Banking in Canada can be a murky subject – one that we hope to shed some light on with a series of highly informational articles.
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Bank fees: Everything you need to know before switching to a no-fee account Jul 29th
With the recent news that bank fees have increased during the pandemic and challenger banks like Neo Financial promising no fees on accounts, switching banks may be at the forefront of your mind. But having a good understanding of bank fees—what they are, how they’re determined and the kind of s.... More »
Compare the best GIC rates in Canada 2023 + MORE Jun 28th
Investing
The best GIC rates in Canada for 2023
Find the best GIC rates in Canada. Plus, everything you need to know about how they work.
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Is It Worth Getting a U.S. Dollar Credit Card?
– ratesupermarket.ca
According to the most recent census, two out of three (66%) Canadians live within 100 kilometres of the U.S. border. So, naturally millions of citizens cross over to the 13 neighbouring states every month. Many snowbirds even choose to stay for part of the year. But, with the value of the loonie significantly lower than the greenback, Canadians see less bang for their buck.
To add further salt to their wounds, credit card companies typically charge a fee anywhere from 2.5% to 3% on foreign transactions. That means, even after exchange rates, cardholders will pay another $25 to $30 in fees for every C$1,000 in purchases. This predicament may lead some to wonder whether it’s worth getting a U.S. dollar credit card.
How Do U.S. Dollar Credit Cards Work?
U.S. dollar credit cards are available in Canada and allow consumers to shop without exchange rate surprises and even pay U.S. bills. Unlike a standard credit card, all purchases are in U.S. currency rather than Canadian dollars, meaning no conversion takes place…