The Best No Foreign Transaction Fee Credit Cards in Canada for 2023
Having one of the best no foreign transaction fee credit cards in Canada is essential when travelling since it’ll greatly reduce how much spend abroad.
The majority of Canadian credit cards charge a foreign transaction fee of 2.5% whenever you make a purchase in any currency besides Canadian dollars. While that may not sound like a lot, it adds up.
By getting a no forex fee credit card, you’re guaranteeing yourself the lowest rates possible. Whether you’re looking for a no fee card or one that comes packed with travel rewards, one of the best credit cards with no foreign transaction fees will appeal to you.
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 |
| CIBC AC Conversion Card | $0 |
| Home Trust Preferred Visa | $0 |
| Wealthsimple Cash Card | $0 |
| HSBC World Elite® Mastercard® | $149 |
| Brim Financial | Up to $199 |
| Amazon.ca Rewards Mastercard | $0 |
| STACK | $0 |
Scotiabank Passport™ Visa Infinite* Card
- $150 annual fee – First year free
- 25,000 Scene+ points when spending $1,000 in the first 3 months
- 10,000 points when spending $40,000 in the first year
- Earn 3 Scene+ points per $1 spent at Empire owned supermarkets
- Earn 2 Scene+ points per $1 spent on eligible grocery stores, dining, entertainment, and daily transit purchases
- Earn 1 Scene+ point per $1 spent on all other eligible purchases
- Visa Airport Companion Program membership + 6 passes per year
- No foreign transaction fees
I gotta give Scotiabank credit, they’re the only major bank in Canada that has introduced no foreign exchange fees with some of their credit cards. This is a big deal since forex fees are a huge moneymaker for banks.
I personally think the Scotiabank Passport Visa Infinite Card is one of the best no foreign transaction fee credit cards for those looking for a single all-in-one travel credit card that combines points, benefits, and no forex fees. It always makes my list of the best travel credit cards in Canada due to its perks.
The welcome bonus is usually worth around 30,000 Scene+ bonus points which has a value of $300. The card does have an annual fee of $139, but you get a free Priority Pass membership (soon to be replaced with DragonPASS) and 6 annual airport lounge passes which are 2 more than any other travel reward card that has a fee under $150. Access to airport lounges makes travel significantly better since your journey starts as soon as you get to the airport. For reference, airport lounge access usually costs US$99 a year, plus US$32 a visit, so you’re getting a lot of value here for cardholders.
Scotiabank Gold American Express® Card
- $120 annual fee
- 20,000 Scene+™ points when you spend $1,000 in the first 3 months
- 20,000 Scene+ points when you spend $7,500 in the first year
- Earn 6 Scene+ points per $1 spent at Empire owned supermarkets
- Earn 5 Scene+ points per $1 spent on grocery, dining, and entertainment
- Earn 3 Scene+ points per $1 spent on gas, and daily transit purchases
- Earn 1 Scene+ point on all other purchases
- No foreign transaction fees
What sets the Scotiabank Gold American Express Card apart from the other no foreign transaction fee credit cards on this list is the high earn rate. You get 5 points per $1 spent on grocery, dining, and entertainment purchases which puts in on par with the Amex Cobalt card, but you get no forex fees with this card. 3 points per $1 spent on gas, public transportation, rideshares and eligible streaming service purchases aren’t too bad either.
Oddly enough, the multipliers don’t apply to any foreign transactions (they do for the Scotiabank Passport Visa Infinite Card). You’ll earn a straight 1% in Scene+ points (formerly Scotia Rewards points) for all purchases made in a currency that’s not Canadian dollars.
The insurance coverage with this card is excellent for a no foreign-transaction-fees card. You get travel emergency, trip cancellation and interruption insurance, delayed & lost luggage, purchase protection, and extended warranty.
EQ Bank Card
- $20 referral bonus (must fund account with $100 within 30 days)
- No monthly fees
- 0.5% cash back on all purchases
- Free withdrawals from any ATM in Canada
- No foreign transaction fees
- Earn 2.50% interest until you spend
It may have taken EQ Bank a few years to introduce a physical card, but it was worth it. The EQ Bank card is a prepaid Mastercard with no annual or foreign transaction fees. In addition, you can withdraw money from any ATM in Canada without paying fees (EQ will reimburse you for any fees charged).
With this card, you do need to preload funds to your card before you can use it. However, you’ll earn 2.5% interest on any money loaded until you spend it. In addition, you get 0.5% back on all purchases.
CIBC AC Conversion Card
- No annual fee
- $20 for free when using my exclusive referral link
- No load or conversion fees
- Load up to 10 currencies with no fees
- 2% cash back on up to 3 categories
- 1% cash back on all eligible purchases
Okay, so the CIBC AC Conversion Card technically isn’t a no foreign transaction fee credit card, but I’ve listed it as a card to consider since I get a lot of questions about it. Basically, the CIBC AC Conversion Card is a prepaid credit card where you can load up to 10 currencies in advance. Since you’re prepaying, you’ll know what rates you’re getting. This is handy for anyone who wants to know in advance what they’re paying for currency. Since you can hold multiple currencies, is also a useful card for people who will be travelling to multiple countries.
In addition, as a prepaid credit card, there is no hit to your credit score when you apply for the card. If you use my exclusive referral link, you’ll get $20 for free when you sign up.
Home Trust Preferred Visa Card
- No annual fee
- No foreign transaction fees
- 1% cash back on Canadian purchases
- Purchase protection
How the mighty have fallen. The Home Trust Preferred Visa used to be the only credit card with no foreign transaction fees and no annual fee. It was clearly a winner a few years ago, but with so many new cards on the market, the Home Trust feels a bit lacking now. They even took away one of the best benefits (free roadside assistance).
Admittedly, the card is still fine for what it is. The Home Trust Preferred Visa is a traditional credit card, so you don’t need to worry about preloading funds as you do with STACK. Although you won’t pay any foreign transaction fees, you also won’t earn any cash back purchases made in any currency besides Canadian dollars. You do get car rental insurance, but it’s nothing special.
One weird quirk about the card is that there’s a limit of ten transactions per day. This may not matter to many people, but it’s a weird feature nonetheless. It’s also worth noting that the customer service issues Home Trust experienced a few years ago are mostly gone. You should have no problem reaching customer service, but they’re only open during specific hours.
Wealthsimple Cash Card
- No annual fee
- 1% back in cash, stocks, or crypto on all purchases
- 1.5% interest on deposited funds
- No foreign transaction fees on purchases
- No foreign transaction fees on ATM Withdrawals
- CDIC insurance protection
Clearly, there are a lot of credit cards without foreign transaction fees, but most of them apply to purchases only. What if you need cash? The Wealthsimple Cash Card is your solution since it has no foreign transaction fees on ATM withdrawals. The only fee you’ll pay is the one time fee that the ATM operator charges, which is usually $3. There is a withdrawals limit of $500 CAD per transaction and a total of $1,000 CAD per day, but that should be more than enough to get you by.
Keep in mind that the Wealthsimple Cash Card is a prepaid credit card, so you do need to load funds in advance to use the card (similar to debit cards). On a positive note, this prepaid card has no monthly or annual fee, so there are no gimmicks. Plus, you earn 1% in cash rewards on all purchases. It’s the perfect card for travellers who don’t want to pay any fees.
HSBC World Elite® Mastercard®
- $149 annual fee – First year rebate
- Earn up to 80,000 HSBC points. Must apply by May 31, 2023
- Quebec residents – Earn up to 110,000 points* ($550travel value) – $149 annual fee
- 3% (6 points* per $1 spent) in travel rewards on all eligible travel purchases
- 2% (4 points* per $1 spent) in travel rewards on all eligible gas, grocery, and drugstore purchases
- 1% (3 points* per $1 spent) in travel rewards on all other eligible purchases
- No foreign transaction fees
What you’ll notice is that of all the cards with no foreign exchange fees, the HSBC World Elite Mastercard offers the most benefits. The 3% in travel rewards is one of the highest rates of return for travel when compared to credit cards that have a similar annual fee. You also get a $100 annual travel enhancement credit. This can be used on things such as baggage fees, seat upgrades, and even lounge passes.
HSBC Rewards is also a highly underrated loyalty program. Many people will like how you can transfer your points to British Airways Avios, Cathay Pacific Asia Miles, or Singapore KrisFlyer. Additionally, you can apply your points to any travel purchase you’ve charged to your credit card. That allows you to get the lowest price possible. However, there is a minimum requirement of 25,000 reward points ($125) when redeeming points.
I love how the travel insurance covers you for 31 days when most cards cap at 15 days. Plus, who doesn’t like a discount on select hotel books through Expedia? This is easily one of the best no foreign transaction fee credit cards in Canada.
Brim Financial
- No annual fee
- No foreign transaction fees
- Earn 1% in rewards on all purchases
- Free Boingo Wi-Fi
Brim Financial has three no foreign transaction fee credit cards in their Brim, Brim World, and Brim World Elite Mastercards. The basic card has no annual fee, the world card charges $99 and the world elite comes with a fee of $199. The higher the tier you go, the more points you earn.
Since Brim points have a value of 1 cent each and can be redeemed for a statement credit, it’s essentially a cash back card. Interestingly enough, Brim also offers additional bonuses with select retail partners, so you can actually earn cash back pretty quickly.
While I see the appeal of the Brim Mastercard, I think the annual fee of $199 for the top tier card is not worth it if you plan on getting the card just to avoid foreign transaction fees. Many people use this card as their preferred payment method at Costco, so it can be a versatile card.
Amazon.ca Rewards Mastercard
- No annual fee
- $10 Amazon gift card at sign up
- 5% back at Amazon.ca, grocery stores and restaurants for six months after your account is opened
- 2.5% back at Amazon.ca, Whole Foods Market in Canada and foreign currency transactions
- 1% back per dollar spent on all other purchases
The Amazon.ca Rewards Mastercard is another credit card that sort of flies under the radar. When you look at the benefits, it’s respectable, but you have to have an Amazon Prime membership to get the increased earn rate. There’s no denying that getting 5% back at Amazon.ca is great, but that’s only if you spend a lot there. 5% back at Whole Foods is appealing, but you can get a better value there if you paid with the American Express Cobalt Card.
For reference, non-prime members only get 1% back on foreign transactions. Since the 2.5% currency fee still applies you’d essentially be paying 1.5%. Overall, this card is only worth considering if you’re an Amazon Prime member and you do a lot of shopping on Amazon.
STACK Mastercard
- $7.99 monthly fee
- Most fees reimbursed when spending at least CAD $350 a month
- 20% cash back on select hotels with STACK Travel
- Discounts on a variety of merchants
The STACK Mastercard does things a little differently. Instead of waiving your foreign exchange fees completely, you get them reimbursed if you spend at least CAD $350 each month. While that’s more complicated than it needs to be, there’s no denying the convenience of withdrawing cash from ATMs without having to worry about fees.
One thing to note is that STACK is a prepaid Mastercard. That means you need to load funds (E-Transfer or Visa Debit) before you use your card. I personally don’t find this to be an issue, as you can always withdraw any excess funds from an ATM in Canada (you’ll be charged a one-time fee by the ATM). I also like how you can freeze your card at any time through the app. Whenever I’m not travelling, I freeze my card so there’s no chance that it’ll be compromised.
