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Amazon.ca Credit Card History
Unfortunately, this card disappeared from the Canadian market on March 15, 2018, leaving a void on the no-conversion-fee side.
A gap that Scotiabank has been quick to fill with cards that have no foreign currency conversion fees:
and, as of August 1, 2019:
Another interesting card is the HSBC World Elite Mastercard.
The main features of the Amazon.ca card
Let’s see what features this new credit card, issued by MBNA, has on the Mastercard network.
A Mastercard credit card
A credit card with no annual fee
The Amazon.ca Rewards Mastercard has no annual fee.
It is therefore a convenient credit card to keep, year after year, for your credit history.
However, if you already have such a card for this purpose (such as the BMO® CashBack® Mastercard®* or Tangerine Money-Back Credit Card), you do not need to add a new card to your wallet for this purpose.
Discount accumulation rate
Use of discounts
You can only use these points at amazon.ca.
The welcome offer is a bonus accumulation rate in Amazon.ca Rewards Mastercard points.
For the first 6 months, you will receive a 5% discount on eligible purchases you make:
- on amazon.ca
- at Whole Foods Market stores in Canada
- in grocery stores or restaurants in Canada
…up to a maximum of $3,000 (i.e. a maximum discount of $150).
Conclusion and competition
This is a great credit card for people who regularly store at Amazon.ca or Whole Foods stores… AND who are subscribers to the Amazon PRIME service($79/year). These people will be able to get a 2.5% discount for these purchases.
Amazon Prime service includes free, same-day or 1-2 day delivery, depending on your location.
Competition: foreign currency transactions
Unfortunately, this new credit card charges a 2.5% conversion fee for foreign currency transactions.
While Amazon Prime subscribers get 2.5% discount for foreign currency transactions (which offsets the fee and makes a zero gain), non-subscribers only get 1% discount (which makes the remaining cost equivalent to 1.5% for foreign currency transactions).
If your goal is to get a card with no conversion fees, you might as well go with a specialized card like the Scotiabank Passport™ Visa Infinite* Card (which has a very good welcome offer at the moment) which eliminates any conversion fees and allows you to accumulate between 1 and 2 points/dollar at the passage !
Or if you prefer a Mastercard credit card (for shopping at Costco), the HSBC World Elite Mastercard is especially recommended!
Competition: grocery store purchases and gift cards
The latter allows you to accumulate 5 points / dollar in these businesses, a discount of 5% (or more depending on how you use your points).
This far exceeds what this new Amazon.ca credit card offers.
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