Better Value in Dollar

Over 8 month back when “Better Value in Dollar” site was being built, I thought we Canadian will soon get the good prices of Americans. Sadly, this is not true, after a strong show of Canadian economy and the Lonnie.

Douglas Porter, deputy chief economist at Bank of Montreal, published another survey result of 19 essential daily products (coffee, doughnuts, books, and handbags, etc.) yesterday. Canadians are still paying 18% more than US counterparts, before taxes are calculated. This gap is better than a year ago at 24%. Your dollar has better value south of the border.

We have found a different way to get a good bargain. You can mail order (usually cheaper than regular store price) and deliver to the border for pick up. Read our article here.

BTW, though Americans are screaming for high gas price, they are only paying a national average of US$1.07/liter (US$4.05/gallon), comparing with Canadian national average of CA$1.31/liter). Well, fellow Canadians, it may be worthwhile shopping for gas across the border.

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• US Dollar Credit Card
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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.

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