List of credit cards for foreign currency transactions
Here is a list of credit cards that will, at the least, not ding you on purchases made in a foreign currency.
Cards with no conversion markup (0% over payment network's rate):
Cards with 2.5% conversion markup (that you earn back in points/cashback):
Cards suitable for buying things only at certain places:
Prepaid (not credit) cards:
USD-spending-only credit and prepaid store cards
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MASTERCARD ADVANTAGE
RFDer @mech9t5 sampled Visa's and Mastercard's daily foreign exchange rates for 364 days and averaged them. He found that Mastercard's average markup over XE.com's reported mid-market rate was 0.188%, while Visa's was 0.392%. No statistics were available for American Express. The ~0.2% advantage that Mastercard has over Visa has NOT been included in the net rewards listed above.
† AMERICAN EXPRESS WARNING
If you use your Canadian American Express card (including Scotiabank Amex) to make purchases in a currency other than CAD or USD, your purchases will be converted to USD first, before being converted again to CAD for billing purposes. This dual conversion will result in less net reward than described above.
Cards with no conversion markup (0% over payment network's rate):
- Brim Financial Mastercard Basic/World/World Elite: 1%/1.5%/2% (cash back statement credit redeemed any time). $0/$99/$199 annual fee.
- Scotiabank Passport Visa Infinite Consumer version: 1-2% depending on merchant category, $139 annual fee, and Business version: 1.5% on all spend, $199 annual fee. Earned in Scotia Rewards points redeemed on travel stuff.
- †Scotiabank American Express Gold: 1% in Scotia Rewards points (redeem for statement credit against travel expense). $120 annual fee.
- HSBC World Elite, Premier World Elite and Jade World Elite Mastercard: 3% on travel and 1.5% on other purchases. Earned in travel points. $149/$149/$299 annual fee. Premier and Jade require very large deposits/investments with HSBC.
- Home Trust Preferred Visa: 0%. $0 annual fee. 10 transaction limit per day. Unavailable to Quebec residents.
Cards with 2.5% conversion markup (that you earn back in points/cashback):
- Meridian Credit Union Visa Infinite Business Cash Back Plus Card: Net rewards: 0.5% (3% on foreign currency transactions minus 2.5% conversion fee, redeem for statement credit anytime ($50 minimum) $110 annual fee. Unavailable to Quebec residents.
- Meridian Credit Union Travel Rewards Visa Infinite: Net rewards: ~0.0%-0.5% (Earned in travel points, 3 points—not exactly worth 1¢ each—minus 2.5% conversion fee.) $99 annual fee. Unavailable to Quebec residents.
- MBNA Amazon Prime Mastercard: Net rewards: 0% (earned in Amazon.ca store credit). 2.5% minus 2.5% conversion fee. Amazon Prime membership required. $0 annual fee.
Cards suitable for buying things only at certain places:
- †American Express Cobalt (Grocery stores, restaurants, bars ONLY): Net rewards: 2.6% (American Express Membership Rewards Select points redeemed for travel stuff, 5% - 2.5% conversion fee). $10 monthly fee.
- Scotiabank American Express Platinum (Gas stations, grocery stores, restaurants, movies/tickets ONLY): Net rewards: 1.6% (Scotia points redeemed for travel stuff, 4% - 2.5% conversion fee). $399 annual fee.
- Meridian Credit Union Cash Back Visa Infinite (Gas stations and grocery stores ONLY): Net rewards: 1.6% (4% - 2.5% conversion fee). Redeem for minimum $50 statement credit any time. $99 annual fee.
- Scotiabank Momentum Visa Infinite (Grocery stores ONLY): Net rewards: 1.6% (cash back statement credit 1x/year, 4% - 2.5% conversion fee). $99 annual fee.
- CIBC Dividend Visa Platinum and Visa Infinite (Gas stations and grocery stores ONLY): Net rewards: 1.5% (cash back paid annually as statement credit, 4% - 2.5% conversion fee). $99 annual fee for each.
- Capital One Platinum (Costco) Mastercard (Restaurants ONLY): Net rewards: 0.5% (cash back paid annually as a cheque cashable at Costco, 3% - 2.5% conversion fee). $0 annual fee.
- Canadian Tire Triangle World Elite (Grocery stores ONLY): Net rewards: 0.5% (earned in Canadian Tire Money, 3% - 2.5% conversion fee). $0 annual fee.
- TD Cash Back Visa Infinite (Gas stations, grocery stores, recurring bill payments ONLY): Net rewards: 0.5% (redeem for statement credit anytime in $25 increments, 3% - 2.5% conversion fee). $120 annual fee.
Prepaid (not credit) cards:
- STACK Prepaid Mastercard: Net rewards: None. 0% conversion fee. No fees except for ATM operator's fee. Unavailable to Quebec residents. Restricted countries list
- MOGO prepaid Visa: Net rewards: 0.5%. (3% cashback on foreign spend - 2.5% conversion fee. $0 annual fee. $10 replacement card fee. After you select your PIN, $10 fee to change it. Unavailable to residents of Yukon, NWT, Nunavut, Saskatchewan, Quebec, and Nova Scotia. Load the card by transferring money from your bank account. Foreign spend benefit ending June 15, 2020. Restricted countries list
- Revolut prepaid Visa: Net rewards: 0%. Load funds to card, convert and store to the currency of your choice, or pay in whatever currency you have with no FX markup.
USD-spending-only credit and prepaid store cards
- Rogers Platinum and World Elite Mastercard: 0.5% (3% on USD spend minus 2.5% conversion fee. Cash back redeemed for statement credit. $0 annual fee. No net benefit for spending in other foreign currencies.
- RFD list of gift cards that work in both USA and Canada (unclear what the FX markup is on most of those cards, but for many it is close to mid-market)
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MASTERCARD ADVANTAGE
RFDer @mech9t5 sampled Visa's and Mastercard's daily foreign exchange rates for 364 days and averaged them. He found that Mastercard's average markup over XE.com's reported mid-market rate was 0.188%, while Visa's was 0.392%. No statistics were available for American Express. The ~0.2% advantage that Mastercard has over Visa has NOT been included in the net rewards listed above.
† AMERICAN EXPRESS WARNING
If you use your Canadian American Express card (including Scotiabank Amex) to make purchases in a currency other than CAD or USD, your purchases will be converted to USD first, before being converted again to CAD for billing purposes. This dual conversion will result in less net reward than described above.
Last edited by Kiraly on Jun 4th, 2020 2:11 pm, edited 119 times in total.
Scotia Momentum Visa Infinite 