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Email this9:16 pm
April 6, 2013
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Peseta said
As of right now only Sears MasterCard and Amazon Visa (both issued by Chase) are the only fee-free credit cards with no foreign currency surcharge, but Chase will stop issuing Sears-branded cards on November 16, 2015.
Peseta
BUT the Chase Sears MasterCard continues on with the no foreign exchange fee with NO SEARS POINTS. The Sears card never had the no foreign exchange fee. But the question is....what happens to the Chase Sears MasterCard options once Bank of Nova Scotia takes the accounts over?
Important Information about your Sears Financial Credit Card has details about the Sears Financial cards after Scotiabank takes them over from Chase.
Sears Financial MasterCard will continue with a different reward program. 1% cash back on eligible gas station, grocery store, and drug store purchases and on recurring bill payments. ½% cash back on all other eligible purchases. The cash back is awarded annually as a credit on November statement.
Sears Financial Voyage MasterCard will be discontinued January 3, 2016. No new purchases on the card will be authorized after that date.
9:19 am
December 23, 2011
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Thanks norman1. I wonder if BNS will shove a new card or ask? I dropped the Amex Simply Cash after the Costco fiasco, but now see it might be the better no fee cash back card. I won't be accepting the card from BNS. I quess I will have to apply for a another BMO US dollar MasterCard.....but it only saves exchange fee on US dollar purchases.
9:48 am
December 23, 2011
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I might have jumped the gun??? In the url above if you select important documents, pricing it shows no foreign exchange fees. Confusing for sure.
11:37 am
April 6, 2013
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Whether or not one will be receiving a new card automatically from Scotiabank depends on the Sears Financial card one has.
Sears Card holders will not be:
4. Will I be getting a new Card from Scotiabank?
No. Scotiabank may be in contact with you to offer other options that may interest you.
Sears Voyage MasterCard holders won't be either:
4. Will I be getting a new Card from Scotiabank?
No. Scotiabank may be in contact with you to offer other options that may interest you. Or visit http://www.scotiabank.com to see the other card options that you may be interested in applying for.
However, Sears MasterCard holders, who are active and in good standing, will be:
4. Will I be getting a new Card from Scotiabank?
Scotiabank will issue replacement credit cards to most customers with an account that is active (within the last 6 months) and that is open and in good standing.
I would guess that the replacement card will be a Scotia Momentum MasterCard, judging from the title of the new reward program terms:
Scotia Momentum® MasterCard®* Cash Back Program
Here’s a smart way to manage your day-to-day purchases:
• A full 1% cash back on all eligible gas station, grocery store and drug store purchases and on recurring bill payments
•A full 0.5% cash back on all other eligible purchases
....
7:48 am
May 3, 2015
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I have a Sears MasterCard and from what they told me on the phone (and what it says on account login page), Scotia will be issung new Scotia Momentum MasterCard as a replacement of Sears MasterCard, and all the terms and conditions in Chase's September 2015 agreement with be honoured, including no forex fee.
The only change is that they automatically enroll you in their cash-back rewards program, with rewards paid out annually on a November statement closing date.
I really hope they keep status quo with respect to forex fees, at least as a grandfathered feature.
3:24 pm
December 23, 2011
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Thanks peseta
That is how I read it too. Hopefully they won't make changes as they did to ING.
9:56 am
December 23, 2011
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Their info says:
There are no changes to the interest rates, fees or other Card features at this time. If we make any changes to your rates or fees in the future, we will tell you first. If you previously made a purchase under an optional financing plan, the terms remain the same.
No changes to fees? Will it become a annual fee card? If it does....goodbye.
No changes to features? Will they drop the no Forex fees? If it does....goodbye,
While I am not an ING/Tangerine customer I have seen here that BNS has made many changes and for some odd reason I wonder if they will mess with the MasterCard once they get all their ducks in a row?
3:40 pm
October 21, 2013
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"Fees" could also mean late payment, cash advance etc. I think they are just covering themselves - for now.
But "change" is the name of the game. They wouldn't have bought it if they didn't think they could fiddle around with it somehow and "add value" for themselves and their shareholders. It's all about maximizing a competitive niche. But you knew that..
3:46 pm
May 3, 2015
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I'm totally with you kanaka! As soon as they put an annual fee on it and/or introduce the forex fee, I'm gonna close the account.
3:57 pm
December 23, 2011
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Y
Loonie said
"Fees" could also mean late payment, cash advance etc. I think they are just covering themselves - for now.
But "change" is the name of the game. They wouldn't have bought it if they didn't think they could fiddle around with it somehow and "add value" for themselves and their shareholders. It's all about maximizing a competitive niche. But you knew that..
I agree.
Their statements cover a broad spectrum that can be interpreted many ways. Tinker with it, yes. No doubt they would make changes once they see who is using what. Never the less if there is an annual fee or if forex is changed. Goodbye from me. No doubt they will think most won't make the effort to cancel. But keep in mind most of us have our favourite card and to some this will be a good secondary card.
11:55 am
December 23, 2011
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Just received Scotiabank MasterCards yesterday. Same account numbers as the Sears MasterCard but a new expiry date. So I would imagine if you have vendor payments using it you may have to update the expiry date. It clearly says there are no extra fees for foreign currency other than the exchange rate.
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