Here’s my TD US Dollar Visa Credit Card review. You know how you go to the US for vacation and then you charge everything to your card while you are there, having a great time, because those $50 USD Cole Haan boots seem like such a steal of a deal on Black Friday.
And then when you go home and get your credit card statement and it’s like almost $75 CAD and you go “WTF just happened? I thought I was getting a good deal on those shoes”.
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TD US Dollar Visa Credit Card Review
Well, that’s what happens when you don’t realize that the credit card companies charge you a terrible foreign currency exchange rate AND on top of that charge you a 2.5% foreign currency exchange fee.
That’s actually pretty standard for credit card companies.
That’s why it’s a good idea to have a US Dollar credit card if you plan to be heading to our southern neighbours often. Don’t worry, those Cole Haan boots really were just $50 USD when I got my statement because I used the US Dollar card.
It’s well known to my friends and family that I don’t like to pay an annual fee for credit cards. Sure, I will do a first year free card for the perks in order to travel hack, but I will make sure that I cancel it before I have to pay the annual fee.
I have always wanted a USD Visa Card ever since I cancelled my Chase Marriott Visa before the first year was up (it eliminates the foreign currency fee that credit card companies usually add) I was wanting something else that would help me avoid the dreaded foreign currency fee. The Chase Marriott Visa doesn’t exist anymore in Canada anyways.
Trust me, I researched many USD cards and none of them are ‘free’ technically, all have an annual fee if you just sign up online.
Having a USD credit card has been so great for buying items on Amazon.com. It also very useful when we went down to Hawaii for traveling because you don’t have to worry about being gauged for foreign currency conversion fees when paying with your Canadian credit card, or having to time the poor Canadian to USD exchange rate– which is still really poor right now.
When the day comes that the CAD and USD will be at parity (which was over 10 years ago from what I remember), believe me I’ll be buying up a storm of US Dollars.
Because my husband has a US Dollar account, we opened another US Dollar joint account and we managed to get the TD US Dollar Visa card for free, and I’m surprised to learn that it’s actually not that difficult to!
how to get the td us dollar visa credit card for free
My husband and I have a joint USD account and we have US dollars in it (obviously). It’s called the Borderless Plan and if you keep a minimum of $3000 USD in your Borderless Plan account, you get the $4.95 per month fee waived.
On top of that, you also get the $39 annual fee for the TD US Dollar Visa Credit Card waived or rebated too! This might have to be done through a customer service representative to confirm though! It has been okay for us so far.
To pay your US Dollar credit card bill, it’s as easy as transferring money from your US Dollar Borderless Plan account to the credit card account online with TD Easyweb.
There are a plethora of benefits to this unassuming looking US Dollar card, including trip cancellation and car rental insurance, which of course are very important benefits when you are traveling! These benefits will work for you provided that you charge the car rental or flight to your credit card.
the pros Of the TD US Dollar Visa
- You don’t have to pay an annual fee if you have the TD Borderless Plan
- You don’t have to pay an annual fee if you have private banking
- Up to $5,000 of trip interruption coverage, to a maximum of $25,000 for all people insured on the same trip
- Up to $1000 for delayed (if delayed for greater than 6 hours) and lost baggage insurance
- Collision/Loss Damage coverage for rental cars with a commercial car rental company (note, this wouldn’t work for Turo rental cars, I asked!).
- Purchase Security and Extended Warranty Protection– this is for items you’ve purchased with your card, should they be stolen or damaged within 90 days of purchase
- Free supplemental cards (up to three). My husband and I both have this card together.
- Chip and pay wave convenience
the cons OF the TD US Dollar Visa
- It’s $39 annual fee per year if you don’t get it for free with the Borderless Plan
- The interest rate is 19.99% (standard) but hopefully you won’t be carrying a balance on this
- You don’t get points with the purchases on this card
- It’s not so pretty of a credit card, kind of a silly ‘con’ but just pointing it out. It’s just kind of plain looking.
All in all, it’s a great card for us when we have US dollar purchases because we don’t have to pay an annual fee for it, and it is much easier to pay for things in US dollars without having to deal with the crazy conversion rates.
Now that the US and Canadian borders have opened up since the COVID 19 pandemic started, having a US dollar credit card becomes even more relevant, since we have the ability to travel south again.
You may also be interested in:
- Best No Fee US Dollar Credit Card in Canada
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- Best Travel Credit Cards for Seniors
- Westjet World Elite Mastercard review
- The best US dollar accounts in Canada
- RBC Visa Signature Black review
Readers, do you have a US Dollar Credit Card?
If so, which one do you carry?
GYM is a 30 something millennial interested in achieving financial freedom through disciplined saving, dividend and ETF investing, and living a minimalist lifestyle. Before you go, check out my recommendations page of financial tools I use to save and invest money. Don’t forget to subscribe for blog updates, a free dividend yield spreadsheet, and the free Young Money Bootcamp eCourse.