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Meridian Visa US Dollar Card Overview
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As a frequent traveller to the United States or someone who often makes purchases in US dollars, you might be looking for a credit card that caters specifically to your needs.
The Meridian Visa US Dollar Card is a great option for Canadians who want to make easy US dollar transactions and reduce currency conversion fees.
The Meridian US Dollar Card is a credit card for Canadians that operates using US dollars. Whether you’re planning a trip to the States, shopping at US-based online retailers, or managing business expenses in USD, this card could be an option for you.
Meridian US Dollar Card features
The Meridian US Dollar Card comes with features that make it stand out from other credit cards in the Canadian market. Here’s what you can expect:
US Dollar Currency: The card is linked to a US dollar account, allowing you to make purchases and payments directly in USD without incurring currency conversion fees on US transactions.
Rewards Program: You’ll earn 1 Meridian Rewards Point for every $1 USD spent on all eligible purchases. These points can be redeemed for a variety of rewards, including travel, merchandise, gift cards, and account credits.
Annual Fee: The card comes with an annual fee of $65 USD, which is waived for the first year. This gives you a chance to try out the card and its benefits before committing to the fee.
Interest Rates: The card has a 19.50% APR on purchases and a 21.99% APR on cash advances. While these rates are competitive, it’s always best to pay your balance in full each month to avoid interest charges.
Travel Insurance: The Meridian USD Visa Card offers comprehensive travel insurance coverage, including trip cancellation and interruption insurance, delayed and lost/damaged baggage insurance, and common carrier travel accident insurance.
Auto Rental Insurance: When you use your card to rent a car, you’re covered with collision/loss damage insurance for up to 48 consecutive days.
Purchase Protection: Your new purchases are protected against loss, theft, or damage for up to 90 days, with coverage of up to $10,000 per item.
Extended Warranty: The card doubles the original manufacturer’s warranty on eligible items for up to one additional year.
No Foreign Transaction Fees on US Dollar Purchases: This feature can save you the typical 2.5% foreign transaction fee charged by many other cards on US dollar transactions.
24/7 Travel Assistance: You’ll have access to round-the-clock travel assistance services, providing peace of mind during your trips.
Pros and cons of the Meridian Visa US Dollar Card
The Meridian USD Visa Card has its advantages and disadvantages. Let’s break them down to help you decide if this card is right for you.
Pros of the Meridian Visa US Dollar Card
No Foreign Transaction Fees on US Dollar Purchases
1 point per $1 USD spent Reward Program
Comprehensive Travel Insurance
First Year $65 USD Annual Fee Waiver
Purchase Protection and Extended Warranty
Simplifies US Dollar Transactions
Cons of the Meridian Visa US Dollar Card
$65 USD Annual Fee After the First Year
Requires a US Dollar Bank Account
Limited availability to other Canadian provinces.
Foreign Transaction Fees on Non-US Currency
Potentially High Interest Rates
Limited Additional Perks like airport lounge access or travel credits.
How does the Meridian Visa USD Card work?
The Meridian US Dollar Card is primarily offered as a single product type, but it’s worth noting a few details about how it fits into your broader financial picture:
Primary Card: This is the main Meridian USD Visa Card that you apply for. It comes with all the features and benefits we’ve discussed, including the rewards program, travel insurance, and other perks.
Additional Cards: You can request additional cards for family members or authorized users. These come with an annual fee of $30 USD per card after the first year (the fee is waived for the first year). Additional cardholders can help you earn rewards faster, but remember that you’re responsible for all charges made on these cards.
Linked US Dollar Account: While not strictly part of the credit card account, it’s important to note that you’ll need a US dollar bank account to effectively use and pay for your Meridian US Dollar Card. This account is where your payments will be drawn from, and it’s crucial for managing your US dollar expenses.
How to use the Meridian Visa US Dollar Card
Using your Meridian US Dollar Card effectively can help you maximize its benefits and potentially save money on your US dollar transactions. Here’s a guide on how to make the most of your card:
Set Up Your US Dollar Account: Before you start using your Meridian USD Visa Card, ensure you have a US dollar bank account set up. This account will be used to pay your credit card bill and is essential for managing your US dollar expenses effectively.
