Over the weekend, Chase Canada dropped a pretty major bomb on their Amazon.ca cardholders. And although, we kind of sensed it was coming, it’s still a pretty sad blow.
Chase credit cards have had a pretty positive, enthusiastic following with Canadians, thanks to their great earning potential and lack of fees…
But the real reason they have been thought of as the “Holy Grail” of Canadian credit cards? It’s because, unlike 99% of other Canadian cards, they charge a 0% foreign currency exchange fee.
The Break Up
When Chase Canada stopped taking applications back in April, we had a feeling Chase was falling out of love with Canada. But over the weekend they announced that they would be closing Amazon Credit Card accounts all together in March 2018 ‒ essentially leaving us feeling like they just had the “it’s not you, it’s me” non-existent talk with us.
(Not to mention the fact that the Chase Marriott also stopped taking new applicants back in September.
Update: One of our readers, David, confirmed that he got his letter from Chase informing him that the Chase Marriott will be closing on March 15th as well.)
Word From The Top
Though there has been rumors and wonderings about when Chase would close down the Amazon.ca credit card…
The final word has come and the following screenshot, which was taken from the Chase Canada Amazon.ca website, shows the announcement and also gives cardholders some instructions to let them know how the next few months will play out:
With the Chase Amazon.ca card’s future finalized, it does make us wonder when the same announcement will come down the pipeline regarding the Chase Marriott. And it also leaves many people wondering where they should look for a replacement card.
Three potential alternatives?
Scotiabank has recently released the above credit card that offers cardholders a number of great perks, including the coveted 0% foreign transaction fee. Although this card isn’t a no annual fee card, like the Amazon Visa, if you’re a traveler, the perks that come with it definitely make up for the annual fee. Plus, if you’re spending more than $5,500 in foreign purchases a year, the card will pay for itself and all the extra rewards and perks are just gravy.
Home Trust has the above no fee cash back card that that has a lot going for it, including 1% flat cash back and no foreign transaction fee. The only downside is they’re a smaller credit card issuer and are currently swamped with applications. You may go up to 2 months without hearing anything and reaching customer service on the phone can take hours. This situation should improve over time as they are able to adjust to the new volume of customers.
Rogers Platinum doesn’t waive the 2.5% foreign transaction fee, but instead gives you 3% in rewards when making purchases in foreign currency. That’s almost as good except when it comes to making a return because you lose your bonus rewards and get charged the 2.5% fee on both sides of the transaction.