Canada - New no-forex fee Canadian points CC

Hello all,

Received today from Marriott:

Introducing the new Marriott Rewards Premier Visa Card*, exclusively for Canadian residents. With this card, you’ll earn points faster than ever before and receive additional benefits just for being a Cardmember. Apply by September 30, 2012 and you will earn 30,000 bonus points1 after your first purchase and a free night stay upon approval2 – together that's enough for 5 free nights at a Category 1 hotel.3 By signing up, you’ll also enjoy the only hotel travel credit card in Canada with no foreign currency transaction charges in addition to the exchange rate.4

As a new Marriott Rewards Premier Visa Cardmember, you'll receive:

• Free Night Stay upon account approval, valid for 6 months at any Category 1-4 Marriott® hotel worldwide2
• 5 points per $1 spent at more than 3,500 participating Marriott® locations5
• 2 points for every $1 spent on Airline Tickets purchased directly with the airline, and at Car Rental Agencies & Restaurants5
• 1 point per $1 spent on purchases anywhere else5
• 15 nights credit towards Marriott Rewards Elite status each year, giving you Silver Elite status or better! 6
• An anniversary bonus of one free night stay at a Category 1-5 hotel every year7
• Plus the $120 Annual Fee is Waived for the First Year! 8

With the new Marriott Rewards Premier Visa Card, you'll be on your way to some very rewarding experiences!


Good deal card... Now I wonder if some AP card will follow!

I got that email too.

Don't have status with Marriott and their program kind of sucks. But the lack of foreign transaction fees is enticing.

Hope other cards follow suit, especially Amex!!

No foreign transaction fees, OK. But how are the exchange rates?

Another churnable card? 30k points into 10k ae miles and a free night first year free... :)

The current Marriott Premier thread
http://www.flyertalk.com/forum/marriott-rewards/1370926-canadian-offer-marriott-rewards-premier-visa-card.html

Some got 50K offers (targeted) which is even better

It's no additional 2.5-3% on top of exchange fee (which I guess will be relatively the same for all CC)

Another churnable card? 30k points into 10k ae miles and a free night first year free... :)

So I'm on Marriott's website and I can't seem to find how to convert Marriott points to AE points other than the automatic accrual to AE option. Is that the transfer function?

i believe most CC companies throw in the foreign exchange transaction fee as part of the exchange rate (as opposed to charging a foreign exchange fee on top)...... typically its about 3% more than BOC buy/sell rate

Not that I would distrust this no-forex promise, but do they use the same interbank rate as everyone else, or do they start with something different?

So I'm on Marriott's website and I can't seem to find how to convert Marriott points to AE points other than the automatic accrual to AE option. Is that the transfer function?

http://www.marriott.com/rewards/moreRewardDetail.mi?marrRewardCode=790A&points=30,000

AE is listed as one of the partners

Not that I would distrust this no-forex promise, but do they use the same interbank rate as everyone else, or do they start with something different?

3 Foreign Currency Conversion: We will bill you in Canadian Currency if you use your account to make a transaction in foreign currency. We will convert it into Canadian currency at the exchange rate set by Visa International in effect at the time we post the transaction to your account. We will not charge you any additional foreign currency conversion charge.

Wirelessly posted (Mozilla/5.0 (BlackBerry; U; BlackBerry 9780; en-US) AppleWebKit/534.8+ (KHTML, like Gecko) Version/6.0.0.448 Mobile Safari/534.8+)

Which is essentially what my RBC Visa, HSBC MC, and all of my Amex cards do.

Wirelessly posted (Mozilla/5.0 (BlackBerry; U; BlackBerry 9780; en-US) AppleWebKit/534.8+ (KHTML, like Gecko) Version/6.0.0.448 Mobile Safari/534.8+)

Which is essentially what my RBC Visa, HSBC MC, and all of my Amex cards do.

Don't know about RBC Visa, too lazy to look up.

But HSBC MC is 2.5%.

Foreign Currency Conversion 2.5%
We will bill you in Canadian currency if you use your Account to make transactions in foreign currency. We will convert it directly to Canadian dollars at the exchange rate in effect at the time we post the transaction to your Account. When the transaction is posted to your Account, in addition to the exchange rate, you will be charged a foreign currency conversion of 2.5% for each foreign currency transaction.

