TD US Dollar Visa Card Review

30-second take

• Get this card if you want to make purchases or pay bills in US dollars.

• Choose something else if you want a low interest rate or balance transfer perks.

• You must be a Canadian resident and not live in the US to qualify for this card.

The basics

Do you shop in the US or make online purchases at US-based retailers? If so, the TD US Dollar Visa Card might be your ticket to lower fees. The card is designed for Canadians who frequently transact in US dollars. With a low annual fee, it can help you save hundreds of dollars each year on foreign currency conversion rates. But don’t expect to save on interest rates as the TD U.S. Dollar Visa Card comes with interest rates of 19.99% on purchases and 22.99% on cash advances.

The TD US Dollar Visa Card has several advanced features that make shopping south of the border even easier. You can set your card up for Visa Checkout, which allows you to make online purchases in just a few clicks. You can also connect your card to Apple Pay, which allows you to make contactless payments at shops, restaurants, and other retailers.

The perks

• No foreign currency conversion fees. Avoid paying credit card foreign currency conversion rates and fees when making purchases or paying bills in US Dollars.
• Optional insurance coverage. For a small fee on your balance, the TD US Dollar Visa Card offers protection against trip interruption, travel accidents, and lost baggage.
• Save on car rentals.. The TD US Dollar Visa Card is your ticket to 10% off Avis car rentals.
• Apple Pay. By connecting your card to Apple Pay, you can make secure purchases in stores, apps and on the web through your Apple device.
• No extra card fee. Add authorized users to your TD US Dollar Visa Card at no extra charge.
• Opportunity for high credit limit. The minimum credit limit for the TD US Dollar Visa Card is US$1,000, which is higher than other introductory cards.

What to watch out for

• Annual fee. In addition to interest payments, this card comes with an annual fee of US$39.
• High interest rates. As mentioned earlier, don’t expect to save on interest charges with a TD US Dollar Visa Card. You will pay 19.99% on purchases and 22.99% on cash advances.
• No rewards. You don’t get points or cashback when you use this card.

TD US Dollar Visa Card interest rates

What should I know before I apply

• Eligibility requirements

  Application criteria requires that you must be:

  • A Canadian citizen or permanent resident
  • Age of majority in the province of residence.

• Required documents and information

  • Your name, residential status and contact information.
  • Your social insurance number and date of birth.
  • Your contact information.

Bottom line

The TD US Dollar Visa Card is a standard credit card with one major difference: It lets you transact entirely in US dollars without having to worry about costly conversion fees. Canadian residents who frequent the US or regularly use US dollars will find this credit card very convenient when doing business south of the border.

Frequently asked questions about the TD US Dollar Visa Card

• How many authorized users can I have on my credit card account?

  In addition to the primary cardholder, a maximum of three authorized user cards are permitted for each account.

• Do I have to be a TD Bank client to apply for this card?

  No, being a TD Bank client is not a prerequisite for getting the card. You can get the card regardless of who you bank with, provided you meet all the eligibility criteria.

Picture : td.com/ca

Written by

Sam Bourgi

Author

Sam Bourgi was a contributing writer to Finder.com, where he specializes in financial markets. He has spent the past nine years focused on economics, markets and cryptocurrencies. His work has been featured in and cited by some of the world's leading newscasts, including Barron's, Yahoo, CBOE and Forbes. See full bio