Ditch currency conversion fees

These new credit cards make a great travel buddy thanks to no currency conversion fees.

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From the December/January 2013 issue of the magazine.

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If you frequently travel abroad or purchase items from foreign retailers, you’ll be happy to learn there are now credit cards that don’t charge you the pesky currency conversion fee. Most cards charge you 2.5% on top of the currency conversion rate on foreign purchases, but earlier this year Chase introduced a line of cards to Canada that convert currency for free.

The cards are the Sears Financial Voyage MasterCard, Amazon.ca Rewards Visa, and Marriott Rewards Premier Visa. The Sears card has a $39 annual fee, while the Marriott card charges $120 after the first year. However, Patrick Sojka, CEO of the Frequent Flyer Bonuses Group, says he likes the Marriott card because the cardholder receives free hotel stays.—Deanne Gage

3 comments on “Ditch currency conversion fees

  1. I also applied for this card recently. One problem with it though is the ability to automatically pay the balance each month from my chequing account. I talked to the customer service rep and displayed my disappointment and the manager ended up crediting me 20,000 points.

    One other thing, it is more difficult to find category 4 hotels to redeem for your free night (I thought).

    The Currency conversion non-fee will serve me well the next few months in the US and Europe.

    Reply

  2. Not only does the Amazon card have no exchange charges, it also has no annual fee and it provides 1% rewards on all purchases / 2% on Amazon.ca purchases. It's probably the best card out there for anyone who frequently travels abroad or purchases items from foreign retailers.

    Reply

  3. I applied yesterday due to the perks and mainly for the unified prices of goods sold over the merchant. Conversion fees from actual stores does inflate your spending wherein you spend more on items you buy. Plus member discounts are amenable.

    Reply

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