Personal Finance

Watch out using PC Financial Credit Cards outside of Canada, i.e. US!!

  • Last Updated:
  • Oct 30th, 2020 9:26 pm
[OP]
Newbie
Mar 22, 2013
1 posts

Watch out using PC Financial Credit Cards outside of Canada, i.e. US!!

I do a lot of cross boarder shopping and I always have used my PC Mastercard. So one day I thought I would do a test with PC versus Sears Mastercard cards and the PC Financial sadly FAILED. I made one purchase with PC Mastercard and then the next purchase with my Sears Mastercard. PC Financial Mastercard charges a 2.5% surcharge for any out-of-Canada buys and Sears Mastercard does not. So I called PC Financial today and they stood behind their policy of ripping us all off when Mastercards from other companies do not. No excuses. Both cards offer loyalty points. Both cards are equal for Canadian purchases. You have to be competitive and PC Financial has lost my trust. > :(
12 replies
Deal Addict
Jan 30, 2012
1619 posts
994 upvotes
TORONTO
CareCareCare wrote: I do a lot of cross boarder shopping and I always have used my PC Mastercard. So one day I thought I would do a test with PC versus Sears Mastercard cards and the PC Financial sadly FAILED. I made one purchase with PC Mastercard and then the next purchase with my Sears Mastercard. PC Financial Mastercard charges a 2.5% surcharge for any out-of-Canada buys and Sears Mastercard does not. So I called PC Financial today and they stood behind their policy of ripping us all off when Mastercards from other companies do not. No excuses. Both cards offer loyalty points. Both cards are equal for Canadian purchases. You have to be competitive and PC Financial has lost my trust. > :(
Trust? Trust has nothing to do with it.

PC Financial clearly discloses their fees for purchases in foreign currencies, as required by law. PC Financial disclosed this to you in writing when they sent you the credit card. It's also on their website.

You had to "test" that to believe that PC Financial would charge what PC Financial said they would charge? Not a smart move.

You do a lot of cross border shopping and you only noticed this now? You didn't notice that the price in USD was a certain price, and that the price in CAD on your credit card statement was different?

People like you make me glad that I own bank stocks.
Sr. Member
Jun 5, 2007
973 posts
205 upvotes
York
CareCareCare wrote: I do a lot of cross boarder shopping and I always have used my PC Mastercard. So one day I thought I would do a test with PC versus Sears Mastercard cards and the PC Financial sadly FAILED. I made one purchase with PC Mastercard and then the next purchase with my Sears Mastercard. PC Financial Mastercard charges a 2.5% surcharge for any out-of-Canada buys and Sears Mastercard does not. So I called PC Financial today and they stood behind their policy of ripping us all off when Mastercards from other companies do not. No excuses. Both cards offer loyalty points. Both cards are equal for Canadian purchases. You have to be competitive and PC Financial has lost my trust. > :(
OK, waterworks, time to take a step back and look at the facts:

Almost all credit cards charge a 2.5% surcharge, the Sears Mastercard is one of the only exceptions (with the Amazon VISA) to waive the surcharge. As far as I know all RBC and TD credit cards have the 2.5% surcharge.
Deal Addict
Sep 24, 2007
4022 posts
1447 upvotes
Ontario
CareCareCare wrote: I do a lot of cross boarder shopping and I always have used my PC Mastercard. So one day I thought I would do a test with PC versus Sears Mastercard cards and the PC Financial sadly FAILED. I made one purchase with PC Mastercard and then the next purchase with my Sears Mastercard. PC Financial Mastercard charges a 2.5% surcharge for any out-of-Canada buys and Sears Mastercard does not. So I called PC Financial today and they stood behind their policy of ripping us all off when Mastercards from other companies do not. No excuses. Both cards offer loyalty points. Both cards are equal for Canadian purchases. You have to be competitive and PC Financial has lost my trust. > :(
maybe next time you should read your fine print on what you sign...

and yes as stated very few cards have no US surcharge
Deal Expert
User avatar
Aug 18, 2005
21012 posts
5593 upvotes
Burlington-Hamilton
OP, almost every credit card in Canada has the 2.5% surcharge. If you didn't know that, it's because you failed to read the fine print.

Cards issued by Chase are actually very unusual in charging 0% foreign currency surcharge. That's why I have the amazon.ca VISA from Chase.
Sears Credit Card is also run by Chase.
- casual gastronomist -
Deal Guru
Jul 20, 2006
11176 posts
4544 upvotes
Jucius Maximus wrote: OP, almost every credit card in Canada has the 2.5% surcharge. If you didn't know that, it's because you failed to read the fine print.

Cards issued by Chase are actually very unusual in charging 0% foreign currency surcharge. That's why I have the amazon.ca VISA from Chase.
Sears Credit Card is also run by Chase.
True, used that many times in Orlando couple of weeks ago and glad I used the Marriott Chase card.
Deal Addict
Apr 13, 2006
1123 posts
236 upvotes
Mississauga
I'm always amused when people think "the bank is ripping me off!" when things are clearly stated. There are very few, as mentioned, that don't charge that fee. Its not on a customer by customer basis that they decide to charge you that 2.5% fee. Its standard with most.
Deal Addict
Jul 29, 2004
2875 posts
377 upvotes
I'm actually shocked that Sears Mastercard waives the 2.5% fee.

I thought only the Amazon card waived the fee.

I use my CUETS card and all CUETS card charge the ForEx fee. As others have said, its common knowledge that cards charge a fee for converting currency, just as every money changer, back and other financial institutions do. Exchanging currencies doesn't come free, it never does. I'm not sure why OP expected it to be free.
Deal Guru
User avatar
Dec 25, 2003
10585 posts
2824 upvotes
Vancouver
I know! And just watch, if you don't pay off your balance at the end of the month, those bastards charge you interest!
Deal Addict
User avatar
Oct 4, 2004
4271 posts
1432 upvotes
Vancouver
...the worst part is that it's not even "fine print" per say.

It's stated right there on the short credit product disclosure that you see before applying for the card *facepalm*
Removed external link in signature.
Newbie
Oct 29, 2020
1 posts
1 upvote
Dont get why the 2.5% charge .....better the Argentinian when buying in USA .. 35% lol ... over there..low interest rates are about 42% anually. I WONDERING IF Canadian AMERICAN EXPRESS have that fee when buying from Canada .
Deal Guru
User avatar
Jan 9, 2011
14741 posts
19618 upvotes
Vancouver
Welcome to RFD Carla! There are only a handful of credit cards in Canada that don't mark up the currency conversion fee. See my list here: list-credit-cards-foreign-currency-tran ... s-2122295/
Here on RFD, bumping 7-year old threads to ask a question that is only tangentially related to the original post is considered impolite. Try searching for a newer, more on-topic thread to post in, or if you can't find one, start a new thread to ask your question.

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