Canadians love journey and purchasing, however when utilizing their bank cards exterior of Canada, many pay overseas transaction charges—as a lot as 2.5%—on each buy, and that’s on high of the change price. The excellent news is there are a number of sturdy bank card choices for Canadians that both provide no overseas transaction charges or reward purchases with greater than sufficient money again to cowl the charges.
Finest no foreign exchange playing cards overview
| Bank card / pay as you go card | Why we adore it |
|---|---|
| House Belief Most well-liked Visa Annual price: $0 |
1% money again on all Canadian purchases, and no foreign exchange charges on all foreign-currency purchases (not simply USD). |
| Rogers Pink World Elite Mastercard Annual price: $0 |
3% money again on U.S. forex purchases—sufficient to cowl foreign exchange charges, after which some. |
| Scotiabank Passport Visa Infinite Annual price: $150 |
The one no foreign exchange price card in Canada to additionally provide airport lounge entry. |
| Scotiabank Gold American Specific Annual price: $120 |
Spectacular earn price of as much as 6 Scene+ factors per $1 spent, full vary of journey insurance coverage advantages, and extra. |
| Meridian Visa Infinite Journey Rewards Annual price: $99 annual price |
Roughly 0.5% again on all purchases in a non-Canadian forex (after foreign exchange charges) and excellent journey protection. |
| Amazon Rewards Mastercard Annual price: $0 (Prime membership required for full card advantages) |
Amazon Prime members get 2.5% in Amazon factors on all overseas forex purchases, which can be utilized on present playing cards. |
| EQ Financial institution card Annual price: $0 |
0.5% money again on purchases, plus curiosity in your financial savings. |
| Wealthsimple Money card Annual price: $0 |
1% again in inventory, crypto or money, plus curiosity in your financial savings |
What occurred to Brim’s no foreign exchange price card?
In the event you’re a present Brim cardholder or contemplating Brim on your journey or cross-border purchasing, you must learn about latest modifications to the cardboard. Beforehand providing 0% FX price (and no annual price), the cardboard is now altering 1.5% for purchases made in one other forex. (One other change was going from 1 level for each greenback spent to 1 level for each $2.) You continue to haven’t any foreign exchange choices, although. Verify under.
—Lisa Hannam, Editor-In-Chief, MoneySense
Finest no foreign exchange playing cards with no annual price
At a look: The House Belief Most well-liked Visa is a real no overseas change price card that additionally costs no annual price. This implies it waives the foreign exchange on purchases in all foreign currency echange, not simply U.S. {dollars}.
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House Belief Most well-liked Visa
Annual price: $0
Welcome provide: This card doesn’t have a welcome bonus at the moment.
Card particulars
| Rates of interest | 21.99% on purchases, 21.99% on money advances |
| Earnings required | None specified |
| Credit score rating | 660 or greater |
At a look: With a lot greater earn charges than most no-fee playing cards, the Rogers Pink World Elite Mastercard really nets you money again on purchases in U.S. {dollars}.
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Rogers Pink World Elite Mastercard
Annual price: $0
Welcome provide: This card doesn’t have a welcome bonus at the moment.
Card particulars
| Rates of interest | 20.99% on purchases, 22.99% on money advances, 22.99% on steadiness transfers |
| Earnings required | $80,000 per yr |
| Credit score rating | 725 or greater |
Finest no foreign exchange playing cards for rewards and perks
At a look: As the primary card from one in every of Canada’s huge banks to waive its overseas transaction charges, the Scotiabank Passport Visa Infinite provides sturdy rewards, an easy-to-understand and versatile rewards system, and severely spectacular airport lounge advantages.
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Scotiabank Passport Visa Infinite
Annual price: $150
Welcome provide: earn as much as $1,100 in worth within the first 12 months, together with as much as 35,000 bonus Scene+ factors. To qualify, apply by October 31, 2024.
