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Hard Credit Check How To Protect Your Credit Score Must Read Best Instant Approval Credit Cards ‒ From No Credit To Excellent Credit Credit Cards For Bad Credit Secured Credit Cards Tangerine Money Back Credit Card KOHO Prepaid Mastercard Review Credit Card Quiz creditcardGenius Disclosure creditcardGenius receives a referral fee for some credit cards listed; however, our comprehensive and math-based algorithm solely dictates the results of our rating system. Our ratings and rankings are strictly independent of compensation. Click to read our detailed disclosure . Our disclosure No More Bonus Points On Foreign Purchases With The Amex Cobalt Written by creditcardGenius Team   on Oct 31, 2024 Fact Checked Fact Checked Accuracy is important to us so this article has gone through a thorough 3-stage review process and fact-checked by our team. The best credit card in Canada has undergone a big change – which is actually Amex implementing their existing rules. You'll no longer earn bonus rewards on category spending with the American Express Cobalt Card . Rather, you’ll earn 1 point per $1 spent on any purchase not made in Canadian dollars. A major hat tip goes to Rewards Canada. They track all the places you can earn bonus rewards with this card and picked up on this change. Never miss an amazing deal again + get our bonus 250+ page eBook for FREE . Join 50,000 other Canadians who receive our weekly newsletter – learn more . American Express Cobalt Card changes Up until now, you've been able to earn bonus rewards with your Cobalt Card on all purchases – and with the ability to earn 5 points per $1 spent on groceries and restaurants (which can get you anywhere from 5% to 10% back), using the card abroad more than makes up for the 2.5% foreign exchange fee. But Amex is starting to enforce their existing rules, granting bonus earn rates only to purchases made from merchants in Canada. Here's the excerpt from the terms and conditions for the card: Earning 1 point per $1 spent gives you a return of up to 2% back (which is not guaranteed, of course), and that puts you in the red for any purchase made outside of Canadian dollars. While not great news, this doesn't change our opinion on the card. It's still the best credit card in Canada – you just won't earn as many rewards if you use it outside of Canada. Take note: We checked the terms of other Amex cards and they all say the same thing. We know this rule is being enforced with the Cobalt but it may also be happening with other Amex cards. Best no foreign exchange fee credit cards If you use your American Express Cobalt Card frequently outside of Canada (especially for restaurants), you may want to consider a credit card that doesn't charge a foreign exchange fee. You'll never be in the red with these credit cards. The selection is limited. Here are 3 credit cards you can look at. Credit card Welcome bonus Earn rates Annual fee + income requirements Apply now Scotiabank Passport Visa Infinite Card $100 GeniusCash + 35,000 bonus points ( terms ) * 3 Scene+ points per $1 spent at Sobeys, Safeway, FreshCo and more * 2 Scene+ points per $1 spent on groceries, restaurants, entertainment, and daily transit * 1 Scene+ point per $1 on all other purchases * $150 * $60K personal/$100K household Apply now Scotiabank Gold American Express Card $100 GeniusCash + Up to 50,000 bonus points, first year free ( terms ) * 6 Scene+ points per $1 spent at Sobeys, Safeway, FreshCo and more * 5 Scene+ points per $1 spent on groceries, dining, and entertainment * 3 Scene+ points per $1 spent on gas, select streaming services, and transit * 1 Scene+ point per $1 spent on foreign currency purchases * 1 Scene+ point per $1 spent on all other purchases * $120 * $12K personal Apply now Home Trust Preferred Visa None * 1% cash back on all purchases * $0 * None Apply now 1. Scotiabank Passport Visa Infinite Card The Scotiabank Passport Visa Infinite Card is the ultimate card for travelling abroad. It charges no foreign exchange fees, plus it's a Visa, so you know you'll get worldwide acceptance. This card comes with a Visa Airport Companion membership and 6 free passes – perfect for finding a quiet place to relax while waiting for flights. And the insurance is excellent, with 11 types included. You'll earn Scene+ points at these rates (and the bonuses work on foreign currency purchases too). 