Best US Dollar Credit Cards in Canada
What You Should Know
- U.S. dollar credit cards are denominated in U.S. dollars instead of Canadian dollars.
- A U.S. dollar credit card can save 2.5% foreign transaction fee on every transaction made in U.S. dollars.
- U.S. dollar credit cards can benefit those who travel to the U.S. frequently or make purchases in USD often.
U.S. dollar credit cards are denominated in U.S. dollars instead of Canadian dollars. Many Canadian banks offer U.S. dollar credit cards that can be useful for Canadians who travel to the U.S. often or shop on U.S. websites regularly. Canadian snowbirds who spend a large part of their year in the United States can also benefit from getting a U.S. dollar credit card.
The main advantage of using a U.S. dollar credit card when spending in U.S. dollars is that you don’t pay a foreign exchange fee for every transaction. A foreign exchange fee or FX fee is a surcharge or commission that financial institutions charge when you shop and use your card to pay in a foreign currency. Even the best Canadian credit cards charge an FX fee of 2.5%. While most U.S. dollar credit cards don’t offer a high rate of rewards, they will still help you build your credit score. A good credit score helps you qualify for loans and get the best mortgage rates available. Additionally, U.S. subsidiaries of Canadian banks may qualify you for loans and credit products in the U.S. based on your Canadian credit history.
The USD to CAD exchange rate keeps fluctuating. If you have a U.S. dollar income stream and a U.S. dollar bank account, you can get a U.S. dollar credit card and easily pay it off without worrying about conversion. Most major Canadian banks now offer U.S. dollar credit cards, and you can read about their fees and benefits below.
| Credit Card | Annual Fee | Top Benefits |
| CIBC U.S. Dollar Aventura Gold Visa Card | $35 USD |
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| RBC U.S. Dollar Visa Gold | $65 USD |
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| Meridian Visa U.S. Dollar Card | $65 USD |
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| BMO U.S. Dollar Mastercard | $35 USD |
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| TD U.S. Dollar Visa Card | $39 USD |
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| Scotiabank U.S. Dollar Visa Card | $35 USD |
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| Desjardins U.S. Visa | $30 USD |
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| RBC Bank Visa Signature Black (RBC U.S.) | $0 USD |
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U.S. Dollar Credit Cards Offered by Canadian Banks
CIBC U.S. Dollar Aventura Gold Visa Card
22.99% on cash advances (21.99% for Quebec residents)
- 1 Aventura point per $1 spent on travel purchases on the CIBC Rewards Centre.
- 1 Aventura point per $2 spent on all other eligible purchases.
- Annual fee rebated if you have a CIBC US$ Personal Account or a CIBC Bank USA Smart Account and a premium CIBC personal credit card.
- Add up to three secondary cardholders for free.
- Get discounts on car rentals at participating Avis and Budget locations.
- Common Carrier Travel Accident Insurance
- Rental Car Collision/Damage Insurance
- Purchase Protection
- Canadian resident having reached mature age in the province of residence.
- $15,000 minimum annual income.
RBC U.S. Dollar Visa Gold
22.99% on cash advances
- 1 Avion point per $1 USD spent.
- Load personalized offers before shopping to earn cash rewards or bonus points.
- Save 3¢/L on fuel by linking the card with your Petro-Points card.
- 50 Be Well points per every $1 spent on eligible items at Rexall.
- 3-month complimentary DashPass subscription.
- Common Carrier Travel Accident Insurance
- Trip Cancellation / Interruption Insurance
- Emergency Purchases Insurance
- Canadian resident having reached mature age in the province of residence.
- No minimum income requirement specified.
Meridian Visa U.S. Dollar Card
21.99% on cash advances
- 1 reward point per $1 spent on all purchases.
- 24/7 Travel Assistance.
- Common Carrier Travel Accident Insurance
- Rental Car Collision/Damage Insurance
- Trip Cancellation & Trip Interruption / Delay Insurance
- Canadian resident having reached mature age in the province of residence.
- No minimum income requirement specified.
BMO U.S. Dollar Mastercard
22.99% on cash advances (21.99% for Quebec residents)
- None
- Annual fee rebated if you spent a minimum of $1,000 USD in the previous year.
- Add a secondary cardholder for free.
- 15% off on Cirque du Soleil shows in Canada and 20% off on Cirque du Soleil shows in Las Vegas.
- Purchase Protection
- Extended Warranty
- Canadian resident having reached mature age in the province of residence.
- You have not declared bankruptcy in the last 7 years.
- No minimum income requirement specified.
TD U.S. Dollar Visa Card
22.99% on cash advances
- None
- Get discounts on car rentals at participating Avis and Budget locations.
- Emergency cash advance up to $5,000.
- Emergency Travel Assistance.