What are foreign transaction fees?
Foreign transaction fees are a surcharge that’s added to the exchange rate when you make a purchase in any currency that’s not Canadian dollars. This includes any online purchases you make that are in US Dollars. It doesn’t matter if it’s a Canadian company, if you’re paying in a foreign currency, most credit cards will add a foreign transaction fee. This fee is baked right into the exchange rate, so when looking at your statement, you may not even notice it.
Credit card provider foreign transaction fees
Most credit card providers charge a foreign transaction fee of 2.5%. That said, some cards will charge as high as 3.5%. To give you some perspective, for every $1,000 you spend in a foreign currency, it’s costing you $25 to $35 in fees. As you can imagine, these fees can add up quickly and make your purchases more expensive.
Credit card issuer foreign transaction fees
Credit card issuers (Visa, Mastercard, and American Express) also charge a small fee. That said, the fees are minimal. For example, at the time of this writing, the exchange rates for 1 CAD dollar to 1 US dollar was as follows:
- Official exchange rate – 0.77118
- Visa exchange rate – 0.77333
- Mastercard exchange rate – 0.77255
This exchange is required since the official exchange rate is only available to financial institutions. The credit card issuers charge a tiny percentage to do the conversion. Technically speaking, Mastercard offers better exchange rates than Visa. However, as you can see, the difference is so tiny it won’t matter.
To view current exchange rates, you can check out xe.com, Visa, and Mastercard. American Express does not list their exchange rates, but they’re similar.
How are foreign transaction fees determined?
Foreign exchange fees are determined by credit card issuers and credit card providers. When credit providers charge foreign exchange fees, they’re clearly posted in your user agreement.
As for the exchange rate themselves, they’re based on supply and demand in the foreign exchange market. For example, if a country is in a conflict or has experienced a natural disaster that has affected its economy, the demand for its currency would likely decrease. As a result, the value of their money would decrease in value.
How does a no foreign transaction fee credit card work?
The best credit cards with no foreign transaction fees are exactly as advertised. Instead of charging the extra 2.5% to 3.5% in fees, they waive it completely. That means consumers with these cards will automatically get the lowest exchange rate offered by Visa, Mastercard, or American Express.
That said, some credit cards promote that they have no foreign exchange fees, but you might actually be getting a rebate or cash back instead. For example, a credit card might charge the 2.5% foreign transaction fee but you get 2.5% cash back on purchases made in a foreign currency. When looking at credit cards with no foreign transaction fees, be sure to read the fine print.
Why use a credit card with no foreign transaction fees?
It should be evident by now that having a no foreign transaction fee credit card is a must. There’s no reason you should pay additional fees when you don’t have to. Sure, 2.5% doesn’t sound like a lot, but it adds up. For example, let’s say you went on a trip to Europe and charged roughly $4,000 to your card that charges foreign exchange fees. You’d essentially be paying $100. That’s enough for a nice meal during your trip.
There are so many credit cards that have no forex fees, so you should just pick one that best suits your needs. Even if you get a no fee card and only use it once or twice a year, it’ll be worth it.
Where can no foreign transaction fee credit cards be used?
Since credit cards with no foreign transaction fees are just regular credit cards, they can be used just about anywhere including:
- In Canada
- Abroad
- Online
- At ATMs (fees may apply)
Keep in mind that your credit card issuer must be accepted where you’re making a purchase for your credit card to work. For example, if you have a no foreign transaction fee Visa, and the Merchant doesn’t accept Visa, then you won’t be able to use it.
Should I pay in the local currency or CAD?
Some merchants will allow you to choose to pay in the local currency or CAD when processing your payments. This is known as dynamic currency conversion. You should ALWAYS choose the local currency if you’re paying with one of the best credit cards without foreign transaction fees because you’re guaranteed to get the best exchange rates. If you were to choose CAD dollars, there’s a slight markup included by the payment processor. That fee can vary depending on the processor.
How do US dollar credit cards differ from credit cards with no foreign transaction credit cards?
Just about every financial institution offers a US dollar credit card. That means there will be foreign transaction fees when you charge US dollar purchases to the card. However, any other currency, including Canadian dollars, would incur the forex fee charge.
In addition, since this is a US dollar credit card, you need to pay your bill in US dollars. Unless you have a steady stream of US dollars available, you’ll have to convert your Canadian dollars to pay your bills. Of course, there’s a cost to convert your currency which varies depending on where you exchange your money.
Are foreign transaction fees refunded?
Foreign transaction fees are not refunded for regular credit cards. It doesn’t matter if you make a purchase and then return it 10 minutes later; you’ll lose out on the exchange TWICE! That’s because you’re charged a 2.5% fee for the purchase and a 2.5% fee to convert the funds back to Canadian dollars when you do a return. In other words, if you’re not using one of the best no foreign transaction fee credit cards in Canada, you’ll be paying a 5% fee to do a return.
With no foreign transaction fee credit cards, you’re not charged the fee. That means if you’re doing a refund, you should get the full amount back. That said, there might be a slight difference if you do the return on a different date, as the exchange rate could have changed.
Do foreign transaction fees apply to ATMs?
If you were to use a credit card to withdraw cash from an ATM, it’s considered a cash advance. In this situation, you would likely pay 25%+ interest immediately. In addition, a foreign transaction fee would apply, and the ATM might charge you a one-time fee. In other words, don’t use a traditional credit card to withdraw money from an ATM.
There is one exception to this rule. Some prepaid cards, such as the Wealthsimple Cash Card, don’t charge foreign transaction fees or interest when using foreign ATMs. That’s because the Wealthsimple Cash Card is a prepaid card, sort of like your debit card.
If you used your debit card in a foreign ATM, you’d likely be charged a foreign transaction fee of 2.5% to 3.5%. Your bank and the ATM provider would likely also charge a one-time use fee.
Pros and cons of a no foreign transaction fee credit card
It should be obvious by now that credit cards with no foreign transaction fees can be highly beneficial, but that doesn’t mean you should sign up for one right away. You’ll want to consider the pros and cons before making a decision.
Pros of no foreign transaction fee credit cards
- No foreign transaction fees – You’ll save at least 2.5% on purchases made in a foreign currency.
- Cheap way to get foreign cash – No foreign transaction fee prepaid cards are the cheapest way to get cash when withdrawing from foreign ATMs.
- Some benefits – There are a few credit cards with no foreign transaction fees that come with benefits such as travel insurance and airport lounge access.
Cons of no foreign transaction fee credit cards
- No American Express cards – There are no American Express cards in Canada that have no foreign transaction fees.
- Limited benefits – Most no foreign transaction fee credit cards come with only a few benefits.
- Low earn rate – With most credit cards, foreign purchases only give you the base earn rate.
How to choose a credit card with no foreign transaction fees
My list of the best credit cards without foreign transaction fees in Canada will greatly reduce the amount of time you need to research. From this handful of cards, you should consider the following to help you choose the perfect card:
- Annual fee – Do you want to pay a yearly fee or not?
- Benefits included – Does the credit card come with any additional benefits that you’re interested in such as lounge access?
- ATM access – If you plan on withdrawing cash, consider a card that has no ATM fees.
- Cash back or no fee – Some of the cards give you cash back that offsets the forex fees, while others don’t charge any fees at all.
How to apply for a credit card with no foreign transaction fees
If you’re ready to apply for a credit card with no foreign transaction fees, then follow these steps:
- Browse and compare the best credit cards with no foreign transaction fees above
- Click apply now
- Check that you meet all the qualifications
- Fill out your personal details
- Wait for approval
- When the card arrives, activate it
No foreign transaction fee credit card alternatives
In the rare event that you’re not approved for a credit card that doesn’t charge foreign transaction fees, you can consider one of the following alternatives:
- Get a prepaid card – The Wealthsimple Cash Card, STACK Mastercard, and CIBC AC Conversion Card are all prepaid cards, so you’re guaranteed to be approved.
- Exchange cash in advance – If you use one of the best ways to exchange money, you can pay for purchases with cash when abroad.
- Use a regular credit card – Although you’ll have to pay foreign transaction fees, at least you can still charge your purchases.
Hi Barry,
Thanks for sharing! I love the Amazon’s credit card and use it everyday! I considered the Rogers Bank credit card before, but found out that all transactions made in foreign currency will be converted first to US dollars and then to Canadian dollars. So I picked the Amazon’s card instead.
Kat,
Interesting, wouldn’t that defeat the purpose of not having a foreign transaction fee? I need to read the fine print in detail.
I called Rogers Bank on March 12th, 2017 and they confirmed that they directly convert any foreign currency into CAD. They used to first convert the foreign currency into USD and then into CAD, but it is no longer the case.
Thanks for the update Diana!
I will be traveling to Europe soon and have the Rogers World Elite Mastercard. Will all purchases made in Euros get converted to CAD directly?
Manish,
I believe in converts to USD first and then CAD. You need to check the fine print, but from what I recall, it doesn’t make much of a difference when converting to USD first.
I have a Home Trust Visa and a Brim MC. I live in Mexico in the winter. The Home Trust exchange rate is always 1.66% lower than the actual exchange rate, while Brim is is usually within a few points of the real rate. So Home Trust is NOT free of exchange fees, it is actually a 1.66% exchange fee; less than 2.5% or 3% but still an exchange fee.
Hey Don,
Interesting observation. As far as I know, Home Trust just goes by the Visa rate so I have no idea what’s going on there.
Great summary, these are the main ones, and I’m thinking of the rogers one but still not sure about it. Just wanted to add that if you are buying something in US dollars but can’t use your card for it, your bank will give you a really bad exchange rate. I just came across knightsbridgefx and I was able to save money on my first exchange. I’ve only used them once but so far so good.
Derek,
I personally use the Amazon one since I prefer to use a travel rewards card for my daily spending, but the 1.75% cash-back/credit is pretty good. KnightsbridgeFX is great for foreign exchange but I believe they have like a $3K minimum.
Barry I’m a little late to the party but great post. While living in Europe last year for 5 months, my wife and I learned the hard way about credit card foreign exchange fees. They add up! I’ll be looking into he Amazon card since we’re heading back to Europe on a short 2 month contract. All the best. Joe
Joe,
Where in Europe will you be heading this time? Yeah the Amazon card is great since it has no yearly fee.
Great post Barry. I’m a little late to the party too. Travel to the States often for work but will be travelling to Europe (Italy) for the first time with the family. I will definitely obtain amazon or the rogers credit card. Thanks again for the post.
John,
Heh, yeah when I discovered these cards I didn’t think much about it, but over the years I’ve saved a few hundred dollars easily. I personally prefer the Amazon card over the Rogers one. As you’ve noticed, each card has their own benefits.
I am very happy with Marriot Visa; No foreign transaction fee (now if only they’d absorb the exchange rate) and yes, there’s an annual fee but as you said, it’s clearly off-set with the e-certificates for a free night. I just did a 6 night trip; of those nights I had a reduced rate for one night in Canada (BW) and 2 free nights with Marriott e-certificates. I was able to retain my accumulated Marriott points for another trip this year. With Marriott absorbing Delta and now Starwood my stay options are vastly expanded.
