Best U.S. Dollar credit card in Canada for 2020 award seal

U.S. dollar credit cards can sometimes be confused with foreign transaction credit cards, but they aren’t the same at all.

Foreign transaction credit cards save you on currency conversion fees, while U.S. dollar credit cards never convert currency at all, keeping your currency in U.S. funds and avoiding conversion fees altogether.

You can view them here.

That being said, they only make sense if you have a USD bank account with a balance you can use to pay off your U.S. card. Otherwise, you’re going to have to convert your Canadian dollars to USD first to pay off your USD credit card. Doing that is likely more expensive than just letting your CAD credit card do the conversion for you.

While these cards are not useful for everyone, a U.S. dollar credit card makes a lot of sense if you:

  • find yourself making a lot of purchases in U.S. funds,
  • travel to the United States frequently for either work or vacation,
  • have a U.S. bank account, or
  • receive income in U.S. funds.

If one or more of these things are true for you, consider picking up one of these U.S. dollar credit cards – it could really help you save in the long run.

Canada's best U.S. dollar credit cards for 2020

Here are some of the best U.S. dollar cards you can find in Canada:

Category Credit Card
Best U.S. dollar Visa RBC U.S. Dollar Visa Gold
Best U.S. dollar Mastercard BMO® U.S. Dollar Mastercard®*

Review our top U.S. Dollar credit cards here.

Canada's best U.S. dollar Visa credit card

Our top spot for the best U.S. dollar credit card goes to the .

While most U.S. dollar credit cards don’t have many frills or benefits, this card definitely sets itself apart by also giving you 1 RBC Rewards point for every $1 you spend.

These rewards can be redeemed for travel, merchandise, gift cards, statement credits, and more. You can even transfer them to WestJet or Hudson's Bay Rewards programs.

For a $65 (USD) annual fee, it also comes with a comprehensive suite of travel and purchase insurance.

The best U.S. dollar Mastercard credit card in Canada

For a $35 (USD) annual fee, the is another top card to consider when looking at U.S. dollar credit cards.

What's cool about this card is your annual fee is waived for each year you purchase $1,000 USD or more.

It also comes with extended warranty and purchase protection insurance.

Compare Canada's Best U.S. Dollar Credit Cards

How we get our rankings

How do we decide what are the best U.S. Dollar cards? We take into account over 126 features of each credit card into account, broken down into 7 main categories.

US Dollar page genius rating scoring

We then take those features and put them through our algorithm, which calculates a score out of 5. And since we're talking about U.S. dollar credit cards, we give extra weight to the fees, rewards, and insurance categories, as they're the primary features we're after with cards on this page.

Learn more about our Genius Rating methodology.

FAQ

How is a U.S. dollar credit card different from a credit card that has no foreign exchange fees?

Credit cards with no foreign exchange fees essentially waive the currency conversion fees you would normally be charged, while U.S. dollar credit cards never convert currency at all. Your charges are in U.S. dollars and they stay in U.S. dollars, so you avoid conversion fees altogether.

That said, this only makes sense if you have a U.S. dollar bank account with a balance you can use to pay your U.S. credit card balance. Otherwise, you’ll still be converting Canadian dollars into U.S. dollars to pay the bill, and you’ll end up paying conversion charges at that point.

If you’re looking to avoid foreign exchange fees and you don’t want to bother with a U.S. dollar bank account, you’re probably better off getting a credit card that has no foreign transaction fees.

Is there a good U.S. dollar credit card that also earns rewards?

There is! The RBC U.S. Dollar Visa Gold lets you earn RBC Rewards at a rate of 1 point for every $1 you spend on the card. These rewards are best used for travel, but you can also redeem them for merchandise, gift cards, or statement credits. RBC Rewards points can also be transferred to WestJet or Hudsons Bay rewards programs, making this a pretty flexible program, overall. We even have a whole guide about how to maximize your RBC Rewards.

Should I get a U.S. dollar credit card?

While these cards are not useful for everyone, a U.S. dollar credit card makes a lot of sense if you:

  • find yourself making a lot of purchases in U.S. funds,
  • travel to the United States frequently for either work or vacation,
  • have a U.S. bank account, or
  • receive income in U.S. funds.

If one or more of these things are true for you, consider picking up one of these U.S. dollar credit cards – it could really help you save in the long run.

Featured In:

The Globe and Mail
Toronto Star
Financial Post
New York Times