Sunday, May 6, 2012

First Canadian Credit with no foreign transaction fees?

You may recall our post from August 2011 asking whether Canadian Credit Card Foreign Exchange Fees would begin to disappear like they have in the U.S.. To the best of our knowledge no cards were offering zero foreign transaction fees other than a private contract that American Express signed with the Government nor was this feature on the card issuers radars until now.

Thanks to an anonymous comment on our post on Foreign Exchange fees we are pleased to let all of our readers know that there is now one card in Canada that has no foreign transaction fees. The Rewards Visa from Chase has broken the mold and I am predicting it won't be too long until we start seeing some other cards do away with these expensive fees. The card itself may not be that appealing to our travel rewards crowd and outside of the no forex fee the card is quite weak but do I think the significance of this news warrants this post to let all of you know


  1. Thanks for sharing this great news, Patrick.
    Save 2.5% or so on forex fees that other issuers charge, 1% cash back on purchases in the form of a statement credit, and no annual fee to boot: I am going to apply, though I would only use it for non-CAD purchases.
    Let's hope other cards follow suit.

  2. This is great news! I'm also going to apply and use it for all my foreign currency purchases.

  3. I totally agree. Even though it's not the best rewards card, it does make sense to use it when shopping outside of Canada. I will apply as well.

  4. That is great to hear, this beats all the 2% reward cards that charges a 2.5% foreign transaction fee, almost all of which have an annual fee. This card comes out 1.5% above those cards in any foreign transaction, and best of all, it is free! (difference btw other cards 2%-2.5%=-0.5% and amazon 1% = 1.5%)

  5. you now also have the Marriott rewards card with $120 annual fee waived for 1st year and ofcourse, being highlighted as 1st card to eliminate foreign transaction fees.

  6. Sears Mastercard also has no foreign transaction fees.

    1. Yes is sure does, we covered this in later posts on the two Sears Cards and the Chase Marriott Rewards Premier Visa that all have no FX fees