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

  1. #21
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    Quote Originally Posted by Val_C View Post
    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.
    On point #1, the way I read their marketing page, I should be able to use the reward money towards a variety of purchases. I don't have any Rogers subscriptions but it says other purchases are eligible.
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  2. #22
    CGN Regular Val_C's Avatar
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    Quote Originally Posted by adamg View Post
    On point #1, the way I read their marketing page, I should be able to use the reward money towards a variety of purchases. I don't have any Rogers subscriptions but it says other purchases are eligible.
    You are right.
    I remember Rogers has a condition that cashback can be spent only on their services when they launched the card. Seems like it was waved later. Good for the Rogers customers.

  3. #23
    CGN Ultra frequent flyer MapleSugar's Avatar
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    Quote Originally Posted by wchou View Post
    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.
    I just found out that CIBC has a USD Aventura Gold Visa Card.



    There is a $35 USD annual fee, but it would probably save me much more.

    I also have a staff account there through my mother.

    It's a toss up between it and the Home Trust Visa now.
    Last edited by MapleSugar; 01-19-2020 at 02:27 PM.
    "Of this I am quite sure, that if we open a quarrel between the past and the present, we shall find that we have lost the future." Winston Churchill, "War Situation" speech in the House of Commons, June 18, 1940

  4. #24
    Newbie BoxerShorts's Avatar
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    CIBC also has a "Smart Pre-paid Travel Visa" available in USD, Euros, UK Pounds, and Pesos. The card is linked to your bank account and you transfer money on it whenever you want to make a purchase in the foreign currency.

    If I recall, there is a nominal one time setup fee ($10) but no annual fee.

    Since it's a prepaid card, it's issued on the spot at the branch.

  5. #25
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    I find this whole thread hilarious. Iíve travelled extensively in the US and Europe. Never have I been surcharged for transactions. I use my BMO M/C like itís a debit card. Anywhere that accepts domestic/local debit will accept my Canadian BMO M/C without further fees.
    Matter of fact, I didnít know that other banks charged as you are all describing that they do.
    I feel pretty lucky.
    Thank you
    Last edited by jeepguy1; 01-19-2020 at 12:06 AM. Reason: Spelling

  6. #26
    Super GunNutz Ruger007's Avatar
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    Quote Originally Posted by jeepguy1 View Post
    I find this whole thread hilarious. I’ve travelled extensively in the US and Europe. Never have I been surcharged for transactions. I use my BMO M/C like it’s a debit card. Anywhere that accepts domestic/local debit will accept my Canadian BMO M/C without further fees.
    Matter of fact, I didn’t know that other banks charged as you are all describing that they do.
    I feel pretty lucky.
    Thank you
    It is built into the exchange rate.
    In god we Trust, All others pay cash

  7. #27
    Super GunNutz Ruger007's Avatar
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    Check out the Scotiabank Passport Visa Infinite Card. NoFX fees, 6 Lounge passes plus all the usual insurance. Only no FX fee card issued by a Major Canadian Bank. All I use now. As we do a lot of travelling
    ht tps://www.scotiabank.com/ca/en/personal/credit-cards/visa/passport-infinite-card.html

    Includes travel insurance for 10 days for those over 65 too.

    I gave up on the Home Trust Card. Difficult company to deal with. Crappy website, No tap. But is free.
    Last edited by Ruger007; 01-19-2020 at 01:00 AM.
    In god we Trust, All others pay cash

  8. #28
    Newbie wchou's Avatar
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    Quote Originally Posted by jeepguy1 View Post
    I find this whole thread hilarious. I’ve travelled extensively in the US and Europe. Never have I been surcharged for transactions. I use my BMO M/C like it’s a debit card. Anywhere that accepts domestic/local debit will accept my Canadian BMO M/C without further fees.
    Matter of fact, I didn’t know that other banks charged as you are all describing that they do.
    I feel pretty lucky.
    Thank you

    That's because the exchange rate fees they charge are worked into the exchange rate at the time of conversion. For example, if market rate for trading USD to CAD is 1 USD = 1.3 CAD. Banks then charge you a conversion of 1 USD = 1.22 CAD earning them 8 cents on the dollar for this example, or whatever they deem they want to charge for the service depending on the institution. In addition to that, they may also charge you a 1-3% foreign transaction fee for accommodating the exchange. This separate fee is worked into the total charge on your statement and in my experience, is not always disclosed to the customers as a separate charge. Again, it depends on the institution. I don't know what Mastercard you hold with BMO, but during my time with HSBC which was a little over a year ago, BMO did not offer a credit card at any level without foreign transaction fees but perhaps they brought to market something like that during my absence. You should review your terms and conditions for your specific card as I suspect you have been paying for the surcharge this entire time without your knowledge. But yeah, it's pretty hilarious.
    *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*

  9. #29
    CGN Ultra frequent flyer MapleSugar's Avatar
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    Quote Originally Posted by BoxerShorts View Post
    CIBC also has a "Smart Pre-paid Travel Visa" available in USD, Euros, UK Pounds, and Pesos. The card is linked to your bank account and you transfer money on it whenever you want to make a purchase in the foreign currency.

    If I recall, there is a nominal one time setup fee ($10) but no annual fee.

    Since it's a prepaid card, it's issued on the spot at the branch.
    Thanks!

    It doesn't look like there's purchase protection on it though.

    I've never used it, but it's a real nice feature to have.

    It looks like CIBC also has a Air Canada Conversion Visa Prepaid Card.

    You can load up to 10 currencies on it and there are no fees.



    Click on picture to go to the site.
    Last edited by MapleSugar; 01-19-2020 at 09:39 AM.
    "Of this I am quite sure, that if we open a quarrel between the past and the present, we shall find that we have lost the future." Winston Churchill, "War Situation" speech in the House of Commons, June 18, 1940

  10. #30
    CGN Ultra frequent flyer MapleSugar's Avatar
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    Quote Originally Posted by Ruger007 View Post
    Check out the Scotiabank Passport Visa Infinite Card. NoFX fees, 6 Lounge passes plus all the usual insurance. Only no FX fee card issued by a Major Canadian Bank. All I use now. As we do a lot of travelling
    ht tps://www.scotiabank.com/ca/en/personal/credit-cards/visa/passport-infinite-card.html

    Includes travel insurance for 10 days for those over 65 too.

    I gave up on the Home Trust Card. Difficult company to deal with. Crappy website, No tap. But is free.
    That looks nice, but it has a $139 annual fee.

    I like that you can convert the reward points to SCENE points though. I don't travel much, but I do like to go to the movies.
    Last edited by MapleSugar; 01-19-2020 at 01:43 AM.
    "Of this I am quite sure, that if we open a quarrel between the past and the present, we shall find that we have lost the future." Winston Churchill, "War Situation" speech in the House of Commons, June 18, 1940

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