3 Scene+ points per $1 spent at Sobeys, Safeway, FreshCo and more 2 Scene+ points per $1 spent on groceries, restaurants, entertainment, and daily transit 1 Scene+ point per $1 on all other purchases Add it all up and it's an amazing travel card for a $150 annual fee. Scotiabank Passport Visa Infinite Card 3.9 Genius Rating 3.0 (46) User reviews $100 GeniusCash + Up to 45k bonus Scene+ points in year 1 + 6 free airport lounge passes. * Annual fee $150.00 Learn more Welcome bonus $350 ◊ 35,000 Scene+ points Annual rewards $324 ◊ GC Ends: Dec 31, 2025 GC: $100 I Want This Deal Learn More Instant approval: Yes Credit estimate: Scotiabank Passport Visa Infinite Card GC: $100 3.9 Genius Rating 3.0 (46) User reviews $100 GeniusCash + Up to 45k bonus Scene+ points in year 1 + 6 free airport lounge passes. * Annual fee $150.00 Learn more Welcome bonus $350 ◊ 35,000 Scene+ points Annual rewards $324 ◊ GC Ends: Dec 31, 2025 Credit estimate:  (660 - 724) I Want This Deal Learn More Instant approval: Yes Rewards Details & Eligibility Genius Rating User Reviews Pros & Cons Show More Rewards Details & Eligibility Genius Rating User Reviews Pros & Cons 2. Scotiabank Gold American Express Card Scotiabank also issues an American Express card that charges no foreign transactions fees: the Scotiabank Gold American Express Card . This card also offers Scene+ points, but like the Cobalt, you won't earn bonus rewards on purchases not in Canadian dollars. 6 Scene+ points per $1 spent at Sobeys, Safeway, FreshCo and more 5 Scene+ points per $1 spent on groceries, dining, and entertainment 3 Scene+ points per $1 spent on gas, select streaming services, and transit 1 Scene+ point per $1 spent on foreign currency purchases 1 Scene+ point per $1 spent on all other purchases This card offers the standard Amex perks of Amex Offers and Front Of The Line, plus it comes with 12 types of insurance for a $120 annual fee. Scotiabank Gold American Express ® Card 4.7 Genius Rating 3.2 (60) User reviews ×1 Award winner $100 GeniusCash + Up to 50,000 bonus points + No foreign exchange fees. * Annual fee $120.00 $0 1st year waived Welcome bonus $500 ◊ 50,000 Scene+ points Annual rewards $588 ◊ GC Ends: Dec 31, 2025 GC: $100 I Want This Deal Learn More Instant approval: Yes Credit estimate: Scotiabank Gold American Express ® Card GC: $100 4.7 Genius Rating 3.2 (60) User reviews 1x Award winner $100 GeniusCash + Up to 50,000 bonus points + No foreign exchange fees. * Annual fee $120.00 $0 1st year waived Welcome bonus $500 ◊ 50,000 Scene+ points Annual rewards $588 ◊ GC Ends: Dec 31, 2025 Credit estimate:  (660 - 724) I Want This Deal Learn More Instant approval: Yes Rewards Details & Eligibility Genius Rating User Reviews Pros & Cons Show More Rewards Details & Eligibility Genius Rating User Reviews Pros & Cons 3. Home Trust Preferred Visa If you want a no fee card, there’s the Home Trust Preferred Visa . It's a basic card offering 1% cash back on all purchases, though you won't earn rewards on foreign currency purchases. Home Trust Preferred Visa 3.8 Genius Rating 2.6 (168) User reviews Annual fee $0.00 Learn more Welcome bonus $0 ◊ Learn more Annual rewards $240 ◊ Learn more Apply Now Learn More Home Trust Preferred Visa 3.8 Genius Rating 2.6 (168) User reviews Annual fee $0.00 Learn more Welcome bonus $0 ◊ Learn more Annual rewards $240 ◊ Learn more Credit estimate:  (560 - 659) Apply Now Learn More Instant approval: No Rewards Details & Eligibility Genius Rating User Reviews Pros & Cons Show More Rewards Details & Eligibility Genius Rating User Reviews Pros & Cons Prepaid cards with no foreign exchange fees There are a few prepaid cards that don't charge foreign exchange fees. While not a traditional credit card, you can easily load your funds and use them while you're out of the country. Here are your options: Wealthsimple Prepaid Mastercard 4.5 Genius Rating 4.3 (7) User reviews ×1 Award winner Annual fee $0.00 Learn more Welcome bonus $0 ◊ Learn more Annual rewards $0 ◊ Learn more Apply Now Learn More Wealthsimple Prepaid Mastercard 4.5 Genius Rating 4.3 (7) User reviews 1x Award winner Annual fee $0.00 Learn more Welcome bonus $0 ◊ Learn more Annual rewards $0 ◊ Learn more Credit estimate:  (300 - 559) Apply Now Learn More Instant approval: Yes Rewards Details & Eligibility Genius Rating User Reviews Pros & Cons Show More Rewards Details & Eligibility Genius Rating