Canadians love journey and buying, however when utilizing their bank cards exterior of Canada, many pay international transaction charges—as a lot as 2.5%—on each buy. The excellent news is there’s a wide selection of bank cards for Canadians that both provide no international transaction charges or reward with greater than sufficient money again to cowl the charges.

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Residence Belief Most well-liked Visa

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• Annual payment: $0
• Earn charges: 1% on all purchases in Canada and pay no FX charges on international foreign money purchases
• Welcome provide: You may earn 1% cashback on eligible purchases in Canada, with no caps on cashback earn.

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The professionals

• That is the no-foreign-transaction-fee bank card obtainable in Canada that doesn’t cost an annual payment.
• Earn 1% money again on all the pieces you purchase in Canadian {dollars} with no limits on how a lot you may earn.
• Like most no-fee playing cards, it comes with primary perks like zero legal responsibility coverage insurance coverage and buy safety insurance coverage

The cons

• You gained’t earn any money again on purchases made overseas in a non-Canadian foreign money, which is a slight downside however bear in mind: you additionally gained’t pay international transaction charges which suggests you’ll nonetheless find yourself saving a substantial to 2.5% when utilizing this card overseas versus most different playing cards.
• Money again is just redeemed as soon as yearly in January (versus anytime of the yr).

At a look: With a lot increased earn charges than most no-fee playing cards, the Rogers Pink World Elite Mastercard truly nets you money again on purchases in U.S. {dollars}. Nevertheless, demanding private revenue ranges and spending necessities make this card inaccessible to some candidates.

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Rogers Pink World Elite Mastercard

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• Annual payment: $0
• Earn fee: 1.5% money again on all purchases, or 2% again for Rogers, Fido and Shaw clients; 3% money again on all purchases in USD
• Welcome bonus: You may This card doesn’t have a welcome bonus at the moment.
• Annual revenue requirement: Private revenue of $80,000 or family revenue of $150,000

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The professionals

• This card earns a minimal of 1.5% money again on all the pieces you purchase, a formidable fee extra typically seen in playing cards which cost an annual payment.
• The Rogers Pink World Elite Mastercard earns an accelerated 3% money again on purchases made in U.S. {dollars}, which offsets the roughly 2.5% international transaction payment, making this a super card for snowbirds or anybody who usually travels to the US.
• You may redeem your money again rewards anytime, in increments of $10, utilizing the Rogers app.
• Regardless of being a no-fee card, the Rogers Pink World Elite Mastercard provides you advantages like rental automotive collision injury protection and journey insurance coverage.

The cons

• In contrast to “true” no-foreign-transaction-fee bank cards which allow you to save on all non-Canadian foreign money purchases, the Rogers Pink World Elite Mastercard will solely allow you to keep away from international transaction charges on purchases made in U.S. {dollars}.
• A obvious downside of this card is that you will need to cost no less than $15,000 in purchases on the cardboard each 12 months or you’re robotically downgraded to the entry-level Rogers Platinum Card that earns a much less spectacular 1% money again on all the pieces.
• You’ll want an revenue of no less than $80,000 per yr (or $150,000 per family) to qualify for the cardboard—the very best revenue requirement on our rating of greatest no international transaction payment bank cards.

Greatest no foreign exchange playing cards for rewards and perks

At a look: As the primary card from considered one of Canada’s massive banks to waive its international transaction charges, the Scotiabank Passport Visa Infinite gives sturdy rewards, an easy-to-understand and versatile rewards system, and significantly spectacular airport lounge advantages.

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Scotiabank Passport Visa Infinite

Get a $25 present card upon approval on ratehub.ca

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• Annual payment: $150 (waived for the primary yr)
• Earn fee: 3 Scene+ factors per $1 spent at Sobeys shops; 2 factors per $1 on groceries, eating, leisure and transit; 1 level per $1 on all the pieces else. Plus, pay no FX charges
• Welcome provide: earn as much as $1,300 in worth within the first 12 months, together with as much as 40,000 bonus Scene+ factors and first yr annual payment waived. Supply ends July 1, 2024.
• Annual revenue requirement: Private revenue of $60,000 or family revenue of $100,000

Get a $25 present card upon approval on ratehub.ca

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The professionals

• The Scotiabank Passport Visa Infinite is the one no-forex-fee card in Canada to additionally provide airport lounge entry. With this card, you’ll obtain a complimentary Precedence Move membership with six free airport lounge visits per yr; that’s probably the most lounge passes obtainable on a card with an annual payment beneath $200.
• Redeeming Scene+ factors for journey rewards is intuitive and as simple as money again in your pockets. There aren’t any difficult journey charts or maps (1,000 factors is all the time price $10 in journey financial savings wherever you journey).
• Scotia’s Scene+ factors are extraordinarily versatile. You may redeem factors utilizing Scotia’s journey company or apply factors on any journey buy from nearly any airline or lodge supplier as much as 12 months later (even for journey purchases booked by way of Google Journey and Airbnb).
• The Scotiabank Passport Visa Infinite rewards high-volume spenders. Yearly that you just cost $40,000 or extra, you’ll earn a further 10,000 bonus factors ($100 worth towards journey).
• This card gives a full vary of journey insurance coverage advantages together with journey emergency medical insurance coverage, journey cancellation/journey interruption insurance coverage and extra.

