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BMO U.S. Dollar Mastercard Review

    Whether clients travel to the United States frequently for business or occasionally for personal reasons, the BMO U.S. Dollar Mastercard* is something worth looking into. With an annual fee of $35 USD, the credit card fee is waived for the following year if $1,000 USD is spent within 12 billing cycles. Added benefits to the card include free Purchase Protection and Extended Warranty, as well as 24-Hour, Out-of-Country Emergency Assistance and Zero Dollar Liability coverage.

    The BMO U.S. Dollar Mastercard is also accepted at 30 million-plus retailers across the globe, and cash advances can be done at more than one million ATM bank machines, worldwide. The interest rates offered on the card include 19.99% for purchases and 22.99% for cash advances.

    How does the BMO U.S. Dollar Mastercard compare to the other four major banks across Canada?

    The CIBC U.S. Dollar Aventura Gold Visa also charges an annual fee of $35 USD, with up to three authorized users on the account at no additional cost. The fee on this can be waived for those customers who have a CIBC Bank USA Smart Account, CIBC personal credit card, or a CIBC U.S. Dollar personal account. The interest rate for purchases is at 19.99%, with cash advances at 22.99%, the same as BMO’s; however, the biggest difference is that this card provides a welcome offer of up to 2,500 Aventura points: 500 points can be earned by completing up to five different activities within 60 days of the account being opened. These activities include a client sharing an email address with CIBC, signing up for eStatements on the Aventura Visa opened, adding an authorized user to the Visa card, holding an eligible CIBC checking account and adding their Aventura Visa to their Samsung Pay, Android Pay, or Apple Pay mobile wallets.

    Consider the RBC U.S. Dollar Visa Gold. At $65 USD annually, with added authorized cards that cost $30 USD each year, the fees may be higher, but the benefits may be worth it. First, clients earn one RBC Rewards point for every U.S. dollar spent on the card, as well as bonus points collected when purchases are made through partnered retailers when using the U.S. Visa Gold. Points can be redeemed for travel, merchandise, gift cards, or financial rewards, and customers can start redeeming these when they hit 2,500 points. Clients of the card also save $0.03 on each litre when they fuel up at Petro Canada, and those who are part of the Petro-Points loyalty program collect 20% more in rewards.

    RBC’s U.S. Dollar Visa Gold also offers the added benefits of extensive travel insurance, including 24/7 travel assistance and trip cancellation coverage (just to name a few). Much like the other U.S. Dollar credit cards above, the purchase interest rate for this Visa is set at 19.99%, while the cash advance rate is at 22.99%.

    TD’s U.S. Dollar Visa is also comparable. The annual fee is set at $39 USD, and cardholders can be added to the credit card at no cost. Much like the other U.S. dollar variations, TD’s option offers the same interest rates: 19.99% for purchases, and 22.99% for cash advances.

    This U.S. Visa provides many travel and shopping insurances, including Trip interruption, Delayed and Lost Baggage, Emergency Travel Assistance Services, as well as Purchase Security Protection, and Extended Warranty. Plus, clients can add the card to Apple Pay for a more convenient way to charge things while on the go. The TD U.S. Dollar Visa also provides clients with Avis and Budget rental car discounts.

    Lastly, there’s Scotiabank’s U.S. Dollar Visa option. The annual fee is set at $35 USD, with added cardholders placed on the account for free. Much like the other credit cards on this list, the interest rate is set at 19.99% for purchases, and 22.99% when it comes to cash advances. Purchase Security and Extended Warranty coverage are offered, and clients can download the card on either their Apple or Android Pay wallets.

    Much like some other U.S. Dollar credit cards on this list, Scotiabank’s U.S. Dollar Visa offers discounts for clients at participating Avis rental car locations, all across the globe. The card is accepted for cash advances at more than one million ABM machines worldwide.

    While comparing the different U.S. Dollar credit card products offered against BMO’s U.S. Dollar Mastercard, clients need to assess their priorities. While all the credit cards outlined above offer the opportunity to purchase items in U.S. funds without having to worry about conversion rates, some provide a wide variety of insurance coverage benefits, while others present ways to waive annual fees, and some give rewards of discounts and points.

    View more information about the BMO U.S. Dollar Mastercard*.


    Christopher - BSc, MBA

    With over two decades of combined Big 5 Banking and Agency experience, Christopher launched Underbanked® to cut through the noise and complexity of financial information. Christopher has an MBA degree from McMaster University and BSc. from Western University in Canada.

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