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 robust bank card choices for Canadians that both supply no overseas transaction charges or reward purchases with greater than sufficient money again to cowl the charges.
Greatest no foreign exchange playing cards overview
| Bank card / pay as you go card | Why we find it irresistible |
|---|---|
| Home Trust Preferred Visa Annual payment: $0 |
1% money again on all Canadian purchases, and no foreign exchange charges on all foreign-currency purchases (not simply USD). |
| Rogers Red 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 |
The one no foreign exchange payment card in Canada to additionally supply airport lounge entry. |
| Scotiabank Gold American Express Annual payment: $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 Travel Rewards Annual payment: $99 annual payment |
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 overseas foreign money purchases, which can be utilized on reward playing cards. |
| EQ Bank card Annual payment: $0 |
0.5% money again on purchases, plus curiosity in your financial savings. |
| Wealthsimple Cash card Annual payment: $0 |
1% again in inventory, crypto or money, plus curiosity in your financial savings |
What occurred to Brim’s no foreign exchange payment card?
Should you’re a present Brim cardholder or contemplating Brim on your journey or cross-border purchasing, it is best to learn about latest adjustments to the cardboard. Beforehand providing 0% FX payment (and no annual payment), the cardboard is now altering 1.5% for purchases made in one other foreign money. (One other change was going from 1 level for each greenback spent to 1 level for each $2.) You continue to don’t have any foreign exchange choices, although. Examine under.
—Lisa Hannam, Editor-In-Chief, MoneySense
Greatest no foreign exchange playing cards with no annual payment
At a look: The Dwelling Belief Most popular Visa is a real no overseas change payment card that additionally fees no annual payment. This implies it waives the foreign exchange on purchases in all foreign exchange, not simply U.S. {dollars}.
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Dwelling Belief Most popular Visa
Annual payment: $0
Welcome supply: This card doesn’t have a welcome bonus right now.
Card particulars
| Rates of interest | 21.99% on purchases, 21.99% on money advances |
| Earnings required | None specified |
| Credit score rating | 660 or increased |
At a look: With a lot increased earn charges than most no-fee playing cards, the Rogers Crimson World Elite Mastercard really nets you money again on purchases in U.S. {dollars}.
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Rogers Crimson World Elite Mastercard
Annual payment: $0
Welcome supply: This card doesn’t have a welcome bonus right now.
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 increased |
Greatest no foreign exchange playing cards for rewards and perks
At a look: As the primary card from one among Canada’s large banks to waive its overseas transaction charges, the Scotiabank Passport Visa Infinite presents 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
Welcome supply: 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 increased |
| Level worth | 1 Scene+ level = $0.01 when redeemed for journey on any airline or lodge (together with AirBnBs). |
Execs
- The Scotiabank Passport Visa Infinite is the one no foreign exchange payment card in Canada to additionally supply airport lounge access. 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 obtainable on a card with an annual payment 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 possibly can redeem factors utilizing Scotia’s journey company or apply factors on any journey buy from nearly any airline or lodge supplier as much as 12 months later (even for journey purchases booked by means of Google Journey and Airbnb).
- The Scotiabank Passport Visa Infinite rewards high-volume spenders. Yearly that you simply cost $40,000 or extra, you’ll earn an extra 10,000 bonus factors ($100 worth towards journey).
- This card presents 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 presents appreciable perks, its annual payment is $150, which is among the many highest on this record.
- 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 credit cards on this record.
- You’ll have to earn an earnings of at the very least $60,000 (or $100,000 as a family) to qualify.
At a look: The Scotiabank Gold American Categorical has a formidable on a regular basis earn price, particularly on meals and transit. Mixed with its lack of overseas transaction charges, this card is not only the most effective no foreign exchange payment playing cards however the most effective total rewards playing cards in Canada.
