Canadians love journey and procuring, however when utilizing their bank cards exterior of Canada, many pay overseas transaction charges—as a lot as 2.5%—on each buy. The excellent news is there’s a wide variety of bank cards for Canadians that both provide no overseas transaction charges or reward with greater than sufficient money again to cowl the charges.
| Greatest playing cards by class | Why we adore it |
|---|---|
| Dwelling Belief Most popular Visa* Annual charge: $0 |
1% money again on all Canadian purchases, and no foreign exchange charges on all foreign-currency purchases (not simply U.S.) |
| Brim Mastercard Annual charge: $0 |
Versatile factors program equal to 1% money again, and frequent promos with retail companions |
| Rogers World Elite Mastercard* Annual charge: $0 |
3% money again on U.S. forex purchases—sufficient to cowl foreign exchange charges, after which some |
| Scotiabank Passport Visa Infinite* Annual charge: $150 (waived the primary 12 months) |
The one no-forex-fee card in Canada to additionally provide airport lounge entry |
| Scotiabank Gold American Categorical* Annual charge: $120 (waived the primary 12 months) |
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 charge: $99 annual charge (waived the primary 12 months) |
Roughly 0.5% again on all purchases in a non-Canadian forex (after foreign exchange charges) and excellent journey protection |
| Brim World Elite Mastercard Annual charge: $199 (waived within the first 12 months) |
Earnings equal to 2% money again on all purchases made in Canada and overseas |
| Amazon Rewards Mastercard Annual charge: $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 reward playing cards |
| EQ Financial institution Pre-Paid Card* Annual charge: $0 |
0.5% money again on purchases, plus curiosity in your financial savings |
Greatest no foreign exchange playing cards with no annual charge
At a look: The Dwelling Belief Most popular Visa is a real no-foreign-exchange-fee card that additionally costs no annual charge. 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 charge: $0
- Earn charges: 1% on all purchases in Canada and pay no FX charges on overseas forex purchases
- Welcome provide: You possibly can earn 1% cashback on eligible purchases in Canada, with no caps on cashback earn.
The professionals
- Earn 1% money again on all the things you purchase in Canadian {dollars} with no limits on how a lot you may earn.
- Like most no-fee playing cards, it comes with fundamental perks like zero legal responsibility coverage insurance coverage and buy safety insurance coverage
The cons
- You received’t earn any money again on purchases made overseas in a non-Canadian forex, which is a slight downside however bear in mind: you additionally received’t pay overseas transaction charges which implies you’ll nonetheless find yourself saving a substantial to 2.5% when utilizing this card overseas versus most different playing cards.
- Money again is just redeemed as soon as yearly in January (versus anytime of the 12 months).
At a look: Regardless of being a brand new participant within the bank card market, the Brim Mastercard has made a reputation for itself by providing a versatile factors program and no annual charge.
Brim Mastercard
- Annual charge: $0
- Earn price: 2 level per $1 spent (on the primary $25,000 spent yearly), 3 factors per $1 on eligible airways and 4 factors per $1 at choose retailers
- Welcome provide: This card doesn’t presently have a welcome provide.
- Annual earnings requirement: None specified
The professionals
- Together with no overseas transaction or annual charges, cardholders earn 1 Brim level per $1 on purchases in Canada and overseas.
- Whereas cardholders technically earn factors, Brim factors act like money again with 100 factors being redeemable for $1 on any buy at any time—equal to 1% money again.
- Brim runs common promotions with retail companions, which implies you may rack up bonus factors on purchases from a variety of shops, from Apple to LuluLemon.
- Regardless of being a no-fee card, Brim comes with further perks together with as much as $500 in cell system insurance coverage (within the occasion of loss, theft or harm).
The cons
- Whereas Brim affords cardholders the flexibility to earn bonus factors at companion retailers, these promos embody notable restrictions. Particularly, affords hardly ever apply robotically to in-store purchases and are sometimes unique to a restricted vary of purchases made on-line straight from the Brim app.
- Brim is a more moderen participant within the bank card market, and its launch confronted a couple of hiccups and delays. Some cardholders nonetheless elevate considerations, reminiscent of delayed card supply, on on-line boards.
