BMO US Dollar Mastercard

Overview

The BMO US Dollar Mastercard is a USD-denominated credit card issued by BMO Bank of Montreal on the Mastercard network. The card is billed in US dollars, which means purchases made in USD — whether in the United States, online at American retailers, or anywhere prices are quoted in US dollars — are charged at face value with no currency conversion. The card carries a $35 USD annual fee, which is waived for the following year if you spend $3,000 USD or more on the card in a given year. There is no Canadian dollar income requirement listed, and no rewards program — this card's value is entirely in the foreign exchange savings it generates.

Who this card is for

This card is for Canadians who frequently spend in US dollars — snowbirds, cross-border shoppers, remote workers paid in USD, or anyone who regularly makes purchases on American websites. If you use a standard Canadian credit card for USD purchases, you're paying a foreign transaction fee of roughly 2.5% on every charge. Eliminating that fee on meaningful USD spending is the entire purpose of this card. You'll need to maintain a separate USD bank account (BMO offers this) to pay your card balance in US dollars, which is how you avoid converting back to CAD and paying exchange rates on your payments.

Key benefits

The core benefit is elimination of foreign currency conversion fees on USD purchases. Canadian credit cards typically charge 2.5% on purchases made in a foreign currency. Spend $10,000 USD annually on a standard Canadian card and you'd pay roughly $250 CAD in conversion fees (at par) — more as the exchange rate widens. The BMO US Dollar Mastercard eliminates that charge entirely.

The annual fee waiver at $3,000 USD in annual spending is a practical threshold most US-focused cardholders will clear. Additional cards for family members or employees can be added at no extra cost.

The card is accepted at over 30 million Mastercard locations in the US, Canada, and worldwide, and supports cash advances at Mastercard ATMs globally.

Potential drawbacks

The card earns no rewards or cashback. It's a cost-avoidance tool, not an earning tool. You'll want a primary rewards card for all your CAD spending and reserve this card specifically for USD transactions. You also need to manage the USD billing side — paying from a USD chequing account requires maintaining a separate account balance, which adds administrative overhead. If your USD spending is occasional rather than regular, the $35 USD annual fee may exceed the FX savings you'd generate.

How it compares

The Scotiabank Passport Visa Infinite + and the Wealthsimple Visa Infinite + both offer no foreign transaction fees on any currency — not just USD — at their respective annual fees. For travellers who spend in multiple currencies (euros, pounds, yen), those cards are more versatile. The BMO US Dollar Mastercard is the right choice specifically when your foreign spending is almost entirely in USD and you want the cleanest possible billing structure.

Bottom line

A practical card for Canadians with substantial, ongoing USD spending. The value is in what you don't pay — no conversion fees — rather than what you earn. Pair it with a USD bank account and a separate rewards card for all CAD purchases.