Earn 1 Scene+ point per $1 spent on all other eligible purchases.Earn 2 Scene+ points per $1 spent on eligible grocery stores, dining, entertainment, and daily transit purchases.Earn 3 Scene+ points per $1 spent at Empire owned supermarkets.The best no foreign transaction fee credit cards in canada Credit card Whether you’re looking for a no fee card or one that comes packed with travel rewards, one of the best credit cards with no foreign transaction fees will appeal to you. While that may not sound like a lot, it adds up.īy getting a no forex fee credit card, you’re guaranteeing yourself the lowest rates possible.
The majority of Canadian credit cards charge a foreign transaction fee of 2.5% whenever you make a purchase in any currency besides Canadian dollars. Having one of the best no foreign transaction fee credit cards in Canada is essential when travelling since it’ll greatly reduce how much spend abroad. Then smile and enjoy your trip, feeling very clever for avoiding so much unnecessary expense.**This post may contain affiliate links. When using a credit card, use a card with low international fees, and make sure your transactions are charged in the local currency - not dollars. Pay for most items with cash (use a bank that charges low rates for international ATM transactions, and withdraw large amounts at each transaction - keeping the cash safe in your money belt). The Bottom Line: Here’s the best formula for saving money as you travel. It’s possible to buy prepaid “cash cards” - which you load with funds before you leave, then use like any other credit or debit card - but they come with high fees and aren’t worth considering for most trips. Bankrate has a good comparison chart of major credit cards and their currency-conversion fees.ĭon’t bother with prepaid cards. Most credit unions have low-to-no international transaction fees. Capital One has a particularly good reputation for no-fee international transactions on both its credit cards and its debit cards linked to a checking account. If you’re going on a long trip, do some research and consider taking out a card just for international purchases. Some companies offer lower international fees than others - and some don’t charge any at all. If you’re getting a bad deal, get a new card. Quiz your bank or credit-card company about the specific fees that come with using their card overseas. But by the time you get your statement, it’s too late - so it’s smart to make a call before your trip to get the whole story. Banks are required to break out international transaction fees as line-items on your statement, helping you to see exactly what you’re paying. So, how can a smart traveler avoid - or at least reduce - these fees? Here are a few suggestions.Īsk about fees. These are similar to the fees associated with using your debit card for ATM withdrawals. Visa and MasterCard levy a 1 percent fee on international transactions, and some banks that issue those cards also tack on a currency conversion fee (additional 1–3 percent).
While these fees are legal, they’re basically a slimy way for credit-card companies to wring a few more dollars out of their customers.
Over the last decade, banks have dramatically increased their fees for overseas transactions. Travelers returning from Europe often open their mail to discover they paid more for their trip than they thought they had.
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