BMO U.S. Dollar Mastercard Review
Make purchases in the US without losing money on foreign transaction fees or exchange rates.When your purchases total US$1,000 or more in a year, the next year's annual fee (US$35) is rebated to your card.
- 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.
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.
- Annual fee waiver. When your purchases total US$1,000 or more in a year, the next year's annual fee (US$35) is rebated to your card.
- Save on exchange rates. Save hundreds of dollars on CAD-USD exchange rates, depending on the amount you spend.
- Avoid exchange rate surprises. Shop in US dollars and don’t worry about high exchange rates.
- Purchase protection. Protect the items you buy on your card with extended warranty and insurance coverage.
- 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
- Foreign transaction fees. When you shop outside of Canada, you’ll face a foreign transaction fee of 2.5%
- Annual fee. You’ll pay an annual fee of US$35. When your purchases total US$1,000 or more in a year, the next year's annual fee (US$35) is rebated to your card.
- Currency markup. Fees and interest rates are charged in US dollars, so there will be a markup on what you’ll have to spend.
- Downfalls to paying in USD. 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
- Click “Go to site” on this page to be directed to the BMO U.S. Dollar Mastercard application.
- Complete the application, which includes providing your name, email address, social insurance number and birth date.
- Review and submit your application.
The BMO U.S. Dollar Mastercard is suitable for customers who regularly travel or spend money in the US. It offers no exchange rate surprises – but your balance should be paid in US dollars if you want to take advantage of cost-saving benefits.