Amex also charges a 2.5% Forex fee

All foreign currency charges have been converted into Canadian dollars on the date we processed the charge. Non-U.S. dollar charges have been converted through U.S. dollars, by converting the charge amount into U.S. dollars and then by converting that U.S. dollar amount into Canadian dollars. U.S. dollar charges have been converted directly into Canadian dollars. Unless a specific rate was required by law, the American Express treasury system has used conversion rates based on interbank rates (selected from customary industry sources) from the business day prior to the processing date, increased by a single conversion commission of 2.5%. Any charges converted by third parties prior to being submitted to us have been at rates selected by them

So if the exchange rate set by Visa International is the same interbank rate (which I'm not too sure about), the Marriott card should be better than the rest of the pack.

3 Foreign Currency Conversion: We will bill you in Canadian Currency if you use your account to make a transaction in foreign currency. We will convert it into Canadian currency at the exchange rate set by Visa International in effect at the time we post the transaction to your account. We will not charge you any additional foreign currency conversion charge.


Which is essentially what my RBC Visa, HSBC MC, and all of my Amex cards do.

I don't believe so. RBC's T&Cs (http://www.rbcroyalbank.com/cards/documentation/pdf/ch-agreement.pdf) state:

We will bill you in Canadian currency. If you or your Authorized Users use a Credit Card or your Account number outside Canada or charge amounts to your Account in a foreign currency, we will convert the charges into Canadian dollars no later than the date we post the transaction to your Account at our exchange rate which is 2.5% over a benchmark rate set by the payment card network that is in effect and that we pay on the date of the conversion.

This isn't an Aeroplan decision, but a CIBC decision. If CIBC were to offer no-fx fees it would likely be across their Visa Infinite and World MasterCard products.

Wirelessly posted (Mozilla/5.0 (BlackBerry; U; BlackBerry 9780; en-US) AppleWebKit/534.8+ (KHTML, like Gecko) Version/6.0.0.448 Mobile Safari/534.8+)

Which is essentially what my RBC Visa, HSBC MC, and all of my Amex cards do.

My cards charge me an extra 2.5% on conversation. What credit cards do you have with RBC and HSBC that doesn't charge a foreign exchange conversion?

Wirelessly posted (Mozilla/5.0 (BlackBerry; U; BlackBerry 9780; en-US) AppleWebKit/534.8+ (KHTML, like Gecko) Version/6.0.0.448 Mobile Safari/534.8+)

I guess the question is what is that "Visa" rate. If it's just the interbank rate then that is in fact an excellent deal.

If you're spending $100,000 a year in foreign transactions you might save $2000-$3000 a year.

That alone would put this card at the head of the pack.

Got the 30K offer, but since I have too many credit cards already, it's a reluctant pass. The card can help me in narrowing hotel choices, but I often like to experience different hotels when traveling. I do like the Springhill Suites and Courtyard, though.

The card would be actually decent if they offered more points per dollar, like the CapOne Delta Card. Then converting 125 to 50k AP would be actually decent.

Wirelessly posted (Mozilla/5.0 (BlackBerry; U; BlackBerry 9780; en-US) AppleWebKit/534.8+ (KHTML, like Gecko) Version/6.0.0.448 Mobile Safari/534.8+)

I guess the question is what is that "Visa" rate. If it's just the interbank rate then that is in fact an excellent deal.


I believe the VISA international rate is 1%, and your bank adds whatever on top.

If that's the case, then this card is in the realm of the 1%-2% cash back cards, except that you'd get the "cash back" on all charges, not just foreign transactions.

Chase Canada has the Amazon.ca cashback card with no forex. 1% cash back and no forex fee, and no annual fee. 2% cashback for Amazon.ca purchases (not for other Amazon sites though).

The interbank rate is very very close to the Bank of canada spot rate I have found.

As it happens I was forced to use my Amex for an identical charge in NYC recently right after using the Amazon Visa. The Amex charge posted at nearly spot on the same plus 2.5%.

The total return is about 3.5% with the cashback vs. comparing to regular cards most of which have 2.5% forex fee.

I don't work for Chase or anything, but I think the Amazon Visa works very well. Have put all our non-Canadian $ purchases on there since getting it.

Another churnable card? 30k points into 10k ae miles and a free night first year free... :)

On the Aeroplan site I see:

Marriott Rewards members can convert points to Aeroplan Miles (10,000 points for 2,000 miles).