The cons

• Whereas the Scotiabank Passport gives appreciable perks, its annual payment is $150, which is among the many highest on this checklist.
• Perks apart, the cardboard’s rewards on on a regular basis purchases in Canada—1 or 2 factors per $1 on most purchases—isn’t all that spectacular for a premium annual-fee card, even when in comparison with different Scotiabank bank cards on this checklist.
• You’ll must earn an revenue of no less than $60,000 (or $100,000 as a family) to qualify.

At a look: The Scotiabank Gold American Categorical has a formidable on a regular basis earn fee, particularly on meals and transit. Mixed with its lack of international transaction charges, this card isn’t just the most effective no-forex-fee playing cards however the most effective general rewards playing cards in Canada.

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Scotiabank Gold American Categorical

GET An $80 present card UPON APPROVAL ON RATEHUB.CA

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• Annual payment: $120 (waived for the primary yr)
• Earn charges: 6 factors per $1 spent at Sobeys-affiliated shops; 5 factors per $1 on eating, leisure and groceries; 3 factors per $1 on gasoline, transit and streaming; 1 level per $1 on all the pieces else
• Welcome provide: You may earn as much as $650 in worth within the first 12 months, together with as much as 40,000 bonus Scene+ factors. Should apply by July 1, 2024.
• Annual revenue requirement: $12,000

GET An $80 present card UPON APPROVAL ON RATEHUB.CA

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The professionals

• This bank card’s earn fee is significantly spectacular, with an impressive 5 factors on groceries and eating, and 6 factors if you store at Sobeys-affiliated shops.
• Scene+ factors are versatile, simple to make use of and good for as much as 12 months after you make a journey buy, which suggests you may ebook if you need and reap the rewards later.
• Redeem for journey in simple increments of 1,000 factors (valued at $10). There aren’t any difficult guidelines or exceptions to handle, and you’ll get the identical worth irrespective of the place you go.
• Scotia’s definition of journey is extraordinarily broad so you may redeem for purchases even at Uber, UberEats and Airbnb.
• The Scotiabank Gold American Categorical gives a full vary of journey insurance coverage advantages, together with journey emergency medical protection, journey cancellation/journey interruption insurance coverage and extra.
• This card comes with Amex Expertise perks. Amex grants early entry to presale tickets to a variety of occasions (together with live shows and sports activities occasions), whereas Amex Presents get you further reductions and financial savings on a rotating roster of outlets.
• The cardboard’s minimal revenue requirement is $12,000, making it accessible to most Canadians.

The cons

• Whereas American Categorical is accepted at hundreds of places throughout Canada, there are some notable exceptions. For instance, Loblaws doesn’t settle for Amex and also you won’t have the ability to use this card at some smaller impartial outlets, groceries, comfort shops and eating places. Relying on the place you’re travelling, Amex acceptance could also be much more restricted.
• Once you purchase in a international foreign money, you solely earn factors on the base fee. This implies, for instance, that should you purchase groceries in a international foreign money, the foreign-transaction payment might be waived however you’ll solely earn 1 level per $1 spent moderately than the 5 factors often provided within the grocery class for purchases in a Canadian foreign money.

At a look: It is a aggressive mid-tier bank card with a below-average annual payment, providing spectacular journey insurance coverage and bonus factors on non-Canadian purchases which can allow you to save on international transaction charges. 

Meridian Visa Infinite Journey Rewards 

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• Annual payment: $99 (waived for the primary yr)
• Earn fee: 1.5 factors per greenback; 3 factors per greenback on purchases made in foreign currency echange
• Welcome provide: Earn 6 factors per $2 spent on purchases made exterior Canada in foreign currency echange, and three factors per $2 on all different purchases.
• Annual revenue requirement: Private revenue of $60,000 or family revenue of $100,000

Go to meridiancu.ca for extra particulars

The professionals

• The three factors per $1 earn fee on international purchases means you’ll web roughly 0.5% again on something in a non-Canadian foreign money (after offsetting international transaction charges).
• The sturdy base fee of 1.5% on Canadian purchases means you’ll earn an above-average return on all purchases, whatever the class.
• The annual payment for the Meridian Visa Infinite Journey Rewards card is just $99, which is lower than many comparable playing cards on this checklist with no international transaction charges.
• The journey protection on the Meridian Visa Infinite Journey Rewards card is excellent and consists of as much as $5,000,000 in emergency journey protection for as much as 48 days, which manages to beat out journey protection provided by even one of the best journey bank cards.
• Whereas many bank card journey insurance coverage advantages solely apply to these 65 and older, the emergency journey insurance coverage protection on the Meridian Visa Infinite Journey Rewards bank card applies to these as much as 75 years outdated.

