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On Tuesday, Canada imposed new tariffs as high as 50% on select U.S. goods, affecting $27.6 billion in imports from the U.S. This comes in response to those the United States placed on Canadian goods entering the U.S. on August 22, after ongoing trade talks collapsed.
The U.S.-imposed tariffs will likely cause price increases on a wide variety of imports from Canada, including alcohol, building materials, furniture, consumer electronics and more. It's unclear exactly how long tariffs from either country will stay in place, or if they'll be expanded to include even more goods if negotiations continue to stall.
During a time when every dollar counts, using a rewards credit card could help reduce any price increases you face.
Senior reporter Jason Stauffer can answer your questions about how to make the most of your credit cards in his weekly Points Pro column. Submit yours here.
Why tariffs will impact prices
A tariff is a tax that governments charge on prespecified goods when they cross the border into that nation. The critical part of a tariff is who pays the tax, which is partially the business importing the goods.
With the August 22 tariffs on Canadian goods, U.S. retailers now pay more to import the same goods. To reduce the impact of this tax, businesses often raise prices, but the impact might not be immediate. A 2026 Federal Reserve study found that when tariffs are implemented, the increases are felt slowly over time rather than a one-time price spike.
"Price increases are a moving target," Ted Rossman, principal consumer finance analyst at Money Management International (MMI), tells CNBC Select, meaning it can be difficult to predict when the impact may be felt. "The timing is generally faster for perishables such as dairy products and slower for durable goods such as furniture and cars," he says, noting American consumers are already stretched thin.
The tariffs from both countries reach up to 50%, but this doesn't mean the price of affected goods is going to increase by the same amount. A separate Federal Reserve study from this year tracked the prices of impacted goods from tariffs implemented in November 2025 to February 2026. These goods became 3.1% more expensive, raising the total cost of households by 0.8%.
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Where rewards can soften the hit
Since U.S. tariffs on Canadian goods are wide-ranging, general rewards cards can help you get more savings from spending you're doing anyway.
Groceries
Tariffs on Canadian beer, wine, spirits, dairy ingredients and more could cause some price increases during your weekly shopping.
The Blue Cash Preferred® Card from American Express is one of our top picks for grocery shopping. You can earn 6% cash back at U.S. supermarkets on up to $6,000 per year in eligible purchases, then 1%. Terms apply. While the rewards are earned as Reward Dollars, you can redeem them for statement credits. The card has a $95 annual fee, but it’s waived for the first year (see rates and fees).
The Blue Cash Preferred® Card from American Express is a low-fee card with generous cash-back rewards and useful ongoing benefits, such as a monthly Disney Bundle credit. (Enrollment required for select benefits mentioned)
- High cash-back earnings for U.S. supermarkets and streaming services
- Intro-APR offer for purchases and balance transfers
- No annual fee for the first year
- It's less rewarding after the first year because of the annual fee
- Bonus rewards for U.S. supermarkets are capped
Highlights
Highlights shown here are provided by the issuer and have not been reviewed by CNBC Select's editorial staff.
- Apply and find out your welcome offer. As High As $300 cash back* after you spend $3,000 in purchases on your new Card within the first 6 months of Card Membership. Welcome offers vary and you may not be eligible for an offer. Apply, and if approved: 1. Find out your offer amount 2. Accept the Card with your offer 3. Spend $3,000 in 6 months 4. Receive the cash back. *Cash back is received in the form of Reward Dollars that can be redeemed for a statement credit or at Amazon.com checkout.
- $0 intro annual fee for the first year, then $95.
- Enjoy 0% intro APR on purchases and balance transfers for 12 months from the date of account opening. After that, your APR will be a variable APR of 19.49%-28.49%.
- Plan It®: Buy now, pay later with Plan It. Split purchases of $100 or more into equal monthly installments with a fixed fee so you don't have the pressure of paying all at once. Simply select the purchase in your online account or the American Express® App to see your plan options. Plus, you'll still earn rewards on purchases the way you usually do.
