Canadian credit card with no foreign currency transaction fee

[Mourning Cloak]

I've been waiting a long time for access to a credit card that doesn't charge a foreign currency transaction fee, and now it's here. Enjoy:

 

http://www.amazon.ca/gp/cobrandcard/marketing.html/?inc=ca15gc&place=camp&plattr=CAYA&pr=con31ca

 

(In case you didn't read the reams of fine print that came with your credit card, you are almost invariably paying a 2.5% foreign currency transaction fee on everything you buy - either in person or over the internet or phone or mail - from outside Canada). So when you buy that medical textbook from amazon.com or those totally strappy sandals from Barney's), your credit card charges you a 2.5% foreign currency transaction fee on the top when they convert the US$ price into CAD$).

[Jochi1543]

Wut, I have a BMO Mastercard and unless I'm physically making a purchase in the US (like, at a store), I never get charged that. I don't get charged for any online purchases in USD.

[Mourning Cloak]

That's pretty cool - is it the BMO US Dollar Mastercard?

 

That one charges US purchases in US dollars - but Canadian purchases accrue the foreign currency transaction fee!

 

Of course, most people never check their statements, so they never realize they're getting hosed.

[Renin]

Wut, I have a BMO Mastercard and unless I'm physically making a purchase in the US (like, at a store), I never get charged that. I don't get charged for any online purchases in USD.

 

I have a PC Financial card and I don't get charged either when I buy things online from the US or the UK.

[Jochi1543]

That's pretty cool - is it the BMO US Dollar Mastercard?

 

That one charges US purchases in US dollars - but Canadian purchases accrue the foreign currency transaction fee!

 

Of course, most people never check their statements, so they never realize they're getting hosed.

 

No, it's their Cashback Mastercard. I don't know if they still offer it, but no, it's definitely not the USD one.

[leviathan]

Wut, I have a BMO Mastercard and unless I'm physically making a purchase in the US (like, at a store), I never get charged that. I don't get charged for any online purchases in USD.

 

So what shows up on your statement when you buy something? Like $10 USD charges you how much on your card? It probably includes a 2% fee in the conversion no?

[Jochi1543]

So what shows up on your statement when you buy something? Like $10 USD charges you how much on your card? It probably includes a 2% fee in the conversion no?

 

It shows things like "USD120.98@1.012495 CA $122.49"

[leviathan]

It shows things like "USD120.98@1.012495 CA $122.49"

Ohh okay. The rate right now is better in Canada, so you should be paying less for US purchases not more. I bet that's because there is a transaction fee incorporated into that 1.012 rate.

[futureGP]

Ohh okay. The rate right now is better in Canada, so you should be paying less for US purchases not more. I bet that's because there is a transaction fee incorporated into that 1.012 rate.

 

yeah but you get that anywhere you go (even if you exchange CAD to USD from a physical current exchange you pay some premium)

 

I think the best bet for the OP is get a US credit card and have USD banking account