Canadian Amazon Visa card

[Best_Vacation_EVER!]

Don't know about all banks, but the cross-border plans at TD charge a "preferred rate" for transfers to the US$ side.

So I checked their daily rates. The current counter rate for US exchanges was approximately 3%. The preferred rate for cross-border account holders was (you guessed it) 2.5%. Exactly the same rate as Visa charges all its customers.

That is the fallacy of these US$ cards. Unless you have a source of US$ income (US work or rental income), you are still going to pay an additional forex fee.

We do have some local currency exchanges that allow you to convert with a rate that is almost as good as what the Amazon card offered and worlds better than my regular CDN credit cards for USD purchases. We always buy USD cash before we go anyway... so my thought was to get a USD credit card then buy USD $ from the currency exchange at the better rate then apply the USD to the USD credit card at the branch before we leave.

I called our bank and asked a very simple question.... if I walk into my local branch with my USD cash in my hand will you deposit that USD cash payment to a USD credit card with no additional exchange or fees added ... They couldn't answer that very specific question.

We may just go for the Rogers one as well...

 

[Donald - my hero]

We do have some local currency exchanges that allow you to convert with a rate that is almost as good as what the Amazon card offered and worlds better than my regular CDN credit cards for USD purchases. We always buy USD cash before we go anyway... so my thought was to get a USD credit card then buy USD $ from the currency exchange at the better rate then apply the USD to the USD credit card at the branch before we leave.

I called our bank and asked a very simple question.... if I walk into my local branch with my USD cash in my hand will you deposit that USD cash payment to a USD credit card with no additional exchange or fees added ... They couldn't answer that very specific question.

We may just go for the Rogers one as well...

We have a BMO USD Mastercard and when the bill arrives we walk into the branch with US cash in hand and pay it. No extra fees, or exchange, just straight up pay the bill, they don't care where the money comes from. We have a USD savings account at the Royal that we transfer money into when the exchange is good, so if there is money in that account we will withdraw it to pay the bill, if we don't have enough we buy the cash at a currency exchange first.

 

[kuhltiffany]

I'm waiting this one out, in case they come up with an alternative...

 

[FigmentSpark]

I'm just going to say it... for those of you that have the Costco Capital One MasterCard and you're thinking of getting a Fido or Rogers Mastercard, remember that you can use ANY Mastercard in any Costco in Canada.

Since I just got my measely 'cashback' from the Costco card (which is totally different and not connected to my Executive Membership cashback), I'm switching to using my Fido Mastercard at Costco. Here's why:

CAPITAL ONE PLATINUM MASTERCARD:
https://www.capitalone.ca/credit-cards/costco/


Versus:
Fido or Rogers Mastercard:
https://www.rogersbank.com/en/compare_cards



So.... goodbye Capital One Mastercard.....

 

[pharm55]

I'm just going to say it... for those of you that have the Costco Capital One MasterCard and you're thinking of getting a Fido or Rogers Mastercard, remember that you can use ANY Mastercard in any Costco in Canada.

Since I just got my measely 'cashback' from the Costco card (which is totally different and not connected to my Executive Membership cashback), I'm switching to using my Fido Mastercard at Costco. Here's why:

CAPITAL ONE PLATINUM MASTERCARD:
https://www.capitalone.ca/credit-cards/costco/
View attachment 297535

Versus:
Fido or Rogers Mastercard:
https://www.rogersbank.com/en/compare_cards

View attachment 297536

So.... goodbye Capital One Mastercard.....

Now if only the redemption rewards weren't so restrictive on those rogers cards and they were actually true cash back like the amazon card is/was...

 

[FigmentSpark]

Now if only the redemption rewards weren't so restrictive on those rogers cards and they were actually true cash back like the amazon card is/was...

That's true, but our phones are with Fido, so it's nice when that's paid for by my 'cashback'.

 

[pharm55]

That's true, but our phones are with Fido, so it's nice when that's paid for by my 'cashback'.

Yeah that's the only way it would make sense. We don't have anything with Rogers unfortunately otherwise would sign up to get that 4% on foreign.

 

[Best_Vacation_EVER!]

Just wondering for those who have applied for the Rogers card --- how long did it take to have a response? Was it to the email address or did you just get the card in the mail...

 

[FigmentSpark]

I got a "Welcome" email telling me I'd been approved and my card would be there in about 7-10 days.

 

[Best_Vacation_EVER!]

I got a "Welcome" email telling me I'd been approved and my card would be there in about 7-10 days.

Just wondering how long after you applied that you got the message.

 

[FigmentSpark]

I'm sorry, I don't remember, as that was last summer.

 

[Best_Vacation_EVER!]

I'm sorry, I don't remember, as that was last summer.

No worries... appreciated that you answered... Thanks!

 

[Best_Vacation_EVER!]

I'm just going to say it... for those of you that have the Costco Capital One MasterCard and you're thinking of getting a Fido or Rogers Mastercard, remember that you can use ANY Mastercard in any Costco in Canada.

Since I just got my measely 'cashback' from the Costco card (which is totally different and not connected to my Executive Membership cashback), I'm switching to using my Fido Mastercard at Costco. Here's why:

CAPITAL ONE PLATINUM MASTERCARD:
https://www.capitalone.ca/credit-cards/costco/
View attachment 297535

Versus:
Fido or Rogers Mastercard:
https://www.rogersbank.com/en/compare_cards

View attachment 297536

So.... goodbye Capital One Mastercard.....

