Who this card is for
A good fit if you…
- Canadians who already keep U.S. dollars and will pay a USD statement, with regular spend at U.S. merchants, snowbird bills, or USD subscriptions.
- Households that will post US$3,000 or more in purchases in a year so next year’s US$49 fee is rebated.
- People who want Mastercard acceptance, including Costco, on a USD statement, and who do not need a points chart.
- Anyone who pays in full. A 21.99% purchase rate will erase a year of conversion savings in one revolving cycle.
Skip it if you…
- Anyone who hoped a USD card would turn a CAD chequing payment into a free conversion. You still fund the statement in U.S. dollars.
- Shoppers whose month is Canadian groceries. BMO CashBack Mastercard is $0 and pays 3% at eligible supermarkets. This card pays no rewards.
- Travellers who wanted no conversion fee on euros, sterling, or pesos from a CAD card. Non-USD purchases on this card convert to U.S. dollars at the network rate plus 2.50%.
- Rewards collectors. There is no points program and no cash back, and BMO does not list a welcome offer.
Pros and cons
Pros
- USD purchases are billed in U.S. dollars, so they skip the conversion a Canadian-dollar card would add on a U.S. merchant.
- The US$49 annual fee is rebated the next year when purchases total US$3,000 or more in a year. An additional cardholder is free.
- Extended warranty doubles the manufacturer’s warranty by up to one extra year, and purchase security covers eligible items for 90 days.
- Cardholder perks include 20% off Cirque du Soleil shows touring Canada and 15% off Las Vegas resident shows.
- It is a Mastercard, so Costco Canada and Costco U.S. can take it. A USD Visa cannot.
Cons
- There is no rewards program. You are paying for USD billing, not 3% groceries.
- BMO does not list a welcome offer. Do not expect a signup bonus or a first-year fee waiver. The fee rebate arrives the following year, and only if purchases hit US$3,000.
- Purchases are 21.99%. Cash advances are 23.99% (21.99% in Quebec). Do not treat ATMs as a USD cash feature.
- Purchases that are not in U.S. dollars convert to USD at the payment network’s rate plus 2.50%.
- There is no travel insurance. Coverage is extended warranty and 90-day purchase security.
Fees and value: is the annual fee worth it?
First-year snapshot (estimate)
- Annual fee
- $49 USD
- Estimated welcome bonus value
- N/A
- Bonus minus fee (estimate)
- —
This is a simple comparison of the estimated welcome-bonus value against the annual fee. It ignores rewards on spending, credits you have to remember to use, and interest if you carry a balance. Offers change — verify with the issuer.
The annual fee is US$49. An additional cardholder is free.
Next year’s fee is rebated when purchases in a year total US$3,000 or more. There is no welcome offer, so year one is US$49 against the conversion you would have paid on a Canadian-dollar Mastercard for the same USD spend.
Year two is US$0 if you cleared that spend, or another US$49 if you did not. If U.S. spend is light, a CAD no-FX travel card, or simply paying about 2.5% a few times a year, can be cheaper than a USD membership you forget to fund.
If the statement is Canadian groceries, CashBack at $0 is the BMO card. Pay the USD statement in full.
Interest at 21.99% wipes out the billing advantage.
Rewards and earn rates explained
Rewards program: N/A
This card does not pay rewards. There are no points and no cash back.
U.S.-dollar purchases post in USD, which is how you avoid a conversion on those charges. Anything charged in another currency is converted to U.S. dollars at the network rate plus 2.50%.
Put Canadian grocery runs on BMO CashBack Mastercard or Tangerine Money-Back. Put U.S. merchant spend and USD bills here, and pay them from U.S. dollars you already hold.
Euro and other non-USD trips belong on a CAD card that does not add a conversion fee, such as Scotiabank Passport Visa Infinite. Side perks are 20% off Cirque du Soleil shows touring Canada and 15% off Las Vegas resident shows.
Insurance is extended warranty (up to one extra year on top of the manufacturer’s warranty) and purchase security for 90 days. There is no travel medical coverage.
Costco will take the network; warehouse spend still earns nothing.
Welcome bonus: how to unlock it
No welcome offer currently listed
BMO does not list a welcome offer on the BMO U.S. Dollar Mastercard. There is no signup bonus. The US$49 annual fee can be rebated the following year if purchases total US$3,000 or more in a year, and that rebate is a fee feature, not a welcome bonus. Do not copy a CashBack 5% grocery window onto this card.
Welcome bonus eligibility: N/A
FAQ
Is the BMO U.S. Dollar Mastercard worth it in 2026?
It is worth it when you already hold U.S. dollars, spend enough with U.S. merchants to beat the US$49 fee or to trigger the US$3,000 rebate, and you pay in full. It is not worth it as a cash-back card, a welcome-bonus card, or a Canadian everyday Mastercard.
Do USD purchases avoid a conversion fee?
Yes. The statement is in U.S. dollars, so a purchase charged in USD does not go through a CAD conversion. Purchases in other currencies are converted to USD at the payment network’s rate plus 2.50%. You still need U.S. dollars to pay the bill.
BMO U.S. Dollar Mastercard vs BMO CashBack Mastercard?
CashBack is $0 and pays 3% on groceries on a Canadian-dollar Mastercard. This card charges US$49, bills in USD, and pays no rewards. Choose CashBack for Canadian supermarket spend. Choose this card for U.S. merchant bills you will pay from USD.
Does this card work at Costco?
It is a Mastercard, so Costco Canada and Costco U.S. can take it. A purchase charged in U.S. dollars posts in USD. A purchase charged in Canadian dollars is a non-USD charge and converts to USD at the network rate plus 2.50%.
BMO vs TD, RBC, and Scotiabank USD cards?
This Mastercard charges US$49, rebated the next year after US$3,000 in purchases, with a free additional cardholder and no rewards. TD U.S. Dollar Visa is a lower USD fee and no rewards. [RBC U.S.
Dollar Visa Gold](/card/rbc-u-s-dollar-visa-gold/) charges more and pays 1 Avion point per U.S. dollar. Scotiabank U.S. Dollar Visa is a lower-fee Visa.
Match the network, whether you want Avion, and which bank already holds your U.S. dollars. Purchases here are 21.99%, and cash advances are 23.99% (21.99% in Quebec).
Compare related cards and guides
More Canadian credit card lists that match this product, plus a few cards people usually compare it with.
- TD U.S. Dollar Visa Card review · TD · $39 annual fee
- RBC U.S. Dollar Visa Gold review · RBC · $65 USD annual fee
- BMO CashBack Mastercard review · BMO · $0 annual fee
