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Making purchases in US dollars can leave you with the burden of foreign currency conversion fees. A US dollar credit card can eliminate this issue altogether.
A US dollar credit card sets your credit card’s currency in US dollars. This means you won’t be dealing with Canadian dollars. Instead, your purchases will be made automatically with US dollars.
You can avoid high foreign currency conversion fees with a US dollar credit card. You will save a lot of money, especially when our currency is lower.
When you purchase in US dollars, you will be billed in US dollars. No additional foreign currency conversion fees will be added to your bill.
Besides this, US dollar credit cards work like ordinary credit cards. You can use it for purchases in US dollars. The balance should be paid off every month to avoid interest charges.
US dollar credit cards have their benefits and drawbacks. It’s wise to consider them before applying for this card.
When looking for a US dollar credit card, it's essential to choose one that will benefit you. You should consider:
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Anyone who makes frequent purchases in US dollars when travelling or shopping online can benefit from a US dollar credit card. You’ll save some money. Also, you can take advantage of favourable exchange rates when topping up your US dollar bank account.
A no foreign exchange fee credit card waives the fee for CAD to USD conversions. As for a US dollar credit card, there won’t be currency conversions because the card is set to USD.
US dollar credit cards are more limited than no foreign exchange fee credit cards. You can only use it for purchases in US dollars. Non-USD transactions will incur a fee.
It may not be possible. You’d need a social security number and proof of US residency to apply at most of the US banks. Also, US banks can’t access your Canadian credit report. So it’s best to get your US dollar credit card from a Canadian bank instead.
Most credit cards have a foreign currency conversion fee of 2.5%. If you make a 100 USD purchase in Canadian dollars, you’ll pay $2.50 in fees. A US dollar credit card can save you this amount.