Susan,
Yes the merger is big news. It’ll be interesting to see what happens with the loyalty programs because Starwood had one of the best. The only knock I have against the Marriott card is that it doesn’t include travel insurance. If it did, it would instantly become one of the best credit cards available.
You forgot to mention Scotiabank Mastercard which also has no foreign transaction fee and has no annual fee,but gives back only 1/2 percent cash back.
Daniel,
That card was a replacement card for those who had the Sears MasterCard. I don’t believe they’re taking new applications.
In addition to Barry’s correct observation, Scotiabank is eliminating the zero transaction fee June 1, 2017 and charging 2 1/2% thereafter
Well that will be coming to an end June 1st, 2017, so I am closing my business with Scotia n will probably open a chase cr cd
Bonnie,
The only CHASE card left with no foreign transaction fees is the Marriott card but it has a yearly fee.
As of June 1, 2017, the no foreign exchange fee benefit is cancelled. Collect your cash back in Nov./17.
This is the card transferred from the previous Sears Mastercard.
yessss they just sent me the news of this!! for some reason it didn’t come in the mail when it should have so they are extending mine until august. this is why i’m here on this page now. i’m so upset at scotiabank for taking away this benefit. i used to have the amazon card but got rid of it and now you can’t open a new account. SAD. what will i doooo? i dislike paying a yearly fee.
If you dislike yearly fees, the Home Trust card is your only option. That being said, the yearly fee gets waived if you’re a Rogers or Fido customer with those respective cards.
Hey Makenzie! I didn’t receive any mail about the Scotiabank policy change. How can I get mine extended? Did you call them or went to a branch? Did you talk to a manager? Thank you
Hi Natalya,
As of June 21, 2017, the no foreign transaction fees benefit was removed from all cardholders.
VanCity Savings Credit Union also has a “no-transaction” fee card for foreign currency purchases that says it does not charge the 2.5% foreign transaction fee. However, I have made a couple of comparisons when returning to Canada from the US. My wife and I bought two cases of beer on the US side of the border, one with my regular MasterCard (from President’s Choice) and the other with my VanCity Visa. And then I compared the total costs.
The first time we did this, the VanCity Visa charge was less than 0.5% less than the MasterCard that DOES charge the 2.5% fee.
The second time we did this, the VanCity Visa was actually MORE than the MC charge.
Soooooooooo….VanCity may not be charging the 2.5% transaction fee, but their atrocious foreign exchange rate more than makes up for the difference.
Watch out for those claims!
Personally, when I’m traveling, I try to take a fair bit of cash and then get more from a credit-union-affiliated bank’s ATM, most of which are still free.
Adrian,
Thanks for sharing this. I only listed national cards as it would be too difficult to listen out the really niche cards. Very interesting to hear about your experiences with cards. Mastercard apparently has lower spot rates, but still doesn’t explain why the charges were so high on your Visa.
I believe the Scotia Momentum MasterCard also has no annual fee and no FX fee.
Hi Deanna,
The Scotia Momentum MasterCard has an annual fee does charge the forex fee. You might be confusing it with the credit card that Scotiabank converted previous holders of the Sears MasterCard. If you were rolled over, there’s no foreign transaction fees. The last time I checked, they were not taking new applicants.
Great Post Barry ,Just to update Scotia Momentum Master Card converted from Sears Master card also sent us notice that they will be charging 2.5% foreign transaction fee now from June1 2017.I have been using this card for years but now I would apply for Amazon.ca card Thanks for the post again.
I’ve had the Amazon.ca Rewards card for a few years now and it’s my go to card while in the US each winter. It is the one and only Canadian card with NO FX Transaction Fee and NO Annual Fee. I’m always amazed when I encounter a friend who uses some other card and will actually argue that there is no FX Transaction Fee simply because the fees are buried in the conversion rate being applied to each transaction and not shown separately. Last year, a friend who traveled on the same dates as I used a premium awards card all the way down. When we compared statements later in the month, he was astounded to learn that he was paying a full 3% over the standard conversion rate.
Another real fallacy are these US funds bank accounts twined with a US funds credit card offered by some Canadian Banks. The carrot; Charge to a US funds credit card and pay with US funds from the US bank account, no fees. The catch; You pay at least 2.5% extra when you fund the US bank account from time-to-time. My research says that the VERY BEST way to fund a US bank account is via transfer through the Canadian Snowbirds Association. CSA does a once a month combined “buy” for all members and always manage it at a saving of 1 – 1.5% from buy rates offered by the banks.
Stuart,
If I’m paying for anything not in Canadian dollars, it goes on my Amazon Visa. It’s amazing how many people believe that they don’t get charged fees even when you point it out to them. The new CIBC AIR CANADA AC CONVERSION VISA PREPAID CARD is one of the worst credit cards out there yet many people believe they aren’t paying exchange fees.
IF YOU ARE A CAA MEMBER, YOU CAN CONVERT YOUR MONEY TO U.S.D. CURRENCY AT A REDUCED RATE (MUCH LESS THAN A BANK).
Last time I checked, AMA rates from CDN to US were the same as the bank
The Amazon.ca card is no longer offered.
(Was looking into the card and was asking questions because of the 20 odd % very negative reviews and the agent at Amazon informed me that the card shouldn’t be listed on the web as it was no longer available.)
Perhaps a concerted effort by a large group of consumers could sway a smaller provider that offering a card without fees on the FX would result in more income for them?
Big Dee,
Canadians get hit pretty hard with currency exchange fees. It’s worth noting that Chase also owns the Marriott card so I wouldn’t be surprised if they sell that to someone in the future. You’re right, one Canadian credit card provider could make a bold statement by offering no foreign transaction fees, but I doubt they will.
Big Dee
RE: “Perhaps a concerted effort by a large group of consumers could sway a smaller provider that offering a card without fees on the FX would result in more income for them?”
I’ve contacted both CARP (Canadian Association of Retired People) and The Canadian Snowbirds Association about establishing an infinity card with no FX FEES with a Canadian bank. Unfortunately, CARP was just in the process of partnering with RBC and their goofy package of CA & US bank accounts and credit cards. RBC brags about using the US card an paying it off with US funds from the US bank account. What they don’t say is that they’ll hammer you with at least 2.5% extra when the tome comes for you to fund the US bank account.
Two separate approaches and I’ve not heard back from The Canadian Snowbirds Association. It appears that they are more interest in selling their medical insurance than searching for viable benefits for members. That being said, it wouldn’t be fair of me to say that without reminding that the Snowbirds Currency Exchange program is THE VERY BEST method of funding a US bank account. Always 1-2% better than the banks.
Hi Stuart,
Very interesting commentary and research you’ve done. I just don’t think Canadian banks are interested in offering a credit card that has no foreign exchange fees. CHASE which owned the Amazon card is American, and I wouldn’t be surprised if they pulled out.
I do agree that if ANY of the current credit cards introduced no forex fees, signs up would jump significantly. That being said, I’m sure banks have done their projects and have figured out that continuing to charge this fee will make them more money.
Hey Barry,
Well that was a bummer to find out about Amazon VISA not being available, I know we had some discourse about it before, but I never did apply for it since I didn’t go away and so now I thought it might be best to get the FIDO MC. It has no annual fee, but wondered your thoughts considering I am not a FIDO or Rogers customer. I would mainly use it for when I would travel abroad and I like that you can claim a statement credit at the end of the calendar year, considering I’m not a FIDO customer.
But I found the T&C on the internet and when I went through it, I couldn’t find the answer to these questions:
1) Is there an inactivity fee or cancelling of card? I only want to use this card for then I travel, but I seldomly do, and just want to know if there is an time period where if there is no activity, they will cancel your card or perhaps charge a small fee?
2) What happens with the accumulated points or credits earned after one passes away? I imagine its like most cards, where unless there is a co-applicant on file, the points/credits would be lost.
Hi Vito,
As your answers are very specific, you would have to call them to get the answers. If you don’t travel often, and you’re not a Rogers / FIDO customer, why bother with getting the card at all? Sure you’ll technically be coming out ahead with 1.5% cash back, but unless you’re spending a lot on your card when you’re travelling. you won’t be getting much back.
The Marriott Rewards Premier Visa website indicates that the first year “bonus’ is 4 nights at a Category 1 hotel and not 1 night at a category 1-4 hotel, as indicated above. There are not many Category 1 Marriott Hotels and none of them are in locations where I plan to travel.
Martine,
You’re correct, the website does list 4 nights at a Category 1 hotel, but that refers to what you can claim with your 30,000 signup points. You can use those points on any category hotels.
The 1 night at a category 1-4 hotel is an annual e-certificate that is given after your first year.
Hello,
What makes the Amazon.ca credit card better than the Fido MasterCard? They both have no annual fee and no foreign transaction fee (offset by the 4% cashback).
Dean,
The Amazon card is no longer available, but what made it better is the fact that it’s not tied to Rogers products to get your “rewards”. The FIDO card is great if you’re a customer since it can be applied to your bill. Otherwise, you need to request a yearly statement credit.
[…] les frais de transaction de 2 à 3% imposés par les compagnies de cartes de crédit. Selon le site Web Money We Have, il existe pour les Canadiens quelques cartes de crédit sans frais de transaction à […]
Hi Barry,
When you say the Amazon card is no longer available, do you mean for new clients or whoever had it lost it also?
Hi Art,
Only new applicants aren’t being accepted. Current cardholders can still use the card, but I wouldn’t be surprised if it eventually gets phased out.
Just received a letter saying that Chase is closing the Amazon.ca Reward Visa Card program as March 15th 2018 🙁
Michel,
Yes, very sad news. If you had one of those cards, I suggest signing up for the Home Trust preferred visa.
Unfortunately, I live in Québec… So I probably have either Roger MC or Fido MC. I wish I could have more choice…
Yikes, at least with both cards you can get the annual fee waived. Sign up for one and use it for your foreign transactions. If a better card comes along in the future, just switch.
Your site is so very helpful! I have a BMO US MASTERCARD. I also have a BMO US DOLLAR bank account to pay the mastercard bill. Am I paying the 2.5 % foreign exchange fee when I get the US dollars from BMO to put into the account? Courtesy from you advise I just received my ROGERS BANK MASTER CARD with the 4%foreign spending reward to offset the 2.5% charge.
Where is the best place to buy Euros and USA dollars both in Canada before a trip and in said countries. Thank you so much!
Hi Barb,
In your case, you’re paying the straight exchange since you’re being charged in USD and you’re paying in USD (so no fees). But note that you’re paying an exchange fee if you’re purchasing USD from BMO.
As for getting Euros, you kind of need to look around your city. Generally speaking, I find banks charge about 4.5% more than the posted rate. Based on that, I personally just withdraw money from local ATMs when I’m abroad since I’d only be paying the 2.5% fee.
That being said, I do exchange a small amount of foreign currency before I depart just in case I need it for a taxi ride to my hotel.
hey Barry, so using the Scotia Infinity rewards visa from local ATMs in Europe would only charge about the 2.5% fee? or would it be considered as cash forward?
by the way, great forum for all Canadian travelers !!