Card particulars
| Rates of interest | 20.99% on purchases, 22.99% on money advances, 22.99% on steadiness transfers |
| Earnings required | $60,000 per yr |
| Credit score rating | 725 or greater |
| Level worth | 1 Scene+ level = $0.01 when redeemed for journey on any airline or resort (together with AirBnBs). |
Professionals
- The Scotiabank Passport Visa Infinite is the one no foreign exchange price card in Canada to additionally provide airport lounge entry. With this card, you’ll obtain a complimentary Precedence Cross membership with six free airport lounge visits per yr; that’s essentially the most lounge passes accessible on a card with an annual price under $200.
- Redeeming Scene+ factors for journey rewards is intuitive and as straightforward as money again in your pockets. There are not any difficult journey charts or maps (1,000 factors is all the time price $10 in journey financial savings wherever you journey).
- Scotia’s Scene+ factors are extraordinarily versatile. You’ll be able to redeem factors utilizing Scotia’s journey company or apply factors on any journey buy from just about any airline or resort supplier as much as 12 months later (even for journey purchases booked by way of Google Journey and Airbnb).
- The Scotiabank Passport Visa Infinite rewards high-volume spenders. Yearly that you just cost $40,000 or extra, you’ll earn an extra 10,000 bonus factors ($100 worth towards journey).
- This card provides a full vary of journey insurance coverage advantages together with journey emergency medical insurance coverage, journey cancellation/journey interruption insurance coverage and extra.
Cons
- Whereas the Scotiabank Passport provides appreciable perks, its annual price is $150, which is among the many highest on this checklist.
- Perks apart, the cardboard’s rewards on on a regular basis purchases in Canada—1 or 2 factors per $1 on most purchases—isn’t all that spectacular for a premium annual-fee card, even when in comparison with different Scotiabank bank cards on this checklist.
- You’ll have to earn an revenue of not less than $60,000 (or $100,000 as a family) to qualify.
At a look: The Scotiabank Gold American Specific has a formidable on a regular basis earn price, particularly on meals and transit. Mixed with its lack of overseas transaction charges, this card isn’t just among the best no foreign exchange price playing cards however among the best general rewards playing cards in Canada.
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Scotiabank Gold American Specific
Annual price: $120
Welcome provide: earn as much as $950 in worth within the first 12 months, together with as much as 45,000 bonus Scene+ factors. To qualify, apply by October 31, 2024.
Card particulars
| Rates of interest | 20.99% on purchases, 22.99% on money advances, 22.99% on steadiness transfers |
| Earnings required | $60,000 per yr |
| Credit score rating | 725 or greater |
| Level worth | 1 Scene+ level = $0.01 when redeemed for journey on any airline or resort (together with Airbnbs). |
Professionals
- This bank card’s earn price is sure to boost eyebrows, with an impressive 5 factors on groceries and eating, and 6 factors once you store at Sobeys-affiliated shops.
- Scene+ factors are versatile, straightforward to make use of and you’ll redeem them retroactively for as much as 12 months after you make a journey buy, which suggests you possibly can e-book once 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 provides 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 concert events and sports activities occasions), whereas Amex Gives get you further reductions and financial savings on a rotating roster of outlets.
- The cardboard’s minimal revenue requirement is $12,000, making it accessible to most Canadians.
Cons
- Whereas American Specific is accepted at 1000’s of areas throughout Canada, there are some notable exceptions. For instance, Loblaws doesn’t settle for Amex and also you won’t be capable to use this card at some smaller unbiased outlets, groceries, comfort shops and eating places. Relying on the place you’re travelling, Amex acceptance could also be much more restricted.
- If you purchase in a overseas forex, you solely earn factors on the base price. This implies, for instance, that in the event you purchase groceries in a overseas forex, the foreign-transaction price will probably be waived however you’ll solely earn 1 level per $1 spent fairly than the 5 factors often provided within the grocery class for purchases in a Canadian forex.
At a look: This can be a aggressive mid-tier bank card with a below-average annual price, providing better-than-average journey insurance coverage and bonus factors on non-Canadian purchases which can enable you save on overseas transaction charges.
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Meridian Visa Infinite Journey Rewards
Annual price: $99
Welcome provide: This card doesn’t have a welcome bonus at the moment.
