Best U.S. Dollar Credit Cards For Canadians in Aug 2022

If you regularly make purchases denominated in the U.S. dollar as I do, then you may have considered getting a U.S. dollar credit card or one that waives the foreign currency transaction fees.

Credit cards that waive the foreign currency conversion markup save you 2.5% in fees per transaction. However, they are not the perfect solution if you travel to the U.S. often or are one of many snowbird Canadians who flee Canada during the winter months.

The reason for this is that credit card issuers still ding you with a poor currency exchange rate that negatively impacts your purchasing power.

On the other hand, a U.S. dollar credit card means you are spending U.S. dollars and no currency conversion is required for your US purchases. With these cards, you save the foreign transaction fee and you can afford to forget what the current USD-CAD exchange rate is.

best us dollar credit card for canadians

Best U.S. Dollar Credit Cards in Canada

Looking for the best U.S. dollar credit cards for those living in Canada? Here are five top-rated U.S. dollar credit cards issued by banks in Canada.

1. BMO U.S. Dollar Mastercard

  • Annual fee: $35 USD (waived when some conditions are met)
  • Purchase APR: 19.99%
  • Cash Advances: 22.99%

The BMO U.S. Dollar Mastercard comes with a $35 annual fee. When you spend $1,000 USD or more in a year, the annual fee is waived in the following year.

The card comes with:

  • Extended warranty and purchase protection.
  • 24-hour out-of-country emergency assistance through Global Assist.
  • Broad acceptance at more than 30 million locations in the U.S., Canada, and elsewhere.
bmo u.s. dollar mastercard

Apply for the BMO U.S. Dollar Mastercard.

2. Scotiabank U.S Dollar Visa Card

  • Annual fee: $35 USD
  • Purchase rate: 19.99%
  • Cash Advances: 22.99%

If you travel to the U.S. or if you shop online at U.S. stores, the Scotiabank U.S. Dollar Visa Card is worth looking at.

It saves you on the foreign currency conversion fee and also provides purchase security and extended warranty coverage. Supplementary cards for additional authorized users are free and you can save up to 20% on car rentals at AVIS locations.

Scotiabank US dollar Visa Card

Apply for the Scotiabank U.S. Dollar Visa.

3. TD U.S. Dollar Visa Card

  • Annual fee: $39 USD
  • Purchase APR: 19.99%
  • Cash Advances: 22.99%

The TD U.S. Dollar Visa Card costs $39 annually. It offers trip interruption insurance, emergency travel assistance, travel accident, and delayed and lost baggage insurance.

In addition, this card comes with:

  • Auto rental collision/loss damage insurance.
  • 5% to 10% discount at AVIS and Budget car rental locations.
  • Purchase security and extended warranty.

If you already have the TD US Dollar Borderless Plan, the $39 annual fee is waived on this card.

TD US Dollar Visa Card

Apply for the TD U.S. Dollar Visa Card.

4. RBC U.S. Dollar Visa Gold

  • Annual fee: $65 USD
  • Purchase APR: 19.99%
  • Cash Advances: 22.99%

The RBC U.S. Dollar Gold Card is a bit more expensive at $65 USD per year, however, it does offer some perks to offset the cost:

  • Earn 1 RBC Rewards point per $1 USD spent.
  • Travel accident, auto rental collision/loss damage, trip cancellation/trip interruption, and emergency purchases insurance.
  • Purchase security and extended warranty.

Note that each supplementary cards cost $30 USD.

RBC US Dollar Visa Gold

Apply for the RBC U.S. Dollar Visa Gold.

5. CIBC U.S. Dollar Aventura Gold Visa

  • Annual fee: $35 USD
  • Purchase APR: 20.99%
  • Cash Advances: 22.99%
  • Income requirement: $15,000 minimum

The CIBC U.S. Dollar Aventura Gold Visa offers:

  • Auto rental collision/loss damage insurance
  • Accident insurance
  • Purchase security and extended warranty

New cardholders can earn up to 10,000 Aventura points if they meet certain conditions.

CIBC US Dollar Aventura Gold Visa

Apply for the CIBC U.S. Dollar Aventura Gold.

U.S. Dollar Credit Cards in Canada Summary

Credit CardAnnual FeeLearn More
BMO U.S. Dollar Mastercard$35Apply
Scotiabank U.S. Dollar Visa Card$35Apply
TD U.S. Dollar Visa Gold Card$39Apply
RBC U.S. Dollar Visa Gold Card$65Apply
CIBC U.S. Dollar Aventura Gold Visa Card$35Apply

U.S. Dollar Credit Cards vs. No Foreign Transaction Fee Cards

U.S. dollar credit cards simply do not involve any foreign conversions when you make U.S dollar purchases. A U.S. dollar card makes sense when you already have a US dollar bank account that you can use to pay off your credit card balance directly.

A no foreign transaction fee credit card pays for your U.S. dollar or other foreign currency transactions using Canadian dollars at the exchange rate in effect at the time of your payment. They waive the foreign transaction fee of 2.5% or more.

A no-FX markup credit card is useful if you only make occasional U.S. purchases and/or you do not have a U.S. dollar bank account.

Popular no-FX cards include:

Best U.S. Dollar Credit Cards in Canada
5

Summary

The best US dollar credit cards in Canada make it easier for you to make purchases using USD while also saving you on foreign currency transaction fees.

Best Credit Offers in August 2022

Earn up to 15% cash back for a limited time ($150 bonus)

One of the best no-fee credit cards in Canada.

Get 2% unlimited cash back on up to 3 purchase categories.

Get 0.5% unlimited cash back on all other purchases.

Get 15% bonus cash back in first 2 months ($150 value).

1.95% balance transfer offer for 6 months.

Get up to 5% cashback and grow your savings ($20 bonus)

Free prepaid reloadable Mastercard (use referral code CASHBACK during signup for $20 free).

Free budgeting app with automatic savings features.

Access to a portion of your paycheque 3 days early.

1.20% savings interest on every dollar balance.*

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Borrow up to $50,000 regardless of your credit score.

Pre-approvals are available in as fast as 5 minutes.

Low-interest rates start at 1.99% and terms from 4-60 months.

The NeoCard pays up to 5% cash back at select retailers

Get a $25 bonus when you apply for the Card.

Up to 5% cash back at participating stores.

No annual account fees and 1% minimum cash back guaranteed.

Guaranteed instant approval credit card.

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Author

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Enoch Omololu

Enoch Omololu is a personal finance expert and a veterinarian. He has a master’s degree in Finance and Investment Management from the University of Aberdeen Business School (Scotland) and has completed several courses and certificates in finance, including the Canadian Securities Course. He also has an MSc. in Agricultural Economics from the University of Manitoba and a Doctor of Veterinary Medicine degree from the University of Ibadan. Enoch has a passion for helping others win with their personal finances and has been writing about money matters for over a decade. He has been featured or quoted in The Globe and Mail, Winnipeg Free Press, Wealthsimple, Financial Post, Toronto Star, CTV News, Canadian Securities Exchange, Credit Canada, National Post, CIBC, and many other personal finance publications.

His top investment tools include Wealthsimple and Questrade. He earns cash back on purchases using KOHO, monitors his credit score for free using Borrowell, and earns interest on savings through EQ Bank.

1 thought on “Best U.S. Dollar Credit Cards For Canadians in Aug 2022”

  1. To avoid the 2.5% forex fee, I use Brim Mastercard Card in Canadian dollars with no annual fee. They don’t charge any foreign fee.

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