The dollar is one of the world’s most stable currencies and is the only currency accepted in the US. If you’re traveling to the states, you’ll have no problem using your credit card. Banks are common and ATMs are inside most corner stores as well.
Read on to find out which cards will work cheapest in the United States of America.
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You’ll find most Americans rely on their credit card or debit card to make purchases as much as cash. There are times when you’ll need to pay cash — if you’re buying a drink at a small bar or a hotdog from a food truck.
However, you’ll see that most merchants in American cities are set up to handle card, contactless and mobile payments.
Use a combination of travel money products that don’t charge for currency conversion and have low or no international ATM withdrawal fees. A travel card or debit card combined with a travel-friendly credit card will give you a cost-effective way to make both over-the-counter purchases and ATM withdrawals in the USA.
Compare travel money options and apply for a card you can use to spend less in America to avoid throwing money at your bank while you’re visiting the US.
These are your options for spending money in the USA
America is a society of credit and any card you use will likely be accepted if the retailer can handle card payments. Contactless payment terminals are common at places like Walmart, Target, Kmart and other major retailers.
Tip:Rewards credit cards that also don’t charge for currency conversion can be a good way to rack up the points in the US.
Pros
Accepted everywhere
Contactless payment terminals are common
Cons
Overseas ATM fees and currency conversion fees may apply
Compare travel credit and debit cards
Explore top debit cards with no foreign transaction fees and travel credit cards by using the tabs to narrow down your options. Select Compare for up to four products to see their benefits side by side.
You can use any Mastercard or Visa branded debit card in the United States. The Visa or Mastercard exchange rate applies to foreign currency transactions. This rate is as close to the market rate you can get using a travel product overseas.
Pros
No currency conversion, international ATM, account keeping fees
Although Visa, Mastercard and American Express are accepted everywhere, not all prepaid cards have your name printed on the front, which may cause the merchant to reject them. These instances may be limited to smaller shops. You may be better off using a credit or debit card instead.
Pros
Locked-in exchange rates
No currency conversion fee
International ATM withdrawal fee waiver on some cards
Cons
Fees to consider such as local ATM, initial load, reload and inactivity fees
Dollar bills can give you the impression your wallet is fatter than it actually is. And although you can get by using your card for most purchases, there are times when you’re going to need cash. The US has a culture of tipping, it’s a substitute for low wages. You’ll likely need cash to tip, especially if you’re at a bar, restaurant, club or hotel.
Tip: There are no rules about how much or little you should tip. But be aware that many service staff in the United States are underpaid and rely on tips to make up their income. You don’t have to tip big, but don’t be stingy unless you’ve received genuinely bad service.
How much should I tip?
Restaurant. Waiters should get anywhere between 18% to 20% of the bill. Some restaurants will add tips to the final bill (more common in tourist areas). If this is the case, you don’t need to leave a tip.
Bar. Drinks are pretty cheap. It’s good form to tip $1 per drink. You may even get a free one from the bartender if you tip $5.
Hotel. Tip the porter $2 to $5 for a big bag and an extra $1 for every other bag. Tip housekeepers anywhere from $5 to $10 a day.
Taxis. Tip 10% to 20% of the fare.
Cafe. The barista making your coffee doesn’t necessarily need a tip unless he or she has done something special.
Traveler’s checks were once a staple for any overseas trip. In recent times, card acceptance and security have made these travel money products a burden.
Have you ever found yourself in the country with a wad of foreign cash? It can be all too easy to give a fifty instead of a five. Don’t get ripped off. Familiarize yourself with US currency before you leave.
Did you know?
In addition to the standard $1 to $100 bills, America also has notes to cover larger denominations.
Grover Cleveland, the 22nd and 24th US president, had a $1,000 note named after him.
James Madison, the 4th US President, had a $5,000 note named after him.
Salmon P Chase, the 6th US Chief Justice, had a $10,000 note named after him.
Woodrow Wilson, the 28th US President, had a $100,000 note named after him.
The main banks in the USA are:
JPMorgan Chase & Co
Bank of America Corp
Wells Fargo & Co
Citigroup Inc
U.S. Bancorp
Truist Bank
PNC Financial Services Group Inc
TD Group US Holdings LLC
Capital One Financial Corp
Bank of New York Mellon Corp
Goldman Sachs Group Inc
State Street Corp
HSBC
Fifth Third Bank
Citizens Financial Group
How much should I budget to travel in the USA?
There’s an old saying first coined in Reader’s Digest, once you’re finished packing your suitcase, take out half the clothes and take double the money. Ultimately, how you take your money is up to you. Someone couch-surfing in San Francisco will have a different budget than someone on a New York shopping holiday. All prices are in US dollars.
New York
Budget
Mid
Top
Accommodation
Hostel $30 to $60 per night
Hotel or motel $150 per night
5-star hotel or luxury suite $350 per night
Meals
Food truck $5 to $10
Restaurant $20 to $40
5-Michelin star restaurant $50 a plate
Activities
Free festivals year round in American cities
Guggenheim Museum $25
Broadway Musical $200 to $800
*Prices are approximate and are subject to change.
Travel insurance for USA
While the USA is a pretty safe travel destination, accidents can happen anywhere. Don’t leave yourself with a large bill for out-of-pocket medical expenses.
Protect yourself financially with travel insurance. Travel insurance can cover you for:
Kyle Morgan is SEO manager at Forbes Advisor and a former editor and content strategist at Finder. He has written for the USA Today network and Relix magazine, among other publications. He holds a BA in journalism and media from Rutgers University. See full bio
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