Canada’s best no foreign transaction fee credit cards 2022

Canadians like to journey, however when purchasing with 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 variety of bank cards on the market that both provide no international transaction charges or return greater than sufficient money again to cowl the charges. Should you’re a frequent traveller or on-line shopper, you could possibly save some huge cash by bringing a no international transaction price card alongside in your subsequent journey.

At a look: Brim gives a set of three Mastercard rewards playing cards with a variety of choices relying in your revenue and spending—and none of them cost international change charges. The suite of playing cards provide a flat earn charge, simplifying the rewards program and making redemption simple to do.  

• Rewards earn charge: 1 level per $1 spent with the Brim Mastercard; 1.5 factors per $1 spent with the Brim World Mastercard; and a pair of factors per $1 spent with the Brim World Elite Mastercard
• Welcome provide: First-year price waiver (value $199) for brand new candidates for the Brim World Elite Mastercard
• Rates of interest: purchases 19.99%, money advances 21.50%, stability transfers 19.99%
• Earnings requirement: No revenue requirement for the Brim Mastercard; $60,000 revenue required for the Brim World; and $100,000 revenue required for the Brim World Elite.

Professionals

Rewards

• Brim playing cards provide a number of the most profitable flat earn rewards round. Relying on the cardboard you select, you could possibly be accumulating between one and two factors per greenback spent. Plus, cardholders will earn bonus factors when purchasing at Brim companion retailers. For instance, you could possibly earn as much as 4% at Nike and Microsoft. A number of companion airways, like Emirates and Lufthansa, provide as much as 3% money again when reserving flights.
• Whilst you’ll technically earn factors, Brim rewards successfully work like money again, making them tremendous easy and intuitive. One Brim level is the same as 1% in money again (100 Brim factors equal $1). You possibly can redeem your factors at any time and for nearly any card buy.
• As a Mastercard product, Brim is accepted nearly all over the place together with Costco. 

Different perks

• Every of Brim’s playing cards, together with its no-fee model, carry widespread service accident protection and cellular gadget insurance coverage.

• The premium Brim World and Brim World Elite embrace strong journey insurance coverage with journey medical emergency insurance coverage and lodge/motel housebreaking insurance coverage.

• The Brim app and web site function top-notch digital interfaces with budgeting instruments.

• The premium Brim World Elite Mastercard has an above-average annual price of $199 making it a barely increased funding than many different playing cards in its class, regardless of missing notable perks like airport lounge entry.

Cons

• Whereas Brim gives a profitable flat earn charge on every part you purchase, it has no bonus classes, so that you received’t earn extra factors on expenditures like groceries, gasoline or recurring payments. This may occasionally make it much less enticing to somebody who spends considerably in widespread bonus classes.

• The premium Brim World and World Elite playing cards cap their rewards, providing the accelerated charge solely on the primary $25,000 spent yearly. After reaching this milestone, cardholders will earn at the usual 1 level per $1 spent till their anniversary, when the caps reset.

At a look: Easy no-forex-fee card with few perks however a good commonplace money again earn charge and no annual price. 

• Rewards earn charge: 1% money again on all Canadian purchases
• Welcome provide: None
• Rates of interest: purchases 19.99%, money advances 19.99%

• Earnings requirement: $15,000

Professionals

Rewards

• You’ll earn 1% money again on every part you purchase in Canadian {dollars} with no restrict to how a lot you may earn.

Different perks

• The Residence Belief Most popular Visa is one in all solely two true no-foreign-exchange-fee playing cards in Canada that cost no annual price. This implies they waive the foreign exchange on purchases in all foreign currency echange, not simply U.S. {dollars}.
• Like most no-fee playing cards, it comes with fundamental perks like zero legal responsibility coverage insurance coverage and buy safety insurance coverage.

Cons

• You received’t earn any money again on purchases in a non-Canadian forex, however you additionally received’t pay international transaction charges, which often add as much as 2.5%.

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

• Rewards earn charge: 2 Scotia Rewards factors per $1 spent on journey, groceries, eating places and leisure; 1 level per $1 spent on all different eligible purchases
• Welcome provide: Earn as much as 40,000 Scene+ factors. First, earn 30,000 factors if you spend $1,000 in eligible on a regular basis purchases within the first three months. Get one other 10,000 factors if you spend $40,000 on on a regular basis purchases yearly. Plus, pay no annual price for the primary 12 months. Provide ends April 30, 2023.
• Rates of interest: purchases 20.99%, money advances 22.99%, stability transfers 22.99%

• Earnings requirement: $60,000 particular person revenue or $100,000 family

Professionals:

Rewards

• Scotia’s Scene+ factors are extraordinarily versatile. You possibly can redeem factors utilizing Scotia’s journey company or apply factors on any journey buy from nearly any airline or lodge supplier as much as 12 months later. 
• Redemptions for journey purchases are intuitive and as simple as money again. There are not any sophisticated 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 will 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).

