Bank of Montreal US Dollar Credit Card Review and Guide

The Bank of Montreal US Dollar Credit Card is a popular choice for Canadians who want to earn rewards and save on foreign transaction fees when traveling or making international purchases.

The card offers a competitive interest rate of 20.99% on purchases and cash advances, as well as a 25-day interest-free grace period.

With a credit limit of up to $50,000, you can enjoy a high level of purchasing power and flexibility.

The card also offers a range of rewards and benefits, including 1.25% cash back on all purchases, with no rotating categories or spending limits.

The Bank of Montreal US Dollar Credit Card has its share of pros and cons. The annual fee is a significant consideration, costing US$49 per year. However, if you spend US$3,000 or more in a year, the fee is rebated to your card.

One of the downsides is the currency markup, where fees and interest rates are charged in US dollars, resulting in a markup on what you'll have to spend. This can be a costly aspect of using the card.

Here are some key points to consider:

When you're considering a credit card, it's essential to know what to watch out for. There's an annual fee of US$49, which might seem reasonable, but you'll get it back the next year if your purchases total US$3,000 or more.

You'll also need to factor in currency markup, as fees and interest rates are charged in US dollars. This can lead to a higher cost than you'd expect. I've seen friends get caught out by this in the past, so it's worth being aware of it.

Paying in USD isn't always the best option, especially if you're traveling abroad. You'll still need to pay non-US exchange rates, which can add up quickly.

One thing to note is that this card doesn't offer many benefits or rewards, despite the annual fee. If you're looking for perks, you might want to consider a different card.

The Bank Boost Secured credit card from BMO Bank is a viable option for those with bad credit. It requires a minimum deposit of $300 to secure the account.

One of the benefits of this card is that it has low membership fees. However, it's worth noting that it has a high regular APR.

To qualify for this card, you'll need to open a Secured Credit Card Savings Account and deposit the minimum amount. This deposit will secure your credit card account in an amount equal to the credit limit on your credit card.

The card offers some useful security features, including BMO Card Monitor, BMO Total Look, and Mastercard Zero Liability. Additionally, you'll get benefits like Cell Phone Protection, Extended Warranty, MasterRental, and MasterTrip Travel Assistance.

Here are some key details about the Bank Boost Secured credit card:

It's also worth noting that the card has a promotional APR of 0% for 12 months from account opening.

The Bank Cash Back option offers a range of benefits, including 0% for 12 months on balance transfers with a transfer fee of 4% (min $10).

One of the standout features is the high rewards rate, with the potential to earn 5% cash back on eligible streaming, cable TV and satellite services.

The card also offers a $200 cash back initial rewards bonus, but be aware that there are spending caps on rewards.

You can earn 5% cash back on eligible streaming, cable TV and satellite services, 3% cash back on gas, EV charging and grocery purchases, up to $1,500 in combined spend per quarter, and 1% cash back on all other purchases.

However, it's worth noting that there are no membership fees, which is a plus.

Here's a breakdown of the rewards:

The card also offers 0% Intro APR for 12 months on Balance Transfers requested within 90 days of account opening, but be aware that there is a balance transfer fee.

The BMO US Dollar Credit Card is a great option for those who want to make purchases or withdraw cash while abroad. The purchase interest rate is 21.99%.

If you need to take out cash, be aware that the cash advance rate is higher at 23.99%. This can add up quickly, so it's essential to only withdraw what you need.

The regular APR is also 21.99%, which is the same as the purchase interest rate. This means you'll be charged the same interest rate on your outstanding balance each month.

An annual fee of $49.00 applies to this credit card. This is a standard fee for many credit cards, but it's essential to factor it into your overall costs.

Here's a summary of the interest rates:

Before applying for a Bank of Montreal US Dollar credit card, it's essential to understand the eligibility requirements.

You'll need to meet the specific criteria to be considered for the card.

To apply for a BMO US Dollar Mastercard, you need to meet the following criteria:

It's crucial to have all the necessary documents and information ready to avoid delays in the application process.

If you're considering the BMO Bank Premium Rewards Mastercard, know that it offers a high rewards rate, with 4 points per dollar spent on eligible gas, EV charging, groceries, and dining, up to $2,000 in combined spend each calendar quarter.

Additionally, you'll earn 35,000 bonus points when you spend $5,000 in the first two months of account opening. This can be a great incentive for those who can meet the spending requirement.

However, be aware that this card also comes with some drawbacks, including a high regular APR and a foreign transaction fee.

Here's a quick comparison of the BMO Bank Premium Rewards Mastercard and another option, the BMO Bank Credit Card:

Ultimately, the choice between these cards will depend on your individual needs and spending habits.

If you're considering using the BMO U.S. Dollar Mastercard for Business, it's essential to weigh the pros and cons.

The card offers a competitive interest rate, but it's not the lowest in the market. You'll also get purchase protection and extended warranty, which can be valuable for businesses.

To get the most out of this card, you should have a good credit score, as it's likely to be approved for those with a strong credit history.

If you're in the market for a new credit card, you've got options. The BMO Bank Credit Card offers 0% for 15 months, but comes with a balance transfer fee and high regular APR.

Some credit cards are designed with specific needs in mind, like the US Dollar Credit Card. This type of card is a good choice for those who frequently shop in the US, as it helps control exchange rates and currency-conversion fees.

Bank of Montreal offers a range of US dollar credit cards with different annual fees, cash back, or Air Miles rewards. The Bank of Montreal (BMO) Mosaik MasterCard U.S. Dollar Card is one option, as is the CIBC U.S. Dollar VISA Card.

If you're considering a US dollar credit card, be sure to look at the interest rate, annual fee, and reward program. All of the cards mentioned offer good purchase protection and extended warranty.

Here are some options to consider:

The Premium Rewards Mastercard from BMO Bank is a card that offers a lot of benefits, but also comes with some drawbacks. It has a regular APR of 21.99%, which is relatively high.

One of the main benefits of this card is the initial rewards bonus of 35,000 points, which you can earn by spending $5,000 in the first two months of account opening. This is a great incentive for those who can meet the spending requirement.

The card also offers a high rewards rate, with 4 points per $1 spent on eligible gas, EV charging, groceries, and dining, up to $2,000 in combined spend each calendar quarter. You'll also earn 2 points per $1 spent on hotel and airfare, up to $2,000 in combined spend each calendar quarter, and 1 point per $1 spent on all other purchases.

However, it's worth noting that the card has a foreign transaction fee, which means you'll be charged extra for making purchases outside of Canada. Additionally, there's a balance transfer fee, which can add up quickly if you're not careful.

Here are some of the benefits and drawbacks of the Premium Rewards Mastercard in a nutshell:

Overall, the Premium Rewards Mastercard from BMO Bank is a good option for those who can meet the spending requirements and take advantage of the high rewards rate. However, it's essential to weigh the benefits against the drawbacks and consider other options before making a decision.