Credit Cards

Chase Canada - All cards will be closed on March 15, 2018 | All debts wiped clear (Aug 8, 2019)

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  • Aug 10th, 2019 10:38 pm
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Deal Addict
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Oct 23, 2005
3499 posts
1688 upvotes
Mississauga
If they had a promotion to give out $75 Gift Certificates like they do for CIBC/Scotiabank cards, I would be all up in that.
Member
May 27, 2007
271 posts
139 upvotes
Jonavin wrote: Not quite. If you notice the fine print says they use the Visa rates, which is typically about 1%. You save the 2.5% most banks pile on top of this. A USD credit card will mean there's no conversion costs (assuming you already have USD available and don't need to buy more).

Your point is moot really. Canadians in general don't get paid in USD. At some point in time you would have to pay for the conversion spread. With this card, the total benefit is actually 3.5% (2.5% conversion + 1% rewards).
Deal Addict
Dec 31, 2009
1568 posts
154 upvotes
smartie wrote: why? mind explain?
Yeah, I'd like to know too. Just blurting out "AVOID" is not helpful in he least. One persons problem doesn't mean everybody will have the problem.
storm867 wrote: well one of the reasons is they like to lower your credit limit after you make a big payment had a sears mastercard with a $4500.00 make a payment of $1900.00 then they lowered my limt to $1000.00 reasons for doing this its your credit report :/ pulled my credit report and all cards owing $0.00 but that one card with a score of 721 on equifax with 4 credit inquirys over the last 24 months
Never had that happen with me. The version of your credit file you typed here must be candy coated.

This is another case of "I had problems. But it's NOT MY FAULT. I'll blame XXX company because I'm unable to take personal responsibility for my own actions."

Just like the first guy who just said "AVOID" with no explanation.
Newbie
User avatar
Mar 5, 2012
6 posts
Chase is one of the biggest credit card companies and does a lot of store logo cards like the Amazon card. Usually these types of cards have a high interest rate and also run into situations where the store's contract with Chase, or some else bank, expires and they go with a different bank. Your card gets cancelled and a new card issued, resulting in all sorts of problems. I would better get a card directly from the bank without the store logo.
Deal Addict
Oct 8, 2006
2051 posts
125 upvotes
I rather puzzeled by this very strange process of introducing the card. It seems that Chase not very eager to accept applications. Very strange. :facepalm:
Deal Fanatic
User avatar
Feb 20, 2006
7575 posts
396 upvotes
Canada
Hmm, I'm traveling a lot this summer around the US and Asia, so this could come in handy, especially since Visa is more widely accepted than MC.

I might end up applying for this card this weekend. But why did they chose a green coloured card? I would have thought orange/yellow and black would be more fitting.

There is no annual fee for this, is there?
Because if that is the case, this would be (from my understanding) the first 1% CB card that Visa is offering in Canada that is not tiered and has no annual fee.
He died for me, I live for him
Newbie
Jan 31, 2011
12 posts
1 upvote
hoveran wrote: It is interesting that on Apr 4. Visa actually gave a better USD/CAD conversion rate than Bank of Canada posted rate.

3/30 4/2 4/3 4/4
0.9975 0.9903 0.990 0.9964 (BoC noon rate)
0.9991 0.9917 0.991 0.9962 (Boc close rate)
1.0007 0.9987 0.998 0.9918 (Visa rate)
0.1604 0.7089 0.699 -0.4380 (fee in % if compared with BoC noon rate)
0.3211 0.8512 0.760 -0.4579 (fee in % if compared with BoC close rate)

I believe the average Visa premium is less than 1%, still this is a very good offer for anyone (most Canadians) who don't have a US source of income - short of changing huge amounts or doing a stock market switcheroo, how can you get a better exchange premium?

Would there be a way to use this card and cash advance and use that to exchange all of your US funds? or would the fee kill the benefit?
Deal Addict
Oct 8, 2006
2051 posts
125 upvotes
aw237 wrote: I believe the average Visa premium is less than 1%, still this is a very good offer for anyone (most Canadians) who don't have a US source of income - short of changing huge amounts or doing a stock market switcheroo, how can you get a better exchange premium?