- Earn 6% cash back at U.S. supermarkets on up to $6,000 per year in eligible purchases (then 1%), 6% cash back on select U.S. streaming subscriptions, 3% cash back at eligible U.S. gas stations and on transit (including taxis/rideshare, parking, tolls, trains, buses and more) purchases and 1% cash back on other purchases. Cash Back is received in the form of Reward Dollars that can be redeemed as a statement credit and at Amazon.com checkout.
- Get up to a $10 monthly statement credit after using your enrolled Blue Cash Preferred® Card for a subscription purchase, including a bundle subscription purchase, at DisneyPlus.com, Hulu.com, or Stream.ESPN.com U.S. websites. Subject to auto-renewal.
- Terms Apply.
- See Rates & Fees
Balance transfer fee
Either $5 or 3% of the amount of each transfer, whichever is greater.
Foreign transaction fee
2.7% of each transaction after conversion to US dollars
If you want a true no-annual-fee card, try the Blue Cash Preferred’s sibling card, the Blue Cash Everyday® Card from American Express (see rates and fees*). You earn a lower 3% cash back at U.S. supermarkets on up to $6,000 per year in eligible purchases (then 1%) without the yearly charge. Terms apply.
The Blue Cash Everyday® Card from American Express has no annual fee and bonus rewards on a wide range of common expenditures. On top of that, you also have access to an intro-APR offer for purchases and balance transfers. So this card can help you save in a variety of ways.
- Up to $264 in streaming service and meal kit credits every year (subject to auto renewal)
- High cash-back rates in popular spending categories
- No annual fee
- The best bonus cash-back categories are capped
- Has a foreign transaction fee
Highlights
Highlights shown here are provided by the issuer and have not been reviewed by CNBC Select's editorial staff.
- Apply and find out your welcome offer. As High As $200 cash back* after you spend $2,000 in purchases on your new Card within the first 6 months of Card Membership. Welcome offers vary and you may not be eligible for an offer. Apply, and if approved: 1. Find out your offer amount 2. Accept the Card with your offer 3. Spend $2,000 in 6 months 4. Receive the cash back. *Cash back is received in the form of Reward Dollars that can be redeemed for a statement credit or at Amazon.com checkout.
- No Annual Fee.
- Enjoy 0% intro APR on purchases and balance transfers for 15 months from the date of account opening. After that, your APR will be a variable APR of 19.49%-28.49%.
- Earn 3% cash back at U.S. supermarkets, 3% cash back on U.S. online retail purchases, 3% cash back at U.S. gas stations, on eligible purchases for each category on up to $6,000 per year in purchases (then 1%). Cash back is received in the form of Reward Dollars that can be redeemed as a statement credit and at Amazon.com checkout.
- Get up to a $7 monthly statement credit after using your enrolled Blue Cash Everyday® Card for a subscription purchase, including a bundle subscription purchase, at DisneyPlus.com, Hulu.com, or Stream.ESPN.com U.S. websites. Subject to auto-renewal.
- Terms Apply.
- See Rates & Fees
Balance transfer fee
Either $5 or 3% of the amount of each transfer, whichever is greater.
Foreign transaction fee
2.7% of each transaction after conversion to US dollars
Home goods and household purchases
Tariffs on Canadian paper products, tableware and kitchenware, appliances and more may impact prices on these regular household goods.
Since this could include purchases at a number of stores, consider a card that earns a flat rate on all spending. The Citi Double Cash® Card is a classic, earning 1% when you buy and an additional 1% when you pay your bill. While it doesn’t offer 4X or 5X rewards on purchases, you’ll earn on all your spending, not just specific categories.
What makes the Citi Double Cash® Card special is that it sits near the top of its class in several categories. It is an excellent option if you want flat-rate rewards, a balance transfer intro-APR or no annual fee.
- Balance transfers get a long intro APR
- Generous flat-rate cash-back rewards structure
- Earns transferable rewards
- No annual fee
- It has a foreign transaction fee
- Intro APR only applies to balance transfer
- Points transfer ratios are reduced compared to premium cards
Highlights
Highlights shown here are provided by the issuer and have not been reviewed by CNBC Select's editorial staff.