Hi Barb, actually the simple answer is YES to your question “Am I paying the 2.5 % foreign exchange fee when I get the US dollars from BMO to put into the account” or like Barry says they charge you (imbedded) fees close to that (despite dangling you a preferred rate if any for your USD account). Your new Robers mastercard would be better suited for your foreign currency transactions (especially for your Euro transactions) because of the above reason, and unless you are earning income in US dollars, love trading (i.e., doing Norbert’s Gambit and/or are well off like Warren Buffett 😉 and/or you already had significant amount of US cash gifted/sitting around to be spent plus value insurance benefits like purchase security/warranty (missing in four credit cards in this article except the Home Trust Preferred Visa), what would be the original reason(s) why anyone should get and/or use that BMO mastercard or any other bank’s USD credit card that makes them worthwhile than (compared to) all the cards Barry listed here. Hope that helps.
Hi Barry, love the site. Keep up the good work!
Just would like to sum up with this question to your fellow editor about a curious number (pardon the pun): Under the “NO foreign transaction fee” Marriott Rewards Premier Visa section recommending it, it reads “Out of the three cards, this is the only one that’s seriously worth considering for everyday use” despite it being “one of only two” cards listed side by side that have “annual fees” after the first year (with Barb’s choice the second one that loves charging 2.5% “foreign transaction fees” upfront/from the start on all foreign transactions rebating “afterwards” as “reward points” statement all of them “except on returns and cash advances” where the fees remain); however this article shows “more than three cards” (though granted the Amazon.ca Visa is unavailable now for the new applicant plus the missing Mogo Visa is a prepaid one and whereas this year’s (2017) new $149 annual fee HSBC Premier World Elite MC is exclusively for their premier clients only) so which “three cards” in that statement there would we talking about here? TIA.
Hi,
That line about the “three” credit cards is from my original post. I simply forgot to remove the line as I added more cards.
Hi,
Looks like the Chase/Marriott card offer (50,000 bonus points) has been improved … Am I right ?
https://www.marriottpremier.ca/?arv=lp12&JOBNUM=VMR1207059
Dangil,
The 50K signup bonus is not widely advertised, but yes you’re right.
Oh dangit! Hey all, looks like all them marriottpremier.ca links including that one are all gone now as getting “ERROR: 404 PAGE NOT FOUND” oops page – oh oh – maybe currently the last Chase operation bird for their Marriott Visa application has finally flown the coop (i.e., left the building in Canada), and perhaps gone like the proverbial Chase Amazon app dodo – what do you all think? Do we still get them or the new them to keep/grandfather those signup bonuses or be much better hopefully? Perhaps hope to reincarnate benefits intact/improved with HSBC partnership bid rather than end up with the bank who must not be named that took over their Sears Canada credit card portfolio and trashed all its FX fee free benefits to give you the in-/famous 2.5% foreign transaction fee instead and meanwhile let more speculation and the ensuing flood of calls to their call centre begin.
Oracle of Omaha,
It appears that https://www.marriottpremier.ca/ is showing the 404 error so it’s possible the site is just down for now.
I got the rogers card due to the recommendation here but it’s terrible
If a transaction is refunded they keep the foreign exchange fee. So I’ve lost 10$ and only had the card for a week. The card was rejected by a website, but the transaction still posted, and was refunded in the same day.
Chayton,
The foreign transaction fees are never refunded for any of the cards. That being said, if the card was rejected and the transaction still posted, you should contact Rogers to get them to refund you the difference.
Hi, imho, this is yet another example why Rogers credit cards’ ONE benefit of huuuge reward chasing program, which eventually rebate back those upfront charges of annual and/or FX fees and (that money you loaned to them) be available whenever you reach their threshold spending and/or every year end ASK for credit next year, would be disadvantageous and less useful than those card issuers that charge no or zero foreign transaction fees aka FX-fee-free credit cards like Premier WE MC from HSBC or HT Preferred, HT Equityline (or even the MOGO prepaid) VISA products from Home Trust. Sadly, just like those carrying “only” their bank’s USD credit cards for all their FX purposes, it would appear most bonus/points chasers will only grasp their true costs when bad situation(s) actually arises and realize the very limited utility in their FX fee charging CCs like their Rogers/Fido cards in unplanned application(s) like purchase returns (in this case), foreign ATM cash needs, and insurance claim attempts.
The old Sears Chase card was taken over by Scotiabank Momentum Mastercard and they did away with the no foreign transaction fee.
Marie,
And that’s why I suspect both the Amazon.ca and Marriott Rewards card will lose their no foreign transaction fees eventually.
The effective cashback on Rogers MCard foreign purchases is more than 1.5%, cos the 4% cashback is paid on 102.5, not on 100. Example:
You buy something in another currency at a price that would be C$100 at the neutral exchange rate.
You will be billed C$102.50.
Your cashback will be 4% x $102.50 = $4.10.
Your net payment will be S102.50 – $4.10 = $98.40, ie a $1.60 reduction on the original cost of C$100.
I was initially was going to apply for the Rogers MC but after reading reviews and comments might just hold off on that! Thanks for the post!
Good post…..I have a TD Visa Infinite card that I thought was good but do not see any TD cards making your lists.
Hey Ian,
That card isn’t bad if you book all your travel via Expedia for TD. It does however charge the 2.5% foreign transaction fee.
Just wanted to add that Rogers MC is no longer “no foreign exchange fee” card. They advised all their customers a few month ago that they will start charging exchange fee (do not remember the month when they started) but as a compensation will pay 4% rebate on foreign transactions.
Found out yesterday that my Marriott Visa will be no more as of March 15…very sad, I use it for all travel and have benefited from many free hotel nights. The other nice thing is that each secondary card had their own numbers (makes life easy when one is compromised). Any recommendations for no fX exchange charges AND individual card numbers?
Hi Ann,
I’m not sure about the individual card numbers for secondary cardholders, so you’d have to inquire with the following carriers.
The Home Trust Preferred Visa is the best card moving forward for no Foreign Transaction fees. As for a comparable hotel card, I’m hearing there’s going to be a big announcement coming this weekend.
Thank you so much Barry. Maybe I’ll hold tight until this weekend. On hold with Home Trust right now… glad to see their pick up rate is equivalent to Chase 🙂
Hi Ann, Please let us know about the process if you get the card and your thoughts as well, would be great! Cheers!
“The Home Trust Preferred Visa is the best card moving forward for no Foreign Transaction fees.”
What about compared to FIDO MC? Aside from the road side assistance (which is great!) I see FIDO is giving 0.5% more per transaction with no limit coming out ahead. Just wondering your thoughts.
Thanks Barry!
Vito,
The difference becomes so minimal at that point that I think the Home Trust card is a bit better. It’s really a personal preference though.
Hi Vito, let us please take care with what you quoted from Barry noting the “no Foreign Transaction fees” stated therein, but we know Rogers/Fido MC charges their 2.5% FX fees UP FRONT like the other ~99% credit cards out there. While even though you try rebate much of those PAID COSTs LATER, there exists nasty consequences (usually unplanned surprises for the faithful points chasers), e.g., please find data point learning of “Chaython September 21, 2017 at 1:52 pm” experience posted above here.
Imho, you would have to generate significant amount of reward eligible purchases with that additonal 50 cent points per $100 SPENDING to make it appear worthwhile the hassle of remembering (usually right) before December EACH YEAR to ask Rogers/Fido (other than towards Rogers/Fido store/stuff) for your hUge cash payout as next January statement credit ONLY; thus finally getting back ~all Fido/Rogers’ 2.5% FX fees you loaned/paid them except FX fees Fido/Rogers bank keeps from any purchase returns/cancels/reversals, atm cash/cash advance needs and any cash-like transactions (e.g., pre-paid load, “lottery tickets, casino gaming chips”) in “foreign currency” where you get zero/no rewards rebating them. After reaping lots “more” hUge rewards like the 0.5% you mentioned plus $25 for sign-up, Rogers Fido MCs provides not much else in cutting out card benefits, i.e., Rogers/Fido MC disadvantages along charging FX fees are missing consumer/travel protections like free roadside assistance, car rental CDW and purchase security insurances found on the Home Trust Preferred with “0% Foreign Currency Conversion” disclosure, i.e., unlike almost all credit card issuers like Rogers/Fido, Home Trust charging “no Foreign Transaction fees” alone saves you all those initial fee costs from the start. Hope that helps.
I have just compared my exchange rate between Marriott visa and Rogers platinum on multiple dates while in was in the states during Dec. Rogers seems to be charging me close to 3% or more instead of 2.5% as expected when comparing with Marriott’s card. So even Rogers is giving me 4% reward it would be more like 1% or less at the end. I am now considering the HSBC premiere elite to replace my soon to defunct Marriott visa instead.
Leon,
Very interesting, I wonder if that has anything to do with the Rogers card being a Mastercard and Marriott being a Visa. It’s also possible that the Canadian dollar changed in value from the time you made your purchases?
The HSBC Premier elite card has so many conditions that I don’t recommend it. That being said, if you qualify and like the additional benefits provided, go for it!
Unfortunately Home Trust preferred Visa is not available for Quebec residents. Now that Amazon is losing their card with Chase as well on March 15th, I’m hoping they come out with another card of their own and hoping it won’t just be for prime members.
hi Barry
I too was a BIG fan of the Amazon Visa card as not only did it not have the foreign conversion fee but their FX rates were very decent as well. Do u know if the Home Trust card has favourable FX rates too and not simply burying their fees in a bumped up rate? Thanks in advance
Jess,
The FX rate is set by Visa so in theory, it should be the same as what Amazon was charging.
Thanks so much for keeping us up to date on all things credit card related. Having used the Chase/Marriott VISA card for the last two years and loving it, I’m very interested in learning (this weekend?) about what might be a good replacement card. The no additional foreign exchange fees and Marriott hotel travel rewards were terrific. Gonna miss the perks.
Keep up the great work Barry.
Hi Lor,
If you liked collecting Marriott Rewards points and having no foreign exchange fees, you’ll likely have to sign up for two different cards. The Home Trust preferred Visa is the best for no foreign exchange fees, and this weekend there will be some more info about alternative cards for Marriott Rewards.
Hi Lor and Barry,
I phoned Marriott Rewards and they have announced that they are going with the Starwood Preferred Guest ccard from American Express as their replacement to the Marriott Rewards Visa. Key differences are Starwood awards 1 SPG point (equal to 3 Marriott Rewards point) for all other purchases while Marriott Rewards gives 1 point. Starwood requires a minimum of $40,000 spend per year to get a free night certificate though. Plus Starwood charges 2.5% foreign currency conversion.
Since I am a Marriott Rewards Visa holder, I am leaning toward trying the Starwood ccard for a year to get the bonus points while applying for a Rogers Platinum Mcard for foreign travel expenses. I don’t have any previous experience with Amex though on how extensive is their network of acceptance. Let me know if you’ve found a better card to replace your Marriott Rewards Visa.
Most major retailers accept Amex so I personally like the card since I find SPG points to be quite valuable.
I applied for Home Trust Preferred Visa and hoping to be approved although I don’t have a mortgage on them. We’ll be back for an update.
