No exchange "conversion fee" credit card

[PurpleEars]

As most of you know, for Canadian credit cards, most companies/banks usually charge 2.5% "conversion fee" on top of the exchange rate when you make a purchase in US dollars.

We recently discovered the Amazon.ca Visa. It is a no fee credit card that does not charge the conversion fee. They just use the Bank of Canada exchange rate and that's it. We got the card, put a couple of USD charges through to verify that it was the case. We are happy to report that we didn't get charged the extra 2.5%! We just need to pay the equivalent amount in Cdn with the exchange rate on the transaction day.

Another interesting thing to note is that the Visa is issued by Chase. Since the Disney Visa is also issued by Chase, perhpas there is hope that we may be able to get a Disney Visa one day!

I just thought this may be helpful to someone here.

 

[mamaCta]

Good to know!

 

[Tower]

Like!!

 

[Gina-Gina-Bo-Bina]

The Sears Canada MasterCard (also administered by Chase Canada Financial) is the same.....no "conversion fee" applied to purchases, just the exchange rate. It is really the only reason I keep that card......saves me 2.5% on all purchases from US retailers .

 

[PurpleEars]

The Sears Canada MasterCard (also administered by Chase Canada Financial) is the same.....no "conversion fee" applied to purchases, just the exchange rate. It is really the only reason I keep that card......saves me 2.5% on all purchases from US retailers .

Interesting. I didn't know about the Sears Canada Mastercard (not that I plan to carry yet another credit card - my wallet overflows as it is anyway) Thanks for sharing that information!

 

[KNovacovschi]

The Sears Canada MasterCard (also administered by Chase Canada Financial) is the same.....no "conversion fee" applied to purchases, just the exchange rate. It is really the only reason I keep that card......saves me 2.5% on all purchases from US retailers .

I didn't know you could use the Sears card anywhere but Sears. Definitely good to know.

Sent from my iPhone using DISBoards

 

[Gina-Gina-Bo-Bina]

I didn't know you could use the Sears card anywhere but Sears. Definitely good to know.

Sent from my iPhone using DISBoards

The original "Sears Card" (like the one my mom used to have...and still has, I would bet!) still can't be used anywhere but at a Sears store. So it just depends on what kind of Sears Card you have.

Many years ago....probably going on 5 or 10, at least.... I got a letter offering to convert my original Sears Card to a more flexible Sears MasterCard, which you can use everywhere that M/C is accepted. You still earn Sears Club points on all purchases, regardless of whether they are from a Sears store or not. And I believe the interest rate was more favourable as well.....not that I carry a balance on the card as a general rule, but its nice to know that a lower interest rate applies in the event that the full amount can't be paid off when it comes due.

It was just within the last couple of years that Chase advised cardholders that they were eliminating the conversion fee on US purchases. I am truly hoping Visa follows suit!

 

[mab2012]

We recently discovered the Amazon.ca Visa. It is a no fee credit card that does not charge the conversion fee. They just use the Bank of Canada exchange rate and that's it. We got the card, put a couple of USD charges through to verify that it was the case. We are happy to report that we didn't get charged the extra 2.5%! We just need to pay the equivalent amount in Cdn with the exchange rate on the transaction day.

I too picked up this credit card a couple of months ago and have been very happy with it. Chase seems to get mixed reviews for customer service, but I haven't personally had a problem so far.

In addition to no foreign exchange markup the card offers 1% cash back on purchases. This makes it a much better deal than my previous strategy of using XE Trade to convert into a US bank account (at a typical 1.3 - 1.45 pt spread and 2-day wait) and then using a Visa debit card to access the funds.

Note too that the 0% markup applies to any foreign currency transaction, not only those in US dollars. Handy when travelling abroad.

 

[mom_rules]

Another question: Can you pay a Chase Visa card through your non-chase online bank?

 

[Gina-Gina-Bo-Bina]

Another question: Can you pay a Chase Visa card through your non-chase online bank?

I pay the balance on my Sears Mastercard (a Chase product) via online banking with RBC. I just added the MC as a payee and voila . Works perfectly.

 

[mom_rules]

I pay the balance on my Sears Mastercard (a Chase product) via online banking with RBC. I just added the MC as a payee and voila . Works perfectly.

Excellent-thanks. Simplicity is best...........

 

[sheboz]

Marriott credit card and you get bonus Marriott reward points.

 

[mamaCta]

It's all your fault. I keep shopping on Amazon since applying for the card.