Whether you travel to the U.S. or make purchases from U.S. retailers, spending south of the border means you’ll be paying for things in U.S. dollars. You can use your Canadian credit card to cover your purchases, but you could pay additional fees. A U.S. currency credit card may save you money. Since your purchases and payments are made entirely in U.S. dollars, you don’t have to worry about currency exchange fees.
Top benefits of a U.S. dollar credit card
A U.S. dollar credit is a great option if you travel to the U.S. or order things online from U.S. stores.
Your card makes you eligible for common carrier accident insurance.ⓘ
Who should apply for a U.S. dollarcredit card?
U.S. dollar credit cards are a great option if you make purchases in the U.S. or frequently spend time there. If you fit into one of the following categories, these cards might be right for you:
Clients who travel to the U.S.
Clients who make work-related or personal purchases from U.S. retailers and vendors
Clients who have a U.S. dollar bank account
Clients who live in the U.S. for a portion of the year
What’s the difference between a U.S. dollar credit card and a no foreign transaction fee card?
With a U.S. dollar credit card, your purchases are charged and paid for in U.S. dollars only, so you save on U.S. currency conversion fees.
With a no foreign transaction fee credit card, your cross-border purchases are charged in Canadian dollars, but your foreign transaction fee is waived.ⓘ
How do I apply for a U.S. dollarcredit card?
It’s easy to apply for a U.S. dollar credit card with CIBC. Choose the application process that best suits your needs to start enjoying the benefits of a U.S. currency credit card.
Yes, you can use a U.S. dollar credit card to make purchases in Canada.
Yes, using a U.S. dollar credit card can impact your Canadian credit score because it’s typically reported to Canadian credit bureaus. Your payment history and credit utilization on this card will be factored into your overall credit score in Canada.
If you use a U.S. dollar credit card for transactions in currencies other than U.S. dollars, the purchase amount will be converted to U.S. dollars at the current exchange rate. Some financial institutions may also charge currency conversion fees.
