BMO U.S. Dollar Mastercard Review

The basics

• Annual fee waiver. When your purchases total US$3,000 or more in a year, the next year's annual fee (US$49) 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.

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$49. When your purchases total US$3,000 or more in a year, the next year's annual fee (US$49) 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.

BMO U.S. Dollar Mastercard interest rates

What should I know before I apply

• Eligibility requirements

  To apply for a BMO U.S. Dollar Mastercard, you need to meet the following criteria:

  • Be a Canadian citizen or permanent resident who is at least 18 years old (19 in some provinces).

• Required documents and information

  • Your name, residential status and contact information.
  • Your social insurance number (SIN) and date of birth.
  • Your email address and phone number.

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 exchange rate surprises – but your balance should be paid in US dollars if you want to take advantage of cost-saving benefits.