If you’re one of the many Canadians who likes to shop online at American stores or spend time in the United States for business or a vacation, you might like to get the best USD credit card in Canada. Having a USD credit card in your wallet can save you hundreds of dollars per year in foreign transaction fees. Credit cards with no foreign transaction fees can also be used by shoppers worldwide. However, if you generate income in USD, you stand to gain greater advantages by opting for a USD credit card.
Although most USD credit cards in Canada don’t come with the great rewards offered by the best Canadian credit cards, some do come with reward-earning potential and comprehensive insurance packages that frequent travellers need. We have compiled the best USD credit cards in Canada, comparing their features to help you choose the one that’s right for you.
Should you get a USD credit card in Canada?
The answer to this question depends on your situation. USD credit cards are good if you have American dollars to spend. If you have a USD credit card in Canada, you will need a USD bank account to pay the statement. Unless you have an American address and a social security number, you won’t be able to open an American dollar bank account in the U.S.
Fortunately, it’s very easy to get a U.S. dollar bank account from any of Canada’s major banks but keep in mind that you will also need a source of American dollars to fill it with. Otherwise, you’ll be paying currency conversion rates every time you transfer money from your Canadian account to your USD account or directly to your USD credit card. If you frequently get paid in American dollars and do a lot of spending in the U.S. then it’s worth it to get a USD credit card in Canada.
On the other hand, if you only travel occasionally to the U.S. or shop either across the border or online at American stores and don’t have a steady stream of U.S. funds coming your way, then it’s better to get a credit card that doesn’t charge you for foreign currency transactions. With a no foreign transaction fees credit card, you can still shop, but the charges are reflected in Canadian dollars. You won’t get the best currency exchange rate, but you can easily pay the balance from your Canadian bank account.
Currency conversion fees vs. Foreign transaction fees
If you’ve ever purchased something in American currency (or any currency other than Canadian) with your Canadian credit card, you may have noticed two separate charges on your statement, a foreign transaction fee and a currency conversion fee. Although they sound similar, they are not the same thing.
The first charge is the foreign transaction fee, which is set by your credit card issuer. It’s usually around 2.5% but can go as high as 3% and applies to any charges made in a foreign country or in a foreign currency. The second charge is usually 1% of the purchase price and is imposed by the credit card payment processor for converting from Canadian currency to whatever currency you’re dealing in.
When you make a purchase in USD, either online or across the border, with a Canadian credit card, you’re likely paying both of these charges, unless you have a Canadian credit card that waives the foreign transaction fee. While this credit card will save you that 2.5%, it won’t give you a very good conversion rate, plus you would still be paying the 1% currency conversion fee imposed by the payment processor.
USD credit cards eliminate both charges. Charges are made in U.S. currency and you’ll also need to pay the statement in U.S. currency. It is important to keep in mind that USD credit cards can only be used for purchases made in the U.S. or with U.S. dollars. If you use your USD credit card in Canada, you will be charged the foreign transaction fee and the currency conversion fee.
Shopping Online with your USD Credit Card
USD credit cards avoid that currency exchange by only using American currency, so they’re only good for purchases made in the U.S. or online charged in American dollars. Shopping online is amazing, but buying things from American stores when you live in Canada isn’t always easy. If you run into the problem of needing a US address to ship your package to, you can use a package forwarding service. It gives you a US address and you can have your packages shipped there. The package forwarding service will collect your package at this location and send it to your Canadian address.
1. BMO U.S. Dollar Mastercard – Best Overall USD Credit Card in Canada
The BMO U.S. Dollar Mastercard is one of the most commonly used USD credit cards in Canada. For Canadians who regularly travel to and shop in the U.S., it offers exactly what you need. The annual fee is $35, but they’ll waive it if you spend over $1,000 USD per year. If you’re someone who does a lot of spending in the U.S., you can easily get this credit card for free. Plus, BMO offers a USD bank account, so you won’t have any problems paying your balance.
The BMO U.S. Dollar credit card doesn’t come with any reward-earning potential, but it has low eligibility requirements and a standard interest rate. You’ll also get an extended warranty and purchase protection for any items purchased using this card. If you travel to Las Vegas, you’ll be able to get 20% off resident shows with this card.
| Eligibility | Description |
| Credit score (estimated) | 600 |
| Annual income | Not specified |
| Other | Be a Canadian resident. Have reached the age of majority in your province or territory. Have not declared bankruptcy in the past 7 years. |
2. Rogers World Elite Mastercard – Best Credit Card for Cash Back on USD Purchases
The Rogers World Elite Mastercard is technically not a USD credit card. But it can be a good thing if you don’t want the hassle of a USD chequing account. Instead, this no-fee canadian card gives you unlimited cash back on USD purchases. Its 3% cash back on all eligible purchases in U.S. dollars will soon wipe out the fees associated with currency conversion.
You’ll also receive significant cash back on other purchases, at a rate of 1.5%. Rogers offers an attractive range of insurances when you’re outside Canada. For example, the card covers you for out-of-province or out-of-country emergency medical care, and includes trip interruption and trip cancellation insurance. You’ll also receive a free subscription to Mastercard Travel Pass, giving you access to 1,300 airport lounges worldwide at a cost of $32 USD per visit.
| Eligibility | Description |
| Credit score (estimated) | 725 |
| Annual income | $80,000 personal or $150,000 household |
| Other | Be a Canadian resident. Have reached the age of majority in your province or territory. |
3. RBC Visa Signature Black – Best for Low Interest Rates
This card is a great option for Canadians who love to spend American dollars and collect reward points. The RBC Visa Signature Black rewards shoppers with 1 RBC Reward point for every $1 spent and offers the benefits of Visa’s Signature concierge service, a special feature that makes travelling easier by helping you plan things like accommodations, car rentals, dinner reservations and tickets to shows and events, all of which can be redeemed with RBC points. Note that RBC offers a cross-border banking bundle including this credit card.