Different perks

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

Cons:

• On October 1, 2022, the Scotiabank Passport Visa Infinite’s annual price elevated from $139 to $150.
• This card’s on a regular basis rewards earn charge is robust however isn’t as profitable as some various Scotia playing cards. For instance, the Scotiabank Gold American Specific additionally waives international transaction charges however earns extra factors on groceries, transit, gasoline and eating.
• You’ll have to earn an revenue of no less than $60,000 (or $100,000 as a family) to qualify, which implies the cardboard could also be out of attain for some candidates.

At a look: The Scotiabank Gold American Specific has a powerful on a regular basis earn charge, particularly on meals and transit. Mixed with its lack of international transaction charges, this card isn’t just probably the greatest no-forex-fee playing cards however probably the greatest total rewards playing cards in Canada.

• Rewards earn charge: 5 factors per $1 spent on eating, groceries and entertainment-related purchases in Canada; 3 factors per $1 spent on gasoline, every day transit (together with buses, rideshare providers and taxis) and choose streaming providers in Canada; 1 level per $1 spent on every part else (together with all international purchases)
• Welcome provide: Earn as much as a complete of 45,000 bonus Scene+ factors ($450 worth). First, earn 25,000 by spending $1,000 on eligible on a regular basis purchases in your first three months. Earn one other 20,000 factors if you spend no less than $7,500 in on a regular basis purchases in your first 12 months. Plus, pay no annual price for the primary 12 months. Provide ends April 30, 2023.
• Rates of interest: purchases 20.99%, money advances 22.99%, stability transfers 22.99%

• Earnings requirement: $12,000

Professionals:

Rewards

• This card’s earn charge is critically spectacular, with an impressive 5x the factors on groceries and eating.
• Scene+ factors are versatile, simple to make use of and good for as much as 12 months after you make a journey buy, which implies you may e book if you need and reap the rewards later.
• Redeem for journey in simple increments of 1,000 factors (valued at $10). There are not any sophisticated guidelines or exceptions to handle, and you’re going to get the identical worth irrespective 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.

Other perks

• 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 Gives get you extra reductions and financial savings on a rotating roster of shops.
• The cardboard’s minimal revenue requirement is $12,000, making it simply accessible to most Canadians.

Cons:

• Whereas American Specific is accepted at hundreds of places throughout Canada, there are some notable exceptions. For instance, Loblaws doesn’t settle for Amex and also you won’t be capable of use this card at some smaller impartial retailers, groceries, comfort shops and eating places. Relying on the place you’re travelling, Amex acceptance could also be much more restricted.
• Whenever you purchase in a international forex, you solely earn factors on the base charge. This implies, for instance, that should you purchase groceries in a international forex, the foreign-exchange price shall be waived however you’ll solely earn 1 level per $1 spent quite than the 5 factors often supplied within the grocery class for purchases in a Canadian forex.

HSBC World Elite Mastercard*

At a look: Along with charging no foreign exchange charges, the HSBC World Elite Mastercard gives a successful mixture of a robust on a regular basis earn charge and recurring annual journey credit that may be put in direction of a variety of flight upgrades. 

• Rewards earn charge: Earn 3% in factors on eligible journey purchases; 1.5% in factors on on a regular basis purchases
• Welcome provide: Earn as much as a complete of 80,000 factors ($400 worth). You’ll get 20,000 factors for opening the account, in addition to 40,000 factors if you spend $6,000 inside the first six months of opening your account. Then, after your first 12 months, you’ll obtain one other 20,000 factors as an anniversary bonus. Should apply by Feb. 28, 2023.
• Rates of interest: purchases 19.90%, money advances 22.90%, stability transfers 22.90%

• Earnings requirement: $80,000 particular person or $150,000 family revenue

Professionals:

Rewards

• Journey purchases earn 6 factors $1 spent or 3%, which implies frequent travellers will earn massive on their flights and lodge spending. The 1.5% base charge on all different on a regular basis purchases allows you to rack up rewards irrespective of the spending class. 
• The factors values are easy and easy-to-understand with 200 factors being value $1 irrespective of the place you journey. You possibly can anticipate your journey rebate inside three months of your journey buy.
• HSBC Rewards factors will be transferred to different airline loyalty applications together with British Airways Avios and Cathay Pacific Asia Miles so you may strategically maximize your rewards. 