At a look: With a lot larger earn charges than most no-fee playing cards, the Rogers World Elite Mastercard truly nets you money again on purchases in U.S. {dollars}. Nevertheless, demanding private earnings ranges and spending necessities make this card inaccessible to some candidates.
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Rogers World Elite Mastercard
- Annual charge: $0
- Earn price: 1.5% money again on all purchases; 3% money again on all U.S.-dollar purchases
- Welcome bonus: You possibly can earn $25 welcome bonus in money again rewards upon first card buy inside 3 months of receiving your card.
- Annual earnings requirement: Private earnings of $80,000 or family earnings of $150,000
The professionals
- The cardboard earns a formidable 1.5% money again on all the things you purchase, a price extra typically seen in playing cards with an annual charge.
- As a Mastercard, it’s arguably one of the best card to make use of at Costco as a result of it affords a flat 1.5% money again on purchases on the retailer.
- The Rogers World Elite Mastercard earns an accelerated 3% money again on purchases made in U.S. {dollars}, which offsets the roughly 2.5% overseas transaction charge, making this a super card for snowbirds or anybody who repeatedly travels to the US.
- You possibly can redeem your money again rewards anytime, in increments of $10, utilizing the Rogers app.
- Regardless of being a no-fee card, the Rogers World Elite Mastercard offers you advantages like rental automotive collision harm protection and journey insurance coverage.
The cons
- In contrast to “true” no-foreign-transaction-fee bank cards which show you how to save on all non-Canadian forex purchases, the Roger World Elite Mastercard will solely show you how to keep away from overseas transaction charges on purchases made in U.S. {dollars}.
- A evident downside of this card is that you will need to cost at the least $15,000 in purchases on the cardboard each 12 months or you might be robotically downgraded to the entry-level Rogers Platinum Card that earns a much less spectacular 1% money again on all the things.
- You’ll want an earnings of at the least $80,000 per 12 months (or $150,000 per family) to qualify for the cardboard—the best earnings requirement on our rating of finest no overseas transaction charge bank cards.
Greatest no foreign exchange playing cards for rewards and perks
At a look: As the primary card from considered one of Canada’s huge banks to waive its overseas transaction charges, the Scotiabank Passport Visa Infinite affords sturdy rewards, an easy-to-understand and versatile rewards system, and critically spectacular airport lounge advantages.
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Scotiabank Passport Visa Infinite
- Annual charge: $150 (waived for the primary 12 months)
- Earn price: 3 Scene+ factors per $1 spent at Sobeys shops; 2 factors per $1 on groceries, eating, leisure and transit; 1 level per $1 on all the things else. Plus, pay no FX charges
- Welcome provide: earn as much as $1,300 in worth within the first 12 months, together with as much as 40,000 bonus Scene+ factors and first 12 months annual charge waived. Supply ends July 1, 2024.
- Annual earnings requirement: Private earnings of $60,000 or family earnings of $100,000
The professionals
- The Scotiabank Passport Visa Infinite is the one no-forex-fee card in Canada to additionally provide airport lounge entry. With this card, you’ll obtain a complimentary Precedence Go membership with six free airport lounge visits per 12 months; that’s probably the most lounge passes accessible on a card with an annual charge under $200.
- Redeeming Scene+ factors for journey rewards is intuitive and as straightforward as money again in your pockets. There are not any sophisticated journey charts or maps (1,000 factors is at all times value $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 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 affords a full vary of journey insurance coverage advantages together with journey emergency medical insurance coverage, journey cancellation/journey interruption insurance coverage and extra.
The cons
- Whereas the Scotiabank Passport affords appreciable perks, its annual charge 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 bank cards on this record.
- You’ll must earn an earnings of at the 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 probably the greatest no-forex-fee playing cards however probably the greatest total rewards playing cards in Canada.
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Scotiabank Gold American Categorical
- Annual charge: $120 (waived for the primary 12 months)
- Earn charges: 6 factors per $1 spent on groceries at Sobeys-affiliated shops; 5 factors per $1 on eating, leisure and groceries at different eligible grocery shops; 3 factors per $1 on gasoline, day by day transit and choose streaming providers; 1 level per $1 on all the things else
- Welcome provide: You possibly can earn as much as $650 in worth within the first 12 months, together with as much as 40,000 bonus Scene+ factors. Should apply by July 1, 2024.