Each of us in our family has an Amazon.ca card and it is used extensively since we all travel a lot. Having received notice that it was ending, I have applied for the Home Trust, but I wonder why you don’t favor HSBC? Of course it costs $149/year, but if you open an online bank account you get $50 back. Can you shed more light on the HSBC card please. Thanks for your advice. Robert in Niagara.
Hi Robert,
The only reason I don’t recommend the HSBC card is that it’s not available to most Canadians. That being said, if you happen to qualify for the card, then it’s a great choice. See below for what the requirements are.
“*HSBC Premier eligibility requires you to have an active HSBC Premier chequing account, and maintain a $100,000 balance in combined personal deposits and investments with HSBC Bank Canada and its subsidiaries or reach a personal HSBC Bank Canada residential mortgage balances of $500,000 or greater.”
Thanks, Barry. That’s quite restrictive. So the cost is $149! Still worth considering. Best, Rob
Robert,
The problem is, unless you’re a HSBC Premier client, you won’t qualify for the card. If this card was available to everyone, then yes, it might be worth considering.
Is there any other cards that offers 0% foreign transaction fee? I live in Quebec, so i’m not eligible for the Home Trust card, I am not a client HSBC, and Roger’s requires me to apply in person, which is impossible for me right now (I’m travelling with an Amazon card, which will expire before my return).
Lynx,
The only other card that might work for you is the Mogo prepaid Visa. I’m not a huge fan of this card, but it might be a good fit for you. I haven’t looked into the details, so I’m not sure if it’s available to residents of Quebec.
https://www.mogo.ca/mogo-card
Thank you for your quick reply. I will take a look. Hopefully, I will be able to find something. Otherwise, I will need a card with a LOT of bonus/perks to compensate the 2,5% fee on all my purchases!
Thanks for this article; very helpful!
I too have enjoyed the benefits of Amazon.ca Rewards VISA card over the years, but now I need to replace it fast as JPMorgan Chase Bank is pulling the plug on it next month (March, 2018)
After some consideration, I’ve already decided Rogers Platinum, FIDO or Marriott cards were no good for me, which leaves only one card: Home Trust Preferred VISA.
To be honest, I had NEVER heard of Home Trust until I read this article. As such, I’m a bit reluctant to apply for the card. So here are my questions: Have you been using this card personally? If yes, do you find their services, including their online banking site and customer service satisfactory or better? I’d love to hear personal experience with this card from other readers too.
$ConfusesMe,
I just applied for the Home Trust card so I really can’t comment on their customer service. Home Trust has been around and has mainly been offering mortgages and secured credit cards. This new Visa expands their credit card line.
Thanks for your quick rely, Barry.
It’s reassuring to know you’re putting your money where your mouth is 😉 It appears a few Amazon.ca Rewards card users are taking your suggestion and applying for the Home Trust Preferred VISA. Perhaps I should follow suit and see how good it is myself as I can always cancel if it doesn’t live up to my expectations.
Btw, i do like the fact the Home Trust card offers more insurance benefits than the Amazon.ca card. Thank you again for calling our attention to this card.
$ConfusesMe,
Well I’m doing it cuz I also need a replacement card for my Amazon.ca card right? =P
Hi, Barry.
Have you received the card yet? If yes, any comments regarding their customer service, online banking system, etc.?
$ConfusesMe,
Still nothing. I just checked my confirmation email. I applied on Jan 31st and they said I would get a response in 3 -4 weeks so technically they’re still on track. That being said, I did some digging and have confirmed that they’re quite behind on applications due to demand.
Hmmmm… their Preferred VISA card webpage stated “10 to 14 business days”…. At least you received confirmation email, correct? I filled out the form and at the end it stated my application was “submitted” and I would be contacted by (snail)mail. No confirmation email or anything. I’m getting a bit concerned as the expiry date for our Amazon.ca Reward card is fast approaching. I wonder if I should contact them by phone? Please keep me posted with any any developments with your application. Thanx in advance.
$ConfusesMe,
I got a confirmation email a few days after I applied that went to my promotions folder in Gmail. I’m just as annoyed as you. I already started transferring some of my autopayments to other credit cards just to ensure my services don’t get stopped due to non payment.
Barry, I just phoned and spoke with a rep in their credit card department.
It appears you’ve done a great job telling people about their no-foreign-transaction-fee card; they recently had an “influx” of applications and, as a result, they’re lagging behind. The rep said it could take up to 2 or 3 weeks longer than their “normal processing time”.
I’m keeping my fingers crossed that they’ll come through for those switching from Amazon.ca Reward cards to theirs.
(Btw, my application was on file, but for some reason they decided not to email me confirmation. A bit irregular in their methodology if you ask me, but as long as they got my application on file, I guess I have nothing to complain… at least at this point in time.)
$ConfusesMe,
I just got an email from Home Trust new accounts asking me to send in verification of my address e.g. to physically mail them a statement or to send them one via e-mail.
It’s been 5 weeks already and it’s getting a bit ridiculous. I’ve reached out to their marketing people to ask them WTF is going on and what the expected wait times are.
Thanks for the update, Barry.
I totally agree; taking 5 wks to approve an application for a credit card is simply RIDICULOUS! I recall our Amazon.ca Rewards cards taking less than 5 min and we received the cards in the mail in less than 2 wks.
I was hoping to get the new card in time for the Amazon cards’ March 15 termination date…
When I spoke with a rep at Home Trust on the phone, she was personable and apologetic for the delay in their approval process, but this is getting to be a bit too much to bear. I sure hope the new card is worth the long wait.
Please keep us posted as to what happens next.
$ConfusesMe,
yes in the email the person was very apologetic also. It’s clearly not her fault, so I don’t blame them.
That being said, it seems rather obvious that other financial institutions have realizes there’s a market for a credit card with no foreign transaction fees. Scotiabank posted one last week but took it down the same day since it appears it was put up too early. This site wrote about it (just google translate it) ttps://www.canadianrewards.org/2018/02/scotiabank-passport-visa-infinite-card.html?m=1
Thanks for the additional info, Barry.
The Scotiabank Passport Infinite card appears favourable. Not too crazy about their $139 annual fee, but they offer more “perks” than the Home Trust card does. I particularly like their travel insurance benefits including hotel theft, free priority pass Membership and price protection service. I would seriously consider getting this card… only if Scotiabank hurries up to offer it in the very near future.
However, for the time being, I need a card that actually exists today. I’m keeping my fingers crossed so that Home Trust will come through for us.
$ConfusesMe,
Yeah I hear ya. I also need a card now as I have monthly subscriptions that charge me in USD. I’ve already switched my payments to a different card since I don’t think I’ll get the Home Trust card before March 15th.
TBH, based on customer service so far, I’ll cancel my Home Trust card as soon as a better card becomes available. I already have a ton of travel benefits through my Amex cards, so I just need something simple with no forex.
I’m glad you’re staying positive, I’ve totally lost faith in Home Trust.
Barry,
I was curious and Googled for users’ comments on Home Trust’s no-Fx-fee card.
I’ve found that many people have been quite frustrated by their snail-paced approval process. Only a few have received the actual cards in the past few weeks. Furthermore, there are several very negative reports on their customer service [See one of them blow. NOTE: The poster states it took 5+ wks to receive his and his wife’s cards, yet things weren’t right even then!]
Perhaps you’re right about giving up on Home Trust… 🙁
—————————————————-
Formercustomer on February 21, 2018 at 7:22 pm
I applied for this cc on Dec 28, 2017; I have received the PIN codes (myself and my wife) in the first week of Feb 2018; I am the main applicant, however, my wives cc has arrived in the mail a week after she got the PIN, but mine. A week later I am on the phone with their customer service for more than 30 min and nobody picks up the phone to tell me why the main’s applicant’s cc has not arrived in the mail.. I have never experienced such a long wait in my life when calling a cc company. I just want to tell them to close the account because this level of services is way bellow Canadian standards. Did I mention that the automated credit card activation system didn’t work because the home phone number wasn’t recognized? I am still on hold as I write this message. The next step will be applying for the FIDO credit card…
$ConfusesMe,
I just got an update directly from Home Trust. I’ve updated my post to share what they told me.
Thanks for the update. Every bit of information helps. It’s a shame Home Trust wasn’t prepare for the influx of applicants or did not bother to inform the applicants with any updates though.
I’m still keeping my fingers crossed.
$ConfusesMe,
I’ve just been informed that there is a new card from a major coming to the market on March 12th that has no forex fees. I’m under embargo until that date, so please check back then.
I came across this:
brimfinancial.com
They are still in Beta but card looks very promising.
No Fx fees
1-2% cashback (points that you can redeem for cash)
free car travel insurance
Emergency medical travel insurance
Free Boingo
Lounge key
and many other benefits.
The rewards system seems impressive as well.
I applied and received an email letting me know that I am on their list and that I should expect my card in a couple of weeks.
Looks very promising.
I’ll update as to how all goes
Hi Frank,
Thanks for sharing. Please do keep me updated.
Hi Frank, do you have a Brim Referral code? I’ll apply on that World Elite Brim Card, so if that can count for their promo
“Refer 5 friends to Brim and get 10,000 points ($100 value) when they activate” I’ll be glad to help you out 😉
I never heard of BRIM Financial. Who owns it? Is a mobile app required? Is this yet another offering that is not available in Quebec?
I am desperate to replace the Amazon card and disappointed that Amazon is not offering any alternatives.
So I’ll keep an eye open for BRIM.
Frank,
At first glance, BRIM sounds promising. But I’m always hesitant to get excited about a financial product that offers a lot of benefits with no obvious fees. They gotta make money somehow right?
Just applied myself for this card about 10 days ago, so judging on everyones response, I can anticipate waiting another 3 maybe 4 weeks time. Bummer. I think I’ll call them, just to ensure they received my application and is being processed.
I’m curious if they have online banking system. I checked and they do have an iOS app, but not for credit card use…bummer again.
I just applied for Brim World Elite Mastercard(no Fx fee). It’s seems to be an awesome card with a lot of perks. I think, in my case, is probably better card than Marriott card.
Until I get more info about Brim, I won’t be adding them to my list of cards.
Good choice.
Brim looks more like a scam to gather personal data. I applied in march 2018, nothing from Brim. Even the site did not change.
Instead I get marketer calls for having been referred.
I know it’s an old thread but it can be helpful for others to know.
Hey Sam,
I’m not a fan of Brim at all.
https://www.moneywehave.com/what-the-f-is-going-on-with-brim-financial/
Thanks to everyone for all the research and info on this page. Barry, your timeline for your Home Trust card application an mine are almost identical. I did send in my application before you but got my confirmation email on the same date as you. It has been 6 weeks now since my initial application. It is suspicious and I wonder if they are doing things in bulk just to get through the pile.
Hi Barry, what is the average timeframe to receive a reply from HomeTrust in your experience? It has been around 6 weeks since I submitted mine. Thank you!
It took 5 weeks before I got a response and then told me it’ll take another 7-10 business days before I get my card.
Great news! I look forward to the announcement 🙂
As my screen name indicates, I’m not very good with my $. In fact, it was the Amazon.ca Rewards card which opened my eyes to a variety of “financial products” and that fact that I need to be wise about our choices.