Use for US Dollar Purchases: Whenever you’re making a purchase in US dollars, whether it’s online shopping from US retailers, paying for hotels or restaurants while traveling in the States, or any other USD transaction, use your Meridian US Dollar Card. This way, you’ll avoid foreign transaction fees that you’d typically incur with a Canadian dollar card.
Take Advantage of Travel Insurance: Before your trips, familiarize yourself with the travel insurance benefits provided by your card. This includes trip cancellation and interruption insurance, baggage insurance, and travel accident insurance. Knowing what’s covered can help you avoid purchasing duplicate coverage and potentially save you money.
Use for Car Rentals: When renting a car, use your Meridian USD Visa Card to pay for the full rental. This will activate the card’s auto rental collision/loss damage insurance, potentially saving you money on the rental company’s insurance offerings.
Plan for the Annual Fee: After your first year, remember that you’ll be charged the $65 USD annual fee. Make sure you’re getting enough value from the card’s benefits to justify this fee.
Consider Currency Exchange Rates: While your card eliminates foreign transaction fees on US dollar purchases, it’s still important to be aware of the current exchange rate between Canadian and US dollars. This can help you make informed decisions about when to make larger purchases or when to load up your US dollar account.
Meridian Visa USD Card alternatives
While the Meridian USD Visa Card is an excellent option for those needing a US dollar credit card, it’s always good to know what alternatives are available. Here are a few other options you might want to consider:
BMO U.S. Dollar Mastercard: This card also allows you to make purchases in US dollars without foreign transaction fees. It has a lower annual fee ($35 USD) that’s waived if you spend over $1,000 USD annually. However, it doesn’t offer a rewards program or extensive travel insurance like the Meridian card.
TD U.S. Dollar Visa Card: Similar to the Meridian card, it allows US dollar purchases without conversion fees. It has a slightly lower annual fee ($39 USD) and offers some travel insurance benefits, but no rewards program.
CIBC U.S. Dollar Aventura Gold Visa Card: This card offers a rewards program (Aventura points) and includes travel insurance. However, it has a higher annual fee ($139 USD) and requires a minimum annual income of $15,000.
RBC U.S. Dollar Visa Gold: This card offers travel insurance and the ability to earn RBC Rewards points. It has an annual fee of $65 USD and requires a minimum annual income of $60,000.
Amazon.ca Rewards Mastercard: While not a US dollar card, it offers no foreign transaction fees on all purchases, including those in US dollars. It also has no annual fee and offers cashback rewards.
The Meridian USD Visa Card stands out for its combination of rewards, comprehensive travel insurance, and no foreign transaction fees on US dollar purchases. However, if you’re looking for a lower annual fee or have different priorities, one of these alternatives might be a better fit for you.
Conclusion
The Meridian US Dollar Card works great for Canadians who use US currency frequently in their regular transactions. This could be due to frequent travel for leisure or business. It stands out among US dollar credit cards for Canadians thanks to these features: no foreign transaction fees when you buy with US dollars, a rewards program, and cover-all travel insurance.
By using this card for US dollar transactions, you can significantly reduce currency conversion fees and earn rewards for your USD spending. A travel insurance package provides your trips with an extra layer of security, meaning you don’t need to spend additional money on travel insurance.
You can apply for the Meridian USD Visa Card online through Meridian Credit Union's website or by visiting a Meridian branch in Ontario. You'll need to provide personal information, proof of income, and agree to a credit check.
Can I use my Meridian US Dollar Card for purchases in other currencies?
Yes, you can use your card for purchases in other currencies, but you'll incur foreign transaction fees on non-USD purchases. The card is most beneficial for US dollar transactions.
How do I pay my Meridian US Dollar Card bill?
You'll need to pay your bill from a US dollar bank account. You can set up automatic payments or pay manually through online banking, mobile banking, or at a Meridian branch.
What happens if I don't have enough US dollars to pay my bill?
If you don't have enough US dollars in your linked account, you may need to convert Canadian dollars to US dollars to make your payment. It's important to maintain sufficient US dollar funds to avoid any issues.
Can I get additional cards for family members?
Yes, you can request additional cards for family members or authorized users. These come with an annual fee of $30 USD per card after the first year (waived for the first year).
General Terms
Meridian Visa US Dollar Card Disclosure Statement and Cardholder Agreement available for review.
Membership with Meridian Credit Union is a regulatory requirement to hold a Meridian Visa.
Payments must be made through a Meridian USD Chequing or Savings Account, either online or in-branch.
