Canadian credit card search

[Pete7]

Originally Posted by Mike OReilly

I want a credit card with zero annual fee and zero foreign transaction fee. I don’t care about perks or points or even low interest rates since I always pay the card off every month. I’m not interested in a US-dollar account, or any similar derivation. My focus is not just USD.

Hmm, the banks probably see credit cards as a good way to make money for the share holders. However, they aren't going to be making anything out of you, so no products available. My father had the same problem with Barclays, the bank manager even said to my father we don't make any money out of you.
Dad had to move banks to get what he wanted.

Pete

[hellosailor]

IIRC some Capitol One, some Amex, and some Chase cards have no foreign transaction fees. You might call to ask them about that. Amex also used to settle the exchange rate at the end of every business day, while others settled at the end of every month. So with some cards you pay "today's" rate, and with others, you gamble on how the currency rates will float over the next month. Something else to look out for.

WRT Discover Card being accepted everywhere? Uh, no. Not in the US at least, where it is the unloved child of the set. Many smaller restaurants and stores are MC/Visa *only* and don't even take Amex.

And apparently, all the card companies charge the merchants a higher rate for "reward" cards, in order to pay the customer those higher rewards. Some shops are rightfully upset about that too.

[Mike OReilly]

Originally Posted by organic snowman

Hey Mike,

Was down checking my boat a couple days ago. Pachina Mia is doing a great job of blocking the wind. Thanks :P

She is doing fine. Hope you folks are enjoying the mountains!

Glad to help . And very glad to hear all the boats are doing OK.

It’s been a heck of a winter down your way; heavy winds, bigs snows, then big flooding, back to wind and snow … Oh wait, I guess that’s just a normal Newfoundland winter

[Mike OReilly]

Originally Posted by goat

I'm running down the same road as you Mike. Just applied for the Home Trust card. I haven't found anything else to replace my Amazon chase card yet.

Yes, the Home Trust card seems to be the only one with zero annual and transaction fees. When I first ran this thread there were at least four (including this Chase/Amazon VISA). Seems they’ve all left the market.

I’ll be putting my application in to Home Trust asap. I bet they’re seeing a big uptick in requests.

Originally Posted by hellosailor

IIRC some Capitol One, some Amex, and some Chase cards have no foreign transaction fees. ...

Yes, there are many offerings in the USA, but for some reason none of these now offer Canadian cards (including Chase, which just abruptly dumped their no-fee card). I could set up an American account, but I’m not solely focused on USD. I want a card I can use anywhere, in any currency.

Originally Posted by hellosailor

And apparently, all the card companies charge the merchants a higher rate for "reward" cards, in order to pay the customer those higher rewards. Some shops are rightfully upset about that too.

It is absolutely true. Those “premium” cards cost the merchants quite a bit more. And in Canada, at least, they don’t allow the merchant to pass these added cost on to the card-using customer. They don’t even allow stores to advertise the differential rates, or to suggest customers use different low-cost cards (like Interac debit which costs pennies).

In the end, this means we all have to pay for other people’s points or miles or rewards or whatever…

[Mike OReilly]

Originally Posted by Pete7

Hmm, the banks probably see credit cards as a good way to make money for the share holders. However, they aren't going to be making anything out of you, so no products available. My father had the same problem with Barclays, the bank manager even said to my father we don't make any money out of you.
Dad had to move banks to get what he wanted.

It’s true Pete, I’m not good for the bank . I haven’t paid a cent in fees or interest in decades. But I’m sure the banks are doing fine without my few shekels. For every one like me, there are dozens who pay fees or carry a balance.

[Lodesman]

Originally Posted by Mike OReilly

heavy winds, bigs snows, then big flooding, back to wind and snow … Oh wait, I guess that’s just a normal Newfoundland winter summer

There, fixed it for you

[Hud3]

Mike,

Take a look at the Capital One VentureOne Rewards Credit Card. It seems to meet your requirements, but I don't know if it's available in Canada.

[hpeer]

Mike,

We got a MC through American Airlines, no exchange fees and racks up miles. But we got a surprise here in the Dominican Republic. There is a large government fee on cc usage, something like 18%. Hence very few are set up for cards. Cash; dollars or pesos.

[Mike OReilly]

Originally Posted by Hud3

Mike,

Take a look at the Capital One VentureOne Rewards Credit Card. It seems to meet your requirements, but I don't know if it's available in Canada.

Thank Hud, I’ll check it out.

Nope … must have an American address. It appears to be an American card operating in USD. Thanks though. Looks good for Americans.

This is the frustrating thing. You Yanks have lots of options for no annual fee/no foreign currency transaction fee cards. Canada now seems to have exactly ONE.

Back when I first ran this search there were four, which seemed rather paltry. Now we’re down to one. I read some babble that suggested it’s b/c Canadians travel a lot more than Americans, so it’s significant cost for issuers to give up these fees.

Personally, I just think it’s b/c our banks operate with near impunity in the market place, with customers having little recourse or power.

Originally Posted by hpeer

Mike,

We got a MC through American Airlines, no exchange fees and racks up miles. But we got a surprise here in the Dominican Republic. There is a large government fee on cc usage, something like 18%. Hence very few are set up for cards. Cash; dollars or pesos.

Wow, that would suck. I bet their tourism industry hates that tax. Guess I’ll stick to Newfoundland for now .

[hpeer]

Speaking of suck,

I can NOT get a Canadian CC. I’m a dual US/Canadian citizen and own land in Canada, and have had a Scotia Bank account for 10+ years. However, I’ve never worked in Canada and have no Canadian tax record. We even tried the CC where you give the 150% of your credit limit, to hold like forever, so you are self insuring your card. Nope, will NOT do. Was told very bluntly, and my local bank rep was admonished for not reading the manual.

[s/v Jedi]

Originally Posted by hpeer

Speaking of suck,



I can NOT get a Canadian CC. I’m a dual US/Canadian citizen and own land in Canada, and have had a Scotia Bank account for 10+ years. However, I’ve never worked in Canada and have no Canadian tax record. We even tried the CC where you give the 150% of your credit limit, to hold like forever, so you are self insuring your card. Nope, will NOT do. Was told very bluntly, and my local bank rep was admonished for not reading the manual.

Try Amex charge card, like their Gold Card.

[Mike OReilly]

Originally Posted by hpeer

Speaking of suck,

I can NOT get a Canadian CC. I’m a dual US/Canadian citizen and own land in Canada, and have had a Scotia Bank account for 10+ years. However, I’ve never worked in Canada and have no Canadian tax record. We even tried the CC where you give the 150% of your credit limit, to hold like forever, so you are self insuring your card. Nope, will NOT do. Was told very bluntly, and my local bank rep was admonished for not reading the manual.

Bizarre. Gotta love banks