Your site is very helpful, especially for this particular subject of no Fx-fee ccs in Canada. Your generosity in sharing useful, up-to-date info is greatly appreciated. Keep up the good work!
Hello
I applied yesterday but have not got any email confirmation , is this normal ?
Thanks
Just to confirm, my application was for Home Trust Preferred Visa Card,
Thanks
It took a few days for me to get the confirmation email. Also note though that the confirmation number given apparently doesn’t correspond to your application. You could call them directly if you want to ensure your application is on file.
Barry,
Just read your official announcement and review of Scotiabank’s new no-Fx card.
My main card has excellent travel insurance coverage, so what I’m looking for is a no-Fx card for incidentals. I travel abroad only 3 or 4 times a year, so I need to do my math to figure out if their $139 annual fee will be justified.
However, I’m very glad indeed that a major bank in Canada is finally offering a no-Fx card. It’s about time! 😉
Thanks for delivery such useful info and updates in a timely manner!
Yeah I’m with you on this one. My main travel credit card already provides travel insurance, but I do admit the Scotiabank Passport card does come with some decent benefits. 25 days of travel medical insurance is a nice bonus for people who take longer trips. Obviously, no-forex fees is a huge win. Hopefully the other banks introduce their own cards with no forex fees.
My Home Trust card has finally arrived!
Congrats! Just in time for the termination of Amazon.ca Reward card (at the stroke of midnight tonight?)
I haven’t heard a word from Home Trust. Not even an email or request for verification of my mailing address or NOTHING. I’m beginning to wonder if they’re turning down application… But how could that be possible? My credit rating is impeccable.
I’m still not sure what I should do about Scotiabank’s Passport Visa Infinite card either. I guess I’ll be paying the dreaded foreign transaction fees for a while.*sigh*
Barry, please keep us posted with your actual assessment/rating of the Home Trust card and their related service. Thanks in advance.
The 10 transactions per day limit and not being allowed to change your PIN already annoy me and I haven’t even used the card yet =P
That doesn’t sound very promising at all! In fact, the 10 trans-per-day limit alone may render this card useless for me. Not being able to change your own password is so silly in this day and age… Darn… I’m truly disappointed… Thanks for the info though; very helpful indeed.
I’m sure both will be changed in the future. I’ve talked to the Marketing Director at Home Trust and he’s well aware of the complaints. I swear they need to put me on retainer, I practically do PR work for them. (I’m kidding, it would be considered a conflict for me)
My wife and I both have the Home Trust card. We both used 40k as our annual income (we are retired) but I also added 500k in RRSP and another 100k in TFSA and savings accounts, so my wife gets a 6k credit limit and I only get 3k. I called Home Trust and asked to get my limit increased. I was told it would take a week to get a reply. After waiting over 2 weeks with no answer, I called them and was told I was denied an increase so I asked to speak with a supervisor. I was told that the supervisor was on another call and that he or she would call me back. That was yesterday Oct.23,2018 and I have not heard from them. I think Home Trust is a Mickey Mouse operation. I am currently looking at the Scotia Bank card as I am pre-approved for 10k. Your article on the cards is excellent keep up the good work
Hi Gary,
How you describe Home Trust is accurate. Oddly enough, I’m in Orlando right now where Mickey Mouse is everywhere. I personally like the Scotiabank card since you get a lot of benefits with it.
Too bad none of them are like the amazon card that’s about to be canned in a couple of days. I was considering the rogers card since im a rogers client
The Home Trust card is the closest alternative, but they’ve had some serious customer service issues as of late. Since you’re a Rogers customer, I agree that the Rogers card is likely the best card for you.
I was going apply for the home trust card, only issue is that they do not issue these cards to people whonlive in Quebec
Yes, that is correct. Definitely go the Rogers card then.
Hey all, as per https://rogersbank.com/en/notification announcement, Rogers will have no annual fees today “Effective March 13, 2018” plus on “May 23, 2018” Rogers Platinum Mastercard and Fido Mastercard will virtually be same and only “Earn 3% unlimited cash back rewards on all your eligible purchases made in a foreign currency” and “Earn 1.25% unlimited cash back rewards on all other eligible purchases” so NOW Rogers/Fido “washes” the 2.5% FX fees they still charge and instead “gives you 0.5% cash back on purchases made in a foreign currency (so a loss of .75% compared to other purchases).”
At least all Rogers/Fido cardholders still has their Platinum benefit of “Optional Group Balance Protection Insurance” available and may still get their points rewards awarded next year January but “must request an annual statement credit for each year that you wish to receive it by
December 1st of that year” (see https://www.rogersbank.com/legaldocs/en/Rogers_Platinum_MC_Rewards_Terms_and_Conditions_05232018.en.pdf for details).
JS,
Thanks for this, I’ll update my article now.
I am the primary card holder so I can deal with any problems. I ordered the Home Trust card about 8 weeks ago for my Husband and myself. This last Monday I received the PIN for my Husbands card, saying that the card should be received in the next couple of days. Yesterday I received a card in my name saying that I should already have the PIN. Obviously, I have received a confused 1/2 order of two cards. I had no idea about 10 transactions a day..heck I can do that one Disney trip morning. I also hate the no PIN change. I have put in an application for the Scotia Bank card and will pay the $139. It will be our first travel card and with no FX fee AND the brilliant insurance (more than I usually buy) we will actually be saving money. I am hoping it will arrive soon so I can get my US trips booked. I will be cancelling the Home Trust card. I am concerned about their customer service.
Roberta, all of your concerns are 100% valid. It took about 6 weeks for my card to arrive, and to be honest, I’ll cancel this card as soon as something better that suits my needs comes to market.
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Applied for home trust Visa Jan 29. Received confirmation Feb. 3. Two unanswered email requests, 20 minutes on hold with no answer and a Facebook PM. Still no update. 7 weeks now. For me they are the only alternative. No rowers services and I don’t want to pay and annual fee. Guess I keep waiting.
Freewheel,
For reference, it took 6 weeks for my card to arrive. I applied for an Amex Platinum card last week and it arrived in 3 days.
Got an e-mail confirmation that my credit card application in processed (Home Trust) on February 5. It is now more than a month and nothing in the mail. No PIN code nor credit card. The wait is frustrating! I need to get this credit card ASAP as I am travelling to Europe in April!
It took about 6 weeks total for my card to arrive.
Barry, is this 6 weeks from time you submitted application up till you received the card in the mail (and also the PIN)? I guess I am just one day over that six week mark. I checked mail yesterday and nothing yet. Hopefully this week, it will arrive. *sigh*
Hi Mara,
So after about 5 weeks from online application, I got a follow up email for proof of identity. A week later I got my PIN and card. Note that the additional information wouldn’t apply to everyone.
Brim MasterCard 1% cashback
Great for travelling! Brand new MasterCard with no annual fee, no foreign transaction fees, no additional card member fee and use it with Apple Pay!! This card has loads of other perks and features!
Until Brim is more wide stream and I hear more feedback from people who are using the card, I won’t be adding them to my list.
Apparently the Home Trust card has a 10 pending transaction limit!! 🙁
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Brim MasterCard 1% cashback Great for travelling! Brand new MasterCard with no annual fee, no foreign transaction fees, no additional card member fee and use it with Apple Pay!!
Is anyone having trouble signing up for paperless statement? And any suggestion on how to change the address other than calling which might take a long time as mentioned by other commenters.
It’s easy to sign up online but the website of Rogers Mastercard makes thing easier (changing address, asking for assistance etc). That’s a plus for those considering Rogers Mastercard which now don’t have an annual fee.
Applied for Home Trust (Visa) kinda regretted it if i knew the cons of this card. Its about to arrive in a few days, dont know if i should not activate it anymore. They main cons are
1) Cant change PIN
2) No Paypass
3) 10 Transaction limits a day
4) More annoying of all is no Paperless statements.
They really need to work on these… how can you not change the pin and have no paperless statements in 2018 is beyond comprehension.
Hi JAY,
I 100% agree with you on this. I go over those pain points in my detailed review. The cons are so annoying. I have the card, but will drop it as soon as something better comes along.
Anyone had trouble getting approved for the Roger’s card? Our credit rating is great but Roger’s just told us they “couldn’t accomodate us. Seems strange…
Oops.. accommodate…..
Hi Lor,
Sometimes credit card providers look at other factors besides your credit score when deciding if they should approve you or not. If they’re giving you this much drama, I advise just applying for a different card instead.
“Since there have been massive delays with this card, I reached out to Home Trust for an update. They tell me that the current processing time is 6-8 weeks ”
lol 6-8 weeks my ass!
🙁 I’ve been waiting since FEB 28.
I just called them, and they STILL haven’t processed it.
Frustrating, to say the very least.
(I’m still mad at Chase for screwing me lol)
It took me over 6 months to obtain the Home Trust Preferred Visa (my other Visa application only take 2 weeks). Their customer service (both email and phone) is extremely terrible.
Correction: took over 3 months…
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If one is over seventy five years, does the credit card travel insurance still cover the seniors?
Hi Roy,
There is no Canadian credit card that I’m aware of that gives you insurance over the age of 75. You’d have to purchase your own policy.
Hi Barry, would you recommend the Scotiabank credit card for everyday expenses? Is it worth the whopping $139 annual fee?
Hi Anna,
Despite the fee, there’s a lot of value with the card since you get 6 annual lounge passes and a sign up bonus that has a value of $250. I would advise trying it for the first year to see if you’re using the benefits included. If not, cancel before your year is up.
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Hi Barry, my family and I will be travelling to Hong Kong/Singapore in the summer and will be paying all my hotel stays with a credit card. I want to borrow your expertise in terms of which of these cards I should be getting to pay for my hotel stays.
Scotiabank Passport Visa Infinite Card – I love the no exchange fee but not sure if the VIP lounge access is of great use to me since I don’t travel often and if I do, my kids are always with me. Moreover, the $139 annual fee is another drawback but Scotia as one of the Big 5s feel a bit more confident.
Home Trust Preferred Visa – I love the no exchange fee and it doesn’t charge any annual fee. However, there are a few negatives: 1) The limit of 10 transactions per day, complaints how long it will take to get your card and the fact its parent company (Home Capital) almost went bankrupt made me nervous to have any financial dealings with them. That said, I still want to get your opinion if I should give it a try.
SPG Amex – I’m a Marriott member and already accumulated some points via the old Marriott Visa card. So, I am thinking of getting the SPG Amex to get the bonus points and to continue to earn more Marriott points for hotel stays for my next trip. However, my concern is the FX fee it will charge which will then reduce the value of the Marriott points that I earn.
RBC British Airways VISA – I’m a BA Executive Club member and wonder if I should get this card to get the bonus points (40K Avios if not renewing) and to continue to earn more BA Avios for my next trip. However, like the SPG AMEX, my concern is the FX fee it will charge which will then reduce the value of the Avios that I earn.
Your thought?
