What Are the Best US Credit Cards for Canadians?
Paul RyanThe Best US Credit Cards for Canadians: A Comprehensive Guide
As a Canadian, you may be wondering if it's worth applying for a credit card from the United States. The answer is yes – there are several US credit cards that offer great rewards, bonuses, and perks for Canadians. In this guide, we'll go over the best US credit cards for Canadians, as well as some tips for applying, saving money, and avoiding risks.
1. Best for Travel: Chase Sapphire Preferred Card
The Chase Sapphire Preferred Card is one of the most popular travel credit cards in the US, and for good reason. It offers a generous sign-up bonus of 60,000 points (worth $750 in travel) after spending $4,000 in the first three months. The card also earns 2x points on travel and dining, and 1x point on everything else. The points can be transferred to several airline and hotel partners, or redeemed for travel through the Chase Ultimate Rewards portal. The card has a $95 annual fee, but it's waived for the first year.
2. Best for Cash Back: Citi Double Cash Card
The Citi Double Cash Card is a simple yet powerfulCash backcredit card. It earns 2% cash back on all purchases – 1% when you make the purchase, and 1% when you pay it off. There's no limit to how much cash back you can earn, and no categories to keep track of. The card has no annual fee, and also offers a 0% intro APR for 18 months on balance transfers (3% fee applies).
3. Best for Premium Benefits: The Platinum Card from American Express
The Platinum Card from American Express is a high-end credit card with a hefty annual fee of $695. However, it comes with a plethora of premium benefits, such as a $200 annual travel credit, airport lounge access (including Centurion Lounges), elite status with several hotel and car rental programs, and more. The card also earns 5x points on flights and hotels booked through Amex Travel, and 1x point on everything else. The sign-up bonus is 100,000 points (worth $1,000 in travel) after spending $6,000 in the first six months.
4. Best for No Annual Fee: Capital One Quicksilver Cash Rewards Credit Card
The Capital One Quicksilver Cash Rewards Credit Card is a great option for those who want a simple cash back card with no annual fee. It earns 1.5% cash back on all purchases, with no limit or categories. The card also offers a 0% intro APR for 15 months on purchases and balance transfers (3% fee applies). The sign-up bonus is $200 cash back after spending $500 in the first three months.
Tips for Applying and Saving Money
When applying for a US credit card as a Canadian, keep in mind that you'll need a US mailing address and a US bank account. Some credit card issuers may also require a US social security number or individual taxpayer identification number (ITIN). You can apply for an ITIN through the IRS. It's also important to check if the credit card offers foreign transaction fees, as these can add up quickly.
ToSave moneywith your credit card, consider taking advantage of the rewards and benefits offered. For example, you can use yourTravel rewardsto book flights or hotels, or use your cash back to pay off your balance. You can also use your card's perks, such as airport lounge access or hotel upgrades, to enhance your travel experience.
Annual Fees and Risks
Most US credit cards have annual fees, ranging from $0 to several hundred dollars. It's important to weigh the benefits and costs of each card before applying. Some cards may offer enough rewards and benefits to justify the annual fee, while others may not.
There are also some risks associated with using a credit card, such as fraud, identity theft, and overspending. To minimize these risks, it's important to monitor your account regularly, set up alerts for suspicious activity, and use your card responsibly.
Credit Card Companies to Consider
In addition to the cards mentioned above, there are several credit card companies that offer great products for Canadians. Some of the most popular ones include Chase, American Express, Citi, and Capital One. It's important to research each company's offerings and reputation before choosing a card.
In conclusion, applying for a US credit card as a Canadian can be a smart move if you choose the right card and use it responsibly. By taking advantage of the rewards and benefits offered, you can save money and enhance your travel experience. Just be sure to weigh the costs and risks before applying, and choose a reputable credit card company.
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