Credit Cards

Are you still looking for that credit card companion for some forex fun or already happily love just the one or all?

  • Last Updated:
  • Feb 18th, 2018 9:15 pm
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[OP]
Newbie
Jan 16, 2018
72 posts
44 upvotes

Are you still looking for that credit card companion for some forex fun or already happily love just the one or all?

With all the stress going around in the credit card world from Chase ending their relationships with Amazon and Marriott card lovers to waiting for that credit company app approval (or rejection), perhaps it's time for some fun with the annual FX card horoscope and matching game :

Your Horoscope - The Foreign Exchange (FX) Card Dating Edition :

For Rogers/Fido Mastercard user crowd - relax - you believe in yourself that you will avoid any returns/cancels/reversals, ATM cash needs, any cash-like transactions or cash advances all in foreign currencies, which are highly unlikely or little risks for you anyway. Avoid DCC and Visa-only FX tax merchants. You are persistent and will marry your card with many/other "better" cards you carry for insurances and significant others. In your future, you can wait up to next year to collect up to 0.75%/0.5% fatter rebate rewards on regular purchases beyond any fees if you stick to your "planned"-out purchase spending. Your FX love matches are Home Trust and Mogo. (So hey folks - why argue about annual/2.5% fees and just be happy!)

For Home Trust and Mogo Visa user crowd - relax - you are persistent and a saver. Avoid DCC and Mastercard-only FX tax merchants. Avoid ever paying all other credit cards' FX fees from the start. In your future outside Mogo you will be rewarded and have consumer/travel protection insurance benefits even in FX situations. Go with perks. Your FX love matches are Brim and Rogers/Fido. (So hey - why argue about bonus rewards and just be happy!)

For Brim Mastercard user crowd - relax - you are persistent and a saver. Avoid DCC and Visa-only FX tax merchants. Avoid ever paying all other credit cards' FX fees from the start. In your future you will be rewarded and have consumer/travel protection insurance benefits even in FX situations. Go with perks. Your FX love matches are Home Trust and Mogo. (So hey - why argue about bonus rewards and just be happy!)

For the smart*** err... smartypants who are FX card polyamorists - deep breath, hold then breathe - you are a persistent points chaser and a saver. Avoid DCC tax merchants. Go with perks. Look for insurances and fat bonus rewards in your future. (Congratulations - you were approved for all of them. Now why hate and argue at all and just be happy with having all your wonderful choices!)

For dedicated RFD seekers - sigh - you will never be satisfied whether it be credit score/report to initial low credit limit entitlement (but misery loves company and better than a <choose your word/>pig satisfied, right?)

Do you love being FX card companionless or are you that single FX card user churning a new leaf? Please share your FX credit card hookup or rejection experience(s) and advice. Smiling Face With Open Mouth And Smiling Eyes
13 replies
Deal Guru
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May 8, 2009
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Going to the Moon
Bizarre thread. I don't have a no forex card for now, as it's not a big enough spend for me. I'll consider Brim if they prove themselves on launch. Not urgent though, could get the basic Brim just to avoid forex if my travel in countries that widely accept CC picks up.

I'll bite the forex. Looking at Scotia LOC since I think it'll let me do cash advances on the VISA network when travelling.

Home Trust doesn't have the flight insurance features and Rogers/Fido would only attract me if I were a student.
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[OP]
Newbie
Jan 16, 2018
72 posts
44 upvotes
titaniumtux wrote: I'll consider Brim if they prove themselves on launch. Not urgent though, could get the basic Brim just to avoid forex if my travel in countries that widely accept CC picks up.
True - Brim appears to be just hot vaporware right now with all its promises plus unproven long term viability and possible growing pains of fintechs (recall the disruptive EQ outage outrage for example).
In hindsight, had thought too far ahead that people everywhere including QC applying for Brim will make it more familiar and popular; thus included it here instead of another already available HSBC WE that was exclusive to only premier members with 100K+ investment.
titaniumtux wrote: I'll bite the forex. Looking at Scotia LOC since I think it'll let me do cash advances on the VISA network when travelling.
Okay - Guess for your travel cash needs you'd rather pay FX fees to save on CA and ATM fees. Was aware of their global atm network used that way and someone already used their Scotiabank LOC like a credit card as claimed here -> http://forums.redflagdeals.com/banks-lo ... #p28092892
However, someone also cautioned on its reliability over here -> best-card-overseas-use-tangerine-still- ... #p27651432
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What a title! Late night infomercials got nothing on it.
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LOL. good read
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Deal Guru
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Jan 9, 2011
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I just got the Fido MC for foreign currency transactions, replacing the Chase Marriott Visa. For withdrawing cash at ATMs outside of Canada I got the Mogo prepaid card.

Sorry if this info doesn't follow the OP's thread idea, I quit reading it about a quarter of the way in.
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Oct 1, 2011
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Kiraly wrote: I just got the Fido MC for foreign currency transactions, replacing the Chase Marriott Visa. For withdrawing cash at ATMs outside of Canada I got the Mogo prepaid card.

Sorry if this info doesn't follow the OP's thread idea, I quit reading it about a quarter of the way in.
I notice that once you find something you like, you are really, really, loyal and express it. Smiling Face With Open Mouth

Personally, I am a "long-term relationship" type myself; I don't bother with churning. Once I find something that works for me I prefer to keep them around.

I haven't yet committed to a no-FX card yet because I don't *love* any of the offerings yet, so I'll take a temporary FX hit on one of the cards I currently really like (the grandfathered Capital One Travel World Aspire; Amex Gold; or TD Infinite Visa.) I will maybe get the Mogo prepaid card to fill the gap for now for cash withdrawal needs.

