Quick overview of the BMO U.S. Dollar Mastercard
The BMO U.S. Dollar Mastercard®* is made for people who are often dealing in U.S. dollars, helping them save on foreign transaction fees.
So, if you shop online on American sites or travel often to the United States, it’s a solid solution. But, it doesn’t offer any rewards for your spend, and you’ll need a USD bank account to pay off your credit card bills. In other words, you’ll likely also want to get BMO’s U.S. Dollar Primary Chequing Account (don’t worry, it’s free).
Who is the BMO U.S. Dollar Mastercard best suited for?
The card is ideal for frequent flyers and travellers to the U.S. or if you’re often shopping on sites that operate in the U.S. and ship to Canada. You’ll need a good credit score to qualify.
Pros and cons of BMO U.S. Dollar Mastercard
Pros
-
Savings on foreign transaction fees: Ideal for transactions in U.S. dollars, saving users the usual 2.5% foreign transaction fee
-
Annual fee rebate: The annual fee is rebated the following year if you spend US$3,000 per year.
-
Additional card options: You have the option to get additional cards for family members or employees for free.
-
24-hour, out-of-country emergency assistance with GlobalAssist™*
Cons
-
Limited rewards: No cash back or travel points.
-
U.S. dollar payments: Balances must be paid in U.S. dollars.
-
Credit score requirements: A higher credit score may be required to qualify for this card.
-
Limited insurance included: Purchase protection for 90 days and extended warranty, but no travel insurance.
BMO U.S. Dollar Mastercard welcome bonus
- Currently, there is no welcome bonus for BMO U.S. Dollar Mastercard®*.
Earn rate
- BMO U.S. Dollar Mastercard®* does not offer a points accumulation system or cash back rewards.
Key benefits
- Savings on foreign transactions: You forgo the foreign transaction fee for purchases made in the U.S.
- Annual fee Rebate: Annual fee in USD, rebated the following year if you spend $3,000 USD in one year on your card
- Ease of use: BMO U.S. Dollar Mastercard®* is widely accepted, making it a convenient option for travel or online shopping in the U.S.
BMO U.S. Dollar Mastercard insurance coverage
- Extended warranty: 1 year
- Purchase protection: 90 days
Extras
- Add an additional cardholder for free.
- Fraud alerts on your smartphone that keep on eye on suspicious activity.
- You can pay extra to add-on roadside assistance.
How the BMO U.S. Dollar Mastercard compares
TD U.S. Dollar Visa* Card
2.0
Good
Suggested credit scoreto receive the latest news, tips and offers by email
Pros
-
No foreign currency conversion rates and fees.
-
Insurance coverages for travel and shopping.
-
Digital wallet compatibility with Apple Pay and Samsung Pay.
-
Option to waive the annual fee with the TD Borderless Plan.
Cons
-
$39 annual fee.
-
No reward points or cashback.
Eligibility
Good
Recommended Credit Score
$0
Required Annual Personal Income
$0
Required Annual Household Income
Recommended Credit Score
Good
Required Annual Personal Income
$0
Required Annual Household Income
$0
N/A
There are no reward offerings with this card.
There are no reward offerings with this card.
N/A
19.99%
Purchase APR
22.99%
Cash Advance APR
$39
Annual Fee (USD). Option to waive with TD Borderless Plan
2.5%
Foreign Transaction Fee 2.5% of the transaction in CND
Purchase APR
19.99%
Cash Advance APR
22.99%
Annual Fee
$39
Foreign Transaction Fee
2.5%
Pros
-
No foreign currency conversion rates and fees.
-
Insurance coverages for travel and shopping.
-
Digital wallet compatibility with Apple Pay and Samsung Pay.
-
Option to waive the annual fee with the TD Borderless Plan.
Cons
-
$39 annual fee.
-
No reward points or cashback.
Eligibility
Good
Recommended Credit Score
$0
Required Annual Personal Income
$0
Required Annual Household Income
Recommended Credit Score
Good
Required Annual Personal Income
$0
Required Annual Household Income
$0
N/A
There are no reward offerings with this card.
There are no reward offerings with this card.
