US Dollar Credit Card

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JRF
Member since: Jul 04

Posts: 1853
Location: GTA, Ontario
Post ID: #PID

Posted on: 28-07-12 17:29:09

Well, what I meant is that you would need to confront the FX either way unless there is a source of income in USD.

Quote:
Originally posted by ashedfc

Quote:
Originally posted by JRF

And how would I credit the USD Bank account (if no business in USA).

Most Canadian banks now offer USD account. Some even offer Euro account.
You can open a no fee savings account.. & deposit your currency there..

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sudesingh
Member since: Jul 04

Posts: 2085
Location: Toronto
Post ID: #PID

Posted on: 28-07-12 23:56:54

Quote:
Originally posted by JRF

Well, what I meant is that you would need to confront the FX either way unless there is a source of income in USD.

Well being Canadian, living in Canada earning in CND and having no US$ income you have to convert your CN$ to US$. I have a US$ saving a/c and whenever the rate is good, I exchange and deposit in my saving account, that way I'm not rushing to exchange when I get my bill.

My BMO US$ card is also linked to my paypal account, so I just pay in US$ for most of my paypal payments.

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SS
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sudesingh
Member since: Jul 04

Posts: 2085
Location: Toronto
Post ID: #PID

Posted on: 28-07-12 23:59:05

Quote:
Originally posted by G13

Thanks SS - i checked their website, currently they have lowered the min limit to 1000. This seems to be the best US card in terms of annual fee. TD card is at 39 USD per year, which is also not bad.

That's good to know. I generally land up spending more than $1500 / yr, so I didn't bother to check. It used to be a no fee card when I signed up about 3-4 years ago. They must have got -ve feedback on the fees and hence the change

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SS
Reiki Grand Master

jigz787
Member since: Aug 04

Posts: 773
Location: Toronto
Post ID: #PID

Posted on: 29-07-12 00:42:28

Being / earning in CAD and spending in USD it is implied that you have to pay some commissions to pay in USD.
Using USD credit card for USD shopping is definitely cheaper option than using CAD credit card, because you pay highr rate of exchange at the end of the month when you get your monthly bill. Credit card companies/banks have their own commission/interests on foreign currency transactions. This charges are higher than if you were to walk in the bank and buy some USD to pay your monthly USD credit card bill.
Hope that makes sense.

G13
Member since: Jul 06

Posts: 602
Location: Amidst a glow in the sky.
Post ID: #PID

Posted on: 31-07-12 21:11:53

Thanks everyone. Will apply for the BMO card. Just thinking about the inconvenience of paying the monthly bill - have a USD account in HSBC.

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Contributors: sudesingh(3) G13(3) desi28(2) jigz787(2) JRF(2)

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