foreign transaction fees with Cdn credit cards

[calliopecruiser]

Until very recently there were no Canadian credit card issuers that waived foreign transaction fees, as there are in the US; now Sears Financial (Mastercard) and Amazon.ca (Visa) both offer credit cards with no fees on foreign transactions (and no annual fees).......could be a money-saver for frequent travelers and shoppers. The normal foreign transaction fee is 2.5%-3%.

[LHT28]

Interesting ..will check them out

[T.O.cruisers]

Until very recently there were no Canadian credit card issuers that waived foreign transaction fees, as there are in the US; now Sears Financial (Mastercard) and Amazon.ca (Visa) both offer credit cards with no fees on foreign transactions (and no annual fees).......could be a money-saver for frequent travelers and shoppers. The normal foreign transaction fee is 2.5%-3%.

 

Yup, I read the little pamphlet that came with my bill. Now I have a new favourite card for vacations outside Canada. I'm taking my Sears M/C to Europe.

[Keith1010]

Good information.

 

Keith

[neptuno]

Thanks for the info. I had asked this question in another post. Anyone with other card suggestions?

[hockeyguru32]

Some Credit Union Master Cards like the one I have can also be used as well. I suggest calling your credit card company to find out

[cutiepie43]

Thanks for the info. I had asked this question in another post. Anyone with other card suggestions?

We just got the Marriott rewards premier visa and it has no foreign transaction fees and 5 free nights in hotel stays. Also the fee is waived for the first year. We'll take advantage of the perks and then cancel before the one year is up.

[RickCanada]

Keep in mind that the MasterCard rate is still 1% over the official exchange rate but is still 1.5% better than the bank rate.

 

The sears card almost pays off if they offer sears points even when out of the country, then you are essentially paying just the official rate. Did this make sense?

 

Eg: To buy $1 USD

 

MasterCard: $1.017 Cdn

Official rate: $1.016

RBC rate: $1.042

TD borderless: $1.031

 

I use a US credit card and then pay it with the TD borderless rate.