6 Best USD Business Credit Card In Canada (Feb 2023)

December 21, 2022
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USD business credit cards offer free foreign exchange fees from purchases and transactions made to the US, usually 2.5% of the amount. These cards also give business owners various perks and benefits, such as purchase insurance coverage, car rental discounts at Avis and Budget locations, cashback, rewards, and more. 

The Scotiabank US Dollar Visa Card is my pick for the best all-around USD business credit card in Canada, both for its purchase protection and best-in-class travel perks, including car rental discounts in Canada and the US. With this card you can withdraw from more than 1 ATMs worldwide, or wherever Visa is accepted.

The Best USD Business Credit Cards In Canada

  1. Scotiabank US Dollar Visa Card: Best For Purchases In US Dollar
  2. RBC US Dollar Visa Gold: Best For Earning Rewards For US Dollar Purchases
  3. BMO US Dollar Mastercard: Best For Purchases At US Physical Stores
  4. CIBC US Dollar Aventura Gold Visa Card: Best For US Dollar Purchases With Basic Insurance Coverage
  5. Meridian Visa US Dollar Card: Best For Travel Without US Foreign Exchange Fees
  6. TD US Dollar Visa: Best For Travel Benefits

What Is The Best USD Business Credit Card In Canada?

1. Scotiabank US Dollar Visa Card – Best Overall

Some businesses purchase various items at stores in the US, which costs high foreign conversion fees. The Scotiabank US Dollar Visa Card is one of the best options to use in this instance. Other than this, it carries features such as car rental discounts and free supplementary cards.

The Scotiabank US Dollar Visa Card provides insurance protection for purchases. These include Purchase Security and Extended Warranty Protection. Additionally, cardholders can access instant cash advances for over 1 million automatic bank machines worldwide supporting Visa or PLUS cards.

No welcome bonuses are offered to new cardholders of Scotiabank US Dollar Visa Card. It doesn’t also carry any rewards or cashback programs.

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Features

  • No US Dollars conversion fees
  • Supplementary cards are free
  • Purchase Security and Extended Warranty Protection coverages
  • Access to instant cash advances for over 1 million automatic bank machines worldwide
  • Credit card is accessible to Google Pay and Apple Pay
  • Car Rental Discounts in the US and Canada

Pros

  • $0 US Dollars conversion fees
  • $0 Supplementary cards
  • Purchase Security and Extended Warranty Protection coverages are offered
  • Accessible instinct cash advance worldwide
  • Up to 25% car rental discounts from Avis and Budget branches in Canada and the US
  • Contactless payment using Google Pay and Apple Pay mobile apps

Cons

  • It has an annual fee of $35
  • Fewer insurance coverages compared to other credit cards

Pricing

  • $35 annual fee (in US Dollar currency)
  • $0 supplementary cards
  • 19.99% purchase interest rate
  • 22.99% cash advance interest rate
  • 22.99% balance transfer interest rate

Best For

Best For business owners often purchase from US stores.

2. RBC US Dollar Visa Gold – Best For Earning Rewards For US Dollar Purchases

RBC US Dollar Visa Gold credit card is ideal for businesses that want to earn rewards while saving from foreign exchange fees. You can accumulate Avion Rewards points which you can use as statement credits. It also allows you to convert the points to Hudson’s Bay Rewards and WestJet points.

Unlike Scotiabank US Dollar Visa Card, the RBC US Dollar Visa Gold offers comprehensive basic insurance coverages for travel, purchase, and car rentals. You can also access contactless payment using the Apple Pay and RBC Mobile apps. Additionally, cardholders can lock their credit cards if they misplace or lose them.

Features

  • No foreign exchange fees for US dollar purchases
  • 1 Avion point for every $1 spent on eligible purchases
  • Redeem rewards points to statement credits, gift cards, travel rewards, RBC Financial Rewards vouchers, and merchandise
  • Convert Avion points to loyalty programs such as Westjet dollars ad Hudson’s Rewards points
  • 20% instant discounts to Petro-Canada stations if you use your card 
  • 50 Be Well points for every $1 on eligible purchases at Rexall stores
  • $0 delivery fees from DoorDash for three months

Pros

  • No foreign exchange fees for US dollar transactions
  • Various accessible reward points to earn from programs such as Avion and Be Well
  • Numerous rewards redemption options
  • Comprehensive basic insurance coverages for purchase, car rentals, and travel
  • Fuel discounts at Petro-Canada branches
  • DoorDash free delivery for three months
  • $1,000 ATM cash advance limit

Cons

  • It has an annual fee worth $65
  • No welcome bonuses

Pricing

  • $65 annual fee (in US Dollar currency)
  • $30 additional card
  • 19.99% purchase interest rate
  • 22.99% cash advance interest rate

Best For

Best for earning rewards points from US Dollar Purchases

3. BMO US Dollar Mastercard – Best For Purchases At US Physical Stores

Another straightforward US Dollar credit card on our list is the BMO US Dollar Mastercard. You can get it for free in US stores without foreign exchange fees. Cardholders can also add another cardholder without added costs.

