Canadians love journey and purchasing, however when utilizing their bank cards exterior of Canada, many pay international 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 supply no international transaction charges or reward with greater than sufficient money again to cowl the charges.
| Greatest playing cards by class | Why we adore it |
|---|---|
| Residence Belief Most well-liked 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 supply airport lounge entry |
| Scotiabank Gold American Specific* Annual charge: $120 (waived the primary 12 months) |
Spectacular earn charge 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 international forex purchases, which can be utilized on present 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 Residence Belief Most well-liked Visa is a real no-foreign-exchange-fee card that additionally prices no annual charge. This implies it waives the foreign exchange on purchases in all foreign currency echange, not simply U.S. {dollars}.
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Residence Belief Most well-liked Visa
- Annual charge: $0
- Earn charges: 1% on all purchases in Canada and pay no FX charges on international forex purchases
- Welcome supply: You may earn 1% cashback on eligible purchases in Canada, with no caps on cashback earn.
The professionals
- Earn 1% money again on all the pieces you purchase in Canadian {dollars} with no limits on how a lot you possibly can 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 keep in mind: you additionally received’t pay international transaction charges which suggests 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 charge: 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 supply: This card doesn’t at present have a welcome supply.
- Annual revenue requirement: None specified
The professionals
- Together with no international 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 suggests you possibly can rack up bonus factors on purchases from a variety of outlets, from Apple to LuluLemon.
- Regardless of being a no-fee card, Brim comes with further perks together with as much as $500 in cell machine insurance coverage (within the occasion of loss, theft or harm).
The cons
- Whereas Brim gives cardholders the power to earn bonus factors at accomplice retailers, these promos embrace notable restrictions. Specifically, gives hardly ever apply mechanically to in-store purchases and are usually 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 just a few hiccups and delays. Some cardholders nonetheless elevate considerations, comparable to delayed card supply, on on-line boards.
At a look: With a lot greater 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 revenue ranges and spending necessities make this card inaccessible to some candidates.
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Rogers World Elite Mastercard
- Annual charge: $0
- Earn charge: 1.5% money again on all purchases; 3% money again on all U.S.-dollar purchases
- Welcome bonus: You may earn $25 welcome bonus in money again rewards upon first card buy inside 3 months of receiving your card.
- Annual revenue requirement: Private revenue of $80,000 or family revenue of $150,000
The professionals
- The cardboard earns a formidable 1.5% money again on all the pieces you purchase, a charge 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 gives 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% international transaction charge, making this a super card for snowbirds or anybody who frequently travels to america.
- You may 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 provides you advantages like rental automotive collision harm protection and journey insurance coverage.
The cons
- Not like “true” no-foreign-transaction-fee bank cards which provide help to save on all non-Canadian forex purchases, the Roger World Elite Mastercard will solely provide help to keep away from international transaction charges on purchases made in U.S. {dollars}.
- A evident downside of this card is that you could cost not less than $15,000 in purchases on the cardboard each 12 months or you might be mechanically downgraded to the entry-level Rogers Platinum Card that earns a much less spectacular 1% money again on all the pieces.
- You’ll want an revenue of not less than $80,000 per 12 months (or $150,000 per family) to qualify for the cardboard—the very best revenue requirement on our rating of greatest no international 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 international transaction charges, the Scotiabank Passport Visa Infinite gives 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 charge: 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 pieces else. Plus, pay no FX charges
- Welcome supply: 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. Provide ends July 1, 2024.
- Annual revenue requirement: Private revenue of $60,000 or family revenue of $100,000
The professionals
- The Scotiabank Passport Visa Infinite is the one no-forex-fee card in Canada to additionally supply 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 essentially the most lounge passes out there on a card with an annual charge beneath $200.
- Redeeming Scene+ factors for journey rewards is intuitive and as simple as money again in your pockets. There are not any difficult 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 may 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 way 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 gives 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 gives 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 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 charge, particularly on meals and transit. Mixed with its lack of international transaction charges, this card is not only top-of-the-line no-forex-fee playing cards however top-of-the-line general rewards playing cards in Canada.
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Scotiabank Gold American Specific
- 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 companies; 1 level per $1 on all the pieces else
- Welcome supply: You may 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 revenue requirement: $12,000
The professionals
- This bank card’s earn charge is critically spectacular, with an impressive 5 factors on groceries and eating, and 6 factors if you store at Sobeys-affiliated shops.
- Scene+ factors are versatile, simple to make use of and good for as much as 12 months after you make a journey buy, which suggests you possibly can e-book if you need and reap the rewards later.
- Redeem for journey in simple 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 gives 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.
The cons
- Whereas American Specific is accepted at 1000’s of places throughout Canada, there are some notable exceptions. For instance, Loblaws doesn’t settle for Amex and also you may not have the ability to use this card at some smaller impartial retailers, groceries, comfort shops and eating places. Relying on the place you’re travelling, Amex acceptance could also be much more restricted.
- Whenever you purchase in a international forex, you solely earn factors on the base charge. This implies, for instance, that in the event you purchase groceries in a international forex, the foreign-transaction charge might be waived however you’ll solely earn 1 level per $1 spent slightly than the 5 factors normally 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 charge, providing spectacular journey insurance coverage and bonus factors on non-Canadian purchases which is able to provide help to save on international transaction charges.
