charges.

Your credit card payment should be made several days before the due date to account for processing delays. Weekend and holiday schedules can cause delays in transfers between different financial institutions.

Payment automation options:

Full balance payment to avoid all interest
Fixed dollar amount above minimum requirements
Minimum payment only as backup protection

Check your bank account balance before automatic payments go through. Insufficient funds can lead to dishonoured payment fees from both your bank and credit card company, potentially costing $50 or more overall.

Scotiabank Passport Visa Infinite Card Review 2026

Barry Choi — Thu, 03 Jul 2025 19:04:51 +0000

Are you looking for a Scotiabank Passport Visa Infinite Card review? Let me tell you right now that this is one of my favourite cards. With no foreign transaction fees, good travel insurance, and lounge access, the Scotiabank Passport Visa Infinite Card is arguably the best all-in-one travel credit card.

Over the years, many credit cards have introduced no foreign transaction fees as a standard benefit, but the Scotiabank Passport Visa Infinite was one of the first out of the gate. What’s interesting is that even though this credit card was introduced a few years ago, it’s still one of the best travel credit cards in Canada. Read my Scotiabank Passport Visa Infinite Review now for the full details.

Welcome bonus and earn rate

The welcome bonus for the Scotiabank Passport Visa Infinite Card often changes, but it typically ranges from 30,000 to 50,000 Scene+ points. In most cases, you need to charge $1,000 to your card within the first three months of card membership to get the first part of the bonus. The card also gives you an additional 10,000 Scene+ points when you spend at least $40,000 in everyday eligible purchases annually. There is an annual fee of $150, but that’s often waived for the first year.

Admittedly, the earn rate is not the highest, but it’s quite respectable. You’ll earn 3 Scene+ points per dollar spent at Empire-owned supermarkets (Sobeys, IGA, Safeway, Foodland, FreshCo, Voilà, etc). 2 Scene+ points are earned per dollar spent on eligible grocery stores, dining, transit (including taxis) and entertainment purchases. All other purchases earn you 1 point per dollar spent on all other purchases.

Benefits and perks

You’ll want to know about the benefits if you’re reading this Scotiabank Passport Visa Infinite Card review. You’ll be delighted to hear that this card comes packed with great perks for all travellers.

No foreign transaction fees

The best feature of this card is easily the no foreign exchange fees. Basically, most credit cards charge you a 2.5% conversion fee whenever you charge anything to your card in a foreign currency. However, with this card, only the exchange rate charged by Visa applies.

Airport lounge access

As a cardholder, you get a free Visa Airport Companion Program membership, plus six complimentary annual lounge visits. With this program, you’ll have access to 1,200+ global airport lounges. In addition, the primary cardholder can share passes with any travelling companions. For reference, a similar lounge membership would cost you US$99 a year, plus US$32 per visit. In other words, the lounge passes are worth more than the annual fee. It should be no surprise that this card is on my list of the best credit cards with lounge access.

Annual 10,000 points bonus

If you spend $40,000 on your Scotiabank Passport Visa Infinite Card each year, you’ll get 10,000 Scene+ points. While this annual bonus is nice, that’s a lot of spending you need to do. If you’re naturally spending that much, it may be better to apply for other cards throughout the year to take advantage of the welcome bonuses.

Save on rental cars

Cardholders get a complimentary Avis Preferred Plus membership. This gives you complimentary upgrades (when available) and a discount of up to 25% in Canada and the United States.

Travel insurance

Travel medical – $2,000,000 for 25 days / 3 days if you’re 65 or older
Trip cancellation/trip interruption – up to $1,500 per person / $10,000 total
Flight/trip delay – up to $500 / 4 hours
Delayed and lost baggage – up to $1,000 / 4 hours
Auto rental car collision/loss damage – 48 consecutive days / $65,000
Hotel/motel burglary – $1,000
Travel accident insurance – $500,000

The Scotiabank Passport Visa Infinite Card is on my list of the best credit cards with travel insurance since you’re covered for quite a few things, but you really need to pay attention to your policy details. For example, trip cancellation/interruption is covered as long as you charge 75% of your trip costs to your card. However, with the rental car and hotel/motel burglary, you must charge the entire amount to your card.

Purchase insurance

Purchase security – 90 days
Extended warranty – One additional year

With purchase security, your purchases are protected for 90 days from loss, theft, and damage. Under the extended warranty policy, your manufacturer’s warranty is doubled up to one additional year. These two insurance policies can be incredibly valuable. Just make sure you keep your purchase receipts in case you ever need to make a claim.

Visa Infinite benefits

Concierge service – Get help planning your trip, making reservations, delivering presents and more.
Luxury Hotel Collection – You’ll get access to the best available rates, free Wi-Fi and a room upgrade (when available) when booking through the Visa Infinite Hotel Collection.
Dining and Wine Country programs – Cardholders can enjoy food and wine at private events hosted by some of the biggest names in culinary.

How to redeem your points

Scene+ (formerly known as Scotia Rewards) is Scotiabank’s rewards program. Ever since they merged with SCENE, the program has become more flexible. 1,000 Scene+ points get you $10 off the following:

Travel
Cineplex movie theatres and Cineplex.com
Participating restaurants (Harvey’s, Swiss Chalet, East Side Mario’s and more)
Participating grocery stores (Sobey’s, Safeway, Foodland, IGA and more)

There are other redemptions you can use your points for, but they have a lower value.

Since most people will use the Scotiabank Passport Visa Infinite Card for travel, I’ll focus on travel redemptions. You can redeem as little as 100 Scene+ points for travel for $1 off travel purchases. You can use your points immediately if you book through the Scene+ travel portal. Alternatively, you can charge any travel purchase to your card and then apply your points to that purchase seven days later. If you go this route, there’s a minimum redemption of 5,000 points ($50).

Now, you might be wondering why you would want to book on your own instead of the travel portal since there are extra conditions. By doing things yourself, you can find the lowest prices and take advantage of any status benefits you may get when booking direct.

For more information, read my detailed Scene+ guide.

Scotiabank Passport Visa Infinite Card eligibility

You’re a Canadian citizen or are a permanent resident
You’re at least the age of majority in your province or territory
You have a minimum annual personal gross income of $60,000 or a household income of $100,000
You haven’t declared bankruptcy in the past seven years
Your home address matches your credit report home address

Scotiabank is very specific when it comes to its card eligibility. As you can see, this is a mid-tier card that requires a minimum personal income to be approved. I should mention that Scotiabank doesn’t say what credit score you need to be approved. That said, you want yours to be at least 700 before applying since that would put you in at least good standing.

How the Scotiabank Passport Visa Infinite Card compares to others

The best travel rewards credit card space is crowded. There are dozens of great travel credit cards out there, so you should focus on the earn rate and rewards you get.

Scotiabank Passport Visa Infinite Card vs. Scotiabank Gold American Express Card

The most comparable card to the Scotiabank Passport Visa Infinite Card is the Scotiabank Gold American Express Card. Both cards earn Scene+ points, but the Amex card gives you 5 points per $1 spent on eats and entertainment. At face value, the Scotiabank Passport Visa Infinite Card has a much lower earn rate, but it may appeal to people because it’s a Visa card instead of American Express. In addition, the Amex Gold card has no lounge access.

Scotiabank Passport Visa Infinite Card vs. American Express Gold Card

If you want a travel credit card with lounge access, consider the American Express Gold Rewards Card instead. With this card, you only get four annual lounge passes, but American Express Membership Rewards are more flexible than Scene+ since you can transfer to travel partners such as Aeroplan and Marriott Bonvoy. In addition, you can redeem your Membership Rewards point as a statement credit at the same value as travel rewards. In other words, Membership Rewards points are more flexible than Scene+. That said, this card does charge foreign transaction fees.

