Using us dollar credit cards in Canada: If you frequently make purchases in US dollars with your credit card, you may have noticed that with each transaction, your credit card charges you a fee to convert the currency from US dollars to Canadian dollars. The fee is around 2.5% in addition to the foreign exchange rate.
Any frugal Canadian who makes frequent purchases in US dollars should keep this fee to a minimum. One strategy to reduce foreign transaction fees is to apply for a US dollar credit card.
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What is the best U.S. dollar credit card in Canada?
Below, we’ve highlighted some of the best US dollar credit cards issued by some of Canada’s largest banks and credit unions
BMO U.S. Dollar Mastercard
The annual fee for the BMO US Dollar MasterCard is $35, but when you spend $1,000 US in the first year, the fee is refunded to your credit card. The interest rate is 19.99% for purchases and 22.99% for cash advances.
This credit card comes with extended warranty coverage, and purchase protection and is accepted at more than 30 million locations in the US and around the world.
Meridian VISA US Dollar Card
The Meridian Visa US Dollar Card allows you to earn rewards for your US Dollar spending. This credit card allows you to earn 1 point per dollar spent on your purchases with no limits.
The annual fee is $65, and it is waived for the first year. Additional cards cost $30 per user and are covered by a suite of your travel insurance products.
Scotiabank US Dollar Visa Card
The Scotiabank US Dollar Visa card has no US currency conversion fees and free supplemental cards for additional users. It offers credit card purchase protection and extended warranty protection, and secures online purchases with Visa checkout The Scotiabank US Dollar Visa Card is also eligible for Apple Pay and Android Pay and has an annual fee of $35.
CIBC U.S. Dollar Aventura Gold Visa Card
With this credit card, you’ll pay an annual fee of $35, but that fee is waived for the first year. The CIBC US Dollar Aventura Gold Visa Card is a rewards card that allows you to earn 1 point per dollar spent at CIBC Rewards Centers and 1 point per $2 spent on all other purchases.
You can earn an additional 2,500 bonus points by completing a series of activities with CIBC, such as setting up your email address and signing up for e-statements.
TD U.S. Dollar Visa Card
Finally, the TD US Dollar Visa card has a $39 annual fee and is free for additional card users. The interest rate on this credit card is 19.99% for purchases and 22.99% for cash advances.
The TD US Dollar Visa Card is Apple Pay and is contactless payment-enabled for a seamless shopping experience. Purchases made with the TD US Dollar Visa Card are covered by Trip Interruption Insurance, Baggage Insurance, and Emergency Travel Assistance.
RBC U.S. Dollar Visa Gold
This travel rewards credit card lets you earn 1 RBC Rewards point for every dollar you spend, which can be redeemed for flights, hotels, event tickets, and merchandise. There is a $65 annual fee for this credit card, and supplemental cards are $30 each.
How to get a U.S. credit card in Canada
Applying for a US dollar credit card is no different than applying for any other Canadian credit card.
- First, there are 2 basic requirements that you must meet:
- Must be a resident of Canada, and age of majority in their province or territory.
Depending on the card, income requirements may also be met.
Apply For a US Dollar Credit Card?
As a Canadian, you can apply for a US dollar credit card through any major bank in Canada. Since the credit card is a US dollar card, you won’t be charged any foreign transaction fees when you make purchases in US dollars.
Note: However, to make your monthly payments, you will need a source of US dollars. Otherwise, you’ll need to convert your Canadian dollars to US dollars to pay for your credit card, which may cost more than paying foreign transaction fees.
Get a US dollar credit card?
A US dollar credit card is a useful tool if you travel to the US frequently or make purchases in US dollars. Instead of withdrawing cash to spend or make purchases on your Canadian credit card (and paying foreign transaction fees), you can make purchases with a US dollar credit card and avoid those fees.
A US dollar credit card is a smart choice if you have access to US dollars and the funds to pay off your credit card without having to convert currency.
For example, if you are a freelancer and some of your clients pay you in US dollars, you can use that currency without converting your credit card’s payment currency. Can do without N and LK.
No foreign transaction fee credit cards in Canada
If you don’t have access to US dollars to pay for your US dollar credit card, a credit card with no foreign transaction fees is a simple and easy way to save money on purchases made in US dollars. You can pay your balance with Canadian dollars and you don’t have to worry about currency conversion.
FAQs: US Credit Cards in Canada
US Dollar Credit Card, your purchases are charged and paid for in the US only. dollars, so you save currency conversion fees. With a credit card with no foreign transaction fee, your cross-border purchases are charged in Canadian dollars, but your foreign transaction fee is waived.
Save on currency conversion from Canadian to US Dollars. For anyone who makes a lot of purchases in USD and also has a source of income in USD, having one of these credit cards makes a lot of sense. You’ll save a lot of time on currency conversion rates, whether through a bank or credit card.
Brim World Elite MasterCard.
American Express Cobalt.
EQ Bank Card Review.
Scotia Momentum Visa Infinite.
Best Hotel Credit Cards.
Can a Canadian apply for a US-dollar credit card? Yes, as a Canadian, you can apply for a US dollar credit card through any major bank in Canada. Since the credit card is a US dollar card, you won’t be charged any foreign transaction fees when you make purchases in US dollars.
MasterCard has the edge over Visa, but it’s not the best option in every case. For 23 of the 44 currencies, MasterCard offered a better rate than Visa more than 70% of the weekly comparison. Visa had good rates over 70% of the time for just three currencies.
Visa, MasterCard or American Express card work in other countries? You can use your credit card abroad as long as the merchant accepts Visa, MasterCard, or American Express
Conclusion – US Credit Cards in Canada
Top US Dollar Credit Cards in Canada I warned you that there was nothing spectacular on the list! While none of these credit cards are great, they are still worth getting.
You might not earn as many points (if any), but you’ll save money on both currency conversion fees and foreign exchange fees when shopping in USD.
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