N/A
19.99%
Purchase APR
22.99%
Cash Advance APR
$39
Annual Fee (USD). Option to waive with TD Borderless Plan
2.5%
Foreign Transaction Fee 2.5% of the transaction in CND
Purchase APR
19.99%
Cash Advance APR
22.99%
Annual Fee
$39
Foreign Transaction Fee
2.5%
BMO US Dollar Mastercard®* vs. TD US Dollar Visa Card
The TD U.S. Dollar Visa has a $39 USD annual fee (which you can waive with the TD Borderless plan chequing account). Like the BMO U.S. Dollar Mastercard®*, there are no rewards, but the TD card includes travel accident, rental car and trip interruption insurance.
Unless you’re a long standing BMO customer, it might be worth it to switch for the insurance alone.
RBC U.S. Dollar Visa Gold
3.0
Good
Suggested credit scoreto receive the latest news, tips and offers by email
Pros
-
Avoid foreign transaction fees for USD purchases
-
Earn points in the RBC Avion rewards program
-
Extensive insurance protections
Cons
-
Rewards are limited versus other reward credit cards
-
Payment required in USD
Eligibility
Good
Recommended Credit Score
Recommended Credit Score
Good
1
Avion point for every US dollar you spend
3₵
Save 3₵ per litre at Petro-Canada when you connect your RBC credit card to your Petro-Points account
Avion point for every US dollar you spend
1
Save 3₵ per litre at Petro-Canada when you connect your RBC credit card to your Petro-Points account
3₵
20.99%
Purchase APR
22.99%
Cash Advance APR 21.99% if you reside in Quebec
$65
Annual Fee $65
2.5%
Foreign Transaction Fee 2.5% of the transaction in CDN (no fee for USD)
Purchase APR
20.99%
Cash Advance APR
22.99%
Annual Fee
$65
Foreign Transaction Fee
2.5%
Pros
-
Avoid foreign transaction fees for USD purchases
-
Earn points in the RBC Avion rewards program
-
Extensive insurance protections
Cons
-
Rewards are limited versus other reward credit cards
-
Payment required in USD
Eligibility
Good
Recommended Credit Score
Recommended Credit Score
Good
1
Avion point for every US dollar you spend
3₵
Save 3₵ per litre at Petro-Canada when you connect your RBC credit card to your Petro-Points account
Avion point for every US dollar you spend
1
Save 3₵ per litre at Petro-Canada when you connect your RBC credit card to your Petro-Points account
3₵
20.99%
Purchase APR
22.99%
Cash Advance APR 21.99% if you reside in Quebec
$65
Annual Fee $65
2.5%
Foreign Transaction Fee 2.5% of the transaction in CDN (no fee for USD)
Purchase APR
20.99%
Cash Advance APR
22.99%
Annual Fee
$65
Foreign Transaction Fee
2.5%
BMO US Dollar Mastercard®* vs. RBC US Dollar Visa Gold
The RBC U.S. Dollar Visa Gold card charges as $65 USD annual fee, but it rewards you with 1 Avion point for every U.S. dollar spent and provides insurance coverage:
- Travel accident insurance up to $500,000per covered person (applicant, applicant’s spouse, dependent child, additional cardholder).
- Trip cancellation and interruption insurance up to $2,500 each for all covered persons per trip.
- Delayed baggage insurance $500 max.
- Rental car insurance for up to $65,000CDN.
For snowbirds, the RBC U.S. Dollar Visa Gold is a great alternative to the BMO card thanks to the insurance—if you’re okay with the higher annual fee. You may want to get another RBC Avion card to rack up your Avion points in Canada—where you can save at Petro-Canada, Rexall and DoorDash.
However, if you’re a BMO customer, a no annual fee card may be just what you need.
Is the BMO U.S. Dollar Mastercard worth it?
If you’re a BMO customer already, it’s easy to get this card and potentially get its annual fee rebated to save money on exchange rates in the U.S. However, its lack of rewards and travel insurance should weigh heavily in your decision, even if it means overhauling your bank accounts and other credit cards.
BMO U.S. Dollar Mastercard eligibility
To be eligible for the BMO US Dollar Mastercard®* you must have a Very Good credit score and at least $15,000 of annual personal income.
FAQs
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*Terms and conditions apply
Tyler Wade has worked in personal finance for over 5 years writing for brands like Ratehub, Forbes, KOHO, and now Money.ca.
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