Other perks

• Cardholders will obtain an annual $100 journey credit score that may be redeemed in direction of something from eligible airline baggage charges to a seat improve or an airport lounge move.
• The HSBC World Elite Mastercard gives strong journey insurance coverage advantages. Its journey medical safety is a specific stand-out as its protection will final for journeys of as much as 31 days, versus the 15 days sometimes discovered on different playing cards.

Cons:

• Factors redemptions will not be as versatile as in another applications. You’ll want to make use of a minimal of 20,000 factors to make a redemption.
• The cardboard’s annual price is $149, which is barely increased than different comparable playing cards.
• The revenue requirement is $80,000 (or $150,000 per family), which implies it’s out of attain for some.

Meridian Visa Infinite Journey Rewards Card

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 allow you to save on international transaction charges. 

• Rewards earn charge: 3 factors per $1 on purchases in a international forex; 1.5 factors per $1 in your on a regular basis purchases
• Welcome provide: No annual price for the primary 12 months
• Rates of interest: purchases 19.50%, money advances 21.99%
• Earnings necessities: $60,000 particular person or $100,000 family

Professionals:

Rewards

• The three factors per $1 earn charge on international purchases means you’ll internet roughly 0.5% again on something in a non-Canadian forex (after offsetting international transaction charges).
• The sturdy base charge of 1.5% on Canadian purchases means you’ll earn an above-average return on all purchases, whatever the class.

Different perks

• The annual price for the Meridian Visa Infinite Journey Rewards Card is simply $99, which is lower than many similar to different playing cards on this listing with no international change charges.
• The journey protection on the Meridian Visa Infinite Journey Rewards Card is excellent and consists of as much as $5,000,000 in emergency journey protection for as much as 48 days, which manages to beat out journey protection supplied by even one of the best journey bank cards.
• Whereas many bank card journey insurance coverage advantages solely apply to these 65 and older, the emergency journey insurance coverage protection on the Meridian Visa Infinite Journey Rewards Card applies to those that are as much as 75 years previous.

Cons:

• This card has no bonus classes, so it will not be one of the best rewards construction for many who spend massive in widespread classes like groceries, gasoline or recurring payments.
• Rewards factors can’t be used to offset the price of airline taxes or surcharges.

Rogers World Elite Mastercard

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

• Rewards earn charge: 3% money again on purchases made in U.S. forex; 1.5% on all different purchases charged to your card
• Welcome provide:  $25 money again if you make your first buy inside 3 months
• Rates of interest: purchases 19.99%, money advances 22.99%

• Earnings necessities: $80,000 particular person or $150,000 family

Professionals:

Rewards

• The cardboard earns a powerful 1.5% money again on every part you purchase, a charge extra usually seen in playing cards with an annual price. 
• It’s arguably one of the best card to make use of at Costco as a result of it’s a Mastercard and has a flat 1.5% earn charge. 
• The Rogers World Elite Mastercard earns an accelerated 3% money again on purchases made in U.S. {dollars} which offsets the roughly 2.5% international transaction price, making this a super card for snowbirds or anybody who repeatedly travels to america.
• You possibly can redeem your money again rewards anytime, in increments of $10, utilizing the Rogers app.

Other perks

• Regardless of being a no-fee card, the Rogers World Elite Mastercard provides you advantages like rental automobile collision harm protection and journey insurance coverage.

Cons:

• Not like “true” no-foreign-transaction-fee bank cards which allow you to save on all non-Canadian forex purchases, the Roger World Elite Mastercard will solely allow you to keep away from international transaction charges on purchases made in U.S. {dollars}.
• A obtrusive disadvantage of this card is that it’s essential to cost no less than $15,000 in purchases on the cardboard each 12 months or you’re robotically downgraded to the entry-level Rogers Platinum Card that earns a much less spectacular 1% money again on every part.
• You’ll want an revenue of no less than $80,000 per 12 months (or $150,000 per family ) to qualify for the cardboard.

Extra on bank cards:

This text was initially revealed on June 12, 2019, and has since been up to date.