The cons

• This card gives no bonus classes, so it is probably not one of the best rewards construction for individuals who spend massive in frequent classes like groceries, gasoline or recurring payments.
• Rewards factors can’t be used to offset the price of airline taxes or surcharges.
• The revenue requirement makes it out of attain for some Canadians.

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At a look: Consideration Amazon buyers—which suggests, pay attention as much as just about everybody. The Amazon.ca Rewards Mastercard is a no-fee retailer bank card. So if you’re a Prime member and order from amazon.ca, you may earn 2.5% for Amazon rewards factors utilizing the cardboard.

Amazon Rewards Mastercard

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• Annual payment: $0 (Prime subscription required for full card advantages)
• Earn fee: Prime members earn 2.5% on Amazon.ca and international foreign money transactions. Non-Prime members earn 1.5% again on Amazon.ca. Get 1% in every single place else
• Welcome provide: 5% again at Amazon.ca, Complete Meals Market shops for six months as much as $3,000 in eligible purchases (for a price of $150)
• Earnings requirement: None specified

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The professionals

• If you happen to’re an Amazon Prime Member, any international foreign money buy made with the Amazon.ca Mastercard will earn you 2.5% in Amazon factors (which successfully acts to offset the international transaction payment).
• Amazon factors are extraordinarily simple to know: 1% in Amazon.ca rewards factors is 1 cent that can be utilized in the direction of an Amazon present card.
• Common Amazon buyers can earn profitable financial savings with 2.5% financial savings on Amazon.ca (should you’re a Prime Member) and 1% on all different Canadian purchases.

The cons

• Whereas technically a no annual payment bank card, the boosted  2.5% earn fee on international purchases is on the market solely to cardholders who even have a Prime membership ($99 yr). If you happen to’re not a Prime Member, you’re out of luck and must pay the annual payment.
• Non-Prime members can even earn fewer rewards on Amazon.ca buy (1.5% versus the two.5% afforded to Prime members).
• As a retail card, naturally you’re restricted to redeeming rewards solely on Amazon purchases by redeeming for Amazon.ca present playing cards.

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Greatest no foreign exchange payment bank card different

At a look: OK, OK, this isn’t a bank card, however a pay as you go debit card. Nonetheless, the EQ Financial institution Card can assist you keep away from pricey charges if you’re withdrawing or spending cash in a international foreign money by waiving all international trade charges charged by EQ (transactions are nonetheless topic to Mastercard’s foreign money conversion fee). It is a nice back-up card for these purchases the place bank cards aren’t accepted.

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EQ Financial institution Card

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• Annual payment: None
• Earn fee: 0.5% money again on all of your spending
• Welcome provide: This card doesn’t at the moment have a welcome provide.
• Annual revenue requirement: None

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The professionals

• As a pre-paid Mastercard (however can be utilized like bank card), your primarily pay with the cash you already placed on the cardboard. So this card is good these Canadians who wish to keep away from utilizing credit score and higher handle debt.
• You should use the cardboard to take out money from a international ATM with out the withdrawal charges seen on bank cards.
• Pay no charges, together with international trade.
• You’ll earn 0.5% money again in your worldwide purchases, in addition to on any spends in Canadian {dollars}, too.

The cons

• EQ Financial institution is a web-based financial institution, which suggests you may’t go to brick and mortar branches for in-person help, although help is on the market on-line.
• To entry your money, it’s important to preload the cardboard by transferring funds out of your financial savings account. You’ll be high quality so long as you intend forward and bear in mind to do that.

A bank card conversion fee is a surcharge you pay for purchases in a international foreign money. These charges are set by your bank card community akin to American Categorical, Visa and Mastercard. These charges are often fairly near market charges, however they’re typically higher than what you’d get at a foreign money trade. You will discover the conversion fee in your card in your bank card settlement. 

Must you pay utilizing native foreign money or transformed foreign money?

Typically, you’ll be given the choice to pay in an area foreign money or have the worth transformed to your property foreign money. Normally, it’s in your monetary curiosity to purchase within the native foreign money, as a result of changing to a different foreign money can incur charges which can be tacked onto the acquisition worth. That is true whether or not or not you’re utilizing a card that costs transaction charges, so in both case, you’ll be saving cash by retaining the foreign money native. 

What if utilizing my no international transaction payment bank card isn’t an possibility whereas I’m overseas?

Utilizing a no international transaction payment bank card is nice–till you wish to make a purchase order from a enterprise that doesn’t settle for bank cards. It’s all the time sensible to hold some money on you only for these events, however withdrawing cash from an ATM may also include pricey charges. One good resolution is to make use of a debit card that doesn’t cost international transaction charges, just like the EQ Financial institution Card. Word that whereas your card may waive the charges, the ATM in all probability gained’t. Additionally bear in mind that utilizing a bank card to withdraw money from an ATM incurs the very best charges of all and must be prevented apart from emergencies. 

Ceaselessly requested questions

Extra of Canada’s greatest bank cards: