The BMO U.S. Dollar Mastercard® is an excellent option for Canadians who frequently travel to the United States or make purchases in U.S. dollars. This credit card is designed to help you avoid foreign transaction fees by allowing you to pay directly in U.S. dollars. If you often find yourself shopping online from U.S. retailers, traveling to the U.S. for business or leisure, or investing in U.S. stocks, this card can provide significant financial benefits.
Key Features of the BMO U.S. Dollar Mastercard®
- No Foreign Exchange Fees:
- One of the standout features of the BMO U.S. Dollar Mastercard® is that it eliminates the need to pay foreign exchange fees on U.S. dollar transactions. When using other Canadian credit cards, you typically incur a fee of around 2.5% on every purchase made in a foreign currency. However, with the BMO U.S. Dollar Mastercard®, you can bypass these fees, saving you money on every transaction in U.S. dollars.
- Convenient U.S. Dollar Billing:
- The card bills you directly in U.S. dollars, which means you won’t have to worry about fluctuating exchange rates when it comes time to pay your bill. This feature is particularly beneficial if you have a U.S. dollar account, as you can directly pay your credit card bill without converting your Canadian dollars to U.S. dollars.
- Competitive Interest Rate:
- The BMO U.S. Dollar Mastercard® offers a competitive interest rate on purchases and cash advances. Although interest rates may vary, BMO ensures that its rates are in line with other U.S. dollar credit cards available to Canadian consumers.
- Annual Fee:
- The card comes with an annual fee of $35 USD. While this fee is relatively low compared to other premium credit cards, it’s important to consider whether your U.S. dollar spending justifies the cost.
- Purchase Protection and Extended Warranty:
- The card includes purchase protection and extended warranty benefits, offering peace of mind when making purchases. These features help protect your new purchases against theft or damage for a specified period and extend the manufacturer’s warranty on eligible items.
- Worldwide Acceptance:
- As a Mastercard, the BMO U.S. Dollar Mastercard® is widely accepted across the globe. You can use it at millions of locations in the U.S. and other countries, making it a reliable companion during your travels.
- Optional Additional Cardholders:
- You can add additional cardholders to your account for a fee, allowing you to share the benefits of the BMO U.S. Dollar Mastercard® with family members. This can be especially useful if you want to consolidate your U.S. dollar spending under one account.
Earning Rewards with the BMO U.S. Dollar Mastercard®
While the BMO U.S. Dollar Mastercard® does not offer a traditional rewards program like cash back or travel points, its primary value lies in the savings you gain by avoiding foreign transaction fees. For frequent travelers and those who regularly make purchases in U.S. dollars, these savings can add up significantly over time.
If you’re looking for a card with rewards, BMO offers other options, such as the BMO World Elite Mastercard, which provides travel rewards, lounge access, and more. However, for those focused on minimizing currency conversion costs, the BMO U.S. Dollar Mastercard® remains a top choice.
Who Should Consider the BMO U.S. Dollar Mastercard®?
The BMO U.S. Dollar Mastercard® is ideal for Canadians who:
- Frequent U.S. Travelers: Whether you travel to the U.S. regularly for business, vacation, or to visit family, this card will save you money on every purchase by eliminating foreign transaction fees.
- Online Shoppers: If you frequently shop from U.S. online retailers, the card will help you avoid the foreign exchange fees that can quickly add up.
- U.S. Investors: If you invest in U.S. stocks or have other financial dealings in U.S. dollars, this card allows you to manage your finances in the same currency, making your financial management easier and more cost-effective.
How to Apply for the BMO U.S. Dollar Mastercard®
Applying for the BMO U.S. Dollar Mastercard® is straightforward and can be done online or at a BMO branch.
- Online Application:
- Visit the BMO website and navigate to the U.S. Dollar Mastercard® page.
- Click on the “Apply Now” button, which will direct you to the online application form.
- Fill out the necessary information, including your personal details, employment information, and financial status. BMO will require information such as your annual income, housing status, and other relevant details to assess your eligibility.
- Review the terms and conditions, then submit your application.
- In-Branch Application:
- You can also apply for the BMO U.S. Dollar Mastercard® by visiting a BMO branch. A banking representative will guide you through the application process and answer any questions you may have.
- Eligibility Requirements:
- To qualify for the BMO U.S. Dollar Mastercard®, you must be a Canadian resident and meet the credit score requirements, which are typically in the good to excellent range. Ensure you have a stable income and a positive credit history, as these factors will influence the approval decision.
- Application Processing:
- After submitting your application, BMO will review your information and conduct a credit check. If approved, you will receive your BMO U.S. Dollar Mastercard® in the mail within 7-10 business days. Along with your card, you will receive a cardholder agreement outlining the terms and conditions, including the interest rates, fees, and your credit limit.
- Activating Your Card:
- Once you receive your card, you can activate it online through your BMO online banking account, by phone, or by using the BMO mobile app. After activation, your card will be ready for use.
Managing Your BMO U.S. Dollar Mastercard® Account
BMO provides several convenient ways to manage your BMO U.S. Dollar Mastercard® account:
- Online Banking: Access your account through BMO’s online banking platform to view your balance, transactions, and payment due dates. You can also set up automatic payments to ensure you never miss a due date.
- Mobile Banking: The BMO mobile app offers similar functionality, allowing you to manage your account on the go.
- Statements and Alerts: Enroll in paperless statements and set up account alerts to stay informed about your account activity.
Conclusion
The BMO U.S. Dollar Mastercard® is an invaluable tool for Canadians who conduct a significant portion of their spending in U.S. dollars. By eliminating foreign transaction fees and providing the convenience of U.S. dollar billing, this card simplifies your financial management and helps you save money. Whether you’re a frequent traveler, an online shopper, or an investor dealing in U.S. currency, the BMO U.S. Dollar Mastercard® offers a range of features designed to meet your needs.
Applying for the card is a simple process, and once approved, you can enjoy the benefits of spending in U.S. dollars without the added costs. Consider your spending habits and determine if this card aligns with your financial goals, especially if you want to minimize the impact of currency conversion fees on your budget.