- Annual earnings requirement: $12,000
The professionals
- This bank card’s earn price is critically spectacular, with an excellent 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 good for as much as 12 months after you make a journey buy, which implies you may guide 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 sophisticated guidelines or exceptions to handle, and you’re going to get the identical worth regardless of the place you go.
- Scotia’s definition of journey is extraordinarily broad so you may redeem for purchases even at Uber, UberEats and Airbnb.
- The Scotiabank Gold American Categorical affords 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 Provides get you further 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.
The 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 may not 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 if you happen to purchase groceries in a overseas forex, the foreign-transaction charge can be waived however you’ll solely earn 1 level per $1 spent moderately than the 5 factors often supplied within the grocery class for purchases in a Canadian forex.
At a look: It is a aggressive mid-tier bank card with a below-average annual charge, providing spectacular journey insurance coverage and bonus factors on non-Canadian purchases which is able to show you how to save on overseas transaction charges.
Meridian Visa Infinite Journey Rewards
- Annual charge: $99 (waived for the primary 12 months)
- Earn price: 1.5 factors per greenback; 3 factors per greenback on purchases made in foreign exchange
- Welcome provide: Earn 6 factors per $2 spent on purchases made exterior Canada in foreign exchange, and three factors per $2 on all different purchases.
- Annual earnings requirement: Private earnings of $60,000 or family earnings of $100,000
The professionals
- The three factors per $1 earn price on overseas purchases means you’ll web roughly 0.5% again on something in a non-Canadian forex (after offsetting overseas transaction charges).
- The sturdy base price of 1.5% on Canadian purchases means you’ll earn an above-average return on all purchases, whatever the class.
- The annual charge for the Meridian Visa Infinite Journey Rewards card is just $99, which is lower than many comparable playing cards on this record with no overseas transaction charges.
- The journey protection on the Meridian Visa Infinite Journey Rewards card is excellent and contains as much as $5,000,000 in emergency journey protection for as much as 48 days, which manages to beat out journey protection supplied by even one of the best journey bank cards.
- Whereas many bank card journey insurance coverage advantages solely apply to these 65 and older, the emergency journey insurance coverage protection on the Meridian Visa Infinite Journey Rewards bank card applies to these as much as 75 years outdated.
The cons
- This card affords no bonus classes, so it might not be one of the best rewards construction for individuals who spend huge in widespread classes like groceries, gasoline or recurring payments.
- Rewards factors can’t be used to offset the price of airline taxes or surcharges.
- The earnings requirement makes it out of attain for some Canadians.
At a look: Much like its no-fee counterpart lined earlier, the premium Brim World Elite Mastercard earns versatile and profitable Brim Rewards factors. However in alternate for an annual charge, cardholders earn extra factors (double to be actual) and a bunch of further perks.
Brim World Elite Mastercard
- Annual charge: $199 (waived within the first 12 months)
- Earn price: 2 factors per $1 spent (as much as $25,000 annual spend; 1 level per $1 spent afterwards)
- Welcome provide: This card doesn’t presently have a welcome provide.
- Annual earnings requirement: Private earnings of $80,000 private or family earnings of $150,000
The professionals
- Along with paying no overseas transaction charges, cardholders earn 2 factors per greenback on all the things together with purchases in Canada and overseas.
- Brim factors act like money again with 100 factors being redeemable for $1 on any buy at any time. So the World Elite’s 2 factors per $1 successfully interprets to 2% money again in financial savings.
- Brim runs common promotions with retail companions, which implies you may rack up bonus factors on purchases from a variety of shops (in all places from Apple to LuluLemon).
- The World Elite comes with sturdy journey insurance coverage together with rental automotive insurance coverage and as much as $5,000,000 in out of province medical insurance coverage so that you’re lined for emergencies for journeys of as much as 15 days.