I'm hoping I'm approved for the US-side TD Bank Visa...that will take care of my penchant for US shopping.
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Nov 8, 2017
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I just use my cards wherever. My time and peace of mind is much more worth it more than saving nickles and pennies.
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User455957 wrote: I just use my cards wherever. My time and peace of mind is much more worth it more than saving nickles and pennies.
Which card do you use daily everywhere?
For me, Amex SPG or MBNA RWE or Rogers MC is the best candidate if I just want to hold ONE card in my wallet.
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EdisonL299 wrote: Which card do you use daily everywhere?
For me, Amex SPG or MBNA RWE or Rogers MC is the best candidate if I just want to hold ONE card in my wallet.
CIBC Dividend card @ home
Overseas use RBC rewards because CIBC is all sketched out whenever there's even the slightest anomaly in spending, like being out of the country.
[OP]
Newbie
Jan 16, 2018
72 posts
44 upvotes
Kiraly wrote: I just got the Fido MC for foreign currency transactions, replacing the Chase Marriott Visa. For withdrawing cash at ATMs outside of Canada I got the Mogo prepaid card.
You too grasped the spirit of this discussion well (and honestly) without need to read op in-depth. From one understanding of your response - you chose a two card strategy to cover all your possible forex needs, i.e., fido for purchases and mogo for atm cash needs, which is awesome because will consider this another that affirms conclusion that there currently exists an fx card market support for more than one entrant or multiple choices in tandem for "complementary" primary uses rather than just merely one primary-other secondary/backup usage relationship (and currently am in that same market.)
peanutz wrote: I notice that once you find something you like, you are really, really, loyal and express it. Smiling Face With Open Mouth

Personally, I am a "long-term relationship" type myself; I don't bother with churning. Once I find something that works for me I prefer to keep them around.
Somewhat agree with that 'till death do you part' simple ideal as it keeps our collection manageable for easy and practical programming their services, contact and account information; however, over time/dynamic user impacting changes to the credit card market and incomplete or missing needed credit card features (e.g., travel insurance) has made "longterm relationship" with just one or two a tough one as those who follow present and historical accounts here knows. Whereas the convenience of dumping and picking up yet another to suit your demographic wants and needs has been facillitated by the market with another improved target offer(s) arriving to perpetuate further that convenience (whether one calls this behavior churning or not.)
peanutz wrote: I haven't yet committed to a no-FX card yet because I don't *love* any of the offerings yet, so I'll take a temporary FX hit on one of the cards I currently really like (the grandfathered Capital One Travel World Aspire; Amex Gold; or TD Infinite Visa.) I will maybe get the Mogo prepaid card to fill the gap for now for cash withdrawal needs.

I'm hoping I'm approved for the US-side TD Bank Visa...that will take care of my penchant for US shopping.
Yet another mention of mogo for cash withdrawal and a "US-side TD Bank Visa" for shopping (only? with its $10/5% cash advance usd fees?) are yet another affirmation for multiple fx credit cards use reasoning above. Obviously, credit card users apparently can and will choose to hookup with more than one credit card companies as all their needs and desires are unsatisfied by just one.
Though had the canadian versions of the usd td visa and bmo mc plus us rbc visa, will now go with non-usd denominated fx cards instead; but perhaps in the future may explore us-based offerings further as it becomes more compelling to actually find a warm welcoming place there to retire. Smiling Face With Open Mouth
User455957 wrote: I just use my cards wherever. My time and peace of mind is much more worth it more than saving nickles and pennies.
Referenced from their respective websites - http://www.rbcroyalbank.com/credit-card ... -plus.html for current rbc rewards visa and https://www.cibc.com/en/personal-bankin ... -card.html for cibc dividend - those basic ones with fx fee appear to be very solid no annual fee cards for your particular "wherever" use that both balances rewards with included purchase security and warranty protection insurances plus common carrier accident insurance on the cibc dividend, which unlike for example, the $29 rogers mastercard here has none, i.e, zero consumer/travel protection whatsoever for its platinum card with $25 bonus and arguably more rewards than 'nickels' depending on your spending.
Have used the word 'particular' above as guessing in all your own situation(s) you are able to forgo any of the included free card turn-ons like brim's boingo global wifi, ht's basic roadside assistance, forex (fx) waivers on included insurances like car rental cdw, etc. on top of rewards from most free credit cards (cc) listed here, i.e., pass on these free hookups with benefits.
Also guess swinging single or frequenting pickup and dumping (cc) scenes, i.e., cc churning, are not in your cards either.
Perhaps guess further that rather than 'flirt into' frequent and/or costlier cc purchasing/shopping and atm use overseas, online or "wherever" to chase 'cumulatively' higher savings and reward money, [salute you] managed instead to maintain only lighter cc usage of the "nickles and pennies" reward variety without the need or ever want of any above cc benefits from your two chosen universal card relationships. If these guesses are the absolute norm for your past, present and foreseeable future then they may likely explain your "time and peace of mind" above all else lifestyle choice.

Thanks all for your perspectives and experiences you shared here about credit cards for forex or outside the country use.
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Oct 1, 2011
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@archonz Yes I really would prefer to have only 3 cards in use (one each of Visa, MC, Amex) but I will have 7 after the Chase closings. I much prefer simplicity and I just kept collecting different cards to fill different benefits.

The US credit cards have many more options for no-FX (but USD --> foreign currencies); ideally would work best paired with US sources of income but for now I will just use up my small USD stash. I try to regularly convert some CAD to USD when the rates are good, and I occasionally sell some things on ebay.com and receive PayPal payment in USD. The US Crossborder account also gives a debit card to allow for US ATM use.

Besides that, my best Canadian travel cards give ~2% back anyway, so a 2.5% FX fee is really only a 0.5% hit.

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