In this feature of Rewards Canada's Ultimate Credit Card Portfolios we look at the ultimate one for those who make lots of purchases in currencies other than the Canadian dollar. It looks at credit cards in the Canadian market that do not charge a fee of 2 to 3% on purchases made in foreign currencies.
It is the ideal portfolio for those traveling outside of Canada a lot, those shopping online from the U.S. and other countries and even business owners who are importing items that can be paid for with a credit card.
As we typically recommend, you should carry at least one Visa, one Mastercard and one American Express card, if not more of each in your wallet. This is standard with all of our Ultimate Wallets. The reason why is that there are benefits, promotions and earning potential unique to each brand of credit card.
In this portfolio we outline one card from each brand that will help you build up those travel rewards points all the while saving you a good chunk of change by not having to pay those pesky foreign transaction fees. Ultimately there are various options that could be utilized for such a portfolio but we look at one card from each issuing family that we feel are the best fit for this mission.
What is Rewards Canada's Ultimate No Foreign Transaction Fee Credit Card portfolio? It's the following three cards:
American Express: Scotiabank Gold American Express Card
Mastercard: Brim World Elite Mastercard
Visa: Scotiabank Passport Visa Infinite Card
Prior to February 2024, this portfolio used to be a contender for the 'Ultimate' of Ultimate Credit Card Portfolios! It had a trifecta of cards for someone looking to have an amazing travel rewards portfolio. However with RBC's takeover of HSBC we lost the HSBC World Elite Mastercard which held the position for the Mastercard in this portfolio. There is no direct travel rewards replacement for that card so it gets replaced with a very strong cash back card, the Brim World Elite Mastercard.
Recommended reading: Details of the HSBC to RBC transition (Continually updated)
That being said you still have a pretty darn good portfolio if you go with these three cards. You have a card that is one of the strongest points earning cards in Canada (the Scotiabank Gold Amex), the card with the highest cash back earning at Costco (the Brim World Elite Mastercard and without getting technical about the Rogers Mastercard), and a card that provides travel benefits like airport lounge access (the Scotia Passport card).
Related: No Foreign Transaction Fee Credit Cards for Canadians
Five Key Benefits of this portfolio
- All cards feature no foreign transaction fees
- Strong points earning potential
- Provides flexible travel and cash back rewards
- Great travel benefits
- Strong insurance coverage
Why you want to get each of these cards
The first card in the portfolio is the Scotiabank Gold American Express card. This card would be set as the main card in this portfolio and you would want to put all of your possible spending in Canada on the card. The main reason is that the card is very strong for points earning. It earns 6 points per dollar at Sobeys, Safeway and other Empire group stores. Then it earns 5 points per dollar spent at eligible grocery stores, on dining and entertainment (in Canada), 3 points per dollar spent at eligible gas stations, daily transit and select streaming services (in Canada) and 1 point per dollar spent everywhere else. The key wording here is 'in Canada' as all purchases not made in Canadian dollars will earn 1 point per dollar spent. Those numbers translate to a 5%, 3%, and 1% return when redeeming for travel and since this is travel rewards card portfolio that is key.
And when it comes to redeeming for travel this card is as flexible as they come. You book the travel how you want, when you want, with whomever you want and then when that travel charge shows up on your account you redeem your points against that charge. Want to book a flight directly with Air Canada, pay for it on this card and then redeem points for it! On top of that you'll still earn Aeroplan miles on the flight.
Scotiabank Gold American Express Card Quick Facts:
- Annual Fee: $120 primary card | $20 supplementary cards
- Receive up to 40,000 welcome bonus points
- Income requirements: $12,000 personal
- Apply for this card here.
- Click here to read our in-depth review of the Scotiabank Gold American Express Card
The second card in the portfolio is the Brim World Elite Mastercard which is a cash back rewards cards with some good travel benefits. This is the card you will pull out of your wallet for your Costco shopping in Canada and select out of country purchases where the Scotiabank Passport Visa Infinite Card does not have accelerated earn rates.
This card earns 2 points per dollar spent for the first $25,000 of spending on the card. Those 2 points are equal to a 2% cash back return which makes this card one of the the best to use at Costco warehouses in Canada. After $25,000 of spending the earn rate drops to 1 point per dollar (1% cash back).
When travelling outside of Canada (or shopping online outside of Canada) you won't pay any foreign transaction fees with this card and if you are within the $25,000 cap you'll earn 2% cash back on those purchases. This is the same equivelant earn rate the Scotia card offers for grocery, dining, entertainment and daily transit outside of Canada. So it really is up to you which card you want to use for those categories. Outside of those categories you'll earn more rewards on the Brim card if you are still within your $25,000 cap.
