Travel

Locked: CIBC Air Canada AC conversion card?

  • Last Updated:
  • Jul 12th, 2018 10:23 pm
[OP]
Newbie
Dec 17, 2017
22 posts
17 upvotes

CIBC Air Canada AC conversion card?

I'm traveling to the States, Hong Kong, Sydney and Tokyo this year, and I'm interested to get a credit card that will waive the foreign exchange fee. I was wondering if anyone is using the CIBC Air Canada AC conversion card, and thoughts on this? Will they charge me a fee if I transfer funds from one currency to another on the card?

I'm not planning to spend a ton of money there. But I don't like to carry to much cash around, but I also don't like to use my credit cards out of country due to hefty fees.

https://www.aircanada.com/ca/en/aco/hom ... rsion.html

Thanks in advance!
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2 replies
Deal Addict
Jan 21, 2007
4609 posts
1382 upvotes
Scarborough
I don't think using the AC Conversion card would be any better than using any other regular credit card. CIBC's rates for converting between currencies is basically the same as using a credit card (exchange rate + some percentage, usually around 2.5%) so there isn't really any benefit there.

If you're looking for a prepaid card specifically, you can check out something like the Mogo prepaid Visa as that has no forex fees.

If you're okay signing up for an actual credit card (not prepaid), there's only one "no fee" card available right now that has no forex fees which is the Home Trust Preferred Visa. It also offers 1% cashback on all purchases. The only problem with that is it might take some time to actually receive the card but it might have gotten better in more recent times. You can check out the linked thread for more details.

Another option is if you qualify for it, you can get the Rogers World Elite Mastercard which still has a 2.5% forex fee but you get 4% cashback on foreign currency purchases which effectively negates the fee.

A couple of other options with no forex fees are the Scotia Passport Visa Infinite and the HSBC World Elite Mastercard but those both have annual fees. They do have other benefits though.

Hopefully this helps!

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