So how does 30,000 become 10,000 miles?

I applied for the card this morning but I thought at that lousy xfer rate it's probably to keep them for hotels.

So how does 30,000 become 10,000 miles?

Here (http://www.marriott.com/rewards/usepoints/morerew.mi)

The earn ratio increases if you convert more points at a time.

•Every year you will automatically receive 15 nights credit toward your next Elite membership level, giving you Silver Elite status or better.


This sounds interesting as well. I don't have any status with Marriott, however it sounds like just by getting this card you'll get Silver Elite right away???

This sounds interesting as well. I don't have any status with Marriott, however it sounds like just by getting this card you'll get Silver Elite right away???
Yup! I've already applied. Good card & first year free!!

Wirelessly posted (Mozilla/5.0 (BlackBerry; U; BlackBerry 9780; en-US) AppleWebKit/534.8+ (KHTML, like Gecko) Version/6.0.0.448 Mobile Safari/534.8+)

I guess the question is what is that "Visa" rate. If it's just the interbank rate then that is in fact an excellent deal.

If you're spending $100,000 a year in foreign transactions you might save $2000-$3000 a year.

That alone would put this card at the head of the pack.

In the US, Chase actually uses the mid-market rates on their No Forex cards (Sapphire Preferred, etc.), which is half way between the buy and sell rates for that day (daily average I think).

In the US, Chase actually uses the mid-market rates on their No Forex cards (Sapphire Preferred, etc.), which is half way between the buy and sell rates for that day (daily average I think).

I have Chase's Amazon.ca Visa which also has no forex fee. Just got back from a Seattle trip and rate was very close to Bank of Canada noon spot rate.

I think I will be getting this to replace the Amazon card.

The Silver Status with Marriott really doesn't get you much. Just a welcome back and a silver key card. I know they advertise promotions and weekend specials, but they rarely seem to have any reward availability in my experience.

Passing.

How far does 30K points go in terms of free hotel stays?

Also, what kind of hotels are included in categories 1 - 4? Is this like Best Western where it's impossible to find a hotel at the 8,000 point level, and most hotels are over the 20K point level?

The no FX fee is nice and I would only use it for the free stays, not likely to see a Marriott in my work travels.

Hello all,

Received today from Marriott:



Good deal card... Now I wonder if some AP card will follow!

Sears also has no FX fee, and i can convert Sears club points into PETRO points which can be converted into Asia Miles.

Sears also has no FX fee, and i can convert Sears club points into PETRO points which can be converted into Asia Miles.

From the Sears Website

•NEW – starting July 23rd, Sears Financial Voyage MasterCard cardmembers will enjoy the freedom of spending with no foreign currency transaction charges – usually 2.5 percent– when travelling abroad or making online purchases on international sites.


So, I wonder if Sears did this to compete with the Marriott card? July 23rd was around the time the Marriott card launched. Maybe other cards will try to compete as well. I doubt CIBC would compete anytime soon though, they tend to be a little far behind in things like this.

I have the Amazon card as well. Recent sample rates USD to CAD:

Post date
08/12 0.997382199
08/13 1.000000000 (was $1.09, maybe that's why it's an even rate)
08/13 0.996766744
08/13 0.996598639

From the Sears Website



So, I wonder if Sears did this to compete with the Marriott card? July 23rd was around the time the Marriott card launched. Maybe other cards will try to compete as well. I doubt CIBC would compete anytime soon though, they tend to be a little far behind in things like this.



Amazon/Marriott Visa and Sears Mastercard, all these NO FX fee credit card are issued by Chase.

https://www.chase.com/online/canada/canada-home-en.htm

So I don't think there is any competitions there.

Dang if Chase Canada issues a United card, I'm switching my whole family off Aeroplan in one fell swoop. We can all dream right? :)

I have the Amazon card as well. Recent sample rates USD to CAD:

Post date
08/12 0.997382199
08/13 1.000000000 (was $1.09, maybe that's why it's an even rate)
08/13 0.996766744
08/13 0.996598639

I just signed up for this.
Will be calling CIBC to cancel aerogold inf card soon.

Wish I'd known about this sooner .. . . Spent much $$ at amazon.com

I got that email too.

Don't have status with Marriott and their program kind of sucks. But the lack of foreign transaction fees is enticing.

Hope other cards follow suit, especially Amex!!

