The Globe and Mail reports in its Friday edition that Bank of Nova Scotia has found it is good business to help customers avoid one of the sneakiest credit card fees of them all. The Globe's Rob Carrick writes that starting Aug. 1, Scotiabank will offer a second credit card for retail clients which does not charge the usual 2.5-per-cent mark-up on purchases made in foreign currencies. The revamped Scotia Gold American Express card will join the Scotia Passport Visa Infinite card, which was launched in March, 2018.
The big banks compete hard against each other, yet there is often a sameness to their product lineups that can force customers to make buying decisions based on details rather than substance. Scotiabank's decision to go big on cards that do not apply foreign-exchange fees is a welcome exception. Beyond Scotia, the RewardsCanada website's listing of "true no foreign transaction fee cards" includes the Home Trust Preferred Visa, as well as a trio of MasterCards from both HSBC Canada and Brim Financial, a new player. Several other cards offer high rewards on foreign purchases that more than offset the forex fee.
Mr. Carrick says that these are cards that earn their popularity the hard way -- by providing value.
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