A No Foreign Transaction Fee Credit Card with No Annual Fee!

My favourite cards for everyday spend are either the American Express Platinum or Business Platinum Card. They both earn 1.25 points per dollar transferrable to Aeroplan or Avios, and you can earn up 60,000 to 75,000 points respectively, after applying for those cards and completing minimum spend.

However, nearly all Canadian Credit Cards have fees on top of the exchange rate when making purchases abroad. This is 2.5% with most credit cards. If you travel a lot, this really adds up.

No Foreign Transaction Fee Credit Card - Chase Marriott

No Foreign Transaction Fee Credit Card – Chase Marriott

The best known no foreign transaction fee credit card is the Chase Canada Marriott Visa, which currently comes with a 50,000 Marriott Point bonus. The card has no annual fee for the first year, but after that a $120 annual fee applies.

Luckily for Americans (or those with US credit profiles), there are so many great cards available without a foreign transaction fee. If you want a card that has both no annual fees and no foreign transaction fees, I recommend the BoA Merill+ Card.

Travel Rewards Credit Cards

No Foreign Transaction Fee Credit Card +  No Annual Fee

In Canada, the other option was the Chase Canada Amazon Visa. Unfortunately, this card is not accepting applications anymore. Furthermore, Chase has already sold most of their credit card portfolio to Scotiabank. It’s likely that they will be selling the Amazon and Marriott cards as well to them as well.

Credit Karma, a great free way to check your credit, already displays those accounts as Scotiabank on TransUnion. When Scotiabank acquired the Sears Credit Card portfolio, they removed this benefit several months later. I would not be surprised if Scotiabank does the same with the Marriott and Amazon cards.

Chase Marriott Card DIsplaying as Scotiabank

Chase Marriott Card Displaying as Scotiabank

Additional Reading: Free Credit Score with Credit Karma

So, I was very surprised when I found another no foreign transaction fee credit card in Canada with no annual fee. Enter the Home Trust Preferred Visa.

No Foreign Transaction Fee Credit Card - Home Trust Preferred Visa

No Foreign Transaction Fee Credit Card – Home Trust Preferred Visa

The landing page for this credit card is here. There is no mention of the 0% foreign transaction fees there. However, if you look at the disclosure statement in the application, it does state explicitly there is no currency conversion charge.

Home Trust Visa Preferred - Disclosure Statement

Home Trust Visa Preferred – Disclosure Statement

Home Trust isn’t really a credit card issuer, but is one of the largest alternative mortgage lenders in Canada. They went through some financial issues a few months ago, but that shouldn’t be an issue because they are the ones giving you unsecured credit.

It is great that they are not actively marketing this as no foreign transaction fee credit card, and that it is difficult to find the application online. My guess is that they intended to offer this product as a niche products to clients, but there are no restrictions that, for example, only existing clients of Home Trust are able to apply.

The application is a little buggy. I just submitted an application this morning. It seems that there’s no instant approval process, so I’ll see soon enough what happens.

Apply for the Home Trust Preferred Visa Today!

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  1. Fido Mastercard has no annual fee, gives you a 1.5% return (or 4%-2.5%=1.5% on foreign spend) as cashback!

    How come that is not mentioned anywhere?

    • 4% return is only as Fido credit, or cashback once per year. That’s not as good as getting the reward instantly. Furthermore, you don’t get the 4% if you have refund a charge or for some transactions like PayPal. I personally will not pay an FTF just to get a higher return.

        • Hi, like above reply to Shawn, why would people love choosing to get bled..err..loan out their money in fees (annual and FX) to banks as much as they love charging you those fees upfront hoping to keep you spending enough to reach $20 or so worth points with its only ONE platinum card benefit being up to 1.75% future reward; but, as clearly titled, this site looks for “A No Foreign Transaction Fee Credit Card with No Annual Fee!” and shares finding Home Trust Preferred Visa, which instead saves you those same costs upfront with truly no annual fees, no FX fees (including on returns and cash advances) plus along with 1% cash back it also comes with free roadside assistance, purchase security, car rental insurances, etc. benefits that people like to devalue/tradeoff seeking their bonus percent (e.g., 50 cent more points every $100 FX spending). The rogers cards makes little sense when no rogers pap, paying fees without any other benefits other than collecting points to buy rogers stuff later and/or continually ASK credit next year especially when this site is about a true FX-fee-free choice.

      • “4% return is only as Fido credit, or cashback once per year. That’s not as good as getting the reward instantly.”

        Is that really a deal breaker? The fact that its not “instant”? So you have to call in once per year for the cash back; yah, and?

        “Furthermore, you don’t get the 4% if you have refund a charge or for some transactions like PayPal.”

        This I didn’t know, thank you!

        I suppose the best way to look at it is, does the rest of the incentives that the HT VISA offer out weigh the 1.5% net gain from Fx purchases. For me, it did, I have a 10 year old car and would prefer peace of mind knowing there is roadside assistance. This is why I applied yesterday for the HT VISA, but before learning about this card, I was headed in the direction of Fido MC, which I’d say for a no annual card, its probably the next best option, even when comparing to Rogers MC, Desjardins, HSBC; again, it depends on what you feel is important for you.

        oh yea, Fido does give 1.5% vs HT VISA 1%, so there is that too.

