+1Kiraly wrote: ↑Jun 16th, 2018 10:00 pmYou're going to need an outlet for buying USD that charges far less than 2.5% to make this type of card better than Canadian cards, even less than 1% by my calculations.
For simplicity let's assume 1 USD = 1.25 CAD on mid-market.
Spend US $1,000 with TD Bank card, you get bill for US $1,000. if you can get USD for 1% over mid-market, you pay CAD $1,262.50. You also earn $10 USD cash back on the card. Net you pay is CAD $1,250.
Home Trust Visa: US $1,000 converts to CAD $1,255.00 after Visa takes its ~0.4% cut. You earn $12.55 cash back on that card. Net you pay is $1,242.45.
Even Rogers Platinum: US $1,000 converts to CAD $1252.50 after Mastercard's 0.2% cut. Net rewards after 2.5% fee and 3% cash back are $6.26, so net is $1,246.24.
Granted, if you can get USD cheaply, then USD cards make a lot of sense, and this is a good one. I just wanted the rest of RFD readers to be aware.
I too would like other forum users to be aware, and certainly this card is not for everyone.
However, if you were to choose between this and a no rewards USD currency credit card issued by one of the big five or ATB here in Canada, the hassle of paying this card as a US bill payee is worth it. Set up your deck, and take advantage of the perks.
Read OP. For me, it'd be merchant acceptance. I find telecommunications providers in the US often refuse foreign issued cards (in Canada it's generally TELUS who refuses foreign issued cards). Since there are means of acquiring USD on the cheap in terms of FTF (in some cases driving FTF into the negatives), it's worth it.bend3r wrote: ↑Jun 16th, 2018 11:57 pmI don’t understand why there is a need to have a US credit card.
I do have USD I can use to pay without conversion. Not worried there.
I do have a card billed in USD which I pay from my USD account.
The reason I kept that setup is to avoid bad USDCAD conversion rate. That’s about it.
So what am I missing? Are you guys doing all that wrestling just so you have a card with US address and billed in USD?
Besides if you don’t have USD cash already and you really need to cheaply convert every time and then use this card - the benefit is pretty much the same as using any Canadian no FX card. So I am really trying to figure out the added benefit here.
Everyone's lifestyle is different. I'm not a snowbird (at least for now). I don't buy crypto (also for now), and although there are other cards on the US market that interest me, grabbing them is not really urgent for me. But carrying one solid US issued card is worth it.