topic Brb, Buying Property In Canda in Credit Cards

Brb, Buying Property In Canda

Anonymous — Fri, 18 Oct 2019 03:19:33 GMT

https://rogersbank.com/en/rogers_worldelite_mastercard_details

*4% unlimited cash back rewards on all eligible purchases made in a foreign currency

*2% unlimited cash back rewards on Rogers™ products and services charged to your card

*1.75% cash back rewards on all other eligible purchases

$0 AF
0% FTF

"Enjoy insurance benefits at no extra cost, including: Extended Warranty and Purchase Protection, Rental Car Collision/Damage, Out-of-Province/Out-of-Country Emergency Medical, Trip Interruption and Trip Cancellation."

Wasn't someone looking around for a good card to use in Canada?

Buy rando-plot of land in Canada and earn 4% in America on all purchases.

Re: Brb, Buying Property In Canda

Anonymous — Fri, 18 Oct 2019 04:31:08 GMT

Credit approval PLUS minimum income requirement of $80,000 annual personal income or $150,000 annual household income.

Re: Brb, Buying Property In Canda

wasCB14 — Fri, 18 Oct 2019 04:35:28 GMT

You must be a Canadian resident to apply.

Residency is more complicated than just owning land. I say this as a US citizen/resident who had had to pay "deemed sale" (non-resident estate) taxes to the Canadian federal and Quebec governments on inherited land.

Re: Brb, Buying Property In Canda

Anonymous — Fri, 18 Oct 2019 05:14:50 GMT

80k Canadian is about 76k US. Not too bad. Pretty reasonable to want people to have some spending power for what is marketed as a travel card.

Hmm, how does Rogers feel about temp residents?
But yea, CCs in a country you're not a resident of is tough. Dual citizenship isn't a quick & easy process either.

I considered looking into buying a place & renting it out in Canada, but guess this bank wants citizenship.

Some hasty Googling around suggests that some Candian banks may extend you a credit card if you do actually use their bank/have a history with them. But dunno how many super attractive Canadian credit cards there are (and would be offered to a non-resident who does business with them).
...I wonder what mortgages are like with Canadian banks? Crap, I may have just fallen into a rabbit hole...looks like I won't be sleeping much tonight. lol

Dang, if only that single Candian-born gal I know didn't have a kid. Helllloooo AU! lol

Would love to see some sort of American equivalent to this...Amex Green, you still have time.

Re: Brb, Buying Property In Canda

Anonymous — Fri, 18 Oct 2019 14:05:25 GMT

@Anonymous wrote:
https://rogersbank.com/en/rogers_worldelite_mastercard_details

*4% unlimited cash back rewards on all eligible purchases made in a foreign currency

*2% unlimited cash back rewards on Rogers™ products and services charged to your card

*1.75% cash back rewards on all other eligible purchases

$0 AF
0% FTF

"Enjoy insurance benefits at no extra cost, including: Extended Warranty and Purchase Protection, Rental Car Collision/Damage, Out-of-Province/Out-of-Country Emergency Medical, Trip Interruption and Trip Cancellation."

Wasn't someone looking around for a good card to use in Canada?

Buy rando-plot of land in Canada and earn 4% in America on all purchases.

So they have a 2.5% FTF making it about a 1.5% card. You can do better with e.g. the PPMC, 2% with no FTF

Re: Brb, Buying Property In Canda

CreditCuriosity — Fri, 18 Oct 2019 14:19:20 GMT

The wonders of marketing and words especially with a FTF. Pointless card imo

Re: Brb, Buying Property In Canda

Anonymous — Fri, 18 Oct 2019 14:26:57 GMT

@CreditCuriosity wrote:
The wonders of marketing and words especially with a FTF. Pointless card imo

Yes, and the card gives 1.75% on all (non-Rogers) domestic transactions, so transactions in non-Canadian currency are actually the worst net reward rate, which is, um, far from obvious from the marketing!

Re: Brb, Buying Property In Canda

Anonymous — Fri, 18 Oct 2019 15:12:12 GMT

@CreditCuriosity wrote:
The wonders of marketing and words especially with a FTF. Pointless card imo

Wait, what? Where'd that FTF come from? I swear it said 0% on the site last night.

...all of a sudden I can't find that verbiage anywhere, though. :/

Guys....

Am...am I getting old?

Re: Brb, Buying Property In Canda

Anonymous — Fri, 18 Oct 2019 15:27:09 GMT

@Anonymous wrote:
@CreditCuriosity wrote:
The wonders of marketing and words especially with a FTF. Pointless card imo
Wait, what? Where'd that FTF come from? I swear it said 0% on the site last night.
...all of a sudden I can't find that verbiage anywhere, though. :/

Guys....
Am...am I getting old?

I got the graphic using "Ruby", the automated assistant, but if you begin the application process, the T&Cs include:

All transactions made in a foreign currency are converted to Canadian dollars at the rate established by Mastercard International in effect on or after the date of the Transaction and no later than the date the Transaction is posted to your Account (which may not be the same date as the date of the Transaction) plus an amount equal to 2.5% of the transaction amount after it has been converted to Canadian dollars.

I don't know if you are getting old, or were just too excited to see the downside!

Re: Brb, Buying Property In Canda

NRB525 — Fri, 18 Oct 2019 18:24:15 GMT

The additional variable is, this card would report statement balance in CAD and require payment in CAD.

Meaning US residents need to convince their USD Bank to convert a payment to CAD, often requiring its own currency conversion step and fees.

The Rogers Bank may not be set up on ACH, so even getting a payment to them may incur fees, or extra postage and a bit of extra time for snail mail payments ( in CAD cashiers check? ) to get north of the border.

Totally worth it.

Re: Brb, Buying Property In Canda

BearsCubsOtters — Fri, 18 Oct 2019 21:00:29 GMT

@Anonymous wrote:
@CreditCuriosity wrote:
The wonders of marketing and words especially with a FTF. Pointless card imo
Wait, what? Where'd that FTF come from? I swear it said 0% on the site last night.
...all of a sudden I can't find that verbiage anywhere, though. :/

Guys....
Am...am I getting old?

Bwhahahahahaha! Canada = good; Canadian credit cards = bad.

Canadians love our cards and they love cross border shopping which is why all Big 5 Canadian banks offer US Dollar cards to their Canadian customers.

Seriously though...their cards are generally awful in comparison. Not to mention property and property taxes are so much higher than in the US. Any extra earned from the card would easily be eaten up by the taxes.