    • Hi there, rather than avoid annual fees and/or transactions fees altogether, there are people that must love bleed…err…loaning out their money out in fees to rogersbank as much as rogersbank love charging them those fees upfront hoping to keep you spending enough to reach $20 or so rogers reward money to get it all back in some future. There are people that buy into the credit card expert ANALyst’s selling short term loss for that few more percentage point gain in the future.

      YOU: (hey-look here my current credit card reward statement says my hundred dollars i spent gave me 50 cents more than you – hahaha and) forsaking everything else and devaluing any other benefits that could have been available to you like complimentary roadside assistance, purchase security, car rental insurances, etc. Hey what do i need those for. A bargain hunter told me it is for the best. It’s a trade off or something to get me slightly more than that just 50% more money i thought (e.g., 1.6% vs 1.5% – vive le difference) and that hunter has done all calculations himself. I think he calls himself a day trader so he’s plenty smarter than me. Says you have to give up money – all the credit card fees here folks – to make money. Well that just makes cents, alright.

      YOUR CC BANK: We the altruistic like you people who spend on our credit card and appreciate all the fees like the free foreign transaction money we have collected past, present and future from all of you people and we promise to wisely invest this money so we will be able to reward your money back to you soon in an installment or if you like as a huuuge sum (hopefully) much later – it’s your CHOICE that we have given you just as you have chosen us for your particular credit card needs. Like loyal airmiles collectors, your cooperation to give up transactions fees have been happily counted on to reach our reward goal so pleze just be patient – okay.

      In other words, we make an individual CHOICE everyday like visiting this site titled “A No Foreign Transaction Fee Credit Card with No Annual Fee!” Just as you among others decided to sign up for your particular credit card brand that charges foreign transaction fees first to be rebated later (which arguably violate this blog site’s title and purpose) should allow anyone to opt out/exclude that choice in search for credit cards that are truly free of foreign transaction fees and share them. Now just feel cool have about your choice(s).

  2. I just got off the phone with a (very helpful) Home Trust representative who informed me that applicants who are not existing or previous Home Trust clients will NOT be approved for Home Trust Preferred VISA.

    I am thankful for her candour. She explained that unless I had received an offer from Home Trust concerning this card, I should NOT proceed with the application–to do so would mean incurring a hit to my credit score for a product that I will not be approved for. This is also why this particular card is not being widely advertises on the Home Trust site–it is intended as a special offer for existing clients.

    Now that the Chase Amazon.ca card is no longer accepting applications, I was hopeful that this card might be a viable option for 0% foreign exchange conversion fee.

    Hope this is helpful!

          • Canadian Kilometers, just wondering if you’ve heard back regarding your application. I’m thinking of applying for their Preferred Visa card in order to dodge the 2.5% conversion fee but I am not a current (nor a past) Home Trust client.

          • Thanks, Canadian Kilometers for sharing, re: Home Trust Preferred Visa. I have never been a Home Trust customer, but I applied for the Visa card, and received the card in the mail about 3 weeks later. Thanks again for the info!

          • Hi, thanks also as got this Home Trust Preferred Visa too with both purchase security and car rental CDW insurance (primary as per their brochure) plus instant transaction fast updates on their ezcardinfo webtool, but without RFID chip/paywave/tap convenience features, which may be good travel protections from those RFID scanners and quick pick DCC scammers on foreign trips. They give out somewhat lower limit of 10,000 than had expected, but compared to the very initial low limit on rogers credit card, imagine how quicker could rogers’ reward point seekers supposed to offset their FX fees later rather than much later statement like the dividend and momentum high spenders offset their upfront FX charges (and annual fees) on huge bills of foreign gas and groceries category expenses in and outside Canada.

  3. Hi, I am going to the US and planning to use Chase Mariott card for most of spending as there is no transaction fee. Do you think it will be cheaper to use the card than buy USD at TD bank and use it?


    • Agreed, definitely cheaper to use the card vs buying US currency at your bank.

      Also, if you find yourself needing cash while in the US, use your debit card at an ATM, as the rate is cheaper than going into the bank and asking the teller for cash. Yes, you will have to pay the convenience fee of using another bank, but the rate you get from VISA/MC (Plus/Cirrus) far outweighs the rate given by the bank. Try to withdraw as much as your daily limit, this way you don’t have to get dinged each time you need to withdraw cash from the ATM; but of course, know your surroundings, don’t withdraw enough cash where you will be seen as a target, be safe, even if it costs you a “bit” more money.

      Also, as an aside, not so much a problem in the US, but when outside of Canada, always pay in local currency, never pay in your currency (CAD) to avoid Dynamic Currency Conversion fees, even when offered. And stay away from Currency Exchange shops, especially those found in airports, train stations, malls, etc, their rates are thee worst!

  4. Hi All,
    I signed up for Mogo and they have no (foreign trnasaction) fee prepaid visa cards but I am not sure how to get one…

  5. I am unclear why the Home Trust card is a good option over the Marriott card which comes with bonus points. Can someone clarify?

    I am going to need to make several large UK purchases in the next year. The company does not accept Amex. Are Home Trust and Marriott good options? No foreign transaction fees isn’t just for US purchases or anything?

  6. I applied and received an email that the card was on it’s way. Not mouch more information than that. I was wondering did you ever receive a card? My application took 3 weeks before I even go that email.

  7. I just hope there will be another credit card without foreign transaction and annual fees. Though I regret closing my Amazon, I know Scotia will change the policy like what they did to my Sears.

    • I just found this card, Home Trust Visa Preferred. It is Canadian, no fee and no foreign travel fees

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