Hi Matt,
You’ve clearly done your research. Here are just a few thoughts which may or may not answer your questions. I like the Scotiabank Passport card as it’s a good all-in-one travel card. It does have an annual fee of $139, but you get a sign up bonus worth $250. You could basically test it out for the first year to see if you like it. Alternatively, you could get the Rogers Mastercard or the Rogers World Elite mastercard which give you 3% and 4% back on foreign purchases which negates the foreign transaction fee of 2.5%. I have the HomeTrust card, but if you’re travelling soon, I’d apply for something else.
SPG Amex – I personally love SPG/Marriott properties. It would be worth signing up for the card if you usually stay at those properties during your travels. That being said, the sign up bonus of 50K points on a $1,500 spend is rather generous. This is another card where you could try it for the first year and then cancel it before your annual fee is die.
RBC British Airways – Similar to the SPG card, get the sign up bonus if you fly BA a lot. The points aren’t as flexible compared to Scotia or SPG, but there’s no denying BA points can be valuable.
If you’re willing to sign up for multiple credit cards and you can meet the minimum spend, then you can earn points real fast. If you don’t want to bother with that, the Scotiabank card is a safe choice.
Thanks Barry! I’ll probably sign up for multiple cards to earn all the bonus offered on them as my estimated spending will be over the minimum requirement on each of these cards. My question is do you know f applying multiple credit cards going to affect my credit score assuming I apply them 1 to 2 months apart?
Another side question with regards to the VIP lounge access offered by Scotia – If my family and I access the lounge (2 adults and 2 kids), will it be counted as using VIP lounge access for 4 times?
Once again, thank you for your help!
Matt,
There’s a lot of value in that strategy. I signed up for 3 new cards myself this year and it’s only Feb. 1st! Every time you apply for a new card, your credit score takes a hit of 10 points, but it’ll go back up after a few months if you make all your payments. Spreading out applications is always advised, but if you applied for two in one month, it probably wouldn’t be a big deal. That being said, I wouldn’t apply for like 5 cards in six months if you plan on applying for a mortgage soon.
Hi Matt, yes each family member counts as a pass that needs to be used. If your kid is under 2, they usually won’t charge you.
Many thanks Barry!
Great information, thank you.
Questions:
For the Home Trust Visa and the Rogers Platinum, does the no foreign transaction fees apply to online purchases made in Canada, but in US dollars?
Thanks so much
Hi Ben,
As long as it’s being charged in any currency except Canadian, the no forex or in the case of Rogers, 4% cash back applies.
I have been looking for a no FX card. I just found brimfinancial.com. Not sure why it is not listed here.
Ken,
BRIM had so many issues in the past that I’m hesitant to mention them – https://www.moneywehave.com/what-the-f-is-going-on-with-brim-financial/
Re Home Trust Visa, you can now change your PIN by phone. Call 1-833-217-8090. Once PIN is changed you have to insert card at an ATM/terminal. Enter OLD PIN at first prompt then use NEW PIN on subsequent transactions.
Re Brim, yes there were many issues in the past but it seems that now they’re all in the past. The RFD thread on Brim suggests that it’s taken Brim a year to get their act together, but now that they’ve done it the card is a decent option. You need to give it another look. (I’m saying this as a fervent anti-Brim poster on RFD who’s now willing to reconsider,)
Hey Bylo,
Thanks for the update on both cards. You’re right, I should look into BRIM again. The thing that annoys me the most is how they acted childish towards the public on social media but that could have just been a bitter social media person. If I got over the BMO World Elite Mastercard changes, I can certainly take another look at BRIM.
Hi Barry,
Sorry to trouble you again. Now that HSBC is waving the first year annual fee on the “HSBC World Elite Mastercard” and offering the 30,000 bonus points, it appears to be a better choice than the Scotia Passport Visa Infinite” card for my upcoming trip (airlines/hotels/attraction park tickets). But any other thoughts otherwise?
Thanks,
Matt
Matthew,
The current HSBC World Elite promo is definitely good, but I believe the 30K points is only worth $150. The Scotiabank passport card has a promo right now where the sign up bonus is worth $200, but there’s an annual fee of $139. I guess you should just sign up with whichever card gives you other benefits that you enjoy.
Thanks Barry!
Hello Barry,
thank you for all this info. I am a Canadian, travelling since the last 10 years on a sailboat with a permanent address (where I don’t really live) in Quebec. In the past I have been using Amazon.ca, but……… Now have RBC Visa card only with the foreign exchange fee.
In each country I change the SIM card on the phone (hence change the phone number as well). Would you know if that would be a problem (having every few months different phone number) in acquiring and operating with the STACK card?
Thank you in advance, Dana
Hello Barry,
just checked the STACK card and of course – not available to Quebec residents!!
Should have checked before, thanks,
Dana
Just returned from a trip to Israel last week. For the two us for 9 days, the cost was $7300 Can. (which works out to approx the cost you quoted in U. S. $). We used iur Rogers World Elite card. By the way, one DOES NOT to wait til Dec for Cashback. One can get it immediately. -Best credit card we have ever had!.
(Also we took our coach tour with Globus. It included accommodations, transportation to the various sites, all full buffet breakfasts, 4 dinners, entrance to the sites.- great deal. We arranged our own airfare as it was cheaper.)
Cecile,
Yes, ROgers just changed things so you can claim your cash-back right away. This is huge!
I ordered my STACK card in mid-February. Card was to be delivered by March 25th, then it was sometime in April, now the website indicates May. Big disappointment because my holiday in the UK starts May 1st. Guess I’ll be using my Rogers World Elite card just about everywhere and relying very little on cash.
Jocelyn,
Yes it is disappointing, STACK is going through some delays right now as they changed card suppliers.
Hi Barry,
First of all, thanks for all the wisdom you shared on Jessica’s Mo’ Money podcast! Both of your interviews were very insightful and practical.
Card question for you. What would you do if you were me? I am traveling to Europe (Hungary, Italy, Austria, etc) in a week and could benefit from a Canadian card with no foreign transaction fees. I used to live and work in the US and used my US no-fee cards up to know but since my US cash stash is running low, it makes sense to switch to a Canadian one. Which one would you recommend?
I already have the TD Aeroplan Visa and use it for all our monthly expenses thus getting at least two, usually more, free flights per year (usually Toronto – Vancouver). Looking to supplement it with something that gives me no foreign transaction fees and ideally lounge perks too.
Considering the Scotia Passport Visa Infinite because I am tempted by the lounge access. What do you think?
Also, I hear Scotia could possibly give me the card in hand at a branch which would be a perk considering I am flying in 1 week, but I can sacrifice having the card for this trip if there is a better obvious choice for me.
Thank you!
Hey Natalia,
Glad you found me from Jessica’s podcast, love her!
The Scotiabank Passport card is a great choice right now since it has an increased sign up bonus. The lounge passes will definitely be beneficial to you (research lounges in advance so you don’t waste your passes on lounges that suck).
Scotiabank would likely be able to expedite your card. I would call them right away after applying to see how quickly you can get it.
Thanks so much, Barry! Yes, I already spoke with Scotia and I am going in to the branch with an appointment tomorrow. They said that would be the fastest way to get it expedited.
I will most definitely research the lounges ahead of time. And I hear there is an option to use some $ credit towards a list of selected restaurants at airports that don’t have Priority Pass lounges. The allowance amount is not shabby either. So, I will look into that as well and see if it would work in this case.
Barry, one more question that I just realized you may know the answer to: say, after a year, I decide I don’t want to keep the Scotia card anymore. How big of ding does my credit score get?
Natalia,
One thing to note about in branch pickups. They may try to sell you on things such as balance protection. Decline it, it’s a rip off.
Your credit score wouldn’t really take a hit unless it’s the only credit card you have as your credit utilization rate would increase.
Good reminder. Thanks, Barry! I will keep my “No, thank you.” hat on. And that’s good to know about the credit score. My TD Aeroplan is my longest-standing card and it has a fairly large credit limit – plus I pay it almost every week – so I should be fine then.
Barry,
I just came across your article here and was wondering if I could get your advice. I currently bank with RBC, have the WestJet card for daily spending and a Visa just in case.
However, I live close to the US border and make trips there now and then. I hate converting cash because I get $250 USD and pay $375 CAD. I am interested in a no annual fee, no foreign transaction fee card for my trips to the states. Which card do you recommend?
Thanks,
Tanner,
The Home Trust Preferred Visa or the Rogers World Elite Mastercard are your two best options.
There’s also the STACK Mastercard which allows ATM withdrawals in USD with no forex fees.
Any reason why you wouldn’t recommend the new amazon card? Seems like it is better than Hometrust.
Jeff,
The new Amazon card for no forex is only really beneficial if you also shop a lot at Amazon. The Rogers World Elite Mastercard gives you better cash back while the STACK Mastercard allows you to make ATM withdrawals with no fees (minus the one time local ATM charge)
Hi Barry,
Thanks for all the helpful info. I was wondering if you could advise me on my situation. I got the Scotia Visa Passport Infinite Card exactly a year ago and managed to hit the 40K right before my annual deadline. I have travel purchases that I want to apply the points to, just waiting for the extra 10,000 points to come through. I know that TD First Class Visa has a good signup bonus right now and the first year annual fee waived.
How easy/difficult is it to switch my Scotia Visa into one of their other no-fee cards? Would I still be able to apply the points I have earned toward travel purchases I made on it? Also, do you think its worth it to sign up for the TD card? I am single and don’t generally spend more than 30K in a year (last year I bought a new car so that’s why it was more) so I try to stick to making most of my purchases on one card. I also have a Home Trust Visa that I haven’t been using since getting the Scotia Visa but could use it when abroad to avoid foreign transaction fees if the new Scotia doesn’t have that feature.
What are your thoughts?
Natalie,
If you want to keep a minimal amount of cards, you could downgrade your Scotiabank Passport card to the Regular Scotia Amex card or the no fee rewards Visa card. Both allow you to continue to earn Scotia Rewards so you wouldn’t lose any outstanding points. If you went this route, you wouldn’t have any lounge passes anymore.
The TD FIrst Class Infinite Visa does indeed have a generous signup bonus right now so it’s definitely worth considering. As you noted, using that card in combination with the Home Trust VIsa could be a good wy to earn more points quickly while not having to pay foreign transaction fees.
Thanks for the advice. I will consider it some more.
Great tips! Thanks for outlining all the options available. We are traveling to Japan in December and saving on the foreign transaction fee will be helpful. Based on your post, I’ve decided on the Rogers World Elite Mastercard. Thanks again!
I don’t understand why Amazon.ca rewards card is in this list, as it appears to have foreign transaction fees.
All transactions and payments made in a foreign currency will be converted to Canadian dollars. Transactions will be converted at a rate equivalent to the benchmark rate set by the
payment card network under which your card is issued in effect on the date that we process the transaction, plus an amount equal to 2.5% of the transaction amount after it has been
Internal converted. Payments will be converted into Canadian dollars at a rate equivalent to the Bank of Canada rate reported at the close of business on the day immediately preceding the date
that we process the payment, plus an amount equal to 2.5% of the foreign currency payment amount.
Sahaul,
If you’re an Amazon Prime Member, you get 2.5% back on purchases made in a foreign currency.
Ah Ok. Didn’t know about that. Thanks.
