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Thread: Canadian credit cards in Canada with no foreign transaction fees save 3 to 5 percent

  1. #11
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    Too bad that Home Trust dropped their rewards on foreign transactions. It was small before, but at least it was something. I might have to look into this "Rogers world elite MasterCard" as 1.5% net discount on FX is better than the 0% of Home Trust.

    Can someone confirm I have my numbers right and am considering all the important factors?

    On a side note, remember the good old days of the Amazon CC with no FX fees?
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  2. #12
    CGN Ultra frequent flyer Ironheart's Avatar
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    I have encountered this BS with foreign transaction fees, the thing is you literally need to open up a bank account at another bank if your bank does not offer a card with no foreign fees

  3. #13
    CGN Regular Val_C's Avatar
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    Quote Originally Posted by Ironheart View Post
    I have encountered this BS with foreign transaction fees, the thing is you literally need to open up a bank account at another bank if your bank does not offer a card with no foreign fees
    Why is that? You don't need a new bank account to apply for the credit cards (at least those that not associated with big banks).

  4. #14
    CGN Regular Val_C's Avatar
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    Quote Originally Posted by adamg View Post
    Too bad that Home Trust dropped their rewards on foreign transactions. It was small before, but at least it was something. I might have to look into this "Rogers world elite MasterCard" as 1.5% net discount on FX is better than the 0% of Home Trust.

    Can someone confirm I have my numbers right and am considering all the important factors?

    On a side note, remember the good old days of the Amazon CC with no FX fees?
    Your math is correct, if you're OK with two things: 1. you subscribed to Rogers and can use 4% cashback to pay for their services and 2. You're not planning to return stuff bought in foreign currency. If you will return it, you will loose money, as you will loose your 4% cashback and will be hit with FX fees for the amount of return.

  5. #15
    CGN Ultra frequent flyer Ironheart's Avatar
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    Quote Originally Posted by Val_C View Post
    Why is that? You don't need a new bank account to apply for the credit cards (at least those that not associated with big banks).
    I just read all your posts, I didn't realize you are in the industry........you are saying I can apply for BRIM Mastercard even if my bank does not offer that specific card?

    How long does the application take start to finish till I actually receive my card ?

  6. #16
    CGN Regular Val_C's Avatar
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    Quote Originally Posted by Ironheart View Post
    I just read all your posts, I didn't realize you are in the industry........you are saying I can apply for BRIM Mastercard even if my bank does not offer that specific card?

    How long does the application take start to finish till I actually receive my card ?
    That's correct, you can apply for the most credit cards, including Brim, even if your bank is not issuing the card. You will be able to pay your balance from your existing bank account the same way you're paying your bills or via the phone using your debit card.

    The whole process should take about 10 business days, if you're approved for the card.

  7. #17
    CGN Ultra frequent flyer Ironheart's Avatar
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    Quote Originally Posted by Val_C View Post
    That's correct, you can apply for the most credit cards, including Brim, even if your bank is not issuing the card. You will be able to pay your balance from your existing bank account the same way you're paying your bills or via the phone using your debit card.

    The whole process should take about 10 business days, if you're approved for the card.
    Wicked man! I'll keep in touch as soon as I apply, inward going thru this same BS with my bank and credit card had over 200$ in foreign transaction fees for a week long trip to to Vegas, they literally nickled and dimed me on every transaction, even if it was a 10$ uber trip it was like 47 cent Forex fee i was SHOCKED!, haven't used that card since

    It wasn't like that with my old card nothing but issues since my bank switched to Collabria Mastercard

    And you suggest the BRIM mastercard 100% ?

    I dont care about cash back, and I refuse to pay any annual fee, just need a basic card with no perks and forex fees

  8. #18
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    Home Trust Preferred Visa comes with roadside assistance program. Towing is limited to 4 or 5 km, then you pay by the km. Still, the service call is covered and free is free.

  9. #19
    CGN Regular Val_C's Avatar
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    Quote Originally Posted by Ironheart View Post
    Wicked man! I'll keep in touch as soon as I apply, inward going thru this same BS with my bank and credit card had over 200$ in foreign transaction fees for a week long trip to to Vegas, they literally nickled and dimed me on every transaction, even if it was a 10$ uber trip it was like 47 cent Forex fee i was SHOCKED!, haven't used that card since

    It wasn't like that with my old card nothing but issues since my bank switched to Collabria Mastercard

    And you suggest the BRIM mastercard 100% ?

    I dont care about cash back, and I refuse to pay any annual fee, just need a basic card with no perks and forex fees
    I do recommend free version of BRIM (would never pay for their World/World Elite cards), but personally I have all 3 cards.
    I've got HT VISA for US Costco, Brim for everything else and STACK to withdraw cash when abroad.

    If you ever used your Canadian bank issued debit/credit card to withdraw money in foreign country, you might check the fees paid.
    I guarantee you another unpleasant surprise. With STACK you pay only Mastercard conversion rate and sometimes bankomat charge (some bankomats will not charge you).

    Also STACK is good for purchases on some shady/unknown web sites and places. Since it's not a credit card, no one can withdraw more money than you deposited on it. I usually transfer money to STACK just before I am about to spend it and after keep a few dollars on the account.

  10. #20
    Newbie wchou's Avatar
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    I can provide some information for those of you that are interested in the credit cards from HSBC having worked there as an employee for 3 years and used these cards. IRG does not mention that in order to qualify for the World Elite Premier credit card you are required to be Premier with HSBC:

    HSBC Premier is available if you:

    Maintain combined personal deposits and investments with HSBC Bank Canada and its subsidiaries of $100,000, or
    Hold a personal HSBC Bank Canada residential mortgage with original amount of $500,000 or greater, or
    Have income deposits of $6,500 within a calendar month plus confirmation of $100,000 or more in assets under management in Canada, or
    Qualify for HSBC Premier in another country

    In addition, the HSBC Jade card is only available to you should you have over 1 million in deposits or investments with HSBC and are specifically invited by HSBC to become a Jade member.

    The majority of those looking for a no foreign transaction credit would have to settle for the World Elite Mastercard which comes with an annual charge of $149.00, which in the credit card market is pretty steep.

    So let me offer you guys a solution that I have used in the past for USD purchases. Apply for a USD mastercard that is offered by the big 5 in Canada. In my opinion the one from BMO is the best as you pay a $35 annual fee however if you spend over $1000USD/year the fee is waived. After you make your purchase on the USD mastercard, go to your bank and request a USD draft be made payable to your USD Mastercard number for whatever you owe. That way you control the foreign exchange rate and will be disclosed the exact amount for the conversion if you do it at that time. Take the draft to BMO and pay off your credit card. In addition, if you have any friends or family that work in any of the major financial institutions, you can request that they make the draft for you as they are employees and will pay closer to market trading rate. I've saved quite a bit doing this when I had my auto parts phase and could not stop buying auto parts. You now also have a USD credit card for if you travel to the states and want to transact in the currency. Hope this helps.
    *Please do not PM me unless you are going to follow through with your purchase. I ship via Canada Post with tracking, signature required and $100 insurance included, any additional coverage will be at your expense*

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