BMO U.S. Dollar Mastercard Review

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Make purchases in the US without losing money on foreign transaction fees or exchange rates.

The BMO U.S. Dollar Mastercard is a suitable option for Canadians who regularly shop or travel in the US. It offers no foreign transaction fees or exchange rates on purchases made across the border –the only catch is that any outstanding balance needs to be paid in US dollars if you want to take advantage of cost-saving benefits.

19.99%

Purchase Interest Rate

$35 USD

Annual Fee

22.99%

Balance Transfer Rate

Details

Product NameBMO U.S. Dollar Mastercard
RewardAnnual fee rebate with minimum spend of US$1,000 per year.
Welcome OfferReceive an annual fee rebate when you spend a minimum of US$1,000 in a year.
Purchase Interest Rate19.99%
Cash Advance Rate22.99%
Balance Transfer Rate22.99%
Interest Free Period Up to 21 days
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More Info

30-second take

  • Think about this card if you regularly shop in the US and want to save money on exchange rates.
  • Choose something else if you’d rather have a low interest rate or don’t want to pay an annual fee.
  • There are no minimum annual income requirements for this card.

The basics

If you spend a decent amount of time or money in the US, then you might like to consider the BMO U.S. Dollar Mastercard.

  • Save on exchange rates. Save hundreds of dollars on CAD-USD exchange rates, depending on the amount you spend.
  • No foreign transaction fees. Avoid paying 2.5% in foreign transaction fees on purchases.
  • Purchase protection. Protect the items you buy on your card with extended warranty and insurance coverage.

The perks

  • Enhanced security. Protect your finances with a PIN-protected microchip and Mastercard SecureCode.
  • Zero-liability coverage. Rest easy knowing that you won’t have to pay in case of fraudulent activity on your account.
  • 24/7 support. Get in touch with BMO at any time of day or night to resolve issues with your account.
  • Easy to qualify. There are no annual income requirements, but you’ll need to be a resident of Canada to apply.
  • Optional benefits. You can opt-in for benefits like roadside assistance or credit card alerts if you’re willing to pay more.

What to watch out for

  • Annual fee. You’ll pay an annual fee of US$35, but it can be rebated to your account if you spend over US$1,000 each year.
  • Currency markup. Fees and interest rates are charged in US dollars, so there will be a markup on what you’ll have to spend.
  • High interest rates. You’ll pay an average interest rate of around 20% on your outstanding balance.
  • Requires a source of US income. This card only makes sense if you can pay your balance off in US dollars.
  • Non-US exchange rates. You’ll still need to pay exchange rates in other countries overseas.
  • Few benefits. You won’t receive additional benefits or rewards despite having to pay an annual fee.

What should I know before I apply

How to apply

  1. Click “Go to site” on this page to be directed to the BMO U.S. Dollar Mastercard application.
  2. Complete the application, which includes providing your name, email address, social insurance number and birth date.
  3. Review and submit your application.

Bottom line

The BMO U.S. Dollar Mastercard is suitable for customers who regularly travel or spend money in the US. It offers no foreign transaction fees or exchange rates on purchases, but your balance needs to be paid in US dollars if you want to take advantage of cost-saving benefits.

Frequently asked questions about the BMO U.S. Dollar Mastercard

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