- Earn $200 cash back after you spend $1,500 on purchases in the first 6 months of account opening. This bonus offer will be fulfilled as 20,000 ThankYou® Points, which can be redeemed for $200 cash back.
- Earn 2% on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases. To earn cash back, pay at least the minimum due on time. Plus, earn 5% total cash back on hotel, car rentals and attractions booked with Citi Travel.
- Balance Transfer Only Offer: 0% intro APR on Balance Transfers for 18 months. After that, the variable APR will be 18.24% - 28.49%, based on your creditworthiness.
- Balance Transfers do not earn cash back. Intro APR does not apply to purchases.
- If you transfer a balance, interest will be charged on your purchases unless you pay your entire balance (including balance transfers) by the due date each month.
- There is an intro balance transfer fee of 3% of each transfer (minimum $5) completed within the first 4 months of account opening. After that, your fee will be 5% of each transfer (minimum $5).
Balance transfer fee
There is an intro balance transfer fee of 3% of each transfer (minimum $5) completed within the first 4 months of account opening. A balance transfer fee of 5% of each transfer ($5 minimum) applies if completed after 4 months of account opening.
Foreign transaction fee
3%
Home improvement and renovations
Tariffs on Canadian paint, flooring, types of wood, fixtures, tools, hardware and other products could hit those in the middle of home improvements.
Home renovations can get expensive, and having a card with a 0% APR period can help you manage payments while avoiding debt. The Wells Fargo Reflect® Card is a great option for financing home upgrades with its 21-month 0% intro APR offer.
A 17.49%, 23.99% or 28.24% variable APR applies after the fact. Note that balance transfers made within 120 days from account opening qualify for the intro rate, and a balance transfer fee of 5% (min $5) applies.
The Wells Fargo Reflect® Card is one of the absolute best cards you can apply for if you want to save on interest and pay down debit quickly thanks to its extra generous intro-APR offer on purchases and qualifying balance transfers.
- Incredible intro-APR for purchases and qualifying balance transfers
- No annual fee
- Cell phone insurance: up to $600 of cell phone protection against damage or theft. Subject to a $25 deductible
- No rewards
- No welcome bonus
- High balance transfer fee
Highlights
Highlights shown here are provided by the issuer and have not been reviewed by CNBC Select's editorial staff.
- Apply Now to take advantage of this offer and learn more about product features, terms and conditions.
- 0% intro APR for 21 months from account opening on purchases and qualifying balance transfers. 17.49%, 23.99%, or 28.24% variable APR thereafter; balance transfers made within 120 days qualify for the intro rate, BT fee of 5%, min: $5.
- $0 annual fee.
- Up to $600 of cell phone protection against damage or theft. Subject to a $25 deductible.
- Through My Wells Fargo Deals, you can get access to personalized deals from a variety of merchants. It's an easy way to earn cash back as an account credit when you shop, dine, or enjoy an experience simply by using an eligible Wells Fargo credit card.
Balance transfer fee
5%, min: $5
Foreign transaction fee
3%
Depending on where you’re shopping, a hardware store-branded credit card could make sense, especially if it earns strong rewards. The MyLowe’s Rewards™ Credit Card offers savings of 5% off eligible purchases, and new cardholders qualify for a 20% discount on eligible purchases, up to $100 off.
MyLowe's Rewards Credit Card
Rewards
5% off eligible purchases
Welcome bonus
For a limited time, new accounts get 20% off a qualifying purchase, up to $100
Annual fee
$0
Intro APR
None
Regular APR
Standard APR is 31.99%
Balance transfer fee
Not applicable
Foreign transaction fee
Not applicable
Credit needed
Not applicable
Terms apply.
Pros
- No annual fee
- 5% off eligible purchases
- Variety of special financing offers
Cons
- High standard APR
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At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every credit card article is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of credit card products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics.
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Read more
For rates and fees of the Blue Cash Everyday® Card from American Express, click here.
For rates and fees of the Blue Cash Preferred® Card from American Express, click here.
