The Money Mustache Community

Learning, Sharing, and Teaching => Ask a Mustachian => Topic started by: Kazimieras on August 01, 2013, 10:26:15 AM

Title: Credit Card Advice (for Canadians)
Post by: Kazimieras on August 01, 2013, 10:26:15 AM

Well it finally happened. After a few years of having a TD Gold Visa credit card, TD is removing the collision insurance feature on their gold card as of September. For us this means we need to find a new alternative. We currently use the gold card for:

• Auto Rental Collision/Loss Damage Insurance, to cover our collision for the car sharing service we use (sooo much cheaper than owning!). This saves us $6/month
• not requiring us to take out the insanely expensive collision insurance option when we rent a car (for longer trips - this tends to cut the cost in half or about $20-$25/day rented.
• Foreign currency transactions. There is no "fee" for foreign currency transactions (many charge 2.5% of the cost) and it converts the purchase from xxx dollars (or whatever currency) into CAD, whereas most card go from xxx dollars to USD then USD to CAD - resulting in a horrible currency exchange rate

The other nice part of this card is that it doesn't have an annual fee :) But alas, it seems we need to look for a new one.

Can anyone recommend a card that offers the auto insurance option and good foreign currency exchange? We would prefer without a fee, but even at normal fee costs, we would still be ahead. Cash back and other niceties are nice to haves, but not needed.

Title: Re: Credit Card Advice (for Canadians)
Post by: daverobev on August 01, 2013, 12:59:29 PM

You might need to get more than one, to tick all those boxes.

FX: Amazon.ca Chase card. It's 0%, no fee, and you get $15 off an Amazon order too.

TD has this page, maybe another of their cards: https://www.tdcanadatrust.com/products-services/banking/credit-cards/features.jsp#1 would do?

It looks like the Capital One Aspire cards offer collision stuff, so maybe one of those?

I'm going to mention Great Canadian Rebates again - you can potentially get $100 cashback for applying via them for a new card. This is my refer-a-friend link https://www.greatcanadianrebates.ca/Register/145449/ - if you just want to go straight to the site just lop off the /Register... bit.

Good luck!