The perfect no international transaction price bank cards in Canada for October 2023

[ad_1]

By Keph Senett and Winston Sih on September 29, 2023
Estimated studying time: 17 minutes

Canadians love journey and purchasing, 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 supply no international transaction charges or reward with greater than sufficient money again to cowl the charges. If you happen to’re a frequent traveller or on-line shopper, you would save some huge cash by bringing a no international transaction price card alongside in your subsequent journey.

Bank card	Particulars
Residence Belief Most well-liked Visa*	• No annual price • 1% money again on all Canadian purchases
Scotiabank Passport Visa Infinite*	• $150 (waived the primary 12 months) • 2 Scotia Rewards factors per $1 on journey, groceries, eating places and leisure • 1 level per $1 on all different eligible purchases
Scotiabank Gold American Specific*	• $120 (waived the primary 12 months) • 5 factors per $1 on eating, groceries and entertainment-related purchases • 3 factors on gasoline, every day transit and choose streaming providers • 1 level on every part else (together with all international purchases)
Meridian Visa Infinite Journey Rewards	• $99 annual price (waived the primary 12 months) • 3 factors per $1 on international foreign money purchases • 1.5 factors on on a regular basis purchases
Rogers World Elite Mastercard	• No annual price • 3% money again on U.S. foreign money purchases • 1.5% on all different purchases
Brim World Elite Mastercard	• $199 (waived within the first 12 months) • 2 factors per $1 spent (as much as $25,000 annual spend)
EQ Financial institution Card (honourable point out)	• No annual price • 0.5% money again on all of your spending • Good different to utilizing a no FX bank card

Why belief us

MoneySense is an award-winning journal, serving to Canadians navigate cash issues since 1999. Our editorial workforce of skilled journalists works intently with main private finance consultants in Canada. That will help you discover the most effective monetary merchandise, we evaluate the choices from over 12 main establishments, together with banks, credit score unions and card issuers. Study extra about our promoting and trusted companions.

At a look: It is a easy no-forex-fee card with few perks however a good normal money again earn price and no annual price.

Annual price: $0
Earn price: 1% money again on all Canadian purchases
Welcome supply: None

Annual revenue requirement: $15,000

At a look: As the primary card from one in all Canada’s large banks to waive its international transaction charges, the Scotiabank Passport Visa Infinite gives robust rewards, an easy-to-understand and versatile rewards system, and severely spectacular airport lounge advantages.

Annual price: $150 (waived for the primary 12 months)
Earn charges: 2 Scotia Rewards factors per $1 spent on journey, groceries, eating places and leisure; 1 level per $1 on all different eligible purchases
Welcome supply: earn as much as $1,100+ in worth within the first 12 months, together with as much as 35,000 bonus Scene+ factors. Provide ends 31 October 2023.
Annual revenue requirement: Private revenue of $60,000 or family revenue of $100,000

PROS

The Scotiabank Passport Visa Infinite is the one no-forex-fee card in Canada to additionally supply airport lounge entry. With this card, you’ll obtain a complimentary Precedence Go membership with six free airport lounge visits per 12 months; that’s essentially the most lounge passes obtainable on a card with an annual price under $200.

Scotia’s Scene+ factors are extraordinarily versatile. You may redeem factors utilizing Scotia’s journey company or apply factors on any journey buy from just about any airline or resort supplier as much as 12 months later.

Redemptions for journey purchases are intuitive and as straightforward as money again in your pockets. There are not any difficult journey charts or maps, and also you’ll get the identical worth wherever you fly. However, you will want to redeem a minimal of 5,000 factors (equal to $50 in financial savings) at a time.

Scotia’s journey redemptions are extraordinarily broad. Factors might be redeemed for all kinds of services and products, even in opposition to purchases with Uber, UberEats and Airbnb.

The Scotiabank Passport Visa Infinite rewards high-volume spenders. Yearly that you just cost $40,000 or extra, you’ll earn an extra 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.

At a look: The Scotiabank Gold American Specific has a powerful on a regular basis earn price, particularly on meals and transit. Mixed with its lack of international transaction charges, this card is not only among the finest no-forex-fee playing cards however among the finest total rewards playing cards in Canada.

