Chase Canada - All cards will be closed on March 15, 2018 | All debts wiped clear (Aug 8, 2019)
- Last Updated:
- Aug 10th, 2019 10:38 pm
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- SCORE+41
- Kasakato
- Deal Expert
- Mar 25, 2005
- 22706 posts
- 3697 upvotes
- downbytheriver
- Newbie
- May 27, 2013
- 2 posts
- Barrie
bumpity, anyone gone through this?downbytheriver wrote: ↑Hi There, I just signed up for this card I am looking to add my son to it as well. Are you able to do this with this card? He has his own online business and needs to use it to fullfill orders. Will an additional user get their own card number and card with their name on it? Do they use their name when placing orders? Has anyone added additional people to their card and provide some insight. that would be great! Thanks so much!
thanks
- epiphano
- Sr. Member
- Jun 6, 2009
- 981 posts
- 607 upvotes
- bubak
- Deal Addict
- Jul 15, 2009
- 3653 posts
- 3050 upvotes
This card is a great deal, but it's definitely flaky. Half the time it asks for a PIN and half the time it just asks for a signature. One time it rejected my (definitely correct) PIN as incorrect, then a few hours later at the same store it worked again.
- Kasakato
- Deal Expert
- Mar 25, 2005
- 22706 posts
- 3697 upvotes
Alright, lets start from the basics.
Banks and credit card issuers make their money from foreign transactions in two ways. The first is an access or usage fee. This is generally either a fixed amount or a percentage of the transaction. For example, Bank A may charge a fixed $5 for a foreign withdraw; Chase charges 1% or $5 ('cash advance fee'), whichever is higher, for the simple privilege of being able to use your card abroad.
The second method used to charge consumers is through a spread. Like a retail transaction, this is essentially a "mark-up" on the price of the currency. The advance with the Chase Amazon card is that there is a 0% mark-up applied by Chase. In other words, you are paying what Chase pays to Visa for your foreign currency. As an example, I pulled the price of 1 Euro from different sources:
XE (mid-market rates): 1.33713
Visa (zero forex fee card): 1.343687
Visa (standard 2.5% markup): 1.377279
TD (non cash transactions): 1.3774
As you can see, Visa has applied a 0.5% (50bp) markup over mid-market rate. This is vastly cheaper than TD's non cash rate.
You can read more about forex here: http://www.easy-forex.com/int/pipsandspreads/
- Bomberman07
- Deal Addict
- Aug 1, 2008
- 1891 posts
- 312 upvotes
- Montréal
thanks for the explanationKasakato wrote: ↑Alright, lets start from the basics.
Banks and credit card issuers make their money from foreign transactions in two ways. The first is an access or usage fee. This is generally either a fixed amount or a percentage of the transaction. For example, Bank A may charge a fixed $5 for a foreign withdraw; Chase charges 1% or $5 ('cash advance fee'), whichever is higher, for the simple privilege of being able to use your card abroad.
The second method used to charge consumers is through a spread. Like a retail transaction, this is essentially a "mark-up" on the price of the currency. The advance with the Chase Amazon card is that there is a 0% mark-up applied by Chase. In other words, you are paying what Chase pays to Visa for your foreign currency. As an example, I pulled the price of 1 Euro from different sources:
XE (mid-market rates): 1.33713
Visa (zero forex fee card): 1.343687
Visa (standard 2.5% markup): 1.377279
TD (non cash transactions): 1.3774
As you can see, Visa has applied a 0.5% (50bp) markup over mid-market rate. This is vastly cheaper than TD's non cash rate.
You can read more about forex here: http://www.easy-forex.com/int/pipsandspreads/
I feel the need... the need for speed.
- Kasakato
- Deal Expert
- Mar 25, 2005
- 22706 posts
- 3697 upvotes
Call in and ask about authorized users. It's in the terms so you should be able to. That being said, why does he not just apply himself? Keep in mind Chase is very risk adverse so expect a low limit.
- 1226
- Deal Guru
- Dec 25, 2003
- 11091 posts
- 3504 upvotes
- Vancouver
1) You can add your son (don't mention it's for a business)
2) I think it's the same card # but not 100% (don't have her card in front of me)
3) Their name is on the card
4) Yes they would use their name when placing orders
- Uranium101
- Deal Addict
- Apr 21, 2012
- 1770 posts
- 1140 upvotes
- Markham
I got this card awhile back. I still haven't received my statement yet. I need it to register online. ANd my bill might be pass due lol.
