No Fee Credit card that does not charge foreign exchange rate | Credit card reward programs | Discussion forum

https://forums.redflagdeals.co.....s-2122295/

https://nofeesoverseas.com/canada/

With the Home Trust Preferred Visa card, cardholders have found that it has an undocumented limit of 10 authorized transactions per day.

Breakfast, lunch, multiple coffees at different cafés, and souvenirs at different shops could result in the card being declined that day for dinner!

mordko said
Wealthsimple’s Visa is free if you are a premium or generation member. Used to be a waiting list for the card; not sure if you still have to wait. 2% cash back. For ATM withdrawals their Mastercard works well; no exchange fees + Wealthsimpe refunds any fees charged by the local bank (can be quite steep).  

The Visa is not really free if you're required to be a Premium,Generational client or DD $4000 monthly to waive (avoid) the $20 monthly fee? It's conditional, if that's a definition of free, it's using the term loosely.

smayer97 said
Another that is free... Rogers Red World Elite Mastercard... they charge a 2.5% exchange fee but then give you back 3% in reward credit, offsetting the charge. Credit can be applied to any charges on the account.  

As it's not a true no-FTF card, it's worth noting that you will be charged the 2.5% on any refunds and the 3% only applies to foreign transactions in USD.

Norman1 said
Otherwise, one will have to try to get 3% by being a Rogers, Fido, Shaw, or Comwave subscriber (to earn at the 2% reward rate on the foreign currency purchases) and redeem the rewards on Rogers-related purchases (for the 1½X muliplication of the reward).  

Actually, not accurate. You will earn 3% of USD charges regardless of whether you have a Rogers family product.

The base earn rate is 1.5% on all CDN$ transactions. If you have a Rogers family service, the base earn rate becomes 2.0%. And the 1.5X multiplier only applies when you apply the rewards towards any charges for Rogers family services, getting you the equivalent of 3%.

see here: https://www.rogersbank.com/en/.....d_details/

BTW, I cannot prove the following, as I do not perform enough US$ transactions, but I do not see any separate tracking of US$-based rewards vs CDN$-based rewards. If this is true, then this suggests that you can apply the 1.5X multiplier and effectively earn 4.5% on US$ transaction. After offsetting the 2.5% charge, you are still ahead 2% on US$ transactions. Is someone else able to confirm this?

It sort of does. Most typically when trying to avoid exchange fees, the goal is to come out even or better. It becomes a question of wanting absolutely no fees to show up vs it being acceptable to have fees but still come out on top, which negates the concern of having the fees.

It would be up to the OP if that is acceptable or not.

smayer97 said
BTW, I cannot prove the following, as I do not perform enough US$ transactions, but I do not see any separate tracking of US$-based rewards vs CDN$-based rewards. If this is true, then this suggests that you can apply the 1.5X multiplier and effectively earn 4.5% on US$ transaction. After offsetting the 2.5% charge, you are still ahead 2% on US$ transactions. Is someone else able to confirm this?  

I can confirm that USD transactions earn ~4.5% in rewards for redemption on Rogers products. The reward calculation excludes the exchange fee charge, so it's not quite 4.5% (4.39% = 3*100/102.5*1.5).

Norman1 said

smayer97 said

Actually, not accurate. You will earn 3% of USD charges regardless of whether you have a Rogers family product.

The base earn rate is 1.5% on all CDN$ transactions. If you have a Rogers family service, the base earn rate becomes 2.0%. And the 1.5X multiplier only applies when you apply the rewards towards any charges for Rogers family services, getting you the equivalent of 3%.

see here: https://www.rogersbank.com/en/.....d_details/
…

It doesn't say that. It says 3% reward when you spend in US$ and either 1.5% or 2% on everything else. Purchases in other currencies, like Euro, British Pound, or Seychellois Rupee, would earn 1.5% or 2%:

With an eligible Rogers service
No eligible Rogers service
Rogers Red World Elite Mastercard
3% when you spend in U.S. dollars and 2% on everything else.
3% when you spend in U.S. dollars and 1.5% on everything else.

Roger Bank could be giving 1.5% x 1½ = 2.25%, 2% x 1½ = 3%, or 3% x 1½ = 4.5% when redeeming rewards from foreign currency purchases against Rogers-related purchases!  

First, I did not mention anything but US and CAD currencies. Second, I said exactly the same thing otherwise. Not sure what you see as different.

Thanks for clarifying/confirming. And I agree, very decent for a free card.

mordko said
Wealthsimple’s Visa is free if you are a premium or generation member. Used to be a waiting list for the card; not sure if you still have to wait. 2% cash back. For ATM withdrawals their Mastercard works well; no exchange fees + Wealthsimpe refunds any fees charged by the local bank (can be quite steep).  

Wealthsimple still has its illogical/non-transparent waiting list to apply for its Visa. People, including me, have been waiting a year or more to be invited to apply; some, with seven figure relationships are blocked while others are invited immediately. WS steadfastly refuses to explain who/why it favours. My theory is that it's because WS is not a bank and not authorized to issue credit cards; it is dependent on the small unidentified bank(s) with which it partners who can't issue more credit than available deposits permit per banking regulations. A murky fog of non-disclosure. Maybe when WS draws enough deposits to its non-investment side ... and... deposits that money to the mystery bank(s) they can issue more credit cards. It's a theory unfounded in insider knowledge.