Scotiabank Passport Visa Infinite Card vs. American Express Platinum Card

While the Scotiabank card offers well-rounded travel benefits, the American Express Platinum Card is designed for luxury travellers and those who travel a lot. With the Platinum card, you get unlimited airport lounge access for you and a guest, hotel status upgrades, an annual $200 travel credit, a $100 NEXUS credit, Toronto Pearson International Airport benefits, and more. The tradeoff is that the annual fee for the Platinum card is $799.

Final thoughts

My Scotiabank Passport Visa Infinite Card review is positive. This is a very flexible card that comes with a lot of benefits and is appropriate for people in the following situations:

You want a card with no FX fees – You’ll save the standard 2.5% fee that most credit cards charge on foreign currency transactions.
You want an all-in-one travel card – With lounge access and no FX fees, this is arguably the best overall travel credit card for casual travellers.
You prefer simplicity – Scene+ points can be applied to any travel purchase you make. There’s no need to worry about reward charts, blackout dates or specific airlines when you use your points.

If you’re considering this card just because it’s one of the best credit cards with no foreign transaction fees, then you’re on the right track. This card is highly competitive and is often the card I recommend.

Although the earn rate is not the highest compared to other travel rewards credit cards, I feel that the included benefits and the fact that there are no foreign transaction fees make this a worthy card. If you’re looking for an all-in-one travel card, this is the one to get.

Apply now for the Scotiabank Passport Visa Infinite Card

Rogers Red World Elite Mastercard Review

Barry Choi — Fri, 17 Jan 2025 22:45:17 +0000

The Rogers Red World Elite Mastercard (formerly known as the Rogers World Elite Mastercard) is often overlooked, but it’s easily one of the best cash back credit cards in Canada. This no fee card gives you a cash back rate of up to 3%. Plus, you get five free Roam Like Home days each year.

Simply put, this is the best no fee cash back credit card. The catch is, you must be a Rogers, Fido, or Shaw customer to maximize your return. Read my Rogers Red World Elite Mastercard review now.

Welcome bonus and earn rate

The welcome bonus is $60 cash back when you make a mobile wallet purchase within the first 90 days and six automatic payments within the first eight months for your Rogers, Fido or Shaw postpaid service. Although that may not seem like a lot, it’s decent since this is a no fee card. It’s also worth noting that this offer isn’t always available.

The earning rate is straightforward. If you’re a Rogers, Fido, or Shaw customer, you’ll earn 2% cash back on all purchases. Non-customers get 1.5%. Purchases made in U.S. dollars earn you 3% cash back. You should redeem your cash back for Rogers, Fido, or Shaw services to maximize your rewards, since you get a 1.5X boost. That makes your cash back 3%.

Rogers World Elite Mastercard benefits

For a no fee card, the Rogers World Elite Mastercard has a decent amount of benefits. Admittedly, some of these perks only give you basic coverage, but this is a no fee card, so any additional benefits should be considered a win.

1.5X cash back boost

When you redeem your cash back for Rogers, Fido, or Shaw services, you’ll get a 1.5X boost. That means your regular earning rate can be as high as 3%. There’s no other no fee credit card that earns you that much cash back.

5 Roam Like Home days

The Rogers Red World Elite Mastercard recently added five free Roam Like Home days. That means you can use your cell phone abroad and not be charged data for five days (as long as you don’t exceed your regular data limits). This benefit has a value of up to $75.

Travel insurance

Emergency medical – $1,000,000 / 10 days for those 64 and under, 3 days for those aged 65 – 75
Trip interruption – $1,000 per person, up to $5,000 total
Trip cancellation – $1,000 per person, up to $5,000 total
Rental car collision/damage – $65,000 / 31 days

The included travel insurance is surprisingly good for a no fee card. You get travel medical, trip interruption/cancellation and rental car collision/damage insurance. The only extended insurance you’re missing is delayed/lost bags and hotel/motel burglary insurance. Although you only get up to 10 days of emergency medical insurance, you can extend that by calling the insurance provider and paying for the additional days.

Airport lounge access

Cardholders get a complimentary membership to Mastercard Travel Pass provided by DragonPass. This gives you access to more than 1,300 airport lounges worldwide. However, this is just the membership (regular value $99 USD). You still need to pay for individual lounge visits, which are $32 USD.

Purchase insurance

Purchase assurance – 90 days
Extended warranty – Up to one additional year

As a World Elite Mastercard holder, you get some excellent purchase insurance. Any purchases charged to your card are covered for 90 days from theft, loss, or damage. In addition, the manufacturer’s warranty is doubled up to one additional year. If you ever need to make a claim, you must provide your original receipt and the statement when you made the purchase.

Free Boingo Wi-Fi

Although not advertised on the website, cardholders get a free Boingo Wi-Fi account since it’s a standard benefit for World Elite cardholders. With this perk, you’ll get access to 1,000,000+ Wi-Fi hotspots with no additional fees.

When your cash back is paid out

As part of this Rogers World Elite Mastercard review, it’s vital to understand how your cash back is paid out. Once you’ve accumulated at least $10 in rewards, you can apply the balance to any purchase made in the last 90 days with the Rogers Bank app or through your online banking. Alternatively, you can set your cash back to be redeemed automatically toward your next purchase. This is a great feature since many other cash back programs pay out only once a year. Again, redeeming your cash back for Rogers, Fido, or Shaw services is best since you get an increased cash back rate.

Rogers World Elite Mastercard eligibility

You’re a Canadian citizen or permanent resident.
You’re at least the age of majority in your province or territory.
You have a minimum annual personal gross income of $80,000 or a household income of $150,000.

In addition, a credit check will be performed to determine your eligibility. Although Rogers doesn’t state a minimum credit score requirement, you’ll want yours to be at least 700 before applying. Also, Rogers requires you to spend a minimum of $15,000 on this card each year, or you’ll be downgraded to a different card.

How the Rogers World Elite Mastercard compares

The Rogers World Elite Mastercard is often considered one of the best cash back credit cards in Canada, so it has a lot of competition. Generally, you’ll want to compare it to a few different cards to see what’s best for you.

Rogers Red World Elite Mastercard vs. Rogers Mastercard

The Rogers Mastercard is the most comparable credit card. It’s essentially the same as the Rogers Red World Elite Mastercard but has fewer benefits. That said, the World Elite card has a much higher minimum income requirement of $80,000.

Rogers World Elite Mastercard vs. Tangerine Money-Back Card

The Tangerine Money-Back Card is a popular cash back card since you can earn 2% cash back on up to three categories of your choice. All other purchases earn you 0.5%. Although the base earning rate is lower than the Rogers World Elite Mastercard, the Tangerine Money-Back card only requires a minimum personal income of $12,000 to be considered.

Rogers World Elite Mastercard vs. American Express Cobalt Card

If your goal is to earn as many rewards as possible, and you’re not worried about an annual fee, then the American Express Cobalt Card is a good choice. You’ll earn 5 American Express Membership Rewards points on eats and drinks (including groceries) per $1 spent, 3 points on streaming services, 2 points on travel and transit, and 1 point on all other purchases. With American Express Membership Rewards you can redeem 1,000 points for a $10 statement credit. This makes the card a hybrid cash back/travel program. The monthly fee for this card is $12.99, so that’s $155.88 you’d be spending each year.

Final thoughts

My Rogers World Elite Mastercard review is positive. The card is ideal for anyone in the following situations:

You make a lot of U.S. dollar purchases – Although you’ll pay a foreign exchange fee of 2.5%, the 3% cash back earned on U.S. dollar purchases will offset your costs.
You don’t want to pay an annual fee – There’s no monthly or yearly fee to worry about.
You want easy cash back – The earn rate is incredibly since you can get up to 3% back.

Overall, this card is impressive, but it has a high minimum personal income requirement for you to be approved. Additionally, some people will also be annoyed that the extra cash back doesn’t apply to all foreign transactions. That said, the card has no annual fee, and any cash back earned is easy to redeem.

The Best no fee Credit Cards in Canada for 2026

Barry Choi — Wed, 01 Jan 2025 12:23:46 +0000

Are you looking for the best no fee credit cards in Canada? Whether you’re looking to travel for less, earn cash back, or you want a card with a low interest rate, there’s a no fee card that’s good for you. I personally looked at dozens of cards to come up with my personal list of the best no fee credit cards in Canada based on some popular categories.

Credit card	Best for
American Express Green Card	Travel
CIBC Aeroplan Visa Card	Aeroplan
Tangerine Money-Back Credit Card	Cash back
SimplyCash Card from American Express	Flat rate cash back
Wealthsimple Cash Card	No foreign exchange fees
Rogers Mastercard	Cash back for Rogers customers
PC Financial World Elite Mastercard	Groceries
Scotiabank Scene+ Visa Card	Students
KOHO	Prepaid
MBNA True Line Mastercard	Low interest / Balance transfer
Neo Secured Card	Secured card

Best no fee card for travel

The best no fee credit card in Canada for travel is the American Express Green Card. You’ll earn 2 American Express Membership Rewards points per $1 spent on hotels and car rentals booked via Amex Travel Online, while all other purchases get you 1 point per $1 spent.

American Express Membership Rewards is incredibly Flexible. 1,000 points can be redeemed for a $10 statement credit. That means you can apply your points to travel or everyday purchases. That makes Membership Rewards a hybrid travel/cash back program, which will appeal to many people.

In addition, American Express has a fixed points travel program where you can double the value of your points when redeeming them for select flights. Alternatively, you can transfer your points to some travel loyalty programs such as Aeroplan and Marriott Bonvoy.

Eligibility: There’s no minimum income required. A credit score of 660 is recommended before applying.
Welcome bonus: It’s consistently been 10,000 points when you charge $1,000 to your card in the first three months of cardmembership.

Best no fee card for Aeroplan Rewards

If you want to earn Aeroplan points but don’t want to pay an annual fee, the CIBC Aeroplan Visa Card is the best choice. Your earn rate is 1 Aeroplan point per $1 spent on gas, groceries, and Air Canada purchases. All other expenses get you 1 Aeroplan point per $1.50 spent. Generally speaking, 1 Aeroplan point is worth 1.5 to 2 cents each, so there’s some good value here.

Since Air Canada is the largest airline in Canada, it makes sense for people who want to save on travel to collect Aeroplan points. The points you’ve accumulated can be used for any available seat on Air Canada. This includes their mainline, Rouge, and Jazz. In addition, Aeroplan has 45+ airline partners that make some seats available for redemption with points. In other words, it’s possible to get to most destinations in the world on points.

Although this is a no fee card, you still get some basic benefits. Any purchases charged to your card are covered for 90 days from theft, loss, and damage. The manufacturer’s warranty is also doubled for up to one additional year. Note that despite this being a co-branded Aeroplan card, you get no Air Canada benefits.

Eligibility: Minimum income of $15,000. A credit score of at least 640 is recommended.
Welcome bonus: Typically 10,000 Aeroplan points after your first purchase.

Best no fee card for cash back

With the Tangerine Money-Back Credit Card, you get to pick two categories to earn 2% cash back. A third category is given if you have your cash back paid directly into your Tangerine account. Some categories include grocery, restaurants, gas, drug stores, and more. All other purchases earn you 0.5% cash back. It’s no surprise that this is one of the best no fee credit cards in Canada since no other card allows you to pick your bonus categories.

Unlike some of the best cash back credit cards in Canada, Tangerine pays out your rewards monthly, regardless of how much cash back you’ve accumulated. You can apply your cash back as a statement credit, or you can have it deposited right into your Tangerine Savings Account. Going the deposit route is more beneficial since it gives you access to that third 2% category.

It’s worth noting that there’s also a Tangerine World Mastercard available where you get additional benefits such as mobile device insurance (cell phone protection) and a Mastercard Travel Pass Provided By DragonPass (no free passes). You’ll automatically be considered for this card if you meet the higher minimum income requirement.

Eligibility: A personal income of $12,000. If you have a personal income of $60,000, a household income of $100,000, or a balance of $250,000 or more with Tangerine, you may qualify for the Tangerine World Mastercard. A minimum credit score of 660 is recommended.
Welcome bonus: Typically 10% cash back up to $1,000 in spending in the first two to three months. This bonus offer has been worth as much as 15%.

Best no fee cash back card for flat rate

SimplyCash Card from American Express

The SimplyCash Card from American Express is appealing since it gives you 2% cash back on gas and grocery purchases. All other purchases give you 1.25% cash back. While the increased earning rate on gas and groceries is great, each is capped at $15,000 in spending each year. Once you reach that cap, your earning rate drops to the base earning rate of 1.25%.

This increased flat rate is good for anyone who spends a lot outside of the standard enhanced categories. That said, with American Express, your cash back is paid out only once a year as a statement credit in January. This is annoying for some people since many cards now offer monthly payments.

On a positive note, you get some good benefits such as travel accident insurance, buyer’s assurance and purchase protection. In addition, you get access to American Express experiences, which include things such as front of the line presales, reserved tickets, and offers.

Eligibility: There’s no minimum income required. A credit score of 660 is recommended before applying.
Welcome bonus: New cardholders usually get a $10 statement credit when spending $300 each month for 10 months. That’s a total of $100 in statement credits you could earn.

Best no fee card for no foreign transaction fees

Without a doubt, the Wealthsimple Cash Card is the best no fee credit card without foreign transaction fees. Most Canadian credit cards charge you a fee of 2.5% whenever you make a purchase in any currency that’s not Canadian dollars, but not with the Wealthsimple Card. Instead, you just pay the spot rate. This applies to ATM withdrawals, too, but note that the local ATM may charge you a one-time fee.

In addition, you’ll earn 1% cash back on all purchases made. Plus, any funds you have deposited to the card earn you interest. Deposits are required since this is a prepaid card. That means your spending limit is tied to how much you have on your card. You also won’t earn a credit history since this isn’t a real credit card.

There are many no foreign transaction fee credit cards in Canada, but the Wealthsimple Cash Card is arguably the most convenient and gives you the most benefits.

Eligibility: Must have a Wealthsimple Cash account, but no income or credit history is required.
Welcome bonus: Up to $3,000 (it’s random)

Best no fee cash back card for Rogers customers

Rogers Mastercard

The Rogers Mastercard is the best no fee, cash rewards credit card. But there’s a catch. You must have at least one qualifying Rogers, Fido, or Shaw service to maximize your earning and rewards potential. If you meet the criteria, you’ll get 2% cash back on all your purchases. If you don’t have a qualifying service, you’ll only earn 2% cash back on U.S. dollar purchases and 1% cash back on everything else.

To sweeten the deal, if you apply the cash back you’ve earned to Rogers services or products, you’ll get an additional 30% in cash back. That works out to a flat earning rate of 2.6%, which is higher than some cards with an annual fee.

The other major benefit of this card is five free Roam Like Home days. That’s a value of up to $75, but only Rogers wireless customers can access Roam Like Home, so it’s useless if you’re with Fido or anyone else.

Eligibility: There’s no minimum income required. A credit score of 660 is recommended before applying.
Welcome bonus: 10% Cash back for 3 months (up to $100 in cash back earned).

Best no fee card for groceries

Anyone who shops at Loblaws-owned grocery stores, such as Loblaws, No Frills, and Superstore, should get the PC Financial World Elite Mastercard. The earning rate is 45 PC Optimum points per $1 spent at Shoppers Drug Mart, 30 points at Loblaws-owned grocery stores and Esso/Mobil gas stations, and 10 points on all other purchases. That works out to a 3% return at eligible grocery stores. It’s no wonder this card is on the list of the best no fee credit cards in Canada.

You can redeem 10,000 PC Optimum points for $10 off when buying groceries at Loblaws-owned stores. However, if you wait for bonus redemption events at Shoppers Drug Mart, you can get extra value. For example, some past promotions have included redeeming 200,000 points for $300 off. That’s an extra $100 in value.

This card is only beneficial if you shop at Loblaws-owned grocery stores. If you get your food from somewhere else, you’ll want to consider a different card.

Eligibility: A personal income of $80,000 or $150,000 is required. That said, two other PC Financial Mastercards have lower earning rates and a lower minimum income requirement. A credit score of 700 is recommended.
Welcome bonus: You can sometimes get up to 100,000 PC Optimum points when signing up in a store.

Best no fee card for students

I personally recommend the Scotiabank Scene+ Visa Card to any student who who wants a no annual-fee card. The rewards you earn are useful to students, there’s a high chance of being approved if you bank with Scotiabank, and you get a minimum credit limit of $500.

As for the earning rate, you’ll get 2 Scene+ points per $1 spent at Empire-owned grocery stores (Sobeys, Safeway, Foodland & Participating Co-ops, FreshCo, etc.), Home Hardware, and Cineplex. All other exepnses earn you 1 Scene+ point per dollar spent.

When you’re ready to redeem your Scene+ points, you can redeem 1,000 points for $10 off Empire-woned grocery stores, Cineplex, and select restaurants (Swiss Chalet, Harvey’s, East Side Mario’s). This is ideal for students as it gives you discounts on groceries, entertainment, and dining.

Eligibility: A personal income of $12,000 is required, but students may be approved without income. The recommended minimum credit score before applying is 660.
Welcome bonus: Typically worth 5,000 Scene+ points when spending $750 in the first three months.

Best no fee card for roadside assistance

The Triangle World Elite Mastercard is a highly underrated card. The best benefit you get is the Roadside Assistance Gold Plan. This serviceperk normally costs $99.95 annually and gives you access to 24-hour tows, battery boosts, fuel delivery, flat tire changes and more. Each year, you’re entitled to give service calls up to 250 kilometres, but if you’re going to a Canadian Tire Auto Service centre within your limits, there’s no limit.

The earning rate for this card is also good. You’ll get 4% in CT Money at Canadian Tire, Sport Chek, Mark’s/L’Équipeur, Atmosphere, Party City, Sports Rousseau, Hockey Experts, L’Entrepôt du Hockey, and participating Sports Experts stores, 3% at grocery stores (up to $12,000 per year) and 1% on all other purchases. If you fill up at Gas+/Essence+ locations, you get 7¢ per litre in CT Money on premium fuel and 5¢ per litre on all other fuel.

One other benefit of this card that’s worth mentioning is the no interest financing. When you make a purchase of $150 or more at participating Canadian Tire corporate-owned merchants, you can choose to pay for the purchase in installments over a one-year period. If your purchase is $500 or more, you get a two-year window. There are no additional fees or charges as long as you make your payments on time.

Eligibility: A personal income of $80,000 or $150,000 is required. A minimum credit score of 700 is recommended.
Welcome bonus: None.

Best no fee prepaid card

KOHO has quickly become one of the best prepaid cards in Canada. Although you won’t build your credit score when using this card, it does help you manage your money. Through the KOHO app, you can get a detailed breakdown of your spending. By analyzing this data, you can make adjustments to your budget.

Even though this is a prepaid card, you can earn up to 5% cash back on your purchases. There’s a base earn rate of 1% cash back on grocery and transportation purchases. Select retail partners will give you 5% cash back. As for any money deposited to your card, you’ll get 0.5% interest. It is possible to get a higher earning and interest rate, but that requires a paid subscription.

Admittedly, if you want a prepaid card, the Wealthsimple Cash Card gives you a higher cash back and interest rate. However, KOHO has better tools if you’re looking to manage your spending.

Eligibility: None.
Welcome bonus: $20 when signing up with a referral link.

Best no fee card with low interest

Anyone who wants to focus on paying down their debt should consider the MBNA True Line Mastercard. A balance transfer promotional rate of 0% interest is available for 12 months, as long as new cardholders perform the transfer within 90 days of account opening. Although there’s a balance transfer fee of 3%, the interest you’ll save overall could be worth it.

Once the promotional period ends, your interest rate increases to 12.99%. That’s the same interest rate for new purchases. Despite this higher rate, it’s still much lower than most other credit cards, as they typically charge 20% – 24% interest. The idea here is to pay down your balance as quickly as possible before your rate goes back up.

Eligibility: There’s no minimum income requirement. A minimum credit score of 660 is recommended.
Welcome bonus: Balance transfer option with 0% interest for 12 months (3% fee applies).

Best no fee secured card

Neo Secured Credit Card

The Neo Secured Credit Card is designed for people wit little to no credit history or who are looking to improve their credit score. Since the card has guaranteed approval and no annual fee, it can be a good choice for people in different situations.

Since this is a secured card, you need to load funds which act as a security deposit. Although you can’t use these funds to pay your balance, you will get the money back if you cancel your cards. Secured cards are designed for consumers who want to show that they’re responsible with credit. As long as cardholders use their cards responsibly, they should see their credit score increase over time.

What’s interesting about this secured credit card is that it offers cash back rewards. Neo claims the average cash back earned is 5%, but you’re guaranteed a minimum of 0.5% cash back if you average less than that.

Eligibility: You’re guaranteed to be approved for this card.
Welcome bonus: Up to 15% cash back on your first-time purchases at participating merchants.

What is a no fee credit card?

A no fee credit card is a credit card that doesn’t charge an annual fee. Unlike premium credit cards that often give you a generous welcome bonus when you spend a certain amount within three months of cardmembership, no fee cards typically have no or a limited welcome bonus. In addition, no fee cards typically have limited additional benefits.

That said, some premium credit cards have promotions where the annual fee is waived for the first year. That means you can test out the card for a year without paying any fees. That’s quite the incentive since you can get incredible benefits such as insurance coverage for car rentals and an increased earn rate on dining with select cards.

Fees that still apply

While the term ‘no-fee credit card’ is meant to refer to a credit card with no annual fees, the ‘no-fee’ part can be misleading. There are still other fees that you need to be aware of when holding these credit cards.

Interest charges – If you do not pay off your credit card in full every month’s billing cycle then you risk being charged interest charges on your credit card balance. Credit cards are known to have very high interest rates, around 20%, so this is something you want to avoid.
Foreign transaction fees – If you shop online in a different currency or travel abroad and use your credit card to pay for something in a different currency then you will likely be charged foreign transaction fees. There are specific credit cards in Canada that waive these fees but most don’t and will result in a 2.5% surcharge on your purchase.
Cash Advance fees – If you choose to take out cash from your credit card rather than your debit card there is a fee associated with that plus additional interest charges. It’s best to avoid this because it can result in so many fees but it can be handy in an emergency situation. Just be sure to pay it off right away and don’t take out more than you need.
Inactivity fee – Inactivity fees are charged when you haven’t used your credit card for a prolonged amount of time. Usually, it’s a year and the charge is around $10.
Over-limit fees – When you get a credit card there is a limit as to how much you can spend on it. If you go over that amount, you’ll be charged a fee of around $30. If you think you will have to go over your limit, it’s best to get in touch with your credit card provider and ask them to increase the limit.
Balance Protection Insurance – This is an add-on feature that many credit card providers encourage you to opt into. Essentially, it’s used to pay off your credit card balance in the event of your death so your family doesn’t have to worry about it. However, it’s incredibly expensive.

No fee credit card features

Typically speaking, no-fee credit cards aren’t known for their perks and benefits. These are generally reserved for credit cards that do charge a fee and oftentimes, the higher the fee the better the benefits. That being said, these days, we see more no-fee credit cards offered with some perks. You can’t expect airport lounge access (those are typically reserved for high-end travel cards) but some features you might see offered include things like purchase assistance and extended warranty. You may also see some basic insurance coverage and brand-specific benefits like American Express Experiences and Front of the Line access to advance ticket sales.

Do no fee credit cards earn rewards?