It also has some pretty competitive insurance plans that cover everything travel related from flight delay to travel medical insurance. Best of all, there is no annual fee, making this card accessible to almost any Canadian that needs it.
| Eligibility | Description |
| Credit score (estimated) | 680 |
| Annual income | None |
| Other | Be a Canadian resident. Have reached the age of majority in your province or territory. |
4. Scotiabank U.S. Dollar Visa Card – Best USD Credit Card in Canada for Car Rentals
Scotiabank offers some of the best travel credit cards available to Canadians. Not only do they waive the typical 2.5% foreign transaction fees on many cards, but their USD credit card comes with some pretty sweet travel perks as well.
Available for just $35 USD per year, the Scotiabank U.S. Dollar Visa provides purchase protection and an extended warranty on all purchases. It will save you 25% on AVIS and Budget car rentals. It’s definitely worth having even if you only spend money in the U.S. a few times per year. Plus, you can add additional cardholders to the account for no extra charge and you will be able to pay your balance using your Scotia foreign currency account.
| Eligibility | Description |
| Credit score (estimated) | 660 |
| Annual income | None |
| Other | Be a Canadian resident. Have reached the age of majority in your province or territory. |
5. CIBC U.S. Dollar Aventura Gold Visa Card – Best USD Credit Card for Aventura Points
There is a small annual fee for the CIBC U.S. Dollar Aventura Gold Visa card, but it is waived for the first year. This rewards card offers users 2 ways to earn points: for every $1 spent on travel-related purchases through the CIBC Rewards Centre, you’ll earn 1 Aventura point. You also earn 1 point for every $2 on all other purchases charged to this card.
This card also comes with accident insurance and car rental collision, loss and damage insurance. Once you receive your first statement, pay your balance using funds from your CIBC US$ Personal Account or CIBC Bank USA Smart Account. An quick way to save money with this card is by redeeming travel purchases. If you use Shopping with Points, go to your pending transactions and redeem eligible purchases for half the points normally needed.
| Eligibility | Description |
| Credit score (estimated) | 700 |
| Annual income | $15,000 |
| Other | Be a Canadian resident. Have reached the age of majority in your province or territory. |
6. RBC U.S. Dollar Visa Gold – Best USD Credit Card for Avion Points
With an annual fee of $65 USD, the RBC U.S. Dollar Visa Gold certainly isn’t cheap, but it comes with some great benefits. It’s one of the very few USD credit cards in Canada that also offers travel rewards.
For every $1 USD spent, you’ll earn 1 Avion point, which you can redeem for travel rewards or convert to other reward programs including WestJet dollars and Hudson’s Bay Rewards points. You can also use your Avion points to pay your credit card balance or other RBC financial products, get gift cards and merchandise.
The RBC U.S. Dollar Visa Gold card comes with trip cancellation insurance. This card also helps you save at Petro-Canada, Rexall and DoorDash. You could save up to save 3¢/L on fuel and earn 20% more Petro-Points, get 50 Be Well points for every $1 spent on eligible products at Rexall as well as a 3-month complimentary DashPass subscription.
| Eligibility | Description |
| Credit score (estimated) | 680 |
| Annual income | None |
| Other | Be a Canadian resident. Have reached the age of majority in your province or territory. |
7. Meridian Visa U.S. Dollar Card – Best USD Credit Card for Ontario Residents
The Meridian Visa U.S. Dollar Card is one of the best USD credit cards available to Canadians. It comes with a fairly steep annual fee of $65 USD, but it’s waived for the first year.
What sets this card apart is that it can earn you points, a feature that’s missing from many USD credit cards in Canada. For every $1 USD you spend, you’ll earn 1 reward point that you can use towards travel, gift cards, products, and statement credits.
Plus, the Meridian Visa U.S. Dollar Card comes with comprehensive travel insurance plans including trip cancellation, trip interruption, baggage delay and loss, and car rental insurance. Meridian also offers a US Dollar chequing account.
| Eligibility | Description |
| Credit score (estimated) | 660 |
| Annual income | None |
| Other | Be a Canadian resident. Have reached the age of majority in your province or territory. |
FAQs about the Best USD Credit Cards in Canada
Can a Canadian get a US credit card?
Yes, Canadians can get a USD credit card and a USD bank account in Canada from any of Canada’s major banks. Canadians can’t get a U.S. dollar credit card issued by an American bank unless they have an American address, a social security number and an American bank account.
Can I use a Canadian credit card in the US?
Yes, Canadian credit cards work all around the world. If you use your Canadian card in the U.S. your charge will be converted to Canadian dollars and you will pay the difference, which fluctuates depending on the conversion rate. Plus, you will almost always be charged a foreign transaction fee that’s typically around 2.5%. To avoid these fees, find a credit card without foreign transaction fees.
Do Canadian credit cards work in the US?
Yes, your card will work the same way in the U.S. as in Canada. Remember that if you plan to use your Canadian credit card in another country, it’s a good idea to let your bank know so your activity isn’t flagged. Your bank might freeze your card if it detects suspicious activity like charges in another country or in a foreign currency. If you detect suspicious activity on your card, contact your provider and ask for a chargeback.
Can I buy things in USD with a Canadian credit card?
Yes, but you’ll be charged in Canadian dollars and, unless you have a no foreign transaction fee card, you will likely be paying around 2.5% in the foreign transaction and conversion fees.
Do all credit cards charge a foreign transaction fee?
Not all credit cards charge foreign transaction fees. If you travel frequently or do a lot of shopping in the U.S. but don’t have access to American dollars, compare credit cards to select a no foreign transaction fee card, which is a better option than a USD credit card.