BMO guarantees cardholders secured card usage with the Zero Liability preventing you from any losses from fraudulent activities held in your account. It also ensures your transaction online with the Mastercard Identity Check. Other than these security features, cardholders receive BMO Alerts.

The BMO US Dollar Mastercard has fewer features and benefits than other cards. You can only get a 15% discount on admission to Cirque du Soleil shows in Canada. A 20% off for its resident shows in Las Vegas is also offered.

Features

  • No US Dollar foreign exchange fees
  • $0 fee for additional cardholders
  • Extended Warranty and Purchase Protection insurance coverage
  • Zero Liability protection from any charges when fraudulent activity occurs
  • BMO Alerts notify you if suspicious activity is held using your account

Pros

  • $0 foreign exchange fees for US Dollar currency
  • $0 for additional cardholders
  • Basic purchase insurance protection 
  • 15% discount on Cirque du Soleil shows in Canada
  • 20% discount to Cirque du Soleil resident shows in Las Vegas
  • Zero Liability protection preventing charges from fraudulent activities
  • Access to BMO PaySmart Installment Plans to pay your card purchases into monthly payments

Cons

  • Less insurance coverage fee compared to other credit cards
  • No rewards or cashback programs

Pricing

  • $35 annual fee (in US Dollar currency)
  • $0 for additional cardholders
  • 20.99% purchase interest rate 
  • 21.99% cash advances interest rate
  • 21.99% interest rate for Quebec residents

Best For

Best for Canadian business owners who often travel and purchase in the US.

4. CIBC US Dollar Aventura Gold Visa Card – Best For US Dollar Purchases With Basic Insurance Coverage

CIBC US Dollar Aventura Gold Visa Card is another notable option for Canada's best USD business credit card. It carries basic insurance coverages for car rental, accident, and purchases. Although it has few coverages, it is better than other cards without complimentary insurance. 

Like the RBC US Dollar Visa Gold, CIBC US Dollar Aventura Gold Visa Card allows cardholders to earn Aventura rewards points from their purchases. You can redeem it for travel in Canada or international flights. Additionally, cardholders are guaranteed with Zero Liability policy and fraud alerts if fraudulent activities are held in their accounts.

Features

  • $35 annual fee
  • $15,000 minimum annual income requirement for household
  • First-year annual fee rebate
  • Up to 10,000 Aventura points are given to new cardholders
  • 1 Aventura point for every $1 spent on travel purchases
  • 1 Aventura point for every $2 spent on all other purchases

Pros

  • Generous welcome bonus for new cardholders
  • First-year annual fee rebate
  • $0 additional cards 
  • Earn rewards while saving from USD foreign exchange fees
  • Visa's Zero Liability Policy and Fraud Alerts for fraud protection
  • Basic insurance coverages for auto rental, accident, and purchase

Cons

  • It has a minimum annual income requirement for households of $15,000
  • Fewer features than other credit cards

Pricing

  • $35 annual fee (first-year annual fee rebate)
  • $0 for three additional cards
  • 20.99% purchase interest rate 
  • 22.99% cash advances interest rate
  • 21.99% interest rate for Quebec residents

Best For

Best for business owners looking for insurance protections with no US forex fees. 

5. Meridian Visa US Dollar Card – Best For Travel Without US Foreign Exchange Fees

If you are looking for a USD business credit card with no income requirement, the Meridian Visa US Dollar Card is one of the best choices. The only drawback is its lesser features compared to other credit cards. It is a straightforward US dollar card that lets you save from transactions made using US currency.

Another enticing feature of the Meridian Visa US Dollar Card is its insurance coverage. Travelers can highly benefit from this since it offers travel, purchase, medical, and auto rental insurance coverages. Cardholders also have no restrictions on purchases made using the card.

