If you often travel to the U.S. or frequently shop online from American retailers, the BMO U.S. Dollar Mastercard®* might be the ideal solution for you. This card allows you to make purchases in U.S. dollars without the worry of fluctuating exchange rates.

With multiple benefits, competitive fees, and a simple application process, the card has become popular among Canadians who spend in U.S. currency. Let’s dive deeper into its key features, benefits, and whether it’s the right card for you.

Main information about the card

The BMO U.S. Dollar Mastercard®* is designed specifically for those who make purchases in U.S. dollars. One of the biggest advantages is the ability to pay your credit card bill in U.S. funds, directly avoiding the unpredictability of exchange rate changes.

The card charges an annual fee of U.S. $49, which can be waived in subsequent years if you spend U.S. $3,000 or more in the previous year. For purchases, the interest rate is 20.99%, while cash advances come with a rate of 22.99% (21.99% for Quebec residents).

Other essential features include worldwide acceptance since it’s part of the Mastercard network, allowing you to use it at over 30 million locations globally. In 2024, the BMO U.S. Dollar Mastercard®* won the Hardbacon award for Best USD Credit Card in Canada, solidifying its position as a top choice for Canadians looking to simplify their U.S. dollar transactions.

Qualification requirements

To qualify for the BMO U.S. Dollar Mastercard®*, you need to be a resident of Canada and meet BMO’s standard credit card application criteria. This generally includes having a solid credit history, proof of income, and being of legal age in your province.

There is no specific income requirement listed, but as with most credit cards, a higher income may improve your chances of approval, especially for premium cards like this one. When applying, ensure you have relevant documentation on hand, such as proof of identity and your Social Insurance Number (SIN).

Benefits

The primary benefit of the BMO U.S. Dollar Mastercard®* is its ability to make purchases in U.S. dollars without having to deal with exchange rate fluctuations. This is a major advantage for those who shop frequently in the U.S. or travel there often, as you can avoid unexpected changes in exchange rates that could increase the cost of your purchases.

Additionally, the card comes with built-in security features, including zero-liability protection on unauthorized transactions and extended warranties on purchases. For entertainment lovers, BMO also offers discounts of up to 20% on Cirque du Soleil shows touring Canada and 15% off resident shows in Las Vegas. The card also integrates seamlessly with BMO’s mobile app, offering features like a detailed transaction view, access to your credit score, and tools to help you monitor your spending habits.

Pros

The BMO U.S. Dollar Mastercard®* offers a range of advantages that make it a compelling choice for certain consumers:

• No Exchange Rate Surprises: Make purchases in U.S. dollars and pay your bill in the same currency.
• Annual Fee Rebate: Spend U.S. $3,000 or more annually, and your next year’s annual fee is waived.
• Accepted Worldwide: Use the card at over 30 million locations globally thanks to the Mastercard network.
• Exclusive Discounts: Get discounts on Cirque du Soleil shows in Canada and Las Vegas.
• Advanced Security: Enjoy zero-liability protection and extended warranties on purchases.
• Digital Integration: Manage your account via BMO’s mobile app, which provides tools to track spending and access your credit score.

Cons

While the BMO U.S. Dollar Mastercard®* has plenty of perks, there are also some downsides to consider:

• Annual Fee: The card comes with a U.S. $49 annual fee, which may be off-putting for infrequent users.
• Interest Rates: The interest rate for purchases is 20.99%, and for cash advances, it’s even higher at 22.99%, making it essential to avoid carrying a balance.
• Limited Rewards: Unlike many credit cards, this one does not offer cashback or rewards points for regular purchases.
• U.S. Dollar Payments: If you don’t have a U.S. dollar account, paying your bill might involve additional steps like setting up a U.S. dollar chequing account or converting Canadian dollars.

How to apply

Applying for the BMO U.S. Dollar Mastercard®* is a straightforward process. You can start by visiting the BMO website, where you can fill out the application form. Typically, BMO provides an instant response within 60 seconds, so you’ll know if you’re approved or if additional information is required.

During the application process, you’ll need to provide personal information, including your full name, address, date of birth, SIN, and employment details. Make sure you have everything ready to expedite the process. Once approved, the card will be mailed to you, and you’ll need to activate it either online or over the phone. You can also set up mobile and online banking to manage your account conveniently.

Is the card worth it after all?

The BMO U.S. Dollar Mastercard®* is ideal for Canadians who frequently spend in U.S. dollars, whether through travel or online shopping. The card’s ability to avoid fluctuating exchange rates is its biggest selling point, making it a solid choice for those who regularly deal with U.S. currency.

However, if you’re someone who rarely travels to the U.S. or doesn’t shop frequently in U.S. dollars, the card may not be worth the annual fee. Additionally, the lack of rewards may be a dealbreaker for some, as other credit cards offer cashback or points for everyday spending.

Conclusion

In conclusion, the BMO U.S. Dollar Mastercard®* provides an excellent solution for individuals looking to simplify their U.S. dollar transactions. It eliminates the headache of exchange rates and offers a number of valuable perks, such as discounts on entertainment and advanced security features.

While the annual fee and interest rates may be a drawback for some, frequent U.S. dollar spenders will likely find the card well worth the investment. If you’re looking for a way to manage U.S. purchases efficiently, this card could be the perfect fit for your wallet.