The card provides really good travel insurance coverage and also has Mastercard TravelPass by DragonPass airport lounge access membership. This is also provided on the Scotiabank Passport Visa Infinte (as Visa Airport Companion by DragonPass) however the Scotia card also includes 6 lounge visits annually so you'll you want to use the Scotia card first for your lounge access.
Finally, the Brim card also comes with free Boingo global Wi-Fi which provides Wi-Fi access on several airlines including WestJet.
Brim World Elite Mastercard Quick Facts:
- Annual Fee: $199 primary card | $50 supplementary cards
- Receive up to $500+ in first time purchase bonuses
- Income requirements: $80,000 personal or $150,000 household
- Apply for this card here.
- Click here to read our in-depth review of the Brim World Elite Mastercard
Rounding out this portfolio is the Scotiabank Passport Visa Infinite Card. It was the first no foreign transaction fee card in Canada to be issued by a major bank. This card is very similar to its Gold American Express card sibling except for being a Visa card of course!
Its base points earning is the same at 1 point per dollar but then its category bonus rates are lower than the Gold Amex version and there is a good reason why. That higher earn rate of 2 points per dollar on grocery, dining, entertainment and daily transit is not limited to purchases in Canadian dollars. It is awarded on purchases in those categories made in any currency. So, if you are dining at a restaurant in Chicago you'll earn the 2 points per dollar and save your 2.5% thanks to the no foreign transaction fee. On the redemption side this card is exactly the same as the Scotiabank Gold American Express card - 1,000 points = a $10 credit on travel charges.
On the benefits side the key feature this card provides is a Visa Airport Companion Program membership with 6 free lounge visits which has a combined value of US$309 - and this is an annual benefit.
Related: Rewards Canada's Guide to Business Class Lounge Access
All three cards also come with some really good welcome bonus offers that provide you with well over $800 in travel credits and varying travel and purchase insurance benefits.
Here's how you should split up your spending with this credit card portfolio:
- Grocery, Dining, Entertainment purchases (in Canada): Scotiabank Gold American Express Card
(unless the merchant doesn't accept Amex - then use the Scotia Bank Passport Visa Infinite Card)
- Grocery, Dining, Entertainment purchases (outside of Canada): Scotiabank Passport Visa Infinite Card
- Drug Store Purchases: Brim World Elite Mastercard
- Costco Purchases: Brim World Elite Mastercard
- Travel purchases: Brim World Elite Mastercard unless you are planning on redeeming points for the purchase from Scene+, then use Scotia Passport Visa Infinite card thanks to its good insurance coverage
- Gas stations, daily transit* and select streaming services (in Canada): Scotiabank Gold American Express Card (unless the merchant doesn't accept Amex - then use the Scotia Bank Passport Visa Infinite Card for daily transit, Brim on gas)
- Daily transit* (outside of Canada): Scotia Bank Passport Visa Infinite Card
- All other purchases: Brim World Elite Mastercard up to its $25,000 cap otherwise any of the cards are fine.
* - includes buses, subways, taxis, Ubers and more
Of note, both of the Scotia cards have a $50,000 annual cap on the category bonus spending. Should you reach that cap on one card move your spending to the other.
Here are the details on these three cards
Scotiabank Gold American Express Card
2024 Top Travel Points Credit Card with an annual fee | 2024 Top No Foreign Transaction Fee Credit Card
Earn up to $650* in value in the first 12 months, including up to 40,000 bonus Scene+ points¹. Offer ends Jul 1, 2024
Annual Fee: $120 | Additional Cards: $29 | Minimum Income $12,000
- Bonus offer broken down as follows:
- Earn 20,000 bonus Scene+ Rewards points by making at least $1,000 in everyday eligible purchases in your first 3 months.
- Earn 20,000 bonus Scene+ Rewards points when you spend $7,500 within your first 12 months - You will not pay 2.5% foreign transaction fees on any foreign currency purchases, including online shopping and when travelling abroad. Only the exchange rate applies
- You’ll earn 6X Scene+ points for each $1 CAD charged to your account on all eligible purchases1 at Sobeys, IGA, Safeway, Foodland, FreshCo, Voilà by Sobeys, Voilà by IGA, Voilà by Safeway, Chalo! FreshCo, Thrifty Foods, IGA West, Les Marchés Tradition, Rachelle Béry and Co-Op.