- EPcjay
- Deal Fanatic
- Nov 11, 2008
- 8976 posts
- 2827 upvotes
I have a secondary, and the card number is not the same but billed on the same account
- epiphano
- Sr. Member
- Jun 6, 2009
- 981 posts
- 607 upvotes
I understand all of what you're saying. But this is where we're having a disagreement. You're saying that if, for example, I use a TD debit card outside Canada on a Plus ATM, TD's non-cash rate applies (even though this is a cash transaction). I'm arguing that since Plus (aka Visa) is processing the transaction, then Visa's rate should apply. So which one is it? I'd like to see solid evidence.Kasakato wrote: ↑Alright, lets start from the basics.
Banks and credit card issuers make their money from foreign transactions in two ways. The first is an access or usage fee. This is generally either a fixed amount or a percentage of the transaction. For example, Bank A may charge a fixed $5 for a foreign withdraw; Chase charges 1% or $5 ('cash advance fee'), whichever is higher, for the simple privilege of being able to use your card abroad.
The second method used to charge consumers is through a spread. Like a retail transaction, this is essentially a "mark-up" on the price of the currency. The advance with the Chase Amazon card is that there is a 0% mark-up applied by Chase. In other words, you are paying what Chase pays to Visa for your foreign currency. As an example, I pulled the price of 1 Euro from different sources:
XE (mid-market rates): 1.33713
Visa (zero forex fee card): 1.343687
Visa (standard 2.5% markup): 1.377279
TD (non cash transactions): 1.3774
As you can see, Visa has applied a 0.5% (50bp) markup over mid-market rate. This is vastly cheaper than TD's non cash rate.
You can read more about forex here: http://www.easy-forex.com/int/pipsandspreads/
- brunes
- Deal Expert
- Dec 11, 2005
- 20136 posts
- 2964 upvotes
TD does not have a 5% charge built into the spread. It is closer to 2%.
It's not up to plus it is up to TD. There is a premium but it is not 5%, that would be insane.epiphano wrote: ↑I understand all of what you're saying. But this is where we're having a disagreement. You're saying that if, for example, I use a TD debit card outside Canada on a Plus ATM, TD's non-cash rate applies (even though this is a cash transaction). I'm arguing that since Plus (aka Visa) is processing the transaction, then Visa's rate should apply. So which one is it? I'd like to see solid evidence.
To be nobody but yourself - in a world which is doing its best, night and day, to make you everybody else - means to fight the hardest battle which any human being can fight; and never stop fighting. -- E. E. Cummings
- Kasakato
- Deal Expert
- Mar 25, 2005
- 22706 posts
- 3697 upvotes
Go try it. I was charged a crap rate with TD SS withdraws with Euros, at least when compared to Amazon. TD has to make their money too, it's the same case as using another Visa, a 2.5% fee is added, despite using Plus.epiphano wrote: ↑I understand all of what you're saying. But this is where we're having a disagreement. You're saying that if, for example, I use a TD debit card outside Canada on a Plus ATM, TD's non-cash rate applies (even though this is a cash transaction). I'm arguing that since Plus (aka Visa) is processing the transaction, then Visa's rate should apply. So which one is it? I'd like to see solid evidence.
5% between bid and ask, or buy sell so to speak.
- adrian2
- Deal Addict
- Feb 2, 2007
- 1108 posts
- 1118 upvotes
- GTA
ING claims they charge a flat fee and no forex markup. They lie; the embedded markup is about 2.5%.
- S5
- Deal Addict
- Oct 4, 2009
- 3590 posts
- 2953 upvotes
- Montreal
The TD ATM markup is 2.5%, this has been confirmed by many travelers including myself in a variety of countries on several continents.
- Bomberman07
- Deal Addict
- Aug 1, 2008
- 1891 posts
- 312 upvotes
- Montréal
- L4cky
- Deal Fanatic
- Nov 18, 2008
- 9291 posts
- 2352 upvotes
- Mont-Royal
I have a question.
if you balance is +1000, and then you take 900$ cash, it will become +100.
If you pay with ur cc 150$ os stuffs, it will be -50.
Now, is the -50$ subject for the finance rate? Or it is the balance of your account right AFTER the cash advance (fees, amounts you cashed,..) that will be subject of interest?
if you balance is +1000, and then you take 900$ cash, it will become +100.
If you pay with ur cc 150$ os stuffs, it will be -50.
Now, is the -50$ subject for the finance rate? Or it is the balance of your account right AFTER the cash advance (fees, amounts you cashed,..) that will be subject of interest?
"Every marathon you run, your heart scars and you will die faster. If you think running a marathon is fitness, then you know NOTHING ABOUT HEALTH & FITNESS."
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- Training 101
- dtth
- Newbie
- May 27, 2009
- 19 posts
- 2 upvotes
Hi guys, how long dose it take to get the card after online application submission?
- keldrin
- Jr. Member
- Apr 25, 2013
- 154 posts
- 14 upvotes
- MISSISSAUGA
- dtth
- Newbie
- May 27, 2009
- 19 posts
- 2 upvotes
Really? I'll do it right away. Thanks.
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