What's wrong with their program? I have been happy with it for 14 years...

On the Aeroplan site I see:

Marriott Rewards members can convert points to Aeroplan Miles (10,000 points for 2,000 miles).

So how does 30,000 become 10,000 miles?

I applied for the card this morning but I thought at that lousy xfer rate it's probably to keep them for hotels.

If you book seven day award packages, you can convert 100k Marriott points to 100k aeroplan. Plus AP conversion bonuses if applicable.

What's wrong with their program? I have been happy with it for 14 years...

Nothing wrong until you compare it with SPG and Hyatt, and even Hilton...

My only use of the Marriott points would be for stays at Ritz Carlton properties.

If you book seven day award packages, you can convert 100k Marriott points to 100k aeroplan. Plus AP conversion bonuses if applicable.

Where do I find this? I've been wondering what to do with Marriott points for a while.

Here is the VISA exchange rate
http://corporate.visa.com/pd/consumer_services/consumer_ex_rates.jsp

Here is the Interbank exchange rate (I guess)
http://www.oanda.com/currency/converter/

Looks like a 1.5% difference

If you book seven day award packages, you can convert 100k Marriott points to 100k aeroplan. Plus AP conversion bonuses if applicable.

If you do that you can convert Marriott points to a program without fuel surcharges or crazy award levels in First! They have a lot of options, the good ones being United (1 ways for 1/2 round trip, no YQ) and US Airways (90K business to Asia and 110K business to Australia with a possible stop in Asia, also no YQ). If you know you can make use of one of them, Alaska has some gems in their award chart too.

Oh, and if you convert when US Air has a 50% bonus (they usually do annually), then 270,000 Marriott becomes 7 nights at a Category 1-5 + 180,000 US Air, good for 2 business class round trips to Asia without fuel surcharges!

Although I personally don't use Marriott, and I don't recommend it to friends, I know people who are happy with it. I prefer Starwood. I find that I have a lot more flexibility in booking shorter stays and getting more out of fewer miles. They have a similar Nights + Flights system too, but with a lot more airline partners (notably not United, as they're 1:2). Theirs is 60K SPG for 50K Airline Miles + 5 nights Cat 3, or 70K SPG for 50K Airline Miles + 5 nights Cat 4.

Here is the VISA exchange rate
http://corporate.visa.com/pd/consumer_services/consumer_ex_rates.jsp

Here is the Interbank exchange rate (I guess)
http://www.oanda.com/currency/converter/

Looks like a 1.5% difference

When I do it, the two rates are almost bang on. Have you inverted one of the currency trades?

http://www.flyertalk.com/forum/canada/1370336-no-forex-fee-credit-card.html?highlight=credit
"Awesome news indeed!!

This post might be moved because it has nothing to do with AC/AP.

You should change the title to something like:

No Forex Fee Credit Card, would AP Amex or AP CIBC follow suit?"

Sears also has no FX fee, and i can convert Sears club points into PETRO points which can be converted into Asia Miles.

What's the ratio though that makes it more worthwhile to put foreign spend on the sears?

Where do I find this? I've been wondering what to do with Marriott points for a while.

+1

I just signed up for this.
Will be calling CIBC to cancel aerogold inf card soon.

Wish I'd known about this sooner .. . . Spent much $$ at amazon.com

Sadly, the amazon.ca credit card gives you double points only for purchases at amazon.ca, not at amazon.com or any other amazon website or service. :-(

I applied. Got refused "after careful review"! Go figure. Lol

I applied. Got refused "after careful review"! Go figure. Lol

Call the reconsideration line! Find the Canadian recon line phone number and I'm sure they'll be happy to issue it :) Never take their "review" for an answer!

Call the reconsideration line! Find the Canadian recon line phone number and I'm sure they'll be happy to issue it :) Never take their "review" for an answer!

Threw out the letter already. Can't be bothered. I am too old to "beg" for a credit card, or for a bank not to put a hold on an ATM deposit...

Threw out the letter already. Can't be bothered. I am too old to "beg" for a credit card, or for a bank not to put a hold on an ATM deposit...

Haha, those of us who might apply for more credit than they need just for sign up bonuses are never too old to beg for credit ;) I am always shocked when I get instantly approved :p Often times it's not a "begging" call at all, they just ask you further questions such as to verify your name, address and income, then congratulate you on your approval haha.