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Canadians love journey and procuring, however when utilizing their bank cards exterior of Canada, many pay international transaction charges—as a lot as 2.5%—on each buy. The excellent news is there’s a wide selection of bank cards for Canadians that both provide no international transaction charges or reward with greater than sufficient money again to cowl the charges.
| Greatest playing cards by class | Why we find it irresistible |
|---|---|
| Dwelling Belief Most well-liked Visa* Annual payment: $0 |
1% money again on all Canadian purchases, and no foreign exchange charges on all foreign-currency purchases (not simply U.S.) |
| Rogers World Elite Mastercard* Annual payment: $0 |
3% money again on U.S. foreign money purchases—sufficient to cowl foreign exchange charges, after which some |
| Scotiabank Passport Visa Infinite* Annual payment: $150 (waived the primary yr) |
The one no-forex-fee card in Canada to additionally provide airport lounge entry |
| Scotiabank Gold American Express* Annual payment: $120 (waived the primary yr) |
Spectacular earn charge of as much as 6 Scene+ factors per $1 spent, full vary of journey insurance coverage advantages, and extra Get an $80 present card upon approval with Ratehub.ca |
| Meridian Visa Infinite Journey Rewards Annual payment: $99 annual payment (waived the primary yr) |
Roughly 0.5% again on all purchases in a non-Canadian foreign money (after foreign exchange charges) and excellent journey protection |
| Amazon Rewards Mastercard Annual payment: $0 (Prime membership required for full card advantages) |
Amazon Prime members get 2.5% in Amazon factors on all international foreign money purchases, which can be utilized on present playing cards |
| EQ Financial institution Pre-Paid Card* Annual payment: $0 |
0.5% money again on purchases, plus curiosity in your financial savings |
Greatest no foreign exchange playing cards with no annual payment
At a look: The Dwelling Belief Most well-liked Visa is a real no-foreign-exchange-fee card that additionally expenses no annual payment. This implies it waives the foreign exchange on purchases in all foreign currency, not simply U.S. {dollars}.
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Dwelling Belief Most well-liked Visa
- Annual payment: $0
- Earn charges: 1% on all purchases in Canada and pay no FX charges on international foreign money purchases
- Welcome provide: You may earn 1% cashback on eligible purchases in Canada, with no caps on cashback earn.
At a look: With a lot larger earn charges than most no-fee playing cards, the Rogers World Elite Mastercard really nets you money again on purchases in U.S. {dollars}. Nevertheless, demanding private earnings ranges and spending necessities make this card inaccessible to some candidates.
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Rogers World Elite Mastercard
- Annual payment: $0
- Earn charge: 1.5% money again on all purchases; 3% money again on all U.S.-dollar purchases
- Welcome bonus: You may earn $25 welcome bonus in money again rewards upon first card buy inside 3 months of receiving your card.
- Annual earnings requirement: Private earnings of $80,000 or family earnings of $150,000
Greatest no foreign exchange playing cards for rewards and perks
At a look: As the primary card from certainly one of Canada’s massive banks to waive its international transaction charges, the Scotiabank Passport Visa Infinite gives robust rewards, an easy-to-understand and versatile rewards system, and critically spectacular airport lounge advantages.
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Scotiabank Passport Visa Infinite
- Annual payment: $150 (waived for the primary yr)
- Earn charge: 3 Scene+ factors per $1 spent at Sobeys shops; 2 factors per $1 on groceries, eating, leisure and transit; 1 level per $1 on every part else. Plus, pay no FX charges
- Welcome provide: earn as much as $1,300 in worth within the first 12 months, together with as much as 40,000 bonus Scene+ factors and first yr annual payment waived. Supply ends July 1, 2024.
- Annual earnings requirement: Private earnings of $60,000 or family earnings of $100,000
At a look: The Scotiabank Gold American Specific has a formidable on a regular basis earn charge, particularly on meals and transit. Mixed with its lack of international transaction charges, this card is not only among the best no-forex-fee playing cards however among the best total rewards playing cards in Canada.
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Scotiabank Gold American Specific
- Annual payment: $120 (waived for the primary yr)
- Earn charges: 6 factors per $1 spent at Sobeys-affiliated shops; 5 factors per $1 on eating, leisure and groceries; 3 factors per $1 on gasoline, transit and streaming; 1 level per $1 on every part else
- Welcome provide: You may earn as much as $650 in worth within the first 12 months, together with as much as 40,000 bonus Scene+ factors. Should apply by July 1, 2024.
- Annual earnings requirement: $12,000
- This bank card’s earn charge is critically spectacular, with an impressive 5 factors on groceries and eating, and 6 factors whenever you store at Sobeys-affiliated shops.
- Scene+ factors are versatile, straightforward to make use of and good for as much as 12 months after you make a journey buy, which implies you possibly can e book whenever you need and reap the rewards later.
- Redeem for journey in straightforward increments of 1,000 factors (valued at $10). There are not any difficult guidelines or exceptions to handle, and you’ll get the identical worth irrespective of the place you go.
- Scotia’s definition of journey is extraordinarily broad so you possibly can redeem for purchases even at Uber, UberEats and Airbnb.
- The Scotiabank Gold American Specific gives a full vary of journey insurance coverage advantages, together with journey emergency medical protection, journey cancellation/journey interruption insurance coverage and extra.
- This card comes with Amex Expertise perks. Amex grants early entry to presale tickets to a variety of occasions (together with live shows and sports activities occasions), whereas Amex Presents get you further reductions and financial savings on a rotating roster of shops.
- The cardboard’s minimal earnings requirement is $12,000, making it accessible to most Canadians.
At a look: It is a aggressive mid-tier bank card with a below-average annual payment, providing spectacular journey insurance coverage and bonus factors on non-Canadian purchases which is able to aid you save on international transaction charges.
Meridian Visa Infinite Journey Rewards
- Annual payment: $99 (waived for the primary yr)
- Earn charge: 1.5 factors per greenback; 3 factors per greenback on purchases made in foreign currency
- Welcome provide: Earn 6 factors per $2 spent on purchases made exterior Canada in foreign currency, and three factors per $2 on all different purchases.
- Annual earnings requirement: Private earnings of $60,000 or family earnings of $100,000
At a look: Consideration Amazon buyers—which implies, pay attention as much as just about everybody. The Amazon.ca Rewards Mastercard is a no-fee retailer bank card. So in case you are a Prime member and order from amazon.ca, you possibly can earn 2.5% for Amazon rewards factors utilizing the cardboard.
Amazon Rewards Mastercard
- Annual payment: $0 (Prime subscription required for full card advantages)
- Earn charge: Prime members earn 2.5% on Amazon.ca and international foreign money transactions. Non-Prime members earn 1.5% again on Amazon.ca. Get 1% in all places else
- Welcome provide: 5% again at Amazon.ca, Entire Meals Market shops for six months as much as $3,000 in eligible purchases (for a worth of $150)
- Revenue requirement: None specified
Greatest no foreign exchange payment bank card different
At a look: OK, OK, this isn’t a bank card, however a pay as you go debit card. Nonetheless, the EQ Financial institution Card might help you keep away from expensive charges whenever you’re withdrawing or spending cash in a international foreign money by waiving all international trade charges charged by EQ (transactions are nonetheless topic to Mastercard’s foreign money conversion charge). It is a nice back-up card for these purchases the place bank cards aren’t accepted.
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EQ Financial institution Card
- Annual payment: None
- Earn charge: 0.5% money again on all of your spending
- Welcome provide: This card doesn’t presently have a welcome provide.
- Annual earnings requirement: None
A bank card conversion charge is a surcharge you pay for purchases in a international foreign money. These charges are set by your bank card community akin to American Specific, Visa and Mastercard. These charges are often fairly near market charges, however they’re typically higher than what you’d get at a foreign money trade. You could find the conversion charge to your card in your bank card settlement.
Generally, you’ll be given the choice to pay in an area foreign money or have the value transformed to your private home foreign money. Typically, it’s in your monetary curiosity to purchase within the native foreign money, as a result of changing to a different foreign money can incur charges which might be tacked onto the acquisition worth. That is true whether or not or not you might be utilizing a card that expenses transaction charges, so in both case, you’ll be saving cash by preserving the foreign money native.
Utilizing a no international transaction payment bank card is nice–till you wish to make a purchase order from a enterprise that doesn’t settle for bank cards. It’s all the time good to hold some money on you only for these events, however withdrawing cash from an ATM can even include expensive charges. One good resolution is to make use of a debit card that doesn’t cost international transaction charges, just like the EQ Financial institution Card. Notice that whereas your card would possibly waive the charges, the ATM in all probability gained’t. Additionally bear in mind that utilizing a bank card to withdraw money from an ATM incurs the best charges of all and needs to be prevented apart from emergencies.
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