- Earn 5X Scene+ points for every $1 CAD spent on eligible grocery stores, restaurants, fast food, and drinking establishments. Includes popular food delivery and food subscriptions
- Earn 3X Scene+ points for every $1 CAD spent on eligible gas and daily transit. Includes rideshare, buses, taxis, subway, and more
- Earn 3X Scene+ point2 for every $1 CAD you spend in Canada on eligible select streaming services.
- Earn 1X Scene+ point for every $1 spent on every other purchase
- Complimentary Concierge Services 24/7
- Amex exclusive benefits (Front Of The Line)
- Use your points to purchase travel online or over the phone through our full-service travel agency. Or book your own travel using your card and go online to redeem points for the purchase.
- Receive up to 25% off qualifying car rentals
- Travel emergency medical coverage is automatically provided for eligible persons for up to 25 consecutive days
- Redeem points for merchandise and other rewards
- Click here to apply for Scotiabank Gold American Express Card
*See Card Provider's website and Card Application for complete card details, terms and current offers. Reasonable efforts are made to maintain accuracy of information
Brim World Elite Mastercard
Up to $500+ in first time bonuses from Brim merchant partners + no annual fee in the first year
Annual fee: $199 | Additional Cards: $50
- 2 points for every $1 spent up to $25,000 annually
- 1 point for every $1 spent after that
- No Foreign Transaction fees
- Complimentary membership in Mastercard Airport Experiences provided by LoungeKey
- Free Global Wi-Fi
- Comprehensive package of insurance benefits
Scotiabank Passport Visa Infinite Card
Canada's Choice for Top No Foreign Transaction Fee Rewards Credit Card 2023
Earn up to $1,300+ in value in the first 12 months, including up to 40,000 bonus Scene+ points¹ and first year annual fee waived¹. Offer ends Jul 1, 2024
Annual Fee: $150 | Additional Cards: $0 for first card $50 for each additional | Minimum Income $60,000
- Bonus offer broken down as follows:
- Earn 30,000 bonus Scene+ Rewards points by making at least $1,000 in everyday eligible purchases in your first 3 months.
- Plus, as a Scotiabank Passport Visa Infinite cardholder, you are eligible to earn an annual 10,000 Scene+ Rewards point bonus when you spend at least $40,000 in everyday net eligible purchases annually.
- $150 primary card fee waiver for the first year
- You’ll earn 3X Scene+ points for each dollar charged to your account on all eligible purchases1 at Sobeys, IGA, Safeway, Foodland, FreshCo, Voilà by Sobeys, Voilà by IGA, Voilà by Safeway, Chalo! FreshCo, Thrifty Foods, IGA West, Les Marchés Tradition, Rachelle Béry and Co-Op.
- Earn 2x Scene+ Rewards® points on every $1 you spend on eligible grocery stores, dining, entertainment purchases and daily transit purchases (including buses, subways, taxis and more)
- No Foreign Transaction Fee
- 6 Complimentary Airport Lounge Access
- Comprehensive Travel Insurance coverage
- Visa Infinite* Concierge Services
- Visa Infinite* Hotel Collection
- Visa Infinite* Dining and Wine Country program
- Click here to apply for Scotiabank Passport Visa Infinte Card
*See Card Provider's website and Card Application for complete card details, terms and current offers. Reasonable efforts are made to maintain accuracy of information. Rates, fees and other information are effective as of Jan.4, 2024. Subject to change.
Other card options you could consider:
You do have several other card options you could look at in this portfolio - not a whole lot though seeing there only around 10 no foreign transaction fee cards in Canada. For the American Express option you could look at using the American Express Cobalt Card, it is very similar to the Scotiabank Gold Amex in that it earns up to 5x points on purchases and provides the utmost flexibility when you redeem for travel and it has no set income requirement. The main difference from the Scotia card is that the Cobalt card still has a 2.5% foreign transaction fee but it's point multipliers do work globally not just in Canada.
For the Mastercard side your best option instead of the Brim World Mastercard would be the no fee Brim Mastercard. It also has No Foreign Transaction fees and the Boingo Wi-Fi but only earns the equivalent of 1% cash back.
Finally on the Visa side your next best option after the Passport Visa Infinite card would be the Home Trust Preferred Visa as it is the only other Visa card in Canada with no foreign transaction fees but you don't earn any rewards on foreign transactions.
This article was first posted on December 6, 2019 and is updated on a regular basis.