Sears Mastercard, Scotia Momentum, changing no transaction fee benefit in June

[Canadian Girl]

i was speaking to an agent who informed me this feature was ending. I mainly used this card for travelling to Disney or other places outside Canada. So happy I got one from Amazon as well which offers the same perk. Even though this is a free card, I will be dumping it shortly as I use a travel card for everyday purchases. So far, the Amazon card is still Chase, although it is also being administered by Scotia Bank. It is possible they will also switch at sime point as well, but right now, all is good.

 

[BLAZEY]

i was speaking to an agent who informed me this feature was ending. I mainly used this card for travelling to Disney or other places outside Canada. So happy I got one from Amazon as well which offers the same perk. Even though this is a free card, I will be dumping it shortly as I use a travel card for everyday purchases. So far, the Amazon card is still Chase, although it is also being administered by Scotia Bank. It is possible they will also switch at sime point as well, but right now, all is good.

Me too if that's the case, I don't use it much except for out of Canada travel. I'll keep it open but just won't use it as I have other cards with better benefits.

 

[Gina-Gina-Bo-Bina]

Count me in as another who will be cancelling the card, if that's the case. I will hold onto it until November (otherwise I lose my cash back balance) and then close the account.

 

[Canadian Girl]

I don't recall getting a notice about dropping the no transaction fee benefit, so one should double check if planning to use beyond June. I do think a lot will drop the card if true. However, a lot may not realize they are getting charged more than before.

 

[Daver65]

Thanks for the info!

 

[Canadian Girl]

Sadly this is coming true as of June 1/17. I just paid off my last small balance and will be dropping my Sears card. I guess the Amazon one is the only one left? It is administered by Scotia Bank as well but as of now is still partnered with Chase and still offers the foreign currency transaction waiver.

 

[efrant]

There are only two Canadian cards that either waive or cover the foreign exchange transaction fee:

Rogers Bank Platinum MasterCard: Has a $29 annual fee, but is waived if your Rogers, Fido or chatr monthly bill is set up as a pre-authorized payment.

Marriott Rewards Premier Visa Card: Has a $120 annual fee, but you get a voucher for a free hotel night every year, which essentially covers the annual fee.

From what I've read, as of April 3rd, 2017, the Amazon Rewards Visa Card is no longer offered in Canada.

 

[bankr63]

From what I've read, as of April 3rd, 2017, the Amazon Rewards Visa Card is no longer offered in Canada.

Not sure where you read that? Amazon card is still prominently displayed on both the Amazon.ca and Chase Canada website a week and a half after that date. Certainly have had no communication from Chase about changes to current cardholders.

 

[efrant]

Not sure where you read that? Amazon card is still prominently displayed on both the Amazon.ca and Chase Canada website a week and a half after that date. Certainly have had no communication from Chase about changes to current cardholders.

If you have one already, I think there is no change. They are just not accepting any new applications: https://www.amazon.ca/gp/help/customer/display.html?nodeId=201516220

 

[nervous1sttimer]

There are only two Canadian cards that either waive or cover the foreign exchange transaction fee:

Rogers Bank Platinum MasterCard: Has a $29 annual fee, but is waived if your Rogers, Fido or chatr monthly bill is set up as a pre-authorized payment.

Marriott Rewards Premier Visa Card: Has a $120 annual fee, but you get a voucher for a free hotel night every year, which essentially covers the annual fee.

From what I've read, as of April 3rd, 2017, the Amazon Rewards Visa Card is no longer offered in Canada.

I love my Sears/Momentum card due to no Forex, so this change will really suck for me! I went to look at your Rogers link since I have a Rogers phone but we should be clear this card absolutely DOES charge Forex. It just increases the cash back paid on those transactions to offset the Forex.

But the devil is in the details and the cash back earned from this card isn't really cash at all - it can only be used towards Rogers/Fido/Chatr bills, Jays tickets/gear/concessions, or Texture subscriptions.

That sucks, compared to what we are used to. I am not excited to have my Forex fees just transferred into Rogers credits. I will keep looking...

 

[efrant]

I love my Sears/Momentum card due to no Forex, so this change will really suck for me! I went to look at your Rogers link since I have a Rogers phone but we should be clear this card absolutely DOES charge Forex. It just increases the cash back paid on those transactions to offset the Forex.

Correct. That's why I mentioned "either waive or cover" the fee. The Marriott card waives it, the Rogers card covers it.

But the devil is in the details and the cash back earned from this card isn't really cash at all - it can only be used towards Rogers/Fido/Chatr bills, Jays tickets/gear/concessions, or Texture subscriptions.

That sucks, compared to what we are used to. I am not excited to have my Forex fees just transferred into Rogers credits. I will keep looking...

The devil is indeed in the details, and I think you missed some. The rewards earned are not just for use towards the thing you mentioned: 1) You can use Mastercard's Pay With Rewards and/or 2) you are able to convert your rewards points to cash and apply the cash as a credit to your MasterCard account (though this can be done only once a year).

The Rogers card is indeed a true cashback card yielding 1.75% on Canadian purchases, and a net 1.5% on foreign currency purchases.