Credit Cards Can Save You Foreign Transaction Fees

No Foreign Currency Fee Credit Card

Most Canadian credit cards charge nasty foreign transaction fees when you shop in a non-Canadian currency. However, with these 4 cards you can save 2.5 percent, as that’s the standard fee other cards charge.

Amazon Canada Rewards Visa Card – A no-annual fee credit card that offers no foreign currency fee as well. Does not have many perks and features, but a good one to keep for foreign travel and online shopping in foreign currency. Issued by Chase Canada. This card will not work in Burma (Myanmar), Cuba, Iran, North Korea, Sudan, Syria and Libya.

Marriott Rewards Premier Visa Card - Also issued by Chase Canada and will not work in Burma (Myanmar), Cuba, Iran, North Korea, Sudan, Syria and Libya. This one has a $120 annual fee. A Marriott hotel chain co-branded credit card earns Marriott reward points and comes with other benefits.

Rogers Platinum MasterCard – This one works a little differently. You pay the 2.5 percent foreign transaction fee, but Rogers offers 4 percent cash back on foreign transactions, making it 1.5 percent return in foreign purchases. The annual fee is $29, but waived for the first year. If you pay your Rogers bills by pre-authorized payment, the annual fee is waived each year.

CIBC Air Canada AC Conversion Visa PrePaid Card – Although it’s a prepaid card, it’s marketed as a no-foreign currency transaction fee cards as long as you are transacting in one of the 10 supported currencies it offers. However, when you load foreign currency, it seems to factor this in and charge a foreign currency fee. Still, I like this card because it lets you withdraw from one ATM per month for free in foreign locations in supported currency and it’s safer when you travel, as you are the one to decide how much you want to load.

Tangerine MoneyBack MasterCard – This one charges 1.5 percent foreign transaction fees, instead of 2.5 percent.

Don't Throw Out Your Credit Cards Yet, First Pick Up Your Phone

Cutting Credit Cards

Yesterday I decided to get rid of two credit cards. These two cards were in my wallet for long and I never used it. As I was calling customer service to close my account, my friend (who was next to me) suggested just to throw out my cards. He said he never bothers to call because it is a waste of time.

Many of us do the same thing. A lot of us don't realize that if you do not call your card company and close your account - your account will remain active and it will appear on your credit reports as a credit. So if you opened accounts here and there years ago just to get10% discount and forgot about it, chances are high that's what making your credit reports lengthy. We don't know how many credit cards we have and all these accounts appear on our credit reports and creditors might not like having too many accounts. So before you throw out your credit card next time, make sure you pick up the phone and call your credit card company to close your account first.
First Published: Mar 29, 2007 ADawnJournal.com

The Best No Foreign Currency Fee Credit Cards in Canada

No Foreign Currency Fee Credit Cards

Best No Foreign Transaction Fee Cards

Canadians pay a 2.5 percent foreign transaction fee on most credit cards when they travel, even on high -end annual fee credit cards. Three cards are the exception to this rule. However, there is another option that became available to Canadians recently to avoid the foreign fee.

Here the three cards that let you avoid the foreign currency fee:

Chase Marriott Rewards Visa Card
Amazon Visa card
Rogers Platinum MasterCard

CIBC Air Canada AC Conversion Visa Prepaid Card

A new card called the CIBC Air Canada AC Conversion Visa Prepaid Card offers some unique features that come in handy when you travel. Don’t let this prepaid card steer you away from the various benefits it offers.

You can load a maximum of 10 currencies on this card and as long as you purchase within those currencies in foreign lands, you will not pay any foreign currency fee when you buy. However, when you load foreign currency, it seems to factor this in and charge a foreign currency fee. You can also withdraw cash from ATMs and get no fee for the first withdrawal.

My main reason to like this card is flexibility. I am always uncomfortable browsing the streets in foreign lands with a card that has $20,000 to $30,000 credit limit in my pocket. The AC Conversion Card lets me load any amount I want (minimum $100, max $3,000) and I would have peace of mind knowing that losing my card would be no big deal, as I would only load what I need daily in small amounts when I travel.

I will do an unboxing video of this card on my YouTube channel and possibly write more in the future. And rest assured, just like my all other credit card articles and videos, I do not accept money from credit card companies or provide any affiliated links to make money signing you up like other websites or blogs.

CIBC Air Canada AC Conversion Visa Prepaid Credit Card Unboxing and Brief Review