Reviewed by Jen, founder of MoneyMint · Updated September 25, 2026

BMOUSD Card

BMO U.S. Dollar Mastercard

Our take: a plain U.S.-dollar card with no rewards, but the US$49 fee is rebated the following year once you spend US$3,000, which makes it effectively free for regular cross-border spenders.

No welcome bonus — the annual fee is rebated the following year if you spend US$3,000

Apply on BMO’s site →

Goes straight to BMO
Our review

The BMO U.S. Dollar Mastercard is a USD-denominated card for Canadians who spend in U.S. dollars. Purchases in USD are billed and repaid in U.S. dollars, so no currency conversion fee applies to them. It earns no rewards; its appeal is the fee rebate, which wipes out the annual cost for anyone spending at least US$3,000 a year on the card. See how it compares with the rest in our best U.S. dollar credit cards ranking.

3.2out of 5

MoneyMint rating

#4 of 5 U.S.-dollar cards · How we rate

Rewards value

0/10

Insurance

6/10

Flexibility

8/10

Welcome bonus

0/10

Fee value

8/10

Perks

0/10

Rate-first card

Not built for rewards, so the rating leans on the interest rate and the annual fee. Find the right fit for you →

At a Glance

Annual Fee

US$49/yrrebated the next year after US$3,000 in spending

Rewards Rate

Noneno points or cash back earned

Welcome Bonus

None currently offered

Foreign Transaction Fee

0% on USD purchasesbilled and repaid in U.S. dollars

Cash Advance Rate

23.99%21.99% for Quebec residents

Protection

Extended warrantyplus purchase protection and Zero Dollar Liability

Purchase APR 21.99%

Pros & Cons

Pros

No currency conversion fee on U.S. dollar purchases, which are billed and repaid in USD
The US$49 annual fee is rebated for the following year if you spend US$3,000 on the card in a year, so steady cross-border spending makes it effectively free
Extended warranty and purchase protection included, plus 24-hour out-of-country emergency assistance through GlobalAssist
Mastercard acceptance, which is broader than American Express in much of the U.S.

Cons

No rewards program of any kind, so every dollar spent earns nothing
Highest cash advance rate of the U.S.-dollar cards we track at 23.99%
The fee rebate is all-or-nothing: fall short of US$3,000 in a year and you pay the full US$49
No travel insurance package, unlike TD’s and RBC’s U.S.-dollar cards

Rewards & Earn Rates

All purchasesNo rewardsThe card earns no points, cash back or miles

Annual fee rebateUS$3,000 spendOne year means the twelve-month period between annual fee billing dates

BMO applies the rebate as a credit on the same statement that bills the annual fee, so you pay the fee first and get it back the following year only if the spending test was met. If your U.S. dollar spending is seasonal or uncertain, treat the US$49 as a real cost rather than assuming the rebate.

Who It’s For

Best for

Canadians with steady U.S. dollar spending of at least US$3,000 a year, who get the fee back
Anyone who wants a simple USD card on the Mastercard network and does not care about rewards
Snowbirds and cross-border shoppers paying from a US$ account

Not ideal for

Light or occasional U.S. dollar spenders, who will pay the full fee for no rewards
Anyone wanting points or cash back on USD spending, where the CIBC and RBC USD cards earn and this one does not
People who want travel insurance included with the card

Not Sure? Three Cards People Compare It With

All U.S. dollar cards →

Scotiabank U.S. Dollar Visa Card

Pick this instead if you want the cheapest USD card to hold (US$35, 19.99%).

Fee US$35Rating 4.8 ★

Read review

TD U.S. Dollar Visa Card

Pick this instead if you want built-in travel insurance on a USD card.

Fee US$39Rating 3.5 ★

Read review

RBC U.S. Dollar Visa Gold

Pick this instead if you want to earn a point on every U.S. dollar you spend.

Fee US$65Rating 3.2 ★

Read review

3.2MoneyMint rating

BMO U.S. Dollar Mastercard

No-rewards USD card · US$49/year

Apply on BMO’s site →Find a better fit

Jen, founder of MoneyMint

Reviewed by Jen. Every figure on this page was checked against BMO’s official card page on September 25, 2026. How we rate cards →

This is general information, not personalized financial advice — consider your own spending habits and consult a professional for decisions specific to your situation. Rates, fees, and offers are set by BMO and can change without notice; always confirm current terms on the issuer’s official page before applying.

Frequently Asked Questions

What is the annual fee for the BMO U.S. Dollar Mastercard?

The annual fee is US$49. BMO rebates the following year’s fee if you spend US$3,000 on the card within a year, where a year means the twelve-month period between annual fee billing dates. The credit appears on the same statement that bills the fee.

Does the BMO U.S. Dollar Mastercard earn rewards?

No. BMO does not advertise any points or cash back on this card. Its value is avoiding the currency conversion cost on U.S. dollar purchases.

What are the interest rates?

21.99% on purchases and 23.99% on cash advances, with 21.99% for Quebec residents. Rates are set by BMO and can change, so confirm them on BMO’s page before applying.

Does it charge a foreign transaction fee?

Not on U.S. dollar purchases, because the account is held in U.S. dollars and you repay it in U.S. dollars. Purchases in other currencies are converted, so conversion costs still apply outside the U.S.

What protection comes with the card?

Extended warranty and purchase protection, Zero Dollar Liability for unauthorized use, and 24-hour out-of-country emergency assistance through GlobalAssist. Travel insurance is not included.

Do I need a U.S. dollar bank account?

It is the practical way to use the card. The balance is due in U.S. dollars, so paying from a Canadian-dollar account means your bank converts the payment at its own rate and you lose part of the saving.