Features

  • $65 annual fee (in US Dollar currency)
  • Comprehensive insurance coverage for travel, purchase, medical, and auto rental 
  • One rewards point per $1 spent on all purchases
  • You can redeem rewards points for merchandise, travel, account credit, and gift cards
  • No minimum annual income requirement

Pros

  • First-year annual fee rebate
  • Earn rewards points from all purchases
  • Comprehensive insurance coverages
  • No USD foreign exchange fees
  • Various rewards redemption options
  • Cardholders can use their card through a digital wallet

Cons

  • The $65 annual fee is higher than other credit cards on our list
  • Fewer features

Pricing

  • $65 annual fee in USD (first-year annual fee rebate)
  • $30 for additional cards
  • 19.50% purchase interest rate 
  • 21.99% cash advances interest rate

Best For

Best for business owners who often travel and purchase in the US. 

6. TD US Dollar Visa – Best For Travel Benefits

Business owners who want more benefits than rewards can opt for the TD US Dollar Visa. Its most vital features are travel coverage, car rentals, and security. However, other cards only sometimes provide pretty simple card features it offers.

Cardholders can also use the TD US Dollar Visa for contactless payment or known as the Visa payWave Technology. Your purchases are also covered with the Purchase Security and Extended Warranty Protection. When fraudulent activity occurs on your account, you are protected with Visa Zero Liability.

One of the significant downsides of the TD US Dollar is the $1,000 USD minimum credit limit. It is suitable for small business owners, but for those with substantial transactions, this will limit their purchases.

Features

  • $39 annual fee
  • No USD foreign exchange fees
  • Comprehensive travel benefits
  • Car rental discounts at Avis and Budget branches
  • Visa Zero Liability protects cardholders from charges made for a fraudulent activity

Pros

  • No annual fee for authorized users
  • Comprehensive travel insurance coverage
  • Car rental discounts
  • Auto rental collisions or loss damage insurance
  • Secured transactions with Chip & Pin technology
  • Purchase Security and Extended Warranty Protection

Cons

  • It has a credit limit of $1,000
  • No rewards or cashback program

Pricing

  • $39 annual fee in USD (first-year annual fee rebate)
  • $0 for authorized users
  • 19.99% purchase interest rate 
  • 22.99% cash advances interest rate

Best For

Best for business owners who are frequent travelers.

What Is A USD Business Credit Card?

A US Dollar business credit card is designed for US dollar transactions. You will pay your bills and purchases in USD. The purpose of these cards is to prevent the expensive foreign exchange fees if you frequently purchase in US stores. 

The first primary requirement to get a USD Business credit card is a USD bank account. Two methods are usually used to make this card type work. These include the conversion of Canadian dollars to US Dollars or having it funded with an income providing USD.

Since USD credit cards are for US dollars only, foreign transaction fees will still apply if you use them to purchase in different currencies. Business owners who often have transactions, purchases, or travel in the US can highly take advantage of its free USD foreign exchange fees. Individuals paid in US dollars are also recommended to use this card. 

The major drawback of USD business credit cards is the lack of other features and perks. There is little to no insurance coverage protection provided. These cards are straightforward, focusing only on waiving the USD foreign exchange fees. 

Benefits Of The USD Business Credit Cards

  • No USD Foreign Exchange Fees: You can save from the usual 2.5% foreign exchange fees from your US dollar purchases. It’s a relatively high cost if you frequently have transactions using USD. 
  • Accessible For Contactless Payments: Most USD business credit cards can be used with mobile payment apps such as Google Pay, Apple Pay, and more. Some credit card issuers also have mobile apps for these transactions. 
  • Low Annual Fees: USD business credit cards usually have low annual fees. It commonly starts at $35.
  • Low Or No Additional Card Fees: If you need to add another card, most USD business credit cards don’t charge it. It’s a great way to maximize your savings from foreign exchange fees. 

Best USD Business Credit Cards FAQs

How much does a USD Business Credit Card Cost?

A USD business credit card has an annual fee that starts at $35 and up. The prices depend on the credit card issuers.

What Is the cheapest USD Business Credit Card?

The cheapest USD business credit card is the BMO US Dollar Mastercard. It only costs $35 and has no fees for additional cardholders.

What is the best free USD Business Credit Card?

The best free USD business credit card is the RBC US Dollar Visa Gold. It offers various perks and carries comprehensive insurance coverages for purchase, travel, and car rentals. 

Is A USD Business Credit Card worth i?

Yes, a USD business credit card is worth it. USD business credit cards are ideal for Canadian business owners or individuals who frequently have transactions and purchases using US dollars.

Are USD Business Credit Cards safe?

Yes, a USD business credit card is safe to use. It is secured with features such as Zero Liability, instant alerts for suspicious activities, and other protection systems depending on the credit card issuer.

Are USD Business Credit Cards legit?

Yes, a USD business credit card is legit. It is currently used by various individuals, and reliable big banks in Canada issue it.

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