A big bank has found it’s good business to help customers avoid one of the sneakiest credit card fees of them all.
The big banks compete hard against each other, yet there’s often a sameness to their product lineups that can force customers to make buying decisions based on details rather than substance. Scotiabank’s decision to go big on cards that don’t apply forex fees is a welcome exception.“Our object is to deliver more value to our customers by not charging that 2.5-per-cent FX fee, unlike all the rest of the major banks,” said Brett Mooney, senior vice-president of credit cards at Scotiabank.
Scotiabank clients with cards that don’t charge the foreign transaction fee are saving $150 a year on average, Mr. Mooney said. The top 5 per cent of spenders are saving more than $1,000 a year. Even the average savings would offset the annual fee for Scotia Passport Visa Infinite at $139 a year .
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