Anyone know the best deal for an american credit card

[cottontail]

Hello: I am tired of paying a service fee to book disney vacations with my Canadian visa. It can really add up. Which bank here in Canada offers the best deal for an American credit card?

Deb.

 

[Gina-Gina-Bo-Bina]

My Sears MasterCard doesn't charge a foreign currency exchange fee (all you pay is the current exchange rate). The savings can be quite noticeable on the cost of an entire vacation. You can check out the details here:

http://www.searsfinancial.ca/CreditCards/SaveonForeignCurrencyChanges.aspx

 

[bankr63]

The only other Canadian card that I know of that doesn't charge exchange is the amazon.ca card. Both Sears and Amazon cards are offered by Chase Bank; but their other cards don't have this feature. We chose the Amazon card because we aren't big Sears shoppers.

Most of the US$ cards or cards+accounts offered by the Canadian banks still charge exchange when you make payments or deposit.

 

[4stroke]

If you bank with RBC, they offer a US VISA. Can't recall what the annual fee is, but if you have a couple other RBC products (i.e. Mortgage, insurance, chequing, loan, etc) you get the 'multi-product discount', which includes a free (no annual fee) credit card.

We use it for all our Disney trips....no Forex fees, decent point accumulation.

Worth a try...?

Apr/08: Offsite ~ Apr/09: Offsite ~ Apr/10: CR ~ Oct/10: Disney Paris Offsite ~ Apr/11: CR ~ Oct/11: CSR & POFQ (Purchased DVC ) ~ Jan/12: BLT & VWL ~ May/12: BLT & VWL ~ Oct/12: BLT & POR ~ Jan/13: SSR ~ May/13: VWL

 

[OntFamily]

I use Chase Canada's Marriott Visa. No service charge for foreign currency, plus great bonus points/free stays for sign ups.

 

[lcvb]

I use a Bank of Montreal US $ MasterCard. There is no fee if you charge over $1000 per year which is easy if you use it for DIsney trips or DCL. You have to pay in it US funds though.

 

[fabulousfive]

I know nothing of Canadian banks, but couldn't you get the Disney Visa?

 

[cottontail]

Hi: Why I am asking. I sent a money order for the balance of our disney trip coming up soon, and they still have not received it after two weeks. It was for quite a bit of money for a ten day stay. I put the first two hundred dollar deposit on our canadian visa, and paid the service fee, but did not want to pay a substantial service fee on the rest.

I will look into these, thanks so much. Yes I would love to get a disney visa but you have to have an AMerican address.

Deb.

 

[KNovacovschi]

I know nothing of Canadian banks, but couldn't you get the Disney Visa?

Not available in Canada.

Sent from my iPhone using DISBoards

 

[sk8jdgca]

RBC has an access Us account that is an account in the states linked to your Canadian account. You get a visa debit card with it . You can also get a free us credit card too there

 

[Ted in Halifax]

I use the sears card also. As Gina said .. the savings are quite noticeable

 

[surfer_ed]

I am biased but I have the RBC card. I worked out that if I spend about 2,000 the annual fee is covered with what we save in exchange fees. Plus I can call and get the points combined with my Avion card once per year. Because I have the Avion and the US Visa gold the fee for the second card is reduced.

 

[bankr63]

I am biased but I have the RBC card. I worked out that if I spend about 2,000 the annual fee is covered with what we save in exchange fees. Plus I can call and get the points combined with my Avion card once per year. Because I have the Avion and the US Visa gold the fee for the second card is reduced.

So I checked this out on RBC site, and can't understand how you avoid Forex? There is no exchange on the card because it is in US dollars, but when I pay the balance do I not have to pay it in US$ (which would be subject to forex). Even if I open a US$ personal banking account, I still pay forex when I deposit?

I know that RBC charges the same 2.5% at the counter as Visa/MC charge on the card.

 

[CanadianPaco]

TD Canada Trust has a US Card. Its a Visa.

 

[minnie56]

I am biased but I have the RBC card. I worked out that if I spend about 2,000 the annual fee is covered with what we save in exchange fees. Plus I can call and get the points combined with my Avion card once per year. Because I have the Avion and the US Visa gold the fee for the second card is reduced.

I didn't know you could combine the points?? How do you do that?
I recently discovered I have over 40,000 points with my RBC USD Visa ..no idea I accumulated points with it! I can transfer to my RBC Avion Infinite?

 

[sk8jdgca]

So I checked this out on RBC site, and can't understand how you avoid Forex? There is no exchange on the card because it is in US dollars, but when I pay the balance do I not have to pay it in US$ (which would be subject to forex). Even if I open a US$ personal banking account, I still pay forex when I deposit?

I know that RBC charges the same 2.5% at the counter as Visa/MC charge on the card.

The 2.5% surcharge is what you don't pay. You still purchase usd to pay the card but you could combine it with a usd account and on good exchange days stockpile usd

 

[bankr63]

The 2.5% surcharge is what you don't pay. You still purchase usd to pay the card but you could combine it with a usd account and on good exchange days stockpile usd

Which is why I like my no forex Amazon card. I always save the 2.5%. Since my bank (TD), and most others I have investigated, charge 2.5% at the counter on US exchange, I'd have to be very good at picking when to exchange to beat that 2.5% - the dollar would need to be "up" more than 2.5 cents over the average, and that's a pretty good swing. If I could find a way to buy US dollars with paying for the exchange I'd love it! (Well actually that's kind of what I've found with Amazon/Sears/Marriot cards from Chase).

Don't get me wrong, I worked in banking, and love playing the angles to pay less. That's why I'm always looking for a better (cheaper) way and love to investigate the offerings out there. I've been using the amazon trick for under a year, and when I find a better way with more convenience I'll switch in a heartbeat. This one works for me, and would also save the OP the forex on return/rebook at Disney, all while racking up points and having a normal credit card that works both sides of the border.

 

[MaMudduck]

The 2.5% surcharge is what you don't pay. You still purchase usd to pay the card but you could combine it with a usd account and on good exchange days stockpile usd

I'm in agreement with bankr63 (M Ross).

The 2.5% surcharge is NOT something extra you pay. It is the disclosed rate that the Credit cards add to the current trading rate (forex) of US money. If you see on the news that the exchange rate is (for example) 1.02 cad or .97US , and if you charged it to our Canadian cards you would be billed $1.05. If you had bought US cash at the bank at the same day it would also cost you $1.05.
It is the law the card must disclosed the "spread" that they charge over the actual set rate. But it is the same spread amount at the bank.

I absolutely agree with you, that with a US account you can reduce the total dollars you spend exchange rate but one way or another you're paying the exchange of 2.5%.
I also agree that by having a US card makes sense because with our large amount of Disney purchases I would rather be able to cost average the US amount sitting in a US account verses hoping that when I check out of the hotel that the Cdn dollar is trading up.

This is exactly what I do, have a US card, US account and buy when the rates are good.