Many of the best no fee credit cards in Canada earn you rewards. The type of rewards you’ll earn depends on the type of card you get. Generally, you can break down rewards into three categories:

Travel – With travel rewards, you’ll earn points or miles, which can then be redeemed for free or discounted travel. Aeroplan, Air Miles, and American Express Membership Rewards are the most popular travel rewards programs.
Cash back – Cash back cards are easier to understand than travel rewards since you’ll earncash back on all your purchases. Best of all, some bonus categories will give you an increased earn rate.
Store and retail – A few stores have their own loyalty program or are partnered with a loyalty program where you can earn rewards points. The points you earn can later be used for discounts, merchandise, gift cards, and more. Some retail loyalty programs include PC Optimum and Scene+.

How to choose a no fee credit card

With a no-fee credit card you are starting on equal ground as all your options have no annual fee. From here there are a few things you can consider and compared to choose the best credit card for you. Look at:

The interest rate
Any rewards programs
Perks or benefits included in the credit card
Welcome bonus for new cardholders

How to apply for a no fee credit card

Applying for an airline credit card follows the same method as other credit card applications. They are often easiest when completed online but if there is a physical branch for the card issuer, you can do it in person as well.

Gather all necessary documents needed for the application. You will need to know all of your personal information including contact information. Your annual income and contact information for your workplace is also required. You may need your social insurance number (SIN) so have that handy as well.
Decide which card you would like to apply for based on the list above. Consider the application requirements and make sure you qualify. Most credit cards have credit score and minimum income requirements. Once you have determined your card choice, go to the web page for the credit card and click the button to apply. Or visit a bank branch in person to start your application if applicable. Step 3: Fill out the form. Note that you will presented with some small print details. credit card. Make sure you understand the terms and conditions. If you are happy, continue the application form and submit it online or to a representative at the bank.
Wait for approval. Many online applications offer instant approval but it still might take a couple of weeks for the card to get to you. Once received, activate it and you can start using it.

Are no fee credit cards worth it?

When it comes to applying for a new credit card, many people look towards rewards cards or cash back cards, which will give them something in return for using their credit card. However, these cards often come with fees. If you don’t use a credit card a lot, then it might not be worth paying for one with an annual fee. In this case, a no-fee credit card is a smart choice. But, if you plan on using a credit card frequently, it might be worth considering getting one with higher rewards.

No fee credit cards are also good for those just starting out and looking to build credit. Typically, they don’t require high credit scores and annual income which makes them easier to apply for.

FAQ

What is the best no fee credit card in Canada?

As mentioned above, no fee credit cards don’t tend to have the same perks as credit cards that do charge an annual fee, there are are sometimes still benefits and rewards offered that might be worth taking advantage of depending on your spending habits. For example, Tangerine money back offers cash back while the CIBC Aeroplan Visa allows you to earn Aeroplan points on your purchases. Another critical thing to pay attention to is the welcome bonus as these vary from card to card.

Can you get a no annual fee credit card with bad credit?

This depends on your circumstances. While most no fee credit cards may not require high income or excellent credit scores to qualify, that doesn’t mean everyone can qualify.

If you are a student with no credit, then there are no fee student credit card options, which you will likely be approved for. However, if you are someone with poor credit or a new-comer to Canada, you likely would be better off starting with a secured credit card to build your credit, then move onto a no annual fee credit card from there.

Who should get a no fee credit card?

There are a few scenarios where getting one of the best no fee credit cards in Canada makes sense. In the end, it depends on your situation, but consider the following:

You want to minimize your costs – Since no fee credit cards won’t cost you anything and you still get access to credit, they can be a great tool to help you manage your finances without becoming an additional cost to worry about.
You need a back up credit card – Many people have a primary credit card but keep a backup card in their wallet just in case. This is handy if the merchant does not accept your main card’s credit card issuer (Visa, Mastercard, or American Express). Or in situations where you may lose a credit card, have it compromised, or even just have a big purchase that you need to divide onto a couple of credit cards.
You don’t use credit much – There are some people that prefer to use cash or their debit card. This is perfectly acceptable, but there are some places that require you to have a credit card. For these situations, it’s likely not worth getting a cash back or rewards card. If you rarely use it, then you won’t get enough value to make it worth the annual fee. So in this circumstance, a no fee credit card is great to have handy in your wallet.
You want to build your credit score – Using your credit card responsibly will help you improve your credit score. This is especially true for students who are getting their first credit cards and starting to build credit. Many student cards are no-fee cards making it easy to start building your credit without having to worry about bringing on any additional costs.

Are credit cards with an annual fee better?

Some people are totally against the idea of paying an annual fee for a credit card, but the benefits typically far exceed what you’re paying. That said, premium credit cards can chance an annual fee of $120 to $699, so it is a healthy amount to be paying.

You need to ask yourself, how much value are you getting from the annual fee? For example, many travel rewards credit cards come with comprehensive travel insurance. That benefit is typically worth $300 a year, which is much more than a card that has an annual fee of $120 – $150.

Even the American Express Platinum Card, which has an annual fee of $699, pays for itself since you get perks such as unlimited lounge access, hotel status upgrades and more.

As long as you can extra more value out of the benefits provided than what you’re paying in annual fees, you’re coming out ahead.

What are the pros and cons of a no fee credit card?

Like all credit cards, there are pros and cons to be aware of when debating a no-fee credit card. Here are the main points to be aware of to help in your decision making.

Pros of a no fee credit card

Besides not having to pay an annual fee, no fee credit cards can be useful for many reasons including:

Building your credit history – Your credit score is important if you ever want to get a loan in the future. Using a no fee credit card and paying your bills in full and on time will show lenders that you’re creditworthy.
You can make purchases – You can obviously make purchases with any credit card, but a no fee credit card is best suited for people who don’t use credit often. Get a no fee card and keep it in your wallet so you can access credit when needed.
It can be a backup card – If you already have one of the best travel credit cards in Canada, then getting one of the best no fee credit cards in Canada can complement your spending. For example, American Express isn’t accepted anywhere so you can use your no fee card instead.

Cons of a no fee credit card

While there’s no denying the advantages of a no fee credit card, there are also some disadvantages to consider.

Mediocre welcome bonuses – Don’t expect the sign up bonus to be anything spectacular.
Lower earn rate – A 50% decrease in earn rate compared to premium credit cards isn’t uncommon and applies to cash back and travel rewards cards.
Fewer benefits – You typically get limited benefits with no fee cards. It’s unlikely you’ll get things such as extended travel medical insurance, mobile device insurance, lounge access or travel credits.

on’t incur any interest charges. That said, paying an annual fee can be worth it since the welcome bonus and annual perks are almost always worth more than the fee you pay.

Wealthsimple Cash Card Review

Barry Choi — Mon, 01 Jan 2024 13:18:48 +0000

In this Wealthsimple Cash Card review, I’m going to go over the specific features the card offers. To be clear, the Wealthsimple Cash Card is only available to those who have a Wealthsimple Cash account. To access Wealthsimple Cash, you need a Wealthsimple account.

While it’s a bit of a pain that you need to go through a few steps to get a Wealthsimple Cash Card, it can be worth it. Not only does the card not have an annual fee, but it also doesn’t charge foreign transaction fees and has a high interest rate. Read my Wealthsimple Cash Card review now for the full details.

Welcome bonus and earn rate

The Wealthsimple Cash Card welcome bonus is a bit ridiculous. Instead of getting a traditional welcome of $10 or $25, you’ll get up to $3,000 when you use a referral link (or referral code 9LIWIW). That said, the website says 99% of people will get less than $50, with the average being $10. On a positive note, both the person making the referral and the one accepting are eligible for this bonus. You need to fund an eligible Wealthsimple account to get the bonus. Note that Quebec residents get a straight $10 bonus only.

As for the earning rate, you’ll get 1% back in cash, stock, or cryptocurrency on all your purchases. If you decide to invest in stock or crypto, you can choose to have your rewards automatically reinvested for you. In addition, any funds you have deposited to the card earn you 4% interest.

