Credit Cards

2.5% foreign fee credited for a return

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  • Oct 11th, 2018 3:41 pm
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[OP]
Jr. Member
Sep 26, 2017
125 posts
413 upvotes
Milton, ON

2.5% foreign fee credited for a return

I know most Credit card in Canada charge the dreaded 2.5% foreign exchange fee. However, here's an interesting question: Would you know of any credit cards that credit back the 2.5% fee for a return?
I know first hand that the Rogers Platinum Mastercard does NOT.
29 replies
[OP]
Jr. Member
Sep 26, 2017
125 posts
413 upvotes
Milton, ON
There's no surcharge on the return portion for Rogers PMC, they give you the market rate back. In effect they ding 2.5% on the purchase, they debit back the 4% reward on the return. so every time you buy and return something on the Rogers PMC, you get screwed a minimum of 2.5% plus the spread from mastercard (even if the rate never changes. this is around 0.5%) plus if the market rate changes.

Rogers PMC is not a great choice if you're not sure if you are not sure about the purchase. In the US, I primarily use Rogers PMC for Business transactions and grocery purchases.

anyway, hoping someone can answer my original question.
Last edited by asfazrq2 on Jan 20th, 2018 5:00 pm, edited 1 time in total.
Deal Addict
Jan 31, 2007
2860 posts
2427 upvotes
Richmond Hill
Return in foreign currency really sucks.
This happen to me before, and I was using Amazon.ca credit card. So no currency exchange fees.
However this is what happen.
I purchase about US$600 worth of stuff. Pay by Amazon.ca visa.
However AFTER the payment, I look at the receipt closely and notice one item have price error. To correct that. They have to return the whole purchase, and do a new purchase.
So refund US$600, new corrected purchase total is US$585, just for example.

However, The purchase is consider I BUY US$ from Visa to pay for the purchase, and the Refund is consider, I get the refund of US$600 and SALE it back to Visa.
So I lost the exchange rate different between the BUY and SALE rate.

I only notice the issue when I get the statement. In my mind, it is just reverse the transaction, because it was only like min apart, they haven't close for the day yet.
Call Visa and they give me the credit back as goodwill, but told me when there is a foreign currency refund, this will happen.

The different is much greater than 2.5%
******************************************************
Bright side of RFD: Often find good deal
Dark side of RFD: Tons of stuff that I don't need but still got them because of RFD
******************************************************
[OP]
Jr. Member
Sep 26, 2017
125 posts
413 upvotes
Milton, ON
I appreciate you outlining your experience but hopefully someone can respond to my question.
Deal Addict
Mar 1, 2016
1092 posts
397 upvotes
toronto
asfazrq2 wrote: There's no surcharge on the return portion for Rogers PMC, they give you the market rate back. In effect they ding 2.5% on the purchase, they debit back the 4% reward on the return. so every time you buy and return something on the Rogers PMC, you get screwed a minimum of 2.5% plus the spread from mastercard (even if the rate never changes. this is around 0.05%) plus if the market rate changes.

Rogers PMC is not a great choice if you're not sure if you are not sure about the purchase. In the US, I primarily use Rogers PMC for Business transactions and grocery purchases.

anyway, hoping someone can answer my original question.
Actually that makes it a fine card, saves 2.5% compared to others I have . Does Fido have same?
[OP]
Jr. Member
Sep 26, 2017
125 posts
413 upvotes
Milton, ON
no idea about the FIDO. quite possibly the same terms but lower Cashback on the CDN purchases. I verified that PC Elite Card charges 2.5% both ways.
[OP]
Jr. Member
Sep 26, 2017
125 posts
413 upvotes
Milton, ON
BTW Amazon.ca program is going to be altogether closed on Mar 15: I am sure most of you know. The Next Best Option is Home Trust Preferred Visa. I wouldn't be surprised that they're receiving shit loads of applications right about now!

Most credit card vendors are greedy shylocks.
Sr. Member
Dec 3, 2009
520 posts
193 upvotes
Vancouver
asfazrq2 wrote: There's no surcharge on the return portion for Rogers PMC, they give you the market rate back.
Are you 100% sure about this? I've heard otherwise from others.
[OP]
Jr. Member
Sep 26, 2017
125 posts
413 upvotes
Milton, ON
yes quite sure. I tried to be a smartass with Rogers CS. They told me they give you market rate on the return minus 0.05% spread from MC. I have one credit card transaction as a proof. However, like I said Rogers MC is not my favourite when I am sure not if I will keep an item or not!
Deal Addict
Dec 22, 2008
2170 posts
969 upvotes
Victoria
Anyone who spends money in the states on a regular basis is still better off moving from chase to Home trust visa IMO.
Deal Addict
User avatar
Mar 3, 2005
1026 posts
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Mississauga
MaxPower19 wrote: Anyone who spends money in the states on a regular basis is still better off moving from chase to Home trust visa IMO.
I user my Roger's card for things I don't need to return and Home Trust to pay for things that may need to be returned/credited.
Member
Feb 9, 2017
235 posts
260 upvotes
MaxPower19 wrote: Anyone who spends money in the states on a regular basis is still better off moving from chase to Home trust visa IMO.
Just get a US credit card and convert the currency yourself.
Deal Addict
User avatar
Aug 4, 2003
2825 posts
1356 upvotes
Capital One Canada credits the fee back from my last experience with them but that has been a while.
Loose lips sink ships. | Her Majesty's Naval Service
Deal Addict
Dec 22, 2008
2170 posts
969 upvotes
Victoria
AShenCA wrote: Just get a US credit card and convert the currency yourself.
What’s an easy way to convert the currency myself with no forex fees? Why do you recommend this over a Canadian dollar card with no forex fees?
[OP]
Jr. Member
Sep 26, 2017
125 posts
413 upvotes
Milton, ON
Buy a high ticket item from Walmart.com on home Trust visa using PayPal Open a visa debit card at Bank of America or key Bank in Niagara falls, NY. Return the item on your visa debit. Too much hassle though.
Deal Fanatic
Nov 24, 2013
6213 posts
2959 upvotes
Kingston, ON
AShenCA wrote: Just get a US credit card and convert the currency yourself.
Pay with Home Trust Visa - 0% FX fee, 1% Cashback

Pay with US credit card and convert to pay it - ~1%+ FX fee on conversion at best?, you’re not doing Norbert’s gambit for a credit card bill. Math would only work out at 2%+ Cashback.
Member
Feb 9, 2017
235 posts
260 upvotes
MaxPower19 wrote: What’s an easy way to convert the currency myself with no forex fees? Why do you recommend this over a Canadian dollar card with no forex fees?
Using a USD credit card is predictable and easy for returns and warranty claims. It also helps you build credit in the US so that you have the ability to buy a vacation home or whatever in the US
[OP]
Jr. Member
Sep 26, 2017
125 posts
413 upvotes
Milton, ON
I just confirmed with a Capital One agent that they refund back the 2.5% foreign transaction fee for returns. of course it would be in reality 2% because there is a difference of around 0.25% - 0.5% between the buy/sell spread plus any fluctuations in the market. With regards to returns, this is definitely better than Rogers PMC and most other Canadian CC, who ding you 2.5% both ways (please tell me this is different than Shylock) :)

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