US$ Credit Card

[mapletree]

Any Canadians have experience with US$ credit cards? None of the major Cdn banks offer credit cards in US$. Only Cdn$ credit cards available subject to the fluctuating exchange rate.

Looking for a US$ credit card that can be paid from a US$ bank account. This way you can put $ into the US$ a/c when our exchange is favourable & pay US$ cr.cd. charges directly at a known exchange you previously found acceptable.

Hope this isn't too confusing!

Planning a budget would be a bit easier if we didn't have to speculate on the exchange rate when the WDW trip finally happens.

Any suggestions or comments? Thanks in advance.

 

[MikeJ]

Originally posted by mapletree
None of the major Cdn banks offer credit cards in US$.

That's not true. I deal with BMO and I know they offer a US$ Mastercard - I just checked and it is listed on their web site.

We opened a US$ savings account a couple of months ago, and our neighbour (who works at a local branch) said that a lot of people do just as you suggest - open a US$ account, transfer money into it when the exchange rate is favourable (OK, name 3 oxymorons: military intelligence, ethical government, and favourable exchange rate ), use the US$ credit card when travelling in the US, and then pay off that card from the US$ bank account.

The BMO Mastercard home page lists all their available products. I'd be surprised if none of the other major banks have them as well. Actually, here's a link to TD Canada Trust's offering as well. So they're out there.

- Mike

 

[DSNY FN]

We actually had a CT US mastercard not sure if they are still offering it after the amalgamation with TD and the change over to visa but it is worth a look. Wel as Mike posted yes they do offer it still so now it is your choice who you would like to deal with for your card needs
Darren

 

[Fºoºz]

Royal Bank has a US $ Visa card and US $ chequing account available. Have had no problems with either. CIBC also has a US $ Visa card. Hope this helps.

 

[lawgs]

USD visa cards really helps in travel...

we have had one now for three years...

there is a 35$ usd annual fee but worth it to be able to shop for exchange rates rather than being strapped with "inflated" rates charged on CDN visa accounts used for us purchases...

lucky for us too ....we have a US mailing address that we have attached to the card so we can have things shipped in the states since the address on the card is the same as the shipping address....

 

[North7]

As MikeJ mentioned, Bank of Montreal does offer a US Dollar Mastercard. I have both a US Dollar MC and a US Dollar savings account with BoM. One inconvenience is that you can not pay the US Dollar MC thru internet banking, however you can do it with telephone banking. There is also an annual fee with this... I believe it is $20 US. Just another example of how banks "nickel and dime" you to death with extra fees

 

[mapletree]

Thanks for all the positive replies. The annual fees are high! Any cards with NO fees?

DISY FN - We also had long ago a CT US$ Mastercard but thought TD discontinued it after the amalgamation. I'll look into it.

Fo0oz - Thanks for the Royal & CIBC info. (BTW how do you get your name typed that way?)

lawgs - You're always so knowledgeable & have helped us in the past on car rental ?s. Thanks.

North7 - Thanks for you insight on dealing with BMO.

Any Cdns get a credit card from a US bank? I guess this would be very complicated. Perhaps DISers living in the border cities may have this info.

Just looking for info. We'll have to decide which option if any suit our needs. Thanks again!

 

[Fºoºz]

Originally posted by mapletree

Fo0oz - Thanks for the Royal & CIBC info. (BTW how do you get your name typed that way?)[/B]

Hi Mapletree ... to get the º symbol, try the following ...

While holding down the ALT key, enter the numbers in the following sequence 1 6 7 then release the ALT key ... hope this helps. ºOº

 

[mapletree]

FºOºZ,

You must be a computer genius! Thanks

 

[minnie56]

We have had a U.S Mastercard for the last 5-6 years. It used to be with Canada Trust, but when they merged with TD, it became a Citibank Mastercard. It really works well for us as my husband is self-employed (satellite buisness) and does a lot of work for U.S companies and therefore is often paid in U.S dollars. So, it's great not having to exchange Canadian funds to pay the Mastercard bill when it comes in!!
I cannot remember the annual fee, so it must be reasonable!

 

[northernmouse]

TD offers a US$ Visa. We have one and a US$ chequing account as well. We opened both two / three years ago when my husband worked in the States for a while. Both are applied to our Canadian address. I find it works very well. We deposit into the US$ chequing account when the exhange is favourable. That way, we only deal with the exchange once. Plus, it makes an easy (though minimal interest-bearing) way to save for vacations. I like the fact that we also don't fret about the exhange when we have a US account -- doesn't make sense logically, but it works for us!

BTW, we looked at getting a Visa drawn on a US bank -- way too much trouble, expense & unpredictability. The problem was many US banks don't have the branch networks Cdn banks do.