Benefits and perks

Since the Wealthsimple Cash Card is a no fee, prepaid card, it comes with limited benefits. That said, the main perk you do get is the reason why many people get this card.

No foreign transaction fees

My Wealthsimple Cash Card review is positive because the card comes with no foreign transaction fees. Most credit cards in Canada charge a fee of 2.5% when you make a purchase in any currency that’s not Canadian dollars. However, with this card, that fee is waived. In addition, foreign ATM withdrawals also won’t cost you anything. That said, the ATM operator may charge you a one time fee. Simply put, this is one of the best no foreign transaction fee credit cards in Canada.

High interest rate on savings

The Wealthsimple Cash Card is only available to those with a Wealthsimple Cash account. This account was designed for savings and rewards you with high interest on all deposits. The base interest rate is 4% on all deposits. However, if you have $100,000 in assets with Wealthsimple, your rate goes up to 4.5%. If you have $500,000 in assets under management, you can enjoy an interest rate of 5% in your cash account.

Send and receive e‑transfers

Although sending and receiving e-transfers with a bank account is pretty standard, Wealthsimple Cash does have very high limits. You can send up to $5,000 per day or $10,000 per week to anyone. This can be a valuable perk for people who need to send a lot of money.

When your Wealthsimple cash back is paid out

Cash back is earned instantly, so it’ll be available in your account immediately. Note that you can choose to invest your rewards in cash, stock, or cryptocurrency.

Wealthsimple Cash Card eligibility

To get a Wealthsimple Cash Card, you need to meet the eligibility requirements of a Wealthsimple account, which are as follows:

Must reside in Canada
Must be a Canadian citizen or have a Canadian Visa
Must be at least the age of majority in your province or territory
Must have a Social Insurance Number (SIN)

Since this is a prepaid card, not a traditional credit card, there’s no credit score or income requirement to be approved. Since the Wealthsimple Cash Card is linked to your Wealthsimple account, you may need to verify your identity to have your account approved.

How the Wealthsimple Cash Card compares

Wealthsimple Cash Card Vs. EQ Bank Card

The EQ Bank Card is an optional prepaid card available to anyone with an EQ Bank account. Admittedly, the earning and interest rate are lower with EQ Bank, but EQ Bank gives you free ATM withdrawals in Canada (any fees are reimbursed). Foreign ATM access is the same for both cards since neither charges fees, but the ATM operator may charge a fee.

Some people prefer EQ Bank over Wealthsimple because they keep things simple. EQ Bank is an online bank that focuses on savings. The EQ Bank Card is just a tool you have access to. With Wealthsimple, they’re primary focus is on investing. If you were to get a cash account, you’d likely still get prompted to sign up for their investing services.

Wealthsimple Cash Card Vs. Scotiabank Passport Visa Infinite Card

The Scotiabank Passport Visa Infinite Card is a true credit card that allows you to build your credit history and earn points. The earning rate is 3 Scene+ points per $1 spent at Empire-owned supermarkets (Sobeys, IGA, Safeway, Foodland, FreshCo, Voilà, etc), 2 points on other grocery stores, dining, transit (including taxis) and entertainment purchases, and 1 point on all other purchases.

This card also includes a generous welcome bonus, no foreign transaction fees, airport lounge access with six free annual passes, and travel insurance. That said, the card does have an annual fee of $150. If you value rewards and no foreign transaction fees, then this card is likely a better choice than the Wealthsimple Cash Card.

Final thoughts

Overall, I have to say my Wealthsimple Cash Card review is positive. I don’t think people are going to start using it regularly to send their friends and family money, but it’s ideal for people in the following situations.

You want to avoid foreign transaction fees – This card doesn’t charge foreign transaction fees on purchases or ATM withdrawals.
You prefer a prepaid card – This is one of the best best prepaid credit cards in Canada and can help you manage your expenses.
You already use Wealthsimple – Anyone who invests with Wealthsimple already could simply move some funds over to their cash account to start using this card.

Unless you only want to use prepaid cards, you’ll unlikely end up using this card for day-to-day purchases. However, using the Wealthsimple Cash Card strictly as a travel card can make a lot of sense since it’ll help you save money. When using referral code 9LIWIW, you could get up to $3,000 when you sign up.

FAQ

Is Wealthsimple Cash safe?

All money deposited to Wealthsimple Cash accounts is held in a trust with up to three Canada Deposit Insurance Corporation (CDIC) member institutions. That means deposits up to $300,000 are insured if the bank becomes insolvent. Since the Wealthsimple Cash Card only allows you to deposit up to $10,000, all your funds would be guaranteed.

Remember, the Wealthsimple Cash Card is a prepaid Mastercard card. That means there’s no hit to your credit score when you apply. There’s also no personal information stored on the card, so it’s unlikely that your accounts will ever be compromised.

Don’t worry if you ever need to do a refund. Merchants can issue refunds directly back to your Wealthsimple Cash Card within 5-7 business days.

Your Wealthsimple Cash Card also comes with chip and PIN technology, allowing you to set your own custom PIN. Doing this will give you one extra layer of fraud protection.

KOHO Review | Get $20 for free

Barry Choi — Mon, 01 Jan 2024 12:57:35 +0000

Are you looking for a KOHO review? KOHO is often ranked as one of the best prepaid credit cards in Canada, but what makes it so good? Simply put, KOHO is easy to use, you get a respectable earn rate, and it can help you make smarter financial decisions.

To be clear, KOHO is a prepaid Mastercard. That means you’re not getting access to credit. Instead, you can only spend funds you’ve loaded onto the card. This may seem negative, but it helps consumers manage their money while giving them access to the Mastercard network. Read my full KOHO review now to get all the details, including how to get $20 for free with my referral link.

Welcome bonus and earn rate

When you sign up with a referral link, you’ll get $20 free. That amount is deposited after you make your first purchase online or in-person. This applies to both your physical and virtual cards.

As for the earn rate, you’ll KOHO Easy users get 1% cash back on groceries and transportation purchases. In addition, KOHO has many retail partners where you can earn up to 5% cash back. Plus, you’ll earn 0.5% interest on any money in your spending or savings account, but you need to have direct deposit set up.

Benefits and perks

As a prepaid card, KOHO has limited benefits compared to traditional credit cards. That said, KOHO does offer some perks that can help you become better with your money.

RoundUps

RoundUps is a feature where you can have purchases rounded up to the nearest $1, $5, or $10. For example, let’s say you have a RoundUp set up to the nearest $1 and make a purchase that’s $3.50. Your account would take out $4, but $0.50 would be put into your savings. That allows you to save money.

Goals

KOHO is focused on financial education and allows you to set up goals via the savings tab. You would name your goal and set the amount you want to save. You would then pick the date you need the money by. This is an easy way to help you visualize your savings. In addition, you can set your RoundUps to be deposited to your goals.

Unlimited e-Transfers

All tiers of KOHO allow you to send unlimited e-Transfers. This is a convenient way to send your friends and yourself money quickly.

Credit building

Normally, prepaid cards don’t help you build your credit score. However, KOHO has an optional credit building service. For $10 a month, KOHO will open a line of credit under your account. When the line of credit is open, you will choose an amount to set aside. Each month, that amount is reported as an on-time payment to Equifax.

CDIC Protection

KOHO is partnered with People’s Trust. Since People’s Trust is a Canadian Deposit Insurance (CDIC) Corporation Member, your deposits are insured up to $100,000.

KOHO Plans

KOHO has multiple plans. The base plan is called KOHO Easy and has no monthly fee. All of the benefits are outlined above. However, if you’re willing to pay a small annual fee, you can get some additional benefits.