The cons
- The Brim World Elite’s largest downside is its annual charge, which at $200, is the best annual charge on this record. Whereas the cardboard’s sturdy flat earn price is spectacular, that’s a bit arduous to swallow particularly because it additionally lacks airport lounge perks when in comparison with the Scotiabank Passport Visa Infinite.
- The Brim World Elite shares most of the cons of its no-fee counterpart, together with typically restrictive online-only promotional affords and fewer than stellar launch and customer support expertise.
At a look: Consideration Amazon consumers—which implies, 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 may earn 2.5% for Amazon rewards factors utilizing the cardboard.
Amazon Rewards Mastercard
- Annual charge: $0 (Prime subscription required for full card advantages)
- Earn price: Prime members earn 2.5% on Amazon.ca and overseas forex transactions. Non-Prime members earn 1.5% again on Amazon.ca. Get 1% in all places else
- 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)
- Revenue requirement: None specified
The professionals
- In the event you’re an Amazon Prime Member, any overseas forex buy made with the Amazon.ca Mastercard will earn you 2.5% in Amazon factors (which successfully acts to offset the overseas transaction charge).
- Amazon factors are extraordinarily straightforward to know: 1% in Amazon.ca rewards factors is 1 cent that can be utilized in the direction of an Amazon reward card.
- Common Amazon consumers can earn profitable financial savings with 2.5% financial savings on Amazon.ca (if you happen to’re a Prime Member) and 1% on all different Canadian purchases.
The cons
- Whereas technically a no annual charge bank card, the boosted 2.5% earn price on overseas purchases is out there completely to cardholders who even have a Prime membership ($99 12 months). In the event you’re not a Prime Member, you’re out of luck and must pay the annual charge.
- Non-Prime members can even earn fewer rewards on Amazon.ca buy (1.5% versus the two.5% afforded to Prime members).
- As a retail card, naturally you’re restricted to redeeming rewards solely on Amazon purchases by redeeming for Amazon.ca reward playing cards.
Greatest no foreign exchange charge bank card various
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 help you keep away from expensive charges once you’re withdrawing or spending cash in a overseas forex by waiving all overseas alternate charges charged by EQ (transactions are nonetheless topic to Mastercard’s forex conversion price). It is a nice back-up card for these purchases the place bank cards aren’t accepted.
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EQ Financial institution Card
- Annual charge: None
- Earn price: 0.5% money again on all of your spending
- Welcome provide: This card doesn’t presently have a welcome provide.
- Annual earnings requirement: None
The professionals
- Preload this card with cash so that you at all times have entry to money.
- Earn 0.5% money again on purchases plus curiosity in your deposits.
- Pay no charges, together with overseas alternate.
The cons
- EQ Financial institution is a web-based financial institution, which implies you may’t go to brick and mortar branches for in-person help, although help is out there on-line.
- To entry your money, you need to preload the cardboard by transferring funds out of your financial savings account. You’ll be superb so long as you intend forward and bear in mind to do that.
How we decide one of the best playing cards
The MoneySense editorial workforce selects one of the best bank cards by assessing the worth they supply to Canadians throughout varied classes. Our greatest no overseas transaction charge bank cards rating relies on an intensive record of card particulars and options—with a give attention to people who matter to worldwide travellers and consumers—together with overseas transaction charges, annual charges, rates of interest, welcome affords, 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 cash.
What’s the conversion price on my bank card?
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 reminiscent of American Categorical, Visa and Mastercard. These charges are often fairly near market charges, however they’re typically higher than what you’d get at a forex alternate. You will discover the conversion price to your card in your bank card settlement.
Do you have to pay utilizing native forex or transformed forex?
Typically, you’ll be given the choice to pay in a neighborhood forex or have the worth transformed to your property forex. Usually, 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 value. That is true whether or not or not you might be utilizing a card that costs transaction charges, so in both case, you’ll be saving cash by protecting the forex native.
What if utilizing my no overseas transaction charge bank card isn’t an choice whereas I’m overseas?
Utilizing a no overseas transaction charge bank card is nice–till you need to make a purchase order from a enterprise that doesn’t settle for bank cards. It’s at all times sensible to hold some money on you only for these events, however withdrawing cash from an ATM also can 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. Notice that whereas your card may 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 best charges of all and needs to be averted aside from emergencies.
