TD U.S. Dollar Visa Card

Pros

• Avoids the ~2.5% foreign currency conversion fee on U.S.-dollar purchases and bill payments
• Includes solid built-in travel insurance at no extra cost: trip interruption (up to $5,000), common carrier accident (up to $500,000), baggage delay/loss (up to $1,000), emergency travel assistance
• Auto rental collision/loss damage insurance, plus discounts at Avis and Budget
• Up to 3 additional cardholders at no extra annual fee
• Predictable USD billing simplifies budgeting for frequent U.S. spenders

Cons

• No rewards, points, or cash back program — the fee buys FX-fee avoidance and insurance, not earning potential
• $39 USD annual fee only pays off if you spend enough in USD to offset it
• No travel medical insurance, a notable gap for a card marketed partly toward travelers
• Practically requires a source of U.S. dollars (e.g. a TD U.S. Dollar/Borderless account) to pay the bill without incurring conversion costs elsewhere
• Only useful for people who regularly spend in USD — limited value for purely domestic Canadian spending

Best for

• Canadians who travel to the U.S. frequently or spend regularly in U.S. dollars (business travel, snowbirds, cross-border commuters)
• Online shoppers who routinely buy from U.S.-based merchants that charge in USD
• People who already hold or are willing to open a TD U.S. Dollar bank account to fund USD payments without incurring conversion costs
• Consumers who want built-in travel/purchase insurance without needing a premium rewards card

Not ideal for

• Consumers who spend primarily in Canadian dollars and rarely make USD purchases
• Shoppers who want to earn cash back or travel rewards on spending, since this card offers none
• Travelers who need travel medical insurance, which is not included
• Anyone without a convenient way to source or hold U.S. dollars to pay the statement