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Scotiabank Gold American Categorical
Annual payment: $120
Welcome supply: 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 increased |
| Level worth | 1 Scene+ level = $0.01 when redeemed for journey on any airline or lodge (together with Airbnbs). |
Execs
- This bank card’s earn price is sure to lift eyebrows, with an excellent 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 you may redeem them retroactively for as much as 12 months after you make a journey buy, which suggests 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 Categorical presents 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 Affords get you extra 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.
Cons
- Whereas American Categorical is accepted at hundreds 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 impartial outlets, groceries, comfort shops and eating places. Relying on the place you’re travelling, Amex acceptance could also be much more restricted.
- Once you purchase in a overseas foreign money, you solely earn factors on the base price. This implies, for instance, that when you purchase groceries in a overseas foreign money, the foreign-transaction payment might be waived however you’ll solely earn 1 level per $1 spent relatively than the 5 factors often provided within the grocery class for purchases in a Canadian foreign money.
At a look: It is a aggressive mid-tier bank card with a below-average annual payment, providing better-than-average journey insurance coverage and bonus factors on non-Canadian purchases which is able to enable you to save on overseas transaction charges.
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Meridian Visa Infinite Journey Rewards
Annual payment: $99
Welcome supply: This card doesn’t have a welcome bonus right now.
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 increased |
| Level worth | 1 Meridian level = $0.01 when redeemed for journey. |
At a look: Consideration Amazon consumers—which suggests, hear 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.
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Amazon Rewards Mastercard
Annual payment: $0 (Prime subscription required for full card advantages)
Welcome supply: 5% again at Amazon.ca, Entire 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 increased |
| Level worth | Factors could be redeemed for Amazon.ca reward playing cards (1 level is price 1% money again off Amazon purchases). |
Greatest no foreign exchange payment 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 may also help you keep away from pricey charges whenever you’re withdrawing or spending cash in a overseas foreign money by waiving all overseas change charges charged by EQ (transactions are nonetheless topic to Mastercard’s foreign money conversion price). It is 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 payment: $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 supply: This card doesn’t have a welcome bonus right now.
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 Cash account doesn’t cost service charges—or change charges on purchases made in foreign exchange. 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 payment: $0
Welcome supply: This card doesn’t have a welcome bonus right now.
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 very best playing cards
The MoneySense editorial crew selects the very best bank cards by assessing the worth they supply to Canadians throughout varied classes. Our greatest no overseas transaction payment bank cards rating is predicated on an in depth record of card particulars and options—with a concentrate on those who matter to worldwide travellers and consumers—together with overseas transaction charges, annual charges, rates of interest, welcome presents, rewards earn charges and redemption choices, annual earnings necessities, and perks reminiscent of 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 knowledge for Canadians. The addition of hyperlinks from affiliate companions has no bearing on the outcomes. Learn extra about how MoneySense makes money.
Continuously requested questions
What’s a bank card conversion price?
A bank card conversion price is a surcharge you pay for purchases in a overseas foreign money. These charges are set by your bank card community reminiscent of American Categorical, Visa and Mastercard. These charges are often fairly near market charges, however they’re usually higher than what you’d get at a foreign money change. You could find the conversion price on your card in your bank card settlement.
Must you pay utilizing native foreign money or transformed foreign money?
Generally, you’ll be given the choice to pay in a neighborhood foreign money or have the value transformed to your house foreign money. Normally, 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 value. That is true whether or not or not you’re utilizing a card that fees transaction charges, so in both case, you’ll be saving cash by retaining the foreign money native.
What if utilizing my no overseas transaction payment bank card isn’t an choice whereas I’m overseas?
Utilizing a no overseas 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 may also include pricey charges. One good answer is to make use of a debit card that doesn’t cost overseas transaction charges, just like the EQ Bank Card. Be aware that whereas your card may waive the charges, the ATM most likely received’t. Additionally remember that utilizing a bank card to withdraw money from an ATM incurs the best charges of all and must be prevented aside from emergencies.