Card particulars
| Rates of interest | 19.50% on purchases, 21.99% on money advances |
| Earnings required | $60,000 per yr |
| Credit score rating | 725 or greater |
| Level worth | 1 Meridian level = $0.01 when redeemed for journey. |
At a look: Consideration Amazon consumers—which suggests, pay attention as much as just about everybody. The Amazon.ca Rewards Mastercard is a no-fee retailer bank card. So if you’re a Prime member and order from amazon.ca, you possibly can earn 2.5% for Amazon rewards factors utilizing the cardboard.
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Amazon Rewards Mastercard
Annual price: $0 (Prime subscription required for full card advantages)
Welcome provide: 5% again at Amazon.ca, Complete Meals Market shops for six months as much as $3,000 in eligible purchases (for a price of $150)
Card particulars
| Rates of interest | 19.50% on purchases, 21.99% on money advances |
| Earnings required | $60,000 per yr |
| Credit score rating | 725 or greater |
| Level worth | Factors could be redeemed for Amazon.ca present playing cards (1 level is price 1% money again off Amazon purchases). |
Finest no foreign exchange price bank card differents
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 can assist you keep away from expensive charges once you’re withdrawing or spending cash in a overseas forex by waiving all overseas change charges charged by EQ (transactions are nonetheless topic to Mastercard’s forex conversion price). This can be a nice back-up card for these purchases the place the bank card in your pockets isn’t accepted.
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EQ Private Account
Annual price: $0
0.5% money again on all purchases
Pay no foreign exchange charges on purchases
Earn 2.5%-4% curiosity in your money deposits
Welcome provide: This card doesn’t have a welcome bonus at the moment.
Card particulars
| Rates of interest | None (it is a pay as you go card) |
| Earnings required | None |
| Credit score rating | None |
At a look: The Wealthsimple Money account doesn’t cost service charges—or change charges on purchases made in foreign currency echange. Plus, at a minimal of three.5% curiosity for Core shoppers (Premium and Era shoppers earn extra), the rates of interest make this an answer to contemplate. Plus, you earn rewards in your spending.
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Wealthsimple Money
Annual price: $0
Welcome provide: This card doesn’t have a welcome bonus at the moment.
Card particulars
| Rates of interest | None (it is a pay as you go card) |
| Earnings required | None |
| Credit score rating | None |
How we decide the most effective playing cards
The MoneySense editorial crew selects the most effective bank cards by assessing the worth they supply to Canadians throughout numerous classes. Our greatest no overseas transaction price bank cards rating relies on an intensive checklist of card particulars and options—with a give attention to those who matter to worldwide travellers and consumers—together with overseas transaction charges, annual charges, rates of interest, welcome provides, rewards earn charges and redemption choices, annual revenue necessities, and perks akin to insurance coverage protection and buy safety. We’ve additionally thought of the professionals and cons of every card that can assist you decide which of them finest fit your monetary wants. Our rankings are an unbiased supply of data for Canadians. The addition of hyperlinks from affiliate companions has no bearing on the outcomes. Learn extra about how MoneySense makes cash.
Ceaselessly requested questions
What’s a bank card conversion price?
A bank card conversion price is a surcharge you pay for purchases in a overseas forex. 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 forex change. Yow will discover the conversion price on your card in your bank card settlement.
Must you pay utilizing native forex or transformed forex?
Typically, you’ll be given the choice to pay in an area forex or have the value transformed to your own home forex. Generally, it’s in your monetary curiosity to purchase within the native forex, as a result of changing to a different forex can incur charges which might be tacked onto the acquisition worth. That is true whether or not or not you’re utilizing a card that costs transaction charges, so in both case, you’ll be saving cash by conserving the forex native.
What if utilizing my no overseas transaction price bank card isn’t an choice whereas I’m overseas?
Utilizing a no overseas transaction price bank card is nice–till you need to make a purchase order from a enterprise that doesn’t settle for bank cards. It’s all the time sensible to hold some money on you only for these events, however withdrawing cash from an ATM may also include expensive charges. One good resolution is to make use of a debit card that doesn’t cost overseas transaction charges, just like the EQ Financial institution Card. Observe that whereas your card would possibly waive the charges, the ATM in all probability received’t. Additionally remember that utilizing a bank card to withdraw money from an ATM incurs the very best charges of all and needs to be prevented apart from emergencies.