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Winnipeg Deals Blog
2020
5
June
The Amazon Visa is no more - but here's what you can replace it with
5
June
I know for a lot of travelers out there (myself included), the Amazon Visa was your favorite credit card to use while traveling, or making any kind of purchase in a foreign currency.
Why?
The key feature of the Amazon Visa was that it didn't charge you the 2.5% foreign exchange fee that every bank, ATM, foreign exchange kiosk, and virtually every credit card on the planet is charging you, any time you make a purchase or withdrawal in a currency other than Canadian dollars.
Even if you don't *think* you're paying this foreign exchange fee any time you purchase something while traveling, or withdraw money from an ATM, or exchange currency at a bank / kiosk, you most likely are.
Most places hide this 2.5% foreign exchange fee from you by building it into the exchange rate itself. They charge you an exchange rate that is higher/worse than the 'real' exchange rate (technically known as the spot rate).
The Amazon Visa charged you the 'real' exchange rate, without the additional 2.5% exchange fee. On top of that, it offered 1% cashback on all purchases. Paying for items this way while traveling was tough to beat with any credit card, or any other form of payment.
It was the best way to buy anything while traveling, assuming you paid your credit card bill on time.
There were better cards to use at home, because you didn't get the 2.5% advantage when buying things in Canadian dollars. But for traveling, and buying things in a foreign currency, it was always my go to card.
Chase Bank announces they are canceling the Amazon Visa and the Marriott Visa
If you were a holder of the Amazon Visa or Marriott Visa, you've probably recently received the letter announcing the demise of these cards, as of March 15th, 2018.
I've seen a lot of people wondering if there is a similar card out there. A card with no annual fee, and one that spares you from the 2.5% foreign exchange fee.
Cards without an annual fee *and* sparing you from the 2.5% foreign exchange fee are really, really rare in Canada, but there is one out there...
The Home Trust Preferred Visa
It's called the Home Trust Preferred Visa and it has the following features:
In other words, it's virtually identical to the Amazon Visa, with a few extra features (roadside assistance, rental car insurance, and purchase security insurance).
How to apply for the Home Trust Preferred Visa
1. Go to the Home Trust Preferred Visa Application Page
2. Scroll down to the bottom and click on 'Start My Application'.
Update March 27, 2020: Rogers announces significant downgrades to their line of credit cards, making the Home Trust Preferred Visa one of the best remaining options
Rogers has announced some significant downgrades to their line of credit cards (Rogers World Elite, Rogers Platinum), rendering them pretty useless for making purchases in a foreign currency (except for $USD).
The Home Trust Preferred Visa and the Brim Financial Mastercard are the two best remaining options for a 'no foreign exchange fee' credit card.
Update December 2019: Home Trust announces they are no longer offering 1% cashback on purchases made in a foreign currency
As of December 2019, Home Trust is no longer offering an additional 1% cashback on purchases made in a foreign currency.
Therefore, it is no longer true that the Home Trust Visa is the best free credit card to get for making purchases while in another country, or in a foreign currency.
Instead, I would look at the Brim Financial Mastercard - a free credit card (no annual fee) with zero foreign exchange fees, and includes free access to Boingo Wi-Fi hotspots worldwide, including free in-flight Wi-Fi on certain airlines.
You may also want to look at the Rogers Platinum or Rogers World Elite, mentioned in this article: What is the best way to exchange money or pay for things in a different currency?
Update March 2019: My experience after using the Home Trust Visa for 1 year
Having used the Home Trust Preferred Visa for about a year now, in various countries, here is what I've found:
- It's worked perfectly in every country I've used it, except for one time in the Cook Islands when it wouldn't process my transaction.
On that occasion, I received an e-mail from Home Trust asking me to click on a link to verify that it was me trying to use the card. It seemed a little unorthodox, but I clicked on the link, and the card worked fine from that point on.
- You can now (finally!) set your own PIN number.
- There is now an option for paperless statements.
- It's still my go-to card for any purchase while traveling, or any purchase in a foreign currency.
Update March 2018
- I received my Home Trust Visa card sometime in March, approximately 6 weeks after submitting the application.
- Home Trust has been overwhelmed with applications ever since the Amazon Visa was discontinued, and current applications are taking as long as 8 weeks to process.
A few quirks to note about the Home Trust Preferred Visa:
- there is a maximum of 10 transactions allowed per day
- you cannot change your PIN. If you forget it, you need to get Home Trust to issue a new card (this is apparently going to be fixed later this year).
- it does not support 'tap' payments
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8 Responses to "The Amazon Visa is no more - but here's what you can replace it with"
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I received my card within 4 weeks and used it overseas last week (Aug 2018). It worked well in Africa for the first 3 days and was then blocked due to some dubious transactions (which were all mine). Had to call Canada at some expense (virtually no functioning payphones in Africa due to vandalism) to be told I overstepped by 10 transactions per day limit. This turned out not to be true as later in the day I received an email from Home Trust to ask that I clarify the transactions that were queried. It was and easy process (on my smartphone) and a few clicks later I able to sue the card again. The biggest issues with this card for me is that I cannot change my PIN and the credit limit is only $6000 for the first year. You have to wait a year before applying for a limit increase.
Thank you so much for this information. I applied a month ago and thought I'd call to see the status of my application. Just for information, they are still processing with about a six week delay.
We applied in March. Waited 2 months. We’re given a $1000 limit. Card worked all over Europe except Czech r. Note 1% cash back is not valid for Europe purchases.
i think we got ours in a month but since they gave us only a $1000 limit i didnt bother to activate it. when i leave canada its usually for at least a month so i need a bigger limit. the hsbc world elite came with a $5000 limit, and with the 1st year fee being waived i am test driving this card. no foreign fees and because it has free cdw i can use it to rent cars with no foreign fees. 31 day medical coverage is the best in the business and a $100 travel credit per year for baggage fees or airline lounges will pay for this card every year. and with the opportunity to achieve a $375 statement credit if you charge $10 grand on your card in the first 4 months its looking good sofar
Hi there, take a look at the Roger Master Card World Elite. It charges you the 2.5% but it gives you 4% back on transactions made in currencies other than CAD so you end you getting 1.5% cash back on foreign transactions. It also offers other types of cash back and insurances benefits.
Thanks for your help with the website. We were able to book many trips based on your tips.
Thanks Tarsio! The Rogers World Elite is definitely a good card as well. I have it listed in this article as one of the 4 best 'no foreign exchange fee' credit cards: What is the best way to exchange money or pay for things in a different currency?
Hi I’m just curious if anyone has had any fraud issues with the home trust visa? We are avid ywg followers and travellers. Had my home trust for a couple years now, no issues. Very recently I had credit card fraud occur to this card. A bunch of US charges were being made to my card without my knowledge and consent. Then started getting weird spam emails regarding my visa credit card. Kinda sketchy and odd. The home trust staff reversed the charges. Anyone else having these troubles?
Hi G,
This is the first time I've heard of it, but I just checked the Home Trust Visa thread on RedFlagDeals, and I do see some people reporting fraudulent charges from Amazon starting on July 17th.