KOHO Essential

$4 per month / $48 per year
1% Cash back on groceries, eating & drinking and transportation
0.25% Cash back on all other purchases
1.5% interest on money deposited in your spending and savings account
Credit building for $7 per month

KOHO Extra

$9 per month / $108 per year
2% Cash back on groceries, eating & drinking and transportation
0.5% Cash back on all other purchases
2% interest on money deposited in your spending and savings account
No foreign transaction fees

KOHO Everything

$19 per month / $288 per year
2% Cash back on groceries, eating & drinking and transportation
0.5% Cash back on all other purchases
4% interest on money deposited in your spending and savings account
No foreign transaction fees
Credit building for $5 per month

The value of these subscription plans is in the eye of the beholder. I personally think KOHO Easy is a great no-fee prepaid card. However, the value you get from the paid plans is a bit questionable. For example, KOHO essential is only $4 a month, but all it gives you is 1% cash back on a few categories and 0.25% cash back on everything else. If you want credit reporting, it’s another $7 a month. At that price, you might as well get a regular cash back credit card.

I will say that the additional KOHO Extra benefits are nice. I would argue the best feature is no foreign transaction fees. Many people don’t realize that most credit cards charge a fee of 2.5% (regular KOHO charges 1.5%) when making a purchase in any currency besides Canadian dollars. With KOHO Extra, that fee is waived, which makes it one of the best no foreign fee credit cards in Canada.

How to redeem your rewards

KOHO technically has two types of rewards: cash back and interest. Cash back is earned on any purchase you make. Those funds are typically added to your account within one to two business days. Once the money is in your account, you can spend it right away.

If you have direct deposit set up to your KOHO account, you’ll earn interest on anything you have saved. Your interest is calculated daily, but paid out monthly on the fifth. As soon as you the funds in your feed, you can spend it.

KOHO eligibility

Since KOHO is a prepaid card, the eligibility is pretty straightforward. To be approved, you must meet the following requirements:

You must be a Canadian resident
You must be the age of majority in the province or territory in which you reside
You must have a social insurance number (SIN)

There is no income requirement to be approved for KOHO. In addition, no hard check is performed against your credit profile when you apply.

How KOHO compares to others

The KOHO Mastercard has a few competitors, including the Wealthsimple Cash Card. With Wealthsimple, there are no foreign exchange fees or ATM fees, so it’s better for travel. KOHO charges a 1.5% foreign exchange fee, which is waived if you have a premium account. Wealthsimple is a better choice as an everyday card since you’ll earn a flat cash back rate on all your purchases. Both KOHO and Wealthsimple offer 0.5% cash back, but KOHO allows you to earn interest in your account.

Both cards can be used like a debit card to get cash, but ATM withdrawal limits would apply. Also, the Wealthsimple card doesn’t charge fees when using international ATMs, whereas KOHO does.

I also like to compare the KOHO Mastercard to the EQ Bank Card. EQ Bank is an online bank that has no fees. If you open an EQ Bank Savings Plus Account, you can request an EQ Bank Card for free. Any funds deposited to your EQ Bank Card earn the same interest rate as your savings. This interest rate is significantly higher than KOHO and Wealthsimple. Plus, EQ Bank has no foreign transaction fees and there are no fees on any ATM withdrawals.

What makes KOHO stand out in this space is that they have the optional credit builder. No other prepaid card in Canada allows you to build your credit score.

Final thoughts

To summarize my KOHO review, the card is ideal for people in the following situations:

You want to manage your spending – As a prepaid card, you can only spend what you’ve deposited with KOHO.
You’re looking to save money – Roundups with KOHO allow you to save towards your goals automatically.
You want to earn interest – Any money in your KOHO account earns interest if you have a direct deposit set up.

KOHO may not be a traditional credit card, but you can use it wherever Mastercard is accepted. The app makes money management easy, so it’s an ideal card for people that want to do a trial run before getting an actual credit card. Sign up with my referral code CASHMONEY now or click the link below to get $20 for free.

Apply now for KOHO

Frequently asked questions

Even after reading this KOHO review, you may still have many questions. That’s understandable as you should ask questions before signing up for any credit card. Below are some of the most common questions I get asked about KOHO.

Is KOHO insured?

Since KOHO is partnered with Peoples Trust, a federally regulated and Canadian Deposit Insurance Corporation (CDIC)-insured bank, your money is safe if anything happens to KOHO. In a worst-case scenario (which is highly unlikely), you could get your money back via Peoples Trust.

To be clear, KOHO is not insured by the CDIC. But since your funds are held with Peoples Trust, your money is safe. For reference, CDIC covers deposits up to $100,000 in eligible accounts. Hopefully, you never exceed that amount when using KOHO.

Note that KOHO also states on their website, “As a user of the earn interest feature, we’ll open an account for you with Canadian ShareOwner Investments Inc. (ShareOwner). ShareOwner is a member of the Investment Industry Regulatory Organization of Canada (IIROC).”

Since KOHO is part of the Mastercard network, you can access Mastercard’s zero Liability policy. That means you’d likely be reimbursed if someone makes a fraudulent purchase with your card.

Does KOHO build credit?

Many people wonder does KOHO build credit? Since the card is a prepaid credit card, it doesn’t affect your credit score. This is arguably the only real negative thing about KOHO.

You’ll obviously want a good credit score if you ever want to get a loan in the future, so using KOHO exclusively for your credit needs is not a good idea.

That said, KOHO does have an optional credit building service. In other words, it is possible to build credit with KOHO.

Is KOHO debit or credit?

KOHO is technically a credit card, but it has some debit features. When it comes to making purchases, you can use KOHO wherever Mastercard is accepted. If you’re making an online purchase and it’s asking you if you want to pay via debit or credit card, you would choose credit.

You can withdraw money from your KOHO card at most ATMs. KOHO doesn’t charge you a fee for this, but the ATM that you’re using will likely charge you a convenience fee of $2-3 each time.

KOHO is also accepted at international ATMs, but you’d pay a foreign transaction fee when withdrawing cash.

CIBC AC Conversion Card Review

Barry Choi — Fri, 22 Sep 2023 22:01:20 +0000

**THIS CARD HAS BEEN DISCONTINUED**

Are you looking for a CIBC AC Conversion Card review from someone who’s actually had the card in hand? Simply put, this card is one of the most convenient ways to manage your money abroad since you can load 10 different currencies onto it. Not only will this make your wallet lighter, but it’ll also reduce the fees you’ll pay.

With more Canadians travelling again, you also need to consider how you will pay for things when you’re abroad. Read my CIBC AC Conversion Card review now and find out how this card could work for you.

Welcome bonus and earn rate

Many people reading my CIBC AC Conversion Card review may be surprised to learn that this card gives you 1% cash back on all purchases (until October 31, 2023). That’s unheard of for a multi-currency prepaid card.

Loading foreign currencies

In case you didn’t know, unless you have a credit card without foreign transaction fees, you’re going to be charged a fee of 2.5% whenever you make a purchase that’s not in Canadian dollars. With the CIBC AC Conversion Card, the only fee you pay is the exchange rate when you load your funds. There are no annual or load fees, so it’s easy to see why this card is appealing to travellers.

As a frequent traveller, I can tell you that managing my money abroad is a pain point. For example, one year, I went to Europe and visited Istanbul, Amsterdam, and London. That’s three different currencies I had to deal with. Even though I had a blast, I was stressed out because I was constantly worried about having too little or too much of the local currency. The CIBC AC Conversion Card would have solved that problem since I could have loaded the following 10 currencies to the card.

Canadian Dollars – CAD
United States Dollars – USD
Euros – EUR
Great British Pounds – GBP
Mexican Peso – MXN
Hong Kong Dollars – HKD
Australian Dollars – AUD
Japanese Yen – JPY
Turkish Lira – TRY
Swiss Franc – CHF

Those 10 currencies will cover you in 45 countries, so anyone using the CIBC AC Conversion card can easily manage their funds. If you’re in a country that doesn’t use one of the listed currencies, you’d pay a foreign transaction fee of 2.5%.

It’s important to note that the CIBC AC Conversion Card is not a credit card; it’s a prepaid Visa. What that means is that you load funds in advance, which you can then spend later. This can work in your favour since you’ll know the exact exchange rate when you load your card. That said, technically speaking, CIBC can change their exchange rates at any time, so you should always compare what you’re being quoted online with what’s available at a branch.

