Hombre27

I am visiting the USA shortly and wondered if anyone had an opinion on which credit card would be best to use, my Canadian one, or my UK one and pay the bill in Sterling.

scrubbedexpat091

The one in the currency with the best exchange rate against the USD?

Aviator

You you pay the bill in sterling, unquestionably the UK one. Otherwise you'll get hit twice with the FX rate.

Niloc

I use the Sears Mastercard (Canada).
It has no annual fee.
Has Rewards Points
and the best part....
It does not charge the additional 2.5% exchange USA to Canadian Dollar that other cards do. (except perhaps Amazon's)

We travel to the US a lot and find the exchange rate is always better using the Sears Mastercard. I've compared purchases made the same day to the rate charged by my other MasterCard and Visa.

chiefmissile

I use my UK Santander Zero card for purchases in Canada or any other country.

No fee
No currency transaction fees
You get the market rate, sometimes more
You can load it up and take out cash from a machine anywhere, with no charges or interest, as long as the account is in credit.

I would advise any expat to get hold of one of there cards, but you may have to apply for it before you leave the UK?

Regards

Drew

Photoplex

This sounds too good to be true. My spidey senses tell me that what they lose on the 2.5% fee they make back on the exchange spread.

Can anyone confirm?

Niloc

We were in the USA for 6 weeks.

These are a sample of the rates copied from my online statements that Sears MasterCard charged me.
I've added the numbers in brackets that are the Bank of Canada Noon rates.

Jan 19/2015 1.204631380 (1.1947)
Jan 28/2015 1.250275634 (1.2520)
Feb 06/2015 1.255674103 (1.2524)
Feb 16/2015 1.253540683 (1.2418)
Mar 03/2015 1.251333333 (1.2490)

My other MasterCards and Visa trial purchases were around 1.284 in February.

Niloc.

Photoplex

Hey, that's not too shabby at all... Sears, here I come!

Niloc

Hey Photoplex,

I was skeptical too until I applied and got the card last year.
Check Sears Financial Website.
Benefits
So far we are happy.
Let's hope Sears Canada does not fold!
The card is actually JP Morgan Chase Bank.

Cheers...Niloc.

withabix

I have the Sears (Voyage) Mastercard.

I originally only applied for this for a laugh (thinking I would get refused as a TFW), but they gave me a decent credit limit!

I was sceptical about their exchange rate, but it's all good. They use the Mastercard forex rate.

The points give useful discounts at Sears too.

I think all the Chase-provided cards have zero forex fee (Amazon's is provided by Chase too).

SchnookoLoly

Yeah it really just depends on which card has the best terms.

For ages we were using our MetroBank UK card when we went to the US as there was no fee for international transactions, and no load on the exchange rage. They changed that policy last year, though, so instead we opened up an Amazon Canada credit card, which doesn't charge fees or loads for US transactions, and we use that card when we go to the US. For cash withdrawals we still use the MetroBank card as the fees are lowest for ATMs.

loss

Depends on the Card you are using and the benefits.

I could think of many reasons using a Canadian card in the Us would be better when you paying the Bill in £.

I know My Friend in Vancouver uses her Halifax clarity card over her Canadian card in Vancouver just because she gets a better deal that way even though she Earns In Canadian Dollars.

Mike Gas

Seems to be most Chase cards I have an Amazon.CA No foreign commission charges no annual fee and 1% cash back 2% on Amazon CA purchases use it in USA and Europe save a fortune

SchnookoLoly

Yep that's the one I posted about!

Steve_

And the answer is... get a USD credit card from your Canadian bank. Then there is no exchange rate. Get a USD account, deposit money in it when you like the exchange rate and use that to pay off the credit card. Preferably go back in time two years and do it, because it's too late now...

You can even get a US credit card if you can be bothered with the hassle.