User Reviews Pros & Cons EQ Bank Card 4.2 Genius Rating 4.0 (1) User reviews Annual fee $0.00 Learn more Welcome bonus $0 ◊ Learn more Annual rewards $120 ◊ Learn more Apply Now Learn More EQ Bank Card 4.2 Genius Rating 4.0 (1) User reviews Annual fee $0.00 Learn more Welcome bonus $0 ◊ Learn more Annual rewards $120 ◊ Learn more Credit estimate:  (300 - 559) Apply Now Learn More Instant approval: Yes Rewards Details & Eligibility Genius Rating User Reviews Pros & Cons Show More Rewards Details & Eligibility Genius Rating User Reviews Pros & Cons KOHO Extra Mastercard 2.2 Genius Rating 3.4 (13) User reviews $100 GeniusCash + Up to 1.5% cash back on purchases + Lower annual fee. * Annual fee $144.00 Learn more Welcome bonus $20 ◊ Learn more Annual rewards $192 ◊ GC Ends: Dec 31, 2025 GC: $100 I Want This Deal Learn More Instant approval: Yes Credit estimate: KOHO Extra Mastercard GC: $100 2.2 Genius Rating 3.4 (13) User reviews $100 GeniusCash + Up to 1.5% cash back on purchases + Lower annual fee. * Annual fee $144.00 Learn more Welcome bonus $20 ◊ Learn more Annual rewards $192 ◊ GC Ends: Dec 31, 2025 Credit estimate:  (300 - 559) I Want This Deal Learn More Instant approval: Yes Rewards Details & Eligibility Genius Rating User Reviews Pros & Cons Show More Rewards Details & Eligibility Genius Rating User Reviews Pros & Cons Your thoughts on Amex's changes While this isn’t news we wanted to hear, at the end of the day, Amex is simply enforcing its terms. What are your thoughts on Amex's news? Let us know in the comments below. creditcardGenius is the only tool that compares 126+ features of 227 Canadian credit cards using math-based ratings and rankings that respond to your needs, instantly. Take our quiz and see which of Canada's 227 cards is for you. Did you find this article helpful? Yes No Editorial Disclaimer : The content here reflects the author's opinion alone. No bank, credit card issuer, rewards program, or other entity has reviewed, approved, or endorsed this content. For complete and updated product information please visit the product issuer's website. Our credit card scores and rankings are based on our Rating Methodology that takes into account 126+ features for each of 227 Canadian credit cards. Hot Credit Card Deals This Month Hot Credit Card Deals This Month: Get even more cash back with exclusive offers only available on the GeniusCash app Explore bigger GeniusCash offers that you won't find anywhere else. 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Resources Review Your Card Credit Card FAQ Sliders Credit Card Quiz Company About Careers Scholarship Disclosure Help Contact GeniusCash Report Bug   Privacy Policy | Terms | Security Province: Alberta British Columbia Manitoba New Brunswick Newfoundland and Labrador Nunavut Northwest Territories Nova Scotia Ontario Prince Edward Island Quebec Saskatchewan Yukon Copyright © 2025 WeyMedia Inc. 200 Champlain St. Suite 210, Dieppe, NB E1A 1P1 ◊ The creditcardGenius algorithm, based on our Rating Methodology , calculates an estimated dollar value for all rewards and bonuses by combining typical monthly spending with well-researched reward point value estimates . "Annual Rewards" is calculated by combining our default $2,000 in monthly spending ($24,000 annually) spread across 8 different spending categories (gas, groceries, travel, etc) with our point value estimates. "Welcome Bonus" is calculated by combining all one-time bonuses available to new cardholders within the first year with our point value estimates. To qualify for the full bonus you may need to make purchases, meet minimum spending requirements, or complete special actions. "Annual Interest Savings" is based on a credit card balance of $8,000 and a standard credit card interest rate of 19.99%. Annual Rewards, Welcome Bonus, and Annual Interest Savings values will change if the person adjusts their monthly spending away from the $2,000 monthly default or changes their reward preferences. *, † Terms and conditions apply. Your feedback matters What do you think of creditcardGenius? Needs work It's ok It's great! Disclosure creditcardGenius receives a referral fee for some credit cards listed; however, our comprehensive and math-based algorithm solely dictates the results of our rating system. Our ratings and rankings are strictly independent of compensation. 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