What is the best air miles credit card in Canada?

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2 posts
Posts: 1
Joined: Sat Mar 03, 2012 7:56 pm
Location: Nova Scotia, Canada

What is the best air miles credit card in Canada?

Postby Mustangdave302 » Sat Mar 03, 2012 8:33 pm

Hello everyone, I came across this site and figured you guys and gals could help me in making an honest informed decision before applying for an air miles credit card. Here's the situation:

I recently moved to Canada from Florida to be with my fiance' and child. I'm currently building my Canadian credit for obvious reasons. You would think it would make sense to get a CIBC Aerogold card or a RBC Avion card, but to my discovery Canada tends to have higher interest rates/annual fees than American credit cards overall and lower chance of getting approved since I'm a new permanent resident.

Though correct me if I'm wrong, still learning about this country every day I'm here. But I have good American credit and will have a better chance getting approved for a US air miles card as opposed to a Canadian one.

Now that I'm out of the US military and now living abroad (unlike in the past as an active duty service member) I want to take every advantage that I can to ease the wallet when I travel back to see my family/friends in GA and FL. I was looking at the Capitol One Venture card....since it doesn't have foreign fees (since I would be using it in Canada primarily)

Posts: 2
Joined: Sat Mar 17, 2012 11:45 am
Location: US now, Canada soon

Postby hyu968 » Sat Mar 17, 2012 11:53 am

hey, I am in a very similar situation! So l propose to figure this thing out together :) I live in the US and have a very good credit history, and will be moving to Canada this summer. Most probably for 3-6 years, the exact time length of my "visit" is not set yet.

The relevant question is: in what currency will you be getting your income? In my case, it's Canadian dollars. In this case, even if Capital One cards don't have foreign transaction fees, you are still subject to foreign exchange risk. This is not a big deal though. The bigger deal is that if your income is in Canadian dollars, you need to find a way to convert your money into USD to pay your credit card bill. In most of the cases the exchange rate that you'll get through Capital One (either Visa or MC) will be (unfavorably) different from the one you'll get from a bank through which you'll be converting your cash. Hope it's clear.

So in my case I am definitely going to open Canadian cards and use them on the regular basis. I was thinking of opening either AMEX or Capital One cards, since they have operations that span both countries, and when considering your case they may "look into" your US files. Not sure it happens, but I hope so.

If anybody has to add something or has any tips, we'd highly appreciate them!

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