Update: So I’m testing the card. When you get it, you have to do a mini application which does a soft check on your Equifax. Your initial load has to be in a foreign currency, and has a 2.5% spread. The initial load has to be the equivalent of $CAD 100. After the initial purchase, you can load the card with Canadian Dollars. The address you want the card sent to has to match the card used for the initial purchase.
CIBC recently created the “AC Conversion” pre-paid credit card. It’s a pretty standard pre-paid card, with the normal fees, and a complex forex gimmick. The card costs $5.95 to open, $3.50 ATM withdrawal fee (first withdrawal in a month is free), but most importantly, this card can be loaded with another credit credit. While I don’t have personal experience, someone on RedFlagDeals has reported that their visa did not consider the charge as a cash-like transaction… You can load a maximum of $3,000 per instance, with a maximum balance of $20,000, and a maximum $2,000 ATM withdrawal per 24-hour period.
The MS potential here is huge. Before loading huge amounts of cash, I’d wait for more reports as to whether the charge reflects as a cash-like transaction. Has anybody used the AC Conversion card yet? Any reports?