Would there be a way to use this card and cash advance and use that to exchange all of your US funds? or would the fee kill the benefit?
I think that a transfer between Ally's accounts is way to go. Visa would charge you 19,99%, you do not want to do that. :D
Deal Addict
Feb 24, 2007
1371 posts
55 upvotes
Good to see finally 0 rate forex card in Canada, almost standard now for US cards. Hopefully this brings some competition, and other cards follow.

I disagree with other bashing this card, I think this will be very popular on RFD. Day doesn't go by without someone posting about how to avoid forex fees on purchases. Now you just need to get this card, avoid all fees and get 1% rewards as well. Don't need to bother with a USD card, unless you have USD source income which I doubt most people do. The 6/12 interest free months on amazon.ca purchases is good. Rewards average, and rest is crap, but that 0% forex is a big deal.
Jonavin wrote: Not quite. If you notice the fine print says they use the Visa rates, which is typically about 1%. You save the 2.5% most banks pile on top of this. A USD credit card will mean there's no conversion costs (assuming you already have USD available and don't need to buy more).
No where in the fine print does it say visa has an impeded 1% fee. I don't know where people keep on coming up with this. It's just a made up number with no proof. Visa buys at the wholesale rate, which is basically the market, maybe a most a couple of basis points higher depending market/limit, but not a 100 points.
Sr. Member
User avatar
Oct 29, 2006
917 posts
632 upvotes
Another good point about this card is simply that it's a Visa. Many business don't accept anything but Visa, and having a plain 1% cashback card for those times the vendor doesn't accept MasterCard is great. AFAIK, all the other no-fee Visa cashback cards in Canada are tiered, so this is a great companion card to one of the Aspires or SmartCash.
Member
Feb 11, 2004
260 posts
21 upvotes
Kamloops
I don't see any place to apply at all.... wierd, seeing as how they put out a press release about it on Monday. I want one... I would like to have a Visa with decent cashback (all my other cards are MC), and with the forex advantage seems like the perfect card to keep with a low limit for online purchasing.
Member
Jan 26, 2011
233 posts
14 upvotes
Coquitlam
halflife150 wrote: Good to see finally 0 rate forex card in Canada, almost standard now for US cards. Hopefully this brings some competition, and other cards follow.

I disagree with other bashing this card, I think this will be very popular on RFD. Day doesn't go by without someone posting about how to avoid forex fees on purchases. Now you just need to get this card, avoid all fees and get 1% rewards as well. Don't need to bother with a USD card, unless you have USD source income which I doubt most people do. The 6/12 interest free months on amazon.ca purchases is good. Rewards average, and rest is crap, but that 0% forex is a big deal.



No where in the fine print does it say visa has an impeded 1% fee. I don't know where people keep on coming up with this. It's just a made up number with no proof. Visa buys at the wholesale rate, which is basically the market, maybe a most a couple of basis points higher depending market/limit, but not a 100 points.
See my post above for the markup in the past couple of days.

The visa markup ranges from minus 40 base points to 80 base points. Assuming Bank of Canada rate is mid market.
Newbie
Apr 8, 2010
4 posts
46 upvotes
St. Catharines, ON
storm867 wrote: well one of the reasons is they like to lower your credit limit after you make a big payment had a sears mastercard with a $4500.00 make a payment of $1900.00 then they lowered my limt to $1000.00 reasons for doing this its your credit report :/ pulled my credit report and all cards owing $0.00 but that one card with a score of 721 on equifax with 4 credit inquirys over the last 24 months

I don't quite follow what you're trying to say here.....why were there 4 credit inquiries over the last 2 yrs.? And, did this just happen to you or are there others you know of? There's always someone who's had a terrible experience but it looks, to me, that there have been more favourable ones. I'd really like to understand your displeasure.
Deal Addict
Feb 24, 2007
1371 posts
55 upvotes
hoveran wrote: See my post above for the markup in the past couple of days.

The visa markup ranges from minus 40 base points to 80 base points. Assuming Bank of Canada rate is mid market.

That's not really proof since there is much variation in the markup, you would expect the markup to be consistent, so obviously your rate isn't correct. I've done the same thing with a much larger sample rate of over 100 transactions a few years ago. I found that 90-95% transactions were around the +/- 30 basis range, while the other 5-10% were way off, as much as +/- 400 basis points. Used the BOC mid market rate as well. In the end it completely evened out, I was only off by a couple pennies over what I should have paid. So was good enough for me to say no fees, or at least minimal fees.

