cibc has launched a new u.s. dollar Visa that allows users to save money on currency conversions by making all transactions in u.s. dollars.

Michael Testa, cibc’s marketing manager for New Visa Products, says the card fulfils the needs of a segment of its customer base that includes frequent travelers, snowbirds and small businesses.

Advertising to those targets is being done in-branch and through direct mail with a campaign from Toronto-based agency Padulo Integrated, using the tag line, ‘Your travel companion in the u.s.’

Testa says a major benefit of the card is that the customer has control over the conversion of Canadian dollars into u.s. since all transactions and statements are in u.s. funds.

Cardholders can avoid the cost of conversion when travelling in the u.s. by getting a credit card cash advance from an ABM rather than withdrawing and converting Canadian funds before the trip.

Those who receive some income in u.s. currency can pay their u.s. dollar Visa with u.s. funds at no conversion cost. Testa says those who must convert dollars can do so when the rate is most favorable because payment is not due for periods of up to 51 days.

cibc is not the only financial service to offer a u.s. dollar credit card. Over the past few years, competitors Bank of Montreal, Canada Trust, Royal Bank and Toronto-Dominion have come out with similar products.