ATM Withdrawals

Another added benefit of the CIBC AC Conversion Card is the ability to withdraw cash from local ATMs. There are no fees for ATM withdrawals within Canada. However, you only get one free foreign ATM withdrawal each month. After that, you’ll pay about $3.50 – $5 each time. Note that this fee is just to use the ATM, and there’s no additional fee to withdraw funds from a compatible currency. For reference, if you used your regular debit card, you’d likely have to pay a withdrawal fee AND a foreign transaction fee.

How to load funds, use your card, and check your balance

Loading funds is easy since you can do it via the mobile app and your account at acconversion.cibc.com. The exchange rates are clearly displayed, so you’ll know exactly what you’re paying when loading funds. There are a few transaction limits that you need to be aware of.

No minimum load amount
Maximum load amount (single transaction): $2,999.99 CAD equivalent
Maximum balance: $20,000 CAD equivalent
Daily (24-hour) maximum point of sale purchase limit: $2,999.99 CAD equivalent
Daily (24-hour) maximum ATM withdrawal limit: $2,000 CAD equivalent

Using your card for purchases is no different from any other credit card. Since the CIBC AC Conversion Card is a Visa card, you can use it wherever Visa is accepted. For purchases under $250, you can tap your card. Alternatively, since your card has a chip, you can insert your card into the terminal and enter your PIN to complete the transaction.

This multi-currency prepaid card will automatically know to use the local supported currency, so there’s nothing for you to do. That said, if you’re given a choice between paying in the local currency or Canadian dollars, always choose the local currency. This is known as dynamic currency conversion, and the credit card processor (not CIBC) will charge you a transaction fee if you choose Canadian dollars.

If you’re wondering what your balance is, you can refer to the mobile app or your account at acconversion.cibc.com.

CIBC AC Conversion Card pros and cons

The CIBC AC Conversion Card is one of the best currency exchange options for travellers, but that doesn’t mean you should apply right away. It’s always a good idea to look at the pros and cons to help you decide if it’s a good fit for you.

Pros

Multi-currency prepaid card – Hold up to 10 currencies that can be used in 45 countries.
Earn cash back – You’ll get 1% cash back on all your purchases.
No fees – There are no annual, load, or conversion fees.
Referral bonus – Get $20 when you sign up with my exclusive referral link.

Cons

May not be the cheapest option – Credit cards with no foreign transaction fees could have lower exchange rates.
Lack of free ATM withdrawals – You only get one free ATM withdrawal outside of Canada a month
Limited benefits – There are no additional perks or benefits beyond the 1% cash back.
Does not build credit – As a prepaid credit card, you do not build your credit score.

How the CIBC AC Conversion Card compares to others

When comparing the CIBC AC Conversion Card to others on the market, you need to think about your goals. If you’re looking for a multi-currency prepaid card, then the CIBC AC Conversion Card is the best since it holds 10 currencies and gives you cash back. The closest comparison would be the Canada Post Cash Passport Card, but it only has 7 currencies and quite a few fees, including load fees.

For those looking for the lowest fees possible, the CIBC AC Conversion Card has reasonable rates, but one of the best no foreign transaction fee credit cards might be better. The “catch” is that when you make a purchase with a credit card without foreign transaction fees, you’re paying the exchange rate at the time of the transaction. With the CIBC AC Conversion Card, your rate is locked in whenever you load the card, so you know what you’re paying in advance.

I’d recommend the CIBC AC Conversion Card if you want something that can hold multiple currencies. If ATM withdrawals are important to you, then the Wealthsimple Cash Card is likely a better choice. The Scotiabank Passport Visa Infinite Card could be a good choice for those who want an all-in-one travel credit card since it comes with lounge access, no foreign transaction fees, and good travel insurance.

Final thoughts

Anyone who wants a multi-currency prepaid card will find my CIBC AC Conversion Card review positive. Loading currencies is easy, and you can use your card in 45 countries. If you prefer something with more benefits, there are many credit cards with no foreign transaction fees.

The card does not come with CDIC Insurance, but you get emergency card replacement, emergency cash, and protection from unauthorized use of your card. If you lose your card, there is a $25 replacement fee.

KOHO Premium Review

Barry Choi — Sat, 22 Jan 2022 05:00:00 +0000

If you’re reading my KOHO Premium Review, that likely means you’re already a KOHO user. If you happen to be a new user, you can check out my original KOHO review where I go over why KOHO is one of the best prepaid cards in Canada. Best of all, if you sign up with my KOHO with my referral link, you’ll get $20 for free.

As the name implies, KOHO Premium is KOHO’s premium service. It comes with a reasonable monthly/annual fee but are the additional benefits you get with this service worth it? Keep reading my KOHO Premium review to find out.

KOHO Premium benefits

Free for 30 days then $9 per month or $84 per year
$20 for free when you sign up with my referral link
2% Cash back on groceries, eating & drinking and transportation
No foreign exchange fees
Free financial coaching
Price matching
Higher “velocity” limits
New card design

When I first saw the list of benefits, I wasn’t that impressed but that’s because I was comparing them to some of the best travel credit cards in Canada. The thing is, KOHO isn’t a traditional credit card, so when I compared them to similar cards (which I’ll go into further details below), I quickly realized that KOHO Premium is impressive.

People will be turned off right away by the monthly fee of $9 but when you sign up for it annually’ it’s just $84 a year which works out to be $7 a month. That’s a pretty good price to pay for the extra benefits.

The new 2% cash back is what will appeal to people the most. Regular users et 0.5% cash back on all purchases, but this new 2% rate applies to groceries, eating & drinking and transportation. Similar to the American Express Cobalt card, eating and drinking applies to food delivery, bars, coffee shops and more which is a great way to earn points fast. Transportation covers Uber/ Lyft, taxis, gas, highway tolls, parking and more so you can see how you could earn points fast.

Although I would have loved to see no foreign exchange fees for all users, I’m excited that KOHO premium has introduced this. The regular foreign transaction fee on KOHO is 1.5% (which is lower than the industry average of 2.5%), but now you’ll just pay the lowest rate possible when making purchases in a foreign currency.

The included price matching is interesting since not many credit cards offer this. If you look into the details, you can actually send KOHO your past receipts from online purchases and they’ll search for you to see if there was a better price available. If there was, you’ll be credited the difference.

The final remaining benefits include free financial coaching where you can ask an expert any questions you may have about things such as taxes, investing and more. Higher “velocity” limits just means you can take out more money every day at ATMs and you can carry a higher balance. You’ll also get a new card which has a higher end design compared to the regular card.

How KOHO Premium compares to others

As a prepaid Visa card, KOHO’s main “competition” is STACK since it’s also a prepaid card. That said, STACK doesn’t have a premium service like KOHO has introduced so it’s not fair to compare the two. I suppose if all you care about is no foreign transaction fees, then STACK comes out ahead, but with any comparison, you need to look at all the benefits.

You could also argue that KOHO premium’s 2% cash back is comparable to a cash back credit card. The Tangerine Money-Back credit card gives you 2% back on up to three categories, has no annual fee and is one of the best cash back credit cards in Canada, but it’s still not fair to compare the two since KOHO is not a true credit card. You can use your KOHO card to pay for anything that uses the Visa network, but your payment history doesn’t get reported to the credit bureaus.

Some people will also say that there are many other credit cards out there that offer better signup deals and give you more benefits, but again, KOHO is a prepaid credit card so it’s like comparing apples to oranges.

People who use KOHO typically are usually more interested in things such as managing their finances. A big welcome bonus or travel insurance is likely on the lower end of their priority list.

Final thoughts

My KOHO premium review is positive. KOHO has taken their card to the next level by introducing a higher tier service. Remember, you can test it out for free for 30 days and if you’re a new member, use my KOHO referral link to get $20 for free.

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