Annual Fee
$35
Extra Card Fee
$0
Purchase
19.99%
Cash Advance
22.99%
Balance Transfer
22.99%
Personal Income
$0
Household Income
$0
Canadian resident who has reached the provincial age of majority.
  • Shop in U.S. Dollars and avoid foreign currency fees by paying with your existing USD.
  • Spend $1,000 USD yearly and have your annual fee rebated.
  • Shop with confidence, knowing purchases made with this card are covered by purchase protection and extended warranty.
Extended Warranty 1 year
Purchase Protection 90 days

Please review your insurance certificate for details, exclusions and limitations of your coverage.

Our Review

Do you travel to the United States often?

Do you make a lot of purchases in U.S. currency?

Whether online or while shopping in the USA, did you know that each time you make a purchase with your Canadian credit card you are charged not only a high foreign transaction fee (usually 2.5%) but also that little bit of extra that Visa, Mastercard, or American Express has to pay themselves?

Not even the credit card companies can get the exact posted exchange rate. That means altogether you are paying roughly an extra 3% for any purchases you make in U.S. Dollars.

Foreign Transaction Fees

While you might be thinking that 3% doesn’t seem like all that much, that 3% can really add up quickly. Especially when you realize that foreign transaction fee is ON TOP of the tax you’re already paying and that there are ways to avoid that charge.

Check out this chart to see how much money you could be wasting:

Amount Spent in USD AnnuallyForeign Transaction Fee
$500$15
$1,000$30
$5,000$150

A U.S. Dollar credit card is a nice way to cut back on those fees.

Unlike credit cards that waive the foreign transaction fee, U.S. Dollar credit cards are in US currency, eliminating the need to pay for converting your currency with each and every purchase.

Would this card be good for you?

When do U.S. Dollar credit cards make the most sense?

  • If you earn or have existing United States currency that you can use to pay off your credit card bill.
  • If you make many trips to the United States for work, to escape the snow – or for scooping up deals across the border and have a USD bank account where you keep some US Dollars you got at a good exchange rate.
  • If you frequently make purchases online from American Retailers.

As for insurance coverage, the BMO U.S. Dollar Mastercard not only includes purchase protection, but also gives cardholders extended warranty for the purchases they make with the card, which is a nice added feature. (And if you’re traveling to the US often, you may want to consider pairing this card with a card that comes with great travel insurance to save you even more money in the long run.)

The best part? If the $35 annual fee isn’t appealing to you, as long as you spend at least $1,000 on your card yearly, it will be refunded to you – saving you even more money.

Not sure a U.S. Dollar card is what you’re looking for?

U.S. Dollar cards are not for everyone.

Perhaps one of the Best Foreign Exchange Credit Cards would be better suited for you.

Featured In

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