According to Visa site regarding foreing exhange:
What is Visa’s fee structure for international transactions?
Visa Inc. does not assess any fees to cardholders or merchants.

How does Visa calculate its rate?
The Visa rate is selected from a range of rates available in wholesale currency markets or the government-mandated rate in effect one day prior to the applicable central processing date. Visa makes this rate available to issuing banks, which may adjust the rate when billing cardholders by applying a foreign transaction fee. The rate Visa makes available to issuing banks may vary from the rate Visa itself receives


The above at least suggests there isn't any fees or markups, though the whole thing is kind of vague, and the last line suggests there could be some markups.
Member
Jan 26, 2011
233 posts
14 upvotes
Coquitlam
halflife150 wrote: That's not really proof since there is much variation in the markup, you would expect the markup to be consistent, so obviously your rate isn't correct. I've done the same thing with a much larger sample rate of over 100 transactions a few years ago. I found that 90-95% transactions were around the +/- 30 basis range, while the other 5-10% were way off, as much as +/- 400 basis points. Used the BOC mid market rate as well. In the end it completely evened out, I was only off by a couple pennies over what I should have paid. So was good enough for me to say no fees, or at least minimal fees.

According to Visa site regarding foreing exhange:
What is Visa’s fee structure for international transactions?
Visa Inc. does not assess any fees to cardholders or merchants.

How does Visa calculate its rate?
The Visa rate is selected from a range of rates available in wholesale currency markets or the government-mandated rate in effect one day prior to the applicable central processing date. Visa makes this rate available to issuing banks, which may adjust the rate when billing cardholders by applying a foreign transaction fee. The rate Visa makes available to issuing banks may vary from the rate Visa itself receives


The above at least suggests there isn't any fees or markups, though the whole thing is kind of vague, and the last line suggests there could be some markups.

Now I see why my calculation was wrong. Visa actually uses the mid-market rate of the prior date, not the rate on the same day of processing. Thanks for pointing that out.
Deal Guru
User avatar
Dec 25, 2003
11091 posts
3503 upvotes
Vancouver
Totally getting this card. I do tons of shopping in the US but have no USD income so this kills any other CC in terms of rewards/fees combo.
Deal Addict
Nov 6, 2003
3519 posts
435 upvotes
Calgary
I want this card because i don't have U.S. income, but lots of U.S. expenses.

When can i apply for this card? There is no active application yet?
Deal Guru
User avatar
Dec 25, 2003
11091 posts
3503 upvotes
Vancouver
[with this. It's just a made up number with no proof. Visa buys at the wholesale rate, which is basically the market, maybe a most a couple of basis points higher depending market=cko64;14542084]I want this card because i don't have U.S. income, but lots of U.S. expenses.

When can i apply for this card? There is no active application yet?[/QUOTE]

http://www.chase.ca/amazon

Cardmembers Receive a $15 Amazon.ca Gift Certificate
Apply on Amazon.ca
Upon approval, instantly use the card to make purchases on Amazon.ca
Receive a $15 Amazon.ca Gift Certificate upon approval
Cardmembers Earn Rewards and Get Automatic Statement Credits
Double rewards points when shopping at Amazon.ca
One reward point per dollar spent everywhere the Amazon.ca Visa® credit card is accepted
Every 2000 points earned are automatically redeemed for a $20 statement credit
Cardmembers Take Advantage of Financing for Larger Qualifying Amazon.ca Purchases
6 month financing on individual items of $199 or more
12 month financing on individual items of $499 or more
No administration fees and the financed amount includes taxes
Visa payWave makes paying for everyday purchases quicker and easier than ever. Cardmembers simply look for the Visa payWave logo on a merchant's terminal and wave the Amazon.ca Rewards Visa Card. There is no need to enter a PIN or sign a receipt.
Deal Addict
Nov 6, 2003
3519 posts
435 upvotes
Calgary

And it works for you? When i click on it, it ask for Chase credit card number. I think that link is only for current Chase card holder. There is no apllication that I can see.
Deal Guru
User avatar
Dec 25, 2003
11091 posts
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Vancouver
cko64 wrote: And it works for you? When i click on it, it ask for Chase credit card number. I think that link is only for current Chase card holder. There is no apllication that I can see.

Sorry, I guess I wasn't reading that closely. I thought it said "Apply Now".

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