Say farewell to foreign currency transaction charges
If you’re like most Canadians who use a credit card when travelling abroad you’re probably used to paying a foreign currency charge in addition to the exchange rate. Sears is changing that.
Sears Financial MasterCard® and Sears Financial VoyageTM MasterCard® cardmembers do not pay a foreign currency transaction fee on international purchases*. Enjoy the freedom of spending, knowing you won’t be charged 2.5 % on your foreign purchases.
While vacationing in Italy, Richard spent €1000 using his credit card which charges a 2.5% foreign currency transaction charge in addition to the exchange rate. (The exchange rate is set by MasterCard International Inc.)
In this example, Euros are changed directly into Canadian dollars at an exchange rate of 1.298141**.
If there was a 2.5% foreign currency charge Richard would have to pay $1,330.59 in Canadian dollars, which includes a foreign currency transaction charge of 2.5% which is equal to $32.45.
But if Richard uses his Sears MasterCard or Sears Voyage MasterCard, he would save $32.45.
Apply for your Sears MasterCard at any Sears location
*We convert transactions made in foreign currency at the exchange rate in effect when the transaction is posted to your account. Please see the MasterCard or Sears Voyage MasterCard Cardmember Agreement for more information about rates and fees. Transactions made in foreign currency are converted at the exchange rate set by MasterCard International. This update does not apply to the Sears Card.
**The exchange rate shown here is as of June 29, 2012 and is for the purpose of this example only. Source: https://www.mastercard.com/global/currencyconversion/index.html