What the Card Offers
BMO markets the U.S. Dollar Mastercard as a way to shop in U.S. dollars and skip exchange-rate surprises: purchases and payments in U.S. funds, and next year's annual fee rebated when you spend US$3,000 in a year.
- USD
Billed in U.S. dollars1
U.S.-dollar purchases are charged without conversion, and you pay the bill in U.S. funds.
- US$49
Annual fee, rebatable2
Next year's fee is rebated when purchases reach US$3,000 in a fee year.
- 90 days
Purchase protection3
Theft or damage cover for 90 days, and up to 1 extra year of warranty.
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- Mastercard
Accepted worldwide1
Usable anywhere Mastercard is accepted.
Benefits as advertised by the issuer. The conditions attached to them are in the Fine Print Report below.
Sources (3)
- BMO U.S. Dollar Mastercard product page (retrieved 2026-10-18)
- BMO U.S. Dollar Mastercard product page (retrieved 2026-10-18); BMO U.S. Dollar Mastercard product page, footnote 21 (retrieved 2026-10-18)
- BMO U.S. Dollar Mastercard Insurance Product Summary (CUMIS / Allianz Global Assistance)
The Fine Print Report
Light fine print for a narrow-purpose card.
2.5% fee on all non-USD purchases, incl. CADImpact level: High
Every purchase that isn't in U.S. dollars, Canadian dollars included, carries a 2.5% conversion fee
The card is billed in U.S. dollars, so BMO converts transactions in any other currency, including Canadian dollars, to U.S. dollars at the network rate plus 2.5%. Refunds are converted at a rate 2.5% below the network rate on the day they post, so a refunded purchase usually comes back as less than you paid.
Why it matters: Using this card in Canada costs 2.5% on every purchase. It only saves money on spending priced in U.S. dollars.
No rewards or travel insuranceImpact level: Medium
No rewards and no travel insurance
The card earns nothing on purchases, and its only insurance is 90-day purchase protection and a 1-year extended warranty. The page itself suggests buying BMO Travel Insurance.
Why it matters: For U.S. trips you'll need separate travel medical insurance.
2 missed payments: 25.99% for a yearImpact level: Medium
Two missed payments in 12 months raise your rates to 25.99% and 27.99% for at least a year
If you miss your minimum payment and haven't paid it by the time the next statement is prepared, twice in any 12-month period, your rates rise to 25.99% on purchases and 27.99% on cash advances and balance transfers, for at least 12 months.
Why it matters: If you ever carry a balance, two late payments make it far more expensive. Automatic minimum payments avoid this.
Closure: BMO can take your depositsImpact level: Medium
BMO can close the account without notice, demand the full balance and take it from your BMO deposits
BMO may cancel your card or close the account at any time without telling you in advance. The total debt is then due immediately, and if you don't pay it, BMO may apply any money you have on deposit with it or its affiliates against the balance.
Why it matters: If your chequing or savings account is also at BMO, an unpaid balance can be taken from it directly.
Payments must be in U.S. fundsImpact level: Low
The bill must be paid in U.S. dollars
Payments come from a U.S.-dollar account: a BMO U.S. dollar account, pre-authorized debit from a U.S.-dollar account in Canada, or by mail. Paying from Canadian dollars means converting them first, at your bank's exchange rate.
Why it matters: Without a U.S.-dollar account, you still pay a conversion spread, just at payment time instead of purchase time.
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Fee rebate needs US$3,000 spendImpact level: Low
The fee rebate needs US$3,000 of purchases in a fee year and applies to the following year
A credit equal to the annual fee appears on the statement where the next fee is billed, only if purchases in the previous 12-month fee period reached US$3,000.
Why it matters: Light users pay US$49 a year for the convenience.
Who This Card Is For
Great fit if you...
- Spend regularly in U.S. dollars
- Hold U.S. dollars to pay the bill
- Spend at least US$3,000 a year
Consider alternatives if you...
- Spend mainly in Canadian dollars
- Want rewards
- Want travel medical coverage
The Verdict
The U.S. Dollar Mastercard avoids the 2.5% conversion fee on purchases priced in U.S. dollars, and the fee is rebated for anyone spending US$3,000 a year.
Every Canadian-dollar or other-currency purchase costs 2.5%, it earns no rewards, and it has no travel insurance.
The Recommendation: Useful only if you earn or hold U.S. dollars and spend them regularly.
Before you apply: This teardown is general information, not financial, legal or insurance advice, and reflects the issuer's documents as of October 2026. Terms, rates, fees and offers change, and the issuer's own agreement, disclosure statement, insurance certificates and program terms are what govern your card. Read them in full and confirm details with the issuer before you apply. Full disclaimer