The Globe and Mail reports in its Monday edition that most Canadian credit cards charge a 2.5-per-cent foreign-exchange fee on purchases in other currencies, costing $25 for every $1,000 spent abroad. The Globe's guest columnist Barry Choi writes that a credit card without a foreign-exchange fee can help you save on international purchases. Consider the EQ Bank Card, which is a prepaid and reloadable Mastercard with no foreign-transaction fees on purchases and ATM withdrawals. This card is a good choice for anyone withdrawing cash when travelling, as EQ Bank does not charge the standard 3- to 3.5-per-cent foreign-exchange fee. While the ATM operator usually charges a one-time fee -- typically $3 to $5 -- EQ Bank does not add additional costs.
For those seeking a traditional credit card, there is the Scotiabank Passport Visa Infinite Card. Besides no-FX fees, the card also includes six complimentary annual airport lounge passes and strong travel insurance. While it does carry an annual fee of $150, if you hold an eligible bank account with Scotiabank, that charge can be waived.
To qualify for the Scotiabank card, there is a minimum annual personal income requirement of $60,000 or a household income of $100,000.
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