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

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We have been buried with emails asking about credit cards with no foreign transaction fees as some of you have been surcharged from your credit card provider as must as 5%. That is crazy!!!

These 3 credit cards are offered through the HSBC bank in Canada will save you 3 to 5% on extra fees.

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The IRUNGUNS Team
 

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Good topic!
Canadian credit cards usually hit consumer quite hard for the purchases in foreign currency. There is a very limited choice for Canadians for the credit cards which will not charge FX conversion fees.
Being long enough with the credit cards industry I can say that for some people there are might be better (and cheaper) options than HSBS cards, as HSBSs are not easy to get and they also usually require annual fees.

Personally I use and recommend the following no annual fees, no FX fees credit cards:
BRIM Mastercard - no FX exchange fees, free i-net on Airports/Aircrafts with Boingo and 1% cashback on every purchase. My last purchase on IRG was paid with this card and exchange rate was excellent (MasterCard exchange rate with no extra fees on date of processing).
STACK Pre-Paid Mastercard - no FX exchange fees and no credit check/hit when applied (!) as it's not a credit card, but pre-paid card.
Home Trust Preferred VISA - no FX exchange fees.
 
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Val_C said:
Good topic!
Canadian credit cards usually hit consumer quite hard for the purchases in foreign currency. There is a very limited choice for Canadians for the credit cards which will not charge FX conversion fees.
Being long enough with the credit cards industry I can say that for some people there are might be better (and cheaper) options than HSBS cards, as HSBSs are not easy to get and they also usually require annual fees.

Personally I use and recommend the following no annual fees, no FX fees credit cards:
BRIM Mastercard - no FX exchange fees, free i-net on Airports/Aircrafts with Boingo and 1% cashback on every purchase. My last purchase on IRG was paid with this card and exchange rate was excellent (MasterCard exchange rate with no extra fees on date of processing).
STACK Pre-Paid Mastercard - no FX exchange fees and no credit check/hit when applied (!) as it's not a credit card, but pre-paid card.
Home Trust Preferred VISA - no FX exchange fees.
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Thank you!

It would probably be easier to get a Canadian card. Too bad that my bank doesn't offer one with no FX fees.

It's a toss up between the Home Trust Visa and the BRIM Mastercard.

I wonder which one consistently sets the lower foreign exchange rate?
 
Rogers world elite MasterCard has a 2.5% foreign transaction fee but the cash back reward is 4% on foreign transactions
 
Onagoth said:
Rogers world elite MasterCard has a 2.5% foreign transaction fee but the cash back reward is 4% on foreign transactions
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This is a good card if you qualify. You have to make 80k a year, or 150k per household.

The cashback is a bit annoying to use, as you need to gain a minimum of $20 before using it.

For a free credit card, it also comes with a bunch of insurance packages.

Can't beat free.
 
Sadukar123 said:
This is a good card if you qualify. You have to make 80k a year, or 150k per household.

The cashback is a bit annoying to use, as you need to gain a minimum of $20 before using it.

For a free credit card, it also comes with a bunch of insurance packages.

Can't beat free.
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Been pretty happy with it myself...$20 builds up in no time for us (buy almost everything on our card)

I think it’s probably only a matter of time before they scale back their rewards though
 
IRUNGUNS said:
We have been buried with emails asking about credit cards with no foreign transaction fees as some of you have been surcharged from your credit card provider as must as 5%. That is crazy!!!

These 3 credit cards are offered through the HSBC bank in Canada will save you 3 to 5% on extra fees.

View attachment 341758
Please click picture to apply for card

View attachment 341759
Please click picture to apply for card

View attachment 341760
Please click picture to apply for card




The IRUNGUNS Team
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Problem is these all have annual fees.

Which may or may not negate any cost savings as it depends on how much you buy in USD as a canadian...
 
MapleSugar said:
Thank you!

It would probably be easier to get a Canadian card. Too bad that my bank doesn't offer one with no FX fees.

It's a toss up between the Home Trust Visa and the BRIM Mastercard.

I wonder which one consistently sets the lower foreign exchange rate?
Click to expand...

Traditionally Mastercard has lower FX exchange rates than VISA. If this is the only concern, I'd have Brim. Brim also has a very nice website and smartphone app.
Home Trust can be handy in places that would not accept Mastercard, i.e. US/Mexican Costco and for free very basic roadside assistance.
 
Val_C said:
Traditionally Mastercard has lower FX exchange rates than VISA. If this is the only concern, I'd have Brim. Brim also has a very nice website and smartphone app.
Home Trust can be handy in places that would not accept Mastercard, i.e. US/Mexican Costco and for free very basic roadside assistance.
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Thanks again!

BRIM sounds better except for the Costco bit. I already have BCAA so I don't need to worry about roadside coverage.

Purchase protection is a nice touch too, if they have it.
 
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?
 
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
 
Ironheart said:
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
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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).
 
adamg said:
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?
Click to expand...

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.
 
Val_C said:
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).
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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 ?
 
Ironheart said:
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 ?
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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.
 
Val_C said:
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.
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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
 
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.
 
Ironheart said:
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
Click to expand...

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.
 
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.
 
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