Meridian Visa Infinite Journey Rewards
- Annual charge: $99 (waived for the primary 12 months)
- Earn charge: 1.5 factors per greenback; 3 factors per greenback on purchases made in foreign currency echange
- Welcome supply: Earn 6 factors per $2 spent on purchases made exterior Canada in foreign currency echange, and three factors per $2 on all different purchases.
- Annual revenue requirement: Private revenue of $60,000 or family revenue of $100,000
The professionals
- The three factors per $1 earn charge on international purchases means you’ll web roughly 0.5% again on something in a non-Canadian forex (after offsetting international transaction charges).
- The sturdy base charge 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 international 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 provided 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 gives no bonus classes, so it might not be one of the best rewards construction for individuals who spend huge in frequent classes like groceries, gasoline or recurring payments.
- Rewards factors can’t be used to offset the price of airline taxes or surcharges.
- The revenue 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 trade for an annual charge, cardholders earn extra factors (double to be precise) and a number of further perks.
Brim World Elite Mastercard
- Annual charge: $199 (waived within the first 12 months)
- Earn charge: 2 factors per $1 spent (as much as $25,000 annual spend; 1 level per $1 spent afterwards)
- Welcome supply: This card doesn’t at present have a welcome supply.
- Annual revenue requirement: Private revenue of $80,000 private or family revenue of $150,000
The professionals
- Along with paying no international transaction charges, cardholders earn 2 factors per greenback on all the pieces 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 suggests you possibly can rack up bonus factors on purchases from a variety of outlets (in all places from Apple to LuluLemon).
- The World Elite comes with strong 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 very best annual charge on this record. Whereas the cardboard’s sturdy flat earn charge is spectacular, that’s a bit laborious to swallow particularly because it additionally lacks airport lounge perks when in comparison with the Scotiabank Passport Visa Infinite.
- The Brim World Elite shares lots of the cons of its no-fee counterpart, together with typically restrictive online-only promotional gives and fewer than stellar launch and customer support expertise.
At a look: Consideration Amazon customers—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.
Amazon Rewards Mastercard
- Annual charge: $0 (Prime subscription required for full card advantages)
- Earn charge: Prime members earn 2.5% on Amazon.ca and international forex transactions. Non-Prime members earn 1.5% again on Amazon.ca. Get 1% in all places else
- Welcome supply: 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)
- Earnings requirement: None specified
The professionals
- If you happen to’re an Amazon Prime Member, any international forex buy made with the Amazon.ca Mastercard will earn you 2.5% in Amazon factors (which successfully acts to offset the international transaction charge).
- Amazon factors are extraordinarily simple to grasp: 1% in Amazon.ca rewards factors is 1 cent that can be utilized in direction of an Amazon present card.
- Common Amazon customers can earn profitable financial savings with 2.5% financial savings on Amazon.ca (in the event you’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 charge on international purchases is accessible completely to cardholders who even have a Prime membership ($99 12 months). If you happen to’re not a Prime Member, you’re out of luck and need to pay the annual charge.
- Non-Prime members will 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 present playing cards.
Greatest no foreign exchange charge bank card different
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 if you’re withdrawing or spending cash in a international forex by waiving all international trade charges charged by EQ (transactions are nonetheless topic to Mastercard’s forex conversion charge). This can be 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 charge: 0.5% money again on all of your spending
- Welcome supply: This card doesn’t at present have a welcome supply.
- Annual revenue 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 international trade.
The cons
- EQ Financial institution is a web-based financial institution, which suggests you possibly can’t go to brick and mortar branches for in-person help, although help is accessible on-line.
- To entry your money, you must preload the cardboard by transferring funds out of your financial savings account. You’ll be effective so long as you propose forward and keep in mind to do that.
How we decide one of the best playing cards
The MoneySense editorial group selects one of the best bank cards by assessing the worth they supply to Canadians throughout varied classes. Our greatest no international transaction charge bank cards rating relies on an intensive record of card particulars and options—with a concentrate on people who matter to worldwide travellers and customers—together with international transaction charges, annual charges, rates of interest, welcome gives, rewards earn charges and redemption choices, annual revenue necessities, and perks comparable to insurance coverage protection and buy safety. Now we have additionally thought of the professionals and cons of every card that can assist you decide which of them greatest 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 charge on my bank card?
A bank card conversion charge is a surcharge you pay for purchases in a international forex. These charges are set by your bank card community comparable to American Specific, Visa and Mastercard. These charges are normally fairly near market charges, however they’re typically higher than what you’d get at a forex trade. You could find the conversion charge to your card in your bank card settlement.
Do you have to pay utilizing native forex or transformed forex?
Generally, you’ll be given the choice to pay in a neighborhood forex or have the worth transformed to your house forex. Typically, 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 might be utilizing a card that prices transaction charges, so in both case, you’ll be saving cash by preserving the forex native.
What if utilizing my no international transaction charge bank card isn’t an possibility whereas I’m overseas?
Utilizing a no international 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 good to hold some money on you only for these events, however withdrawing cash from an ATM may also include expensive charges. One good answer is to make use of a debit card that doesn’t cost international transaction charges, just like the EQ Financial institution Card. Observe that whereas your card may waive the charges, the ATM in all probability received’t. Additionally bear in mind 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.
