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BMO U.S. Dollar Mastercard®

Welcome Bonus

N/A

N/A

Annual Fee

$35

Annual Rewards

N/A

N/A

Rewards on Approval

N/A

Purchase Rates

20.99%

Cash Advance Rates

22.99%

Balance Transfer Rates

N/A

Table of Contents

The BMO U.S. Dollar Mastercard® is a credit card offered by the Bank of Montreal (BMO) that provides Canadian residents with a convenient and cost-effective way to make purchases in U.S. dollars. With this card, users can avoid foreign exchange fees typically associated with transactions made in a foreign currency. It offers competitive interest rates, no annual fee, and a range of benefits such as purchase protection, extended warranty, and various travel benefits. Cardholders can also enjoy the perks and services associated with being a Mastercard holder. With its focus on minimizing foreign exchange fees and providing additional advantages, the BMO U.S. Dollar Mastercard® is a valuable tool for frequent travelers and individuals who frequently make purchases in U.S. dollars.

Pros

  1. Avoid Foreign Exchange Fees: One of the major advantages of this card is that it allows cardholders to make purchases in U.S. dollars without incurring foreign exchange fees, saving money on transactions made in the United States.
  2. No Annual Fee: The card does not charge an annual fee, making it a cost-effective option for individuals who want to save on credit card expenses.
  3. Competitive Interest Rates: The BMO U.S. Dollar Mastercard® offers competitive interest rates on purchases and cash advances, potentially saving cardholders money on interest charges.
  4. Purchase Protection and Extended Warranty: Cardholders benefit from purchase protection, which covers eligible items against theft, loss, or damage for a specific period after purchase. The card also extends the manufacturer's warranty on eligible items, providing additional coverage.
  5. Travel Benefits: The card offers travel-related benefits such as rental car collision/loss damage insurance, travel medical insurance, and trip cancellation/interruption insurance, providing peace of mind and potential savings on additional insurance coverage.
  6. Mastercard Benefits: Being a Mastercard-branded credit card, it provides access to a range of Mastercard benefits and services, including emergency card replacement, zero liability protection for unauthorized transactions, and exclusive offers and experiences through Mastercard Priceless Cities.

Cons

  1. Limited Currency Use: As the name suggests, this card is primarily designed for transactions made in U.S. dollars. While it provides advantages for purchases made in the United States, it may not be as beneficial for other currencies.
  2. Limited Acceptance: While Mastercard is widely accepted globally, there may still be some establishments, particularly smaller vendors or businesses in remote areas, that may not accept credit cards or have limited acceptance of Mastercard.
  3. Foreign Transaction Fees for Non-USD Transactions: If the cardholder makes transactions in currencies other than U.S. dollars, they will be subject to foreign transaction fees, which can diminish the benefits of the card.
  4. Potential Exchange Rate Fluctuations: When using the card for purchases in U.S. dollars, cardholders are exposed to exchange rate fluctuations between the Canadian dollar and the U.S. dollar, which may impact the actual cost of transactions.

Details & Eligibility

  • 680 - 800
  • N/A
  • N/A
  • $35
  • N/A
  • Mastercard
  • No
  • 20.99%
  • 22.99%
  • N/A
  • N/A
  • N/A
  • N/A

The BMO U.S. Dollar Mastercard® is a credit card offered by the Bank of Montreal (BMO) that is designed specifically for Canadian residents who frequently travel or make purchases in the United States. This credit card is denominated in U.S. dollars, which allows cardholders to avoid foreign currency exchange fees when making transactions in the U.S.

One of the key features of the BMO U.S. Dollar Mastercard® is its ability to save money on foreign exchange fees. When Canadian cardholders use a regular credit card for purchases in U.S. dollars, they are typically subject to a foreign exchange fee, which can range from 2% to 3.5% of the transaction amount. With this card, however, cardholders can make purchases in U.S. dollars without incurring any foreign exchange fees, saving them money in the process.

In addition to the savings on foreign exchange fees, the BMO U.S. Dollar Mastercard® offers several other benefits. These include:

1. No annual fee: Cardholders do not have to pay an annual fee to maintain the card, making it a cost-effective option for frequent travelers or individuals who regularly make purchases in U.S. dollars.

2. Competitive interest rates: The card offers competitive interest rates on purchases and cash advances, which can help cardholders save money on interest charges if they carry a balance.

3. Purchase protection and extended warranty: The card provides purchase protection, which covers eligible items purchased with the card against theft, loss, or damage for a specific period after purchase. It also extends the manufacturer’s warranty on eligible items, providing additional coverage.

4. Travel benefits: The BMO U.S. Dollar Mastercard® offers various travel benefits, including rental car collision/loss damage insurance, travel medical insurance, and trip cancellation/interruption insurance. These benefits can provide peace of mind and save cardholders money on additional insurance coverage.

5. Mastercard benefits: As a Mastercard-branded credit card, the BMO U.S. Dollar Mastercard® provides access to a range of Mastercard benefits and services, such as Mastercard Global Service for emergency card replacement or cash advances, Mastercard Zero Liability Protection for unauthorized transactions, and Mastercard Priceless Cities offers and experiences.

6. Online and mobile banking: Cardholders can manage their BMO U.S. Dollar Mastercard® account online or through the BMO mobile banking app. This allows for convenient access to account information, transaction history, payment options, and more.

It’s worth noting that while the BMO U.S. Dollar Mastercard® offers many advantages, it may not be suitable for everyone. Cardholders should carefully consider their individual financial needs and spending habits before applying for this card.

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