We had a Amex from Costco and resolved that we wouldn't be subject to the Cocstco whims in the future as far as changing cards go --- so will never use the Costco card unless it offers something simply too fantastic to avoid (like no forex.) We have had a Chase Amazon card which we loved since we used for Amazon or US purchases (which was still way more than we expected...) I've paid off our 2018 trip with it... but would love to have another card in hand that would take the sting out of USD transactions with the no forex fee for future trips....

 

[DavidL]

@Best_Vacation_EVER!
I applied for a Rogers Platinum card, and the following morning I had an approval email in my inbox. I applied on Jan 17, and on Jan 18 I received the email. As of today (Jan 24) I have not yet received the cards in the mail - but I'm not in a big rush.

I called Disney today and paid off my "room-only" reservation (March booking) using my Amazon card today. The Amazon card expires in the middle of our stay at the resort, so I have gone ahead and paid it off in full. When we check in, we will give them the Rogers card to keep on file for purchases using the magicband. We are using our Canadian theme park tickets that we had already paid for last year - so the room-only booking normally does not need to be paid in advance, but I am happy with knowing that it is already paid and that there will be no technical glitches with the Amazon card while we are there.

 

[mab2012]

Don't know about all banks, but the cross-border plans at TD charge a "preferred rate" for transfers to the US$ side.

So I checked their daily rates. The current counter rate for US exchanges was approximately 3%. The preferred rate for cross-border account holders was (you guessed it) 2.5%. Exactly the same rate as Visa charges all its customers.

That is the fallacy of these US$ cards. Unless you have a source of US$ income (US work or rental income), you are still going to pay an additional forex fee.

There are ways to do a bit better, but they are less convenient and still more expensive than a no-forex credit card. I bought some US cash today at a local exchange for 1.7% over spot, and the online exchange companies do also offer slightly better rates. But most people are just going to exchange through the bank, which gains nothing at all except some control over the timing.

Even worse, most Canadian US dollar cards seem to carry an annual fee, and earn no rewards. The RBC card is a notable exception, but the need for an associated bank account is annoying for those who are not already RBC customers.

On top of all that, I know this is the Disney board, but there's a big wide world out there, and most of it doesn't use US currency. I have both Visa and Mastercard debit cards if all I want to do is transact in US dollars while in the US, but that doesn't help me in the rest of the world.

Glad some can find an advantage with a US Dollar credit card, but for me it's not at all an adequate replacement for my Amazon Visa.

 

[ilovetotravel1977]

I still like using my regular BMO Air Miles World Elite card. That would be A LOT of miles I would be missing out on for a small amount of money.

 

[bgula]

I still like using my regular BMO Air Miles World Elite card. That would be A LOT of miles I would be missing out on for a small amount of money.

I have the BMO AM World Elite as well and love the # of AM's you can get, but it doesn't beat the Amazon card. Say I make a $1000 US purchase (~$1275Cdn assuming a 1.25 + 2.5% exch), I'll get 127 AM which is worth ~$12. If I use the Amazon card to make the same purchase, it will cost me ~$1250Cdn, a savings of $25 + 1% cashback of $12.50, for a total of $37.50. When you're paying off big items, like resort fees, tickets, etc., it makes more sense to use the Amazon card than go for the airmiles.

 

[FigmentSpark]

I have the BMO AM World Elite as well and love the # of AM's you can get, but it doesn't beat the Amazon card. Say I make a $1000 US purchase (~$1275Cdn assuming a 1.25 + 2.5% exch), I'll get 127 AM which is worth ~$12. If I use the Amazon card to make the same purchase, it will cost me ~$1250Cdn, a savings of $25 + 1% cashback of $12.50, for a total of $37.50. When you're paying off big items, like resort fees, tickets, etc., it makes more sense to use the Amazon card than go for the airmiles.

I thought the 2.5% FX fee was in CAD and on the CAD amount. This is how the Fido/Rogers card does it:


So, that $1000USD at 1.25 rate would be $1250CAD + 2.5% = $1281.25 as the cost.

If that's true across the board, you're saving more than $25 on your Amazon card.

Anyway, for the Fido and Rogers cards, the 4% cashback would then be $1250*.04 or $50 cashback, but to be used only on eligible purchases or your mobile monthly charge. It works out great if you have their products (I do), but I can see why others wouldn't find the savings to be worth it.

For what it's worth, the TD Aeroplan Visa would give me, on the same amount, 1281 Aeroplan points, which is only a small portion (less than 10%) of a short haul flight, but nonetheless, certainly something.

 

[ilovetotravel1977]

I was originally going to buy enough Disney gift cards to pay off my resort and then some food (so $1000 US) as that would have removed the 2.5% fee, but life happens and, well, that idea went out the window after Christmas LOL Let's just be honest, the actual exchange rate is just horrible...

 

[bgula]

I thought the 2.5% FX fee was in CAD and on the CAD amount. This is how the Fido/Rogers card does it:
View attachment 297905

So, that $1000USD at 1.25 rate would be $1250CAD + 2.5% = $1281.25 as the cost.

If that's true across the board, you're saving more than $25 on your Amazon card.

Anyway, for the Fido and Rogers cards, the 4% cashback would then be $1250*.04 or $50 cashback, but to be used only on eligible purchases or your mobile monthly charge. It works out great if you have their products (I do), but I can see why others wouldn't find the savings to be worth it.

For what it's worth, the TD Aeroplan Visa would give me, on the same amount, 1281 Aeroplan points, which is only a small portion (less than 10%) of a short haul flight, but nonetheless, certainly something.

It's possible which would be a bonus, but I always just figured it from the US amount in my head. My point was just that the Amazon card was a better option than the AM Mastercard. I always found myself tempted to go for the airmiles until I figured out it was a better deal to get the discounts on the exchange + cashback.