Alright let’s
talk dollars and cents here for a minute. As I mentioned here, I am embarking
on a three month journey traveling through South East Asia. One of the things I have been researching is
what is the best Credit Card and Debit Card to travel with as a Canadian?
As
Canadians, we don’t have too many options when it comes to avoiding foreign
transaction fees with most credit cards charging a 2.5-3% Foreign Currency
Exchange Fee. This means every time you purchase something in a different
currency, your bank charges you that 3%! Not okay. This about it this way, spend
$1,000 and tack on an additional $30 in fees? No thanks. For additional views on this, take a look at
Nomadic Matt who talks about this very thing.
For many of
us out there who are travelling on a budget, saving that 2.5% will help stretch
our Canadian Dollar just a bit more, especially when our dollar (August 2015)
is not doing so well.
Below are a
few options I have found with respect to Credit Cards and Debit Cards that may
help save some money on the road. It's by far not exhaustive but are some considerations:
Again, this is by no means an exhaustive list, but provides some considerations for those who will be travelling in the near future.
Name
|
Network
|
Foreign Transaction
Fees
|
Annual Fee
|
Cash Advance Fee/ ATM
Withdrawal Fee
|
Cashback/Points
Signup Bonus
|
|
CREDIT CARDS
|
||||||
Visa
|
None
|
$120
CAD waived for the first year
|
1.0% of the Cash
Advance amount, minimum $5.00
no interest-free grace
period for cash advances
|
Sign Up:
30,000 bonus points
Earn up to 5 free nights
5 points per $1 at Marriott locations
2 points per $1 on airline tickets, car rental
agencies and restaurants
1 point per $1 on other purchases
|
||
|
Visa
|
None
|
None
|
1.0% of the Cash Advance amount, minimum
$5.00
|
$ 20
Amazon.ca Gift Certificate
2% cash
back per $1 on Amazon.ca
1% cash
back per $1 everywhere else
|
|
|
Visa
Interac
Plus
|
2.5%
|
$120
|
1% of Cash
advance Amount or $5.00 minimum
|
Sign
up: 25,000 points
|
|
Name
|
Network
|
Foreign
Transaction Fees
|
Monthly
Fee
|
Cash
Advance Fee/ ATM Withdrawal Fee
|
Cashback/Points
Signup Bonus
|
|
DEBIT CARDS
|
||||||
(formerly ING Direct)
|
MasterCard
Cirrus
|
0%
(Verified
by Tangerine Chat!)
|
None
|
ATM Alliance: $0
Other ATMs: $2 |
$50 signup bonus when you use Orange Key 44264941S1
(Until August 31, 2015 thereafter $25)
|
|
Interac
Plus
|
2.5%
|
None
|
$3.00
foreign ATM charge
|
Can redeem
PC points for groceries
|
Again, this is by no means an exhaustive list, but provides some considerations for those who will be travelling in the near future.
Do you have any other suggestions for zero foreign transaction fee Canadian Cards?
I hope you have an amazing time traveling in Southeast Asia.
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