Home Trust Visa cardholders are going to lose their 1% cash back starting January 2020. I’m considering looking into a new card with no foreign transaction fee for my upcoming travel to the US. Which other card would you recommend? Could you explain more about the Rogers World Elite card where they convert to USD first then CAD? I guess if you are just using it in the US then you should be fine?
Hi Sharon,
The loss of 1% cash back only applies to purchases made in a foreign currency. That said, many people only use this card for foreign purchases so that’s significant. I’d say the Rogers World Elite Mastercard is the best alternative. You get charged the 2.5% fee, but you earn 4% cash back on foreign purchases. I honestly don’t really understand why they convert to USD first and then CAD. You still come out ahead due to the 4% cash back.
Thanks, Barry. Yes, that’s correct. I should have clarified that the downgrade applies only to foreign purchases. Rogers World Elite MC is certainly sounding more and more attractive now, only because the Scotia’s card with $139 annual fee is so high. The Scotiabank Gold Amex card is also a no foreign transaction fee card with a lower $120 annual fee. I believe in the US more merchants accept Amex compare to Canada, what do you think?
Sharon,
The Scotiabank Passport Visa comes with good travel insurance and 6 free lounge passes so there’s good value there for the annual fee of $139. This assumes you need either of those benefits. I do agree that Amex is very common in the U.S. I also like the Stack Mastercard. There’s no cash back, but you can withdraw from ATMs without any fees.
[…] some of the best travel credit cards in Canada. The Scotiabank Passport Visa Infinite is a great no foreign transaction fee credit card and has a good earn rate of 2 points per dollar spent on grocery, dining, entertainment, and […]
It would have been nice to have a true list of no foreign transaction fee credit cards. I have the Rigers card and it indeed charges you a fee, which I learned the hard way when I cancelled many hotel transactions and got a refun…minus the transaction fee.
Please update your list to include those with NO FEE of any kind (not those who give rewards that equal the fee.)
Beware the new rules with Home Trust Preferred Visa. 1% cashback now limited to CAD purchases.
So for the Scotia passport visa. Is it just the exchange rate? Since zero (0%) FX.
James,
That’s correct, you just pay the exchange rate at the time of purchase.
Hi Barry. Re Scotia infinite and the lounge. Can you please confirm:
1. The actual pass is free, and there is usually a cost to this – if so how much is it.
2. Can I use the six free passes for myself and my partner together. So it would be three free visits per year for both of us together. After that how much is a visit.
Thanks.
Hi Carole,
Yes, you can use the passes for your partner as long as you’re there with them.
The 6 passes are free and normally cost $32 USD each. If you want to keep accessing lounges after you’ve used up all your passes, you pay the US $32.
Thanks for the summary and comparison, very useful.
Hi Barry,
In late August I signed up for the HSBC World Elite MC. At the time it included a bonus of 20,000 points if you spent $5000 within 180 days. I recently discovered that in early October they increased the bonus points to 50,000. I’ve requested that they extend the additional points to my card but they won’t. I plan to go to the branch and ask there as well. Do you have any advice that could help me be successful with this request?
Thanks.
Laura
Hey Laura,
It’s highly unlikely that HSBC will give you the difference in points. Welcome bonuses always change, and rarely does customer service make exceptions. This applies to all credit card providers.
Thanks, that’s helpful to know this is an industry standard even if it seems unfair.
Your “NO FOREIGN CURRENCY EXCHANGE FEE” list needs to be updated.
BRIM has just recently cancelled its No Foreign Currency Exchange fee condition. I have cancelled my card today, because of that change.
Please update your list.
Can you confirm this with a reference. I use the card and have no information about a no foriegn transaction fee cancellation. Their website has no information on this also.
Frank,
Can you please provide a source for this change?
Stack charge 2.5% foreign exchange transaction fees.
Hello Barry,
I think a little update needed here.
Amazon card charges 2.5% FX Fees based on https://www.mbna.ca/en/credit-cards/retail-store/amazon-rewards-mastercard/ but Prime users get 2.5% back. Although, from my experience with Rogers WE MC which has similar strategy, you’d lose money if you buy / return something using this card as you will be charged the FX twice (5%) and then the points will be cancelled.
Re STACK, sadly as of February 1, 2022, Foreign Exchange (FX) fees for the STACK Prepaid Mastercard was increased to 2.5%.
Thanks.
Mr. Dreamer,
You’re right about the Amazon card. If you were to return something, you would indeed end up losing close to 5%.
As for Stack, they reimburse forex fees for the month if you spend $350 CAD.
Hi–I’m confused about the Wealth Simple Cash Card information in the article.
When I go to this site, https://help.wealthsimple.com/hc/en-ca/articles/1500012888001 it says that
“Currency conversion fee: Visa will charge a currency conversion fee on purchases made in a currency other than CAD.”
Is the info in your article is out of date? Or am I missing something?
Soymilk,
Visa automatically charges a fee to convert non CAD purchases. This rate is close to the official exchange rate. For example, you can see Visa’s rates here – https://usa.visa.com/support/consumer/travel-support/exchange-rate-calculator.html
Wealthsimple does NOT charge the additional 2.5% that many credit cards charge for purchases made in any currency besides CAD dollars. The $3 ATM fee is what’s charged by the local ATM, Wealthsimple does not charge an additional fee when using foreign ATMs.
Hi Barry,
Does this mean that for the Wealthsimple card, I should input 0% in the bank fee box of the VISA rate calculator (the default is 2%) to see what the currency exchange would cost?
The CIBC AC Conversion Card seems interesting for an upcoming trip to multiple countries. I believe that I could send the foreign currency from my EQ Bank savings account directly to the card. EQ uses Wise for foreign transfers at mid-market rate with transparent fees and no FX. However, if my spending is low, it may not be worth the effort of all the additional work and dealing with the leftover balance in each currency. What do you think?
Hazypictures,
That’s correct, you would input 0%. The currency exchange is sort of irrelevant since you wouldn’t have access to the officially currency exchange rate. Only banks have access to that. The markup the Visa charges to process the exchange is minimal.
For example, let’s look at the currency exchange rates as of right now (June 30_
XE (official exchange rate) – 1 CAD = 0.77497962 US Dollars
Visa – 1 CAD = 0.778755 USD
The CIBC AC Conversion Card is good for people who like to prepay and lock in their currencies. It’s obviously handy too for those who are travelling to different countries with different currencies. That said, CIBC would still charge a markup when you convert to the currencies. Some people also like the CIBC card since it’s issued by a reputable bank.
I personally prefer to use a card with no fx baked in at all like the Wealthsimple Card.
Thx for the answers. I just noticed that the EURO is trading at a 9 yr low and it might make sense to purchase some euros for a fall trip to Europe. I was thinking of putting it on the CIBC card but then found that Wise also has a multicurrency debit card. Do you have any experience with or knowledge of the Wise Visa Debit card?
https://wise.com/us/pricing/card-fees?sourceAmount=1000&sourceCcy=CAD&targetCcy=EUR
Hazy,
I haven’t used the new Wise Visa Debit card, but I’ve heard good things about it.
That said, I don’t try to time purchasing currency. I personally just prefer to use a card with no forex fees.
Just something worth noting. When you compare the exchange rates with EQ Bank via Wise compared to using Wise directly ther’s a small markup if you use EQ Bank. Also, is you happen to be paying a fee with Wise it’s cheaper to just use the Visa exchange rate with a no fee credit/debit card IMO.
As of today… $1000 CAD buys you in EGP
Xe.com $1000 CAD to Egyptian Pounds is 14540 EGP
EQ Bank via Wise = 14363 EGP (fee of $12.28 CAD)
Wise directly = 14405 EGP (fee of $9.41 CAD)
Visa fx rate = 14420 EGP
I’m using Eqyptian pounds, but the difference is better with all currencies when using Wise directly or Visa… Assuming spot trading the forex and not timing your transactions
Thanks for the explanation Barry. I went ahead and got the Wealthsimple card.
I signed up for the BRIM Mastercard, the one with no annual fee. I was approved, but it’s been 26 business days and I still don’t have the physical card. Their welcome email said “10 business days”.
I emailed customer service after waiting 14 business days. I was told to give them another 10 days “and you can use the card online in the meantime.” But I was planning to do shopping in stores while on a foreign trip, folks…..
Just an FYI. BRIM doesn’t seem to be a card to get if you’re leaving soon for a trip.
I never did end up with a physical card-even after repeated emails to support. BRIM stopped replying. I was also receiving messages that someone was trying to reset the password for my account. So, in January, after 3.5 months with no success at getting my physical card, I called BRIM, waited on hold for 30 minutes then closed the account.
The annual fee of the Scotiabank Passport Visa Infinite Card is going up to $150 on October 1st, 2022.
Is it still a good credit card to get even with the upcoming fee increase?
I have a Rogers World Elite Mastercard, but I want a card that can do more for me while offering no foreign exchange fees or cashback that will negate the forex fee. Ideally I want to cut down to one credit card so all of my transaction would be made on it (conservatively $30K/year).
I don’t travel a lot. I want a card that will benefit my lifestyle. I’d use it as my day-to-day card for everything (gas, groceries, restaurants, online purchases domestic/international). I don’t have a Costco membership, but I do have Amazon Prime.
Thoughts?
WeirdG,
The lounge passes are still worth more than the annual fee, but that’s only relevant if you use them all.
If you don’t travel much, you’re probably better off with the Wealthsimple Cash Card just for travel purchases since it has no fees.
I would then recommend getting a separate card for your day to day purchases such as the American Express Cobalt card (if your grocery store accepts Amex) or the Tangerine Money-Back Card.
Hello Barry,
Do you know if STACK charges foreign transaction fees on ATM use?
Or on international purchases?
I suspect they do.
Thank you!
Hey Chris,
FX fees are charged but refunded if you meet the minimum monthly spend requirement. It’s likely easier for you to use Wealthsimple or EQ Bank since there’s no minimum spend requirement.
Thanks for the reply and the information on your website Barry!
Can you clarify please: if I use a ScotiaBank credit card in Turkey, at a Scotia Bank Global ATM Alliance partner ATM (TEB in Turkey), does ScotiaBank still charge their $5 International ATM fee?
Does ScotiaBank’s Global ATM Alliance partner still charge there ATM fee?
Thanks again!
Christopher, you’d have to read your cardholder agreement.
Note that unless you have prepaid your card an excess amount, an ATM withdrawal would be considered a cash advance which would come with high fees.
Also, I don’t think the no FX applies to ATMs, so you might as well just use your debit card or a no FX prepaid card like EQ Bank.
Hi Barry,
“I don’t think the no FX applies to ATMs.”
Interesting – I didn’t know that. I think STACK is refunding it, but I need to double-check that.
I’m also going to contact EQ and WealthSimple to see if they charge FX at ATMs.
“so you might as well just use your debit card.”
How does this allow me to avoid ATM fees?
Would I avoid a FX charge using a debit card? I think Tangerine would be the only debit card option, considering all of this. Agreed?
Thanks again!
Hey Chris,
STACK does refund ATM fees if you meet their minimum monthly spend requirement.
In the case of the user, I was just saying it makes no difference in their situation since they’d be paying fees either way.
I personally use the EQ Bank card to avoid FX fees these days.