CIBC U.S. dollar credit cards in Canada — defined
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 expenses, but it’ll cost you. 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 reasons to have a U.S. dollar credit card
A U.S. dollar credit is a great option for those who travel to the U.S. or order things online from U.S. stores. If you use a Canadian credit card to buy something from a U.S. website, you’ll also have to pay a foreign currency exchange fee with each purchase you make and that can add up. But with a U.S. dollar credit card, those fees are prevented as long as you use the card for U.S. dollar purchases only.1 From the initial charge to paying your bill, your entire transaction is done in U.S. dollars. Your card also makes you eligible for common carrier accident insurance2 and discounts on car rentals.
Who should apply for a U.S. dollar credit card?
U.S. dollar credit cards are great for those who make purchases in the U.S. This can include:
- 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 States 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.1