Scotiabank Momentum MasterCard (formerly Chase MasterCard) | Credit card reward programs | Discussion forum

Thought Amazon had a forex free one as well. But before one gets too excited, there is a movement (class action?) gaining traction from merchants whereby merchants want the freedom to add a surcharge for the extra in what it costs them in merchant fees to process a premium card. The joy may be short lived (and probably should be).

Peseta said
Hi guys,

As of June 1, 2017 Scotiabank no longer waives a 2.5% foreign exchange fee that had been grandfathered to all account holders from the time Scotia took over the Chase MasterCard portfolio in 2015 (to me the shocking part was that it took Scotia this long to get us all feed up, not the fact that it did).

So, adios Scotia - closed my account!

For those of you who care about saving money on forex, Fido MasterCard is the only better alternative in the country right now. While it charges a 2.5% forex, it then gives back 4% of all purchases made in foreign currency, meaning that when its all said and done, you get 1.5% cash back on foreign transactions. The only drawback is that you have to wait till the end of the year to get that money back.

If there is any other credit card out there that might be worth mentioning, please do share! Kinda sad that all these consumer-friendly credit card programs end up being so short lived in Canada.  

Are you not waiting for your cash back credit?

AltaRed said
Thought Amazon had a forex free one as well. But before one gets too excited, there is a movement (class action?) gaining traction from merchants whereby merchants want the freedom to add a surcharge for the extra in what it costs them in merchant fees to process a premium card. The joy may be short lived (and probably should be).  

I wonder what is the definition of a premium card.
Ie. Cash back....no user fee
Cash back or points with user fee

Also keep in mind you can no longer apply for an Amazon.ca Visa card.

Save2Retire@55 said
Does this affect the actual Amazon Credit Card because the only reason I have this visa card is to save the 2.5% on foreign transactions. What happens when it expires?  

The card does not have to expire. They can notify you of changes.

While I have not seen anything official it does appear that BNS has bought all of the Chase Visa and Mastercard business. I find it odd that you cannot apply for a BNS Mastercard that evolved from the Sears Mastercard and now BNS is retooling the card to no longer have the no forex feature as of June 1 2017. And the Amazon Visa controlled by Chase can no longer be applied for. Odd that the cards are out there but no one can apply for one. Makes me think they will eventually roll these cards into one of their BNS ho hum Visa or Mastercards that are already in place or create a new version.

I plan on cancelling my BNS Mastercard as soon as my cash back arrives this year. And will do same if BNS bastardizes the Amazon card as well. It will be interesting to see how many others were using it for the forex feature only and how many will cancel either of the two cards.