Annual price: $120 (waived for the primary 12 months)

Earn charges: 5 factors per $1 spent on eating, groceries and entertainment-related purchases in Canada; 3 factors per $1 on gasoline, every day transit (together with buses, rideshare providers and taxis) and choose streaming providers in Canada; 1 level per $1 on every part else (together with all international purchases)

Welcome supply: 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 October 31, 2023.

Annual revenue requirement: $12,000

PROS

This bank card’s earn price is severely spectacular, with an impressive five-times the factors on groceries and eating.

Scene+ factors are versatile, straightforward to make use of and good for as much as 12 months after you make a journey buy, which implies you may ebook while you need and reap the rewards later.

Redeem for journey in straightforward increments of 1,000 factors (valued at $10). There are not any difficult guidelines or exceptions to handle, and you’ll get the identical worth regardless 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 Specific 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 concert events and sports activities occasions), whereas Amex Presents get you extra reductions and financial savings on a rotating roster of shops.

The cardboard’s minimal revenue requirement is $12,000, making it accessible to most Canadians.

Meridian Visa Infinite Journey Reward

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

Annual price: $99 (waived for the primary 12 months)

Earn charges: 3 factors per $1 on purchases in a international foreign money; 1.5 factors per $1 in your on a regular basis purchases

Welcome supply: 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

Rogers World Elite Mastercard

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

Annual price: None

Earn charges: 3% money again on purchases made in U.S. foreign money; 1.5% on all different purchases

Welcome supply: Earn $25 money again while you make your first buy inside 3 months of getting the cardboard

Annual revenue requirement: Private revenue of $80,000 or family revenue of $150,000

Brim World Elite Mastercard

At a look: Good rewards with no restrict to what you may earn, in depth insurance coverage protection, stable perks, and no international change charges make this a card to contemplate.

Annual price: $199 (waived within the first 12 months)

Earn price: 2 factors per $1 spent (as much as $25,000 annual spend; 1 level per $1 spent afterwards)

Welcome supply: This card doesn’t presently have a welcome supply.

Annual revenue requirement: Private revenue of $80,000 private or family revenue of $150,000

Honourable point out: EQ Financial institution Card

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 may help you keep away from pricey charges while you’re withdrawing or spending cash in a international foreign money by waiving all international change charges charged by EQ (transactions are nonetheless topic to Mastercard’s foreign money conversion price). It is a nice back-up card for these purchases the place bank cards aren’t accepted.

Earn price: 0.5% money again on all of your spending

Welcome supply: This card doesn’t presently have a welcome supply.

Annual revenue requirement: None

Our methodology: How we decide the most effective playing cards

The MoneySense editorial workforce selects the most effective bank cards by assessing the worth they supply to Canadians throughout varied classes. Our greatest no international transaction price bank cards rating is predicated on an intensive checklist of card particulars and options—with a give attention to people who matter to worldwide travellers and consumers—together with international transaction charges, annual charges, rates of interest, welcome gives, rewards earn charges and redemption choices, annual revenue necessities, and perks similar to insurance coverage protection and buy safety. Now we have additionally thought of the professionals and cons of every card that will help you decide which of them finest fit your monetary wants. Our rankings are an unbiased supply of knowledge for Canadians. The addition of hyperlinks from affiliate companions has no bearing on the outcomes. Learn extra about how MoneySense makes cash.

What’s the conversion price on my bank card?

A bank card conversion price is a surcharge you pay for purchases in a international foreign money. These charges are set by your bank card community similar to American Specific, 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 change. Yow will discover the conversion price 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 a neighborhood foreign money or have the worth transformed to your own home foreign money. Typically, 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 value. That is true whether or not or not you might be utilizing a card that prices transaction charges, so in both case, you’ll be saving cash by retaining the foreign money native.

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

Utilizing a no international transaction price bank card is nice–till you need to make a purchase order from a enterprise that doesn’t settle for bank cards. It’s at all times sensible to hold some money on you only for these events, however withdrawing cash from an ATM can even 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. Notice that whereas your card may waive the charges, the ATM in all probability received’t. Additionally remember that utilizing a bank card to withdraw money from an ATM incurs the very best charges of all and must be averted aside from emergencies.

Regularly requested questions

Extra of Canada’s finest bank cards: