Canadian options for no-foreign-exchange-fee credit cards are few and far between, particularly since Chase exited the Canadian market so decisively that it actually forgave any remaining charges or debt on its foreign-exchange-free Amazon and Marriott offerings.
Continue reading: Scotiabank Passport™ Visa Infinite* Card Review (Canada)
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There are two major no-fx cards in Canada, I have both. In terms of return:
Scotia: 2% on groceries, dining, entertainment, and daily transit, 1% on everything else
HSBC WE MasterCard: 3% on travel, 1.5% on everything else
Rogers World Elite charges FTF at 2.5% but then gives you 4% cashback on foreign transactions. Earning rates are 4% on foreign transactions, 2% on Rogers products, and 1.75% on everything else. Cashback is redeemable at any time in increments of $20. No annual fee.
I picked up the Scotiabank card because of the no FX fee. The HSBC card wasn't available yet to non HSBC customers, but I would have likely selected the HSBC card as the bonus points earning on travel would be more useful than the bonus points earning on dining.
I also have the AMEX Platinum and a few other cards. Although the AMEX Platinum has Priority Pass, the Scotiabank card might still be useful — from what I understand you could use the six free visits a year at the Priority Pass restaurants, which you can't do with the AMEX any longer.
Scotia Bank is scattered around the world. They have many branches not in Canada. I have an account in one of them. I have found them one of the worst banks ever to work with -- and there is competition on that score. Opening a plain ol' checking account required four appointments; not one of which was kept. I waited between one hour and two and a half hours at each appointment.
Finally, I was left with a Scotia Bank debit card, but despite their joint connection with Bank of America, (replacing the far superior Banco Santander) they charge whopping fees to get money from BofA (US$25, I think.) Then, IF I do not use Scotia Bank's own ATM to retrieve money from Scotia Bank itself, I am charged US$8. for each cash retrieval. Scotia Bank then collects an additional fee. It is all too complex and costly for me.
Credit cards with Scotia Bank? I haven't the energy -- nor the desire -- even to check it out. Proceed at your own risk.
HSBC World Elite Mastercard nets out at $50/yr because the "Travel Enhancement Credit" is easy to cash out. Therefore it's a better option for no-forex spending like buying LifeMiles LOL. Travel Medical 31 days too. Much more appealing option for a year-over-year keeper than Scotia.
Home Trust Visa is still an option. No Annual fee and NO FX fee. They also have Cashback. It is worth the long wait time to apply for it.