- Common Carrier Travel Accident Insurance
- Rental Car Collision/Damage Insurance
- Trip Interruption Insurance
- Canadian resident having reached mature age in the province of residence.
- No minimum income requirement specified.
Scotiabank U.S. Dollar Visa Card
22.99% on cash advances
- None
- No annual fee for additional cards.
- Get up to 25% discount on base rate for car rentals at participating Avis and Budget locations.
- Purchase Protection
- Extended Warranty
- Optional Insurance Bundles
- Canadian resident having reached mature age in the province of residence.
- You have not declared bankruptcy in the last 7 years.
- $12,000 minimum annual income.
Desjardins U.S. Visa
- None
- No annual fee for additional cards.
- 24/7 travel assistance.
- Emergency Healthcare Coverage (Up to 3 days)*
- Trip Cancellation Coverage (Up to 3 days)*
- Baggage Coverage (Up to 3 days)*
- Canadian resident having reached mature age in the province of residence.
- Already have a Desjardins credit card.
- No minimum income requirement specified.
U.S. Dollar Credit Cards Offered by U.S. Subsidiaries of Canadian Banks
RBC Bank Visa Signature Black (RBC U.S.)
(After six months interest rate will be Prime Rate plus a margin between 9.99% and 16.74%)
- 1 RBC point per $1 spent.
- RBC rewards can be redeemed for 1% cash back.
- Rewards can be transferred to a Canadian Avion Rewards account.
- VISA benefits, including concierge services, exclusive hotel benefits, and discounts.
- Add a secondary cardholder for free.
- Roadside assistance.
- Common Carrier Travel Accident Insurance
- Trip Cancellation / Interruption Insurance
- Lost Luggage Reimbursement
- Canadian resident having reached mature age in the province of residence, or U.S. resident age 18 or older.
- No minimum income requirement specified.
Advantages and Disadvantages of U.S. Dollar Credit Cards
| Advantages | Disadvantages |
| Save foreign transaction fees when you make purchases in U.S. dollars. | A foreign transaction fee will be applied when you spend in a foreign currency other than U.S. dollars. |
| Each of the big five banks in Canada offers a U.S. dollar credit card. | There are very few U.S. dollar credit cards to choose from in Canada. |
| Most U.S. dollar credit cards have some travel benefits and insurance. | You may need to open a U.S. dollar bank account to pay off your credit card bills. |
| Low annual fee compared to many premium cards in Canada. | Even though the annual fee is low, there are fewer or no rewards compared to the premium cards available in Canada. |
| U.S. dollar credit cards issued by Canadian banks help you build a credit score in Canada. | U.S. dollar credit cards issued by Canadian banks don’t help you build a credit history in the U.S. |
Paying U.S. Dollar Credit Card Bill
There are two common ways of paying off your USD credit card bills –
- Through an online banking account
- Setting up automatic payments from your bank account
It should be noted that some banks may require you to have a US dollar bank account to make payments. For example, Desjardins requires you to pay using a U.S. dollar bank account. On the other hand, some banks require you to have a U.S. dollar bank account only if you opt for pre-authorized auto debit. For example, if you have a TD U.S. Dollar credit card, you can pay your credit card bills through EasyWeb online banking in Canadian dollars or U.S. dollars. However, if you wish to set up automatic payments, you can do so only with a U.S. dollar account. You must verify with your credit card provider if you would be charged an FX fee if you pay your credit card bill using Canadian dollars.
In addition to the above methods, you may have other options for paying your bill, such as by mail or at the bank counter. The payment options vary from one bank to another, and you must carefully study them before you apply for a credit card.
Alternatives to Getting a U.S. Dollar Credit Card
There are a few other options that you may consider instead of getting a U.S. dollar credit card from a Canadian bank.
- Get a no-fx fee credit card: Some credit cards available in the Canadian market do not charge a foreign transaction fee for transactions in other currencies. However, you should know that some of these credit cards may charge higher exchange rates than those set by credit card networks.
- Get a credit card from a U.S. Bank: As a Canadian, you may be able to get a credit card offered by a U.S. bank if you have the following:
- A U.S. mailing address
- A U.S. bank account
- A U.S. SSN (Social Security Number)
If you do not have an SSN but have a credit history in Canada, you could use Nova Credit, a service that helps you apply for a credit card in the U.S. using your credit history in a foreign country.
Bottom Line
If you visit the United States often or shop from U.S. websites frequently, you can save a lot of money by getting a U.S. dollar credit card offered by a Canadian bank. Most Canadian banks charge a 2.5% foreign transaction fee every single time you use a regular credit card to make purchases in U.S. dollars. U.S. dollar credit cards don’t charge this fee, potentially saving you hundreds of dollars on your transactions. However, most of these cards have an annual fee, and you should weigh the potential savings against the annual fees before making a decision to get a U.S. dollar credit card.