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US Dollar Credit Card

Given the hidden cost in fluctuating exchange rate and currency-conversion fee (a sizable 2.5% or more), it is most reassuring to have a credit card billing in US currency. This way, your can control when and at what rate you convert your Canadian fund.

Most of the major Canadian banks offer US dollar credit cards. Bank of Montreal appears to offer the most variety of cards with different annual fee, cash back or Air Miles rewards. Here’s a brief list.

  • Bank of Montreal (BMO) Mosaik MasterCard U.S. Dollar Card
  • CIBC U.S. Dollar VISA Card
  • Royal Bank U.S. Dollar Visa Gold
  • TD Canada Trust U.S. Dollar Visa

Some US financial institutions, such as Capital One and Citi, also offer US Dollar MasterCard.

If you frequent US shops, you should not have problem qualifying for such a credit card. All the cards offer good purchase protection and extended warranty. The decision will be based on interest rate, annual fee and reward program.

Comments

6 responses so far. Leave a comment

6 Responses to “US Dollar Credit Card”

  1. AnnNo Gravataron 25 Jan 2010 at 8:12 pm

    What is the the cost of getting a money order if you have a us dollar card?
    Also, we had to get some service done on our truck while in the States. Do we have to declare this when we cross the border?

    [Reply]

    DoreenNo Gravatar Reply:

    There is no duty on services performed on your vehicle in order to allow you to return to Canada.

    [Reply]

  2. Credit CardsNo Gravataron 17 Jun 2010 at 10:21 am

    This post is really very appreciable. your post is very advantageous for me and very good.we had to get some service done on our truck while in the States. Do we have to declare this when we cross the border?Most of the major Canadian banks offer US dollar credit cards. Bank of Montreal appears to offer the most variety of cards with different annual fee, cash back or Air Miles rewards. Here’s a brief list.
    ==================================
    Daniel01

    [Reply]

  3. Utility WarehouseNo Gravataron 17 Aug 2010 at 7:12 am

    Yes, useful post and a very interesting website, lot’s of money saving tips. John

    [Reply]

  4. RaymondNo Gravataron 08 Dec 2010 at 8:36 pm

    Another alternative would be going to RBC and request them to open an USD CHQ account in RBC US for you. Then you would be given an USD debit VISA card that has no annual fee.

    However, like most of the CHQ account there would be a minimum balance ($1000 I think) you need to maintain in your RBC US account to avoid monthly charge. However since the interest rate is so low now it probably cheaper than the annual fee of the USD credit card.

    [Reply]

    JeffNo Gravatar Reply:

    Minimum balance is $700 or $3.95 fee for RBC Bank, USA

    [Reply]

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