BMO US Mastercard holders.

[Janice B]

Not sure if anyone has received there letter yet. However my DH did and effective August 3, 2009 BMO mastercard will be charging a $25 annual fee to all US credit cards.

 

[tone.def]

haven't received it yet! drats... no annual fee was one of the reasons i had a card with them ;o(

 

[realfam]

I haven't received it either. But if this is the case I'll get rid of it and get a different one.

 

[son3disfan]

I haven't received it either. But if this is the case I'll get rid of it and get a different one.

Unfortunatly, BMO is the only one ( I know of) that doesn't have a fee. That's why I went for it.

Others I have checked are $30.00 a year. (CIBC, Scotia Bank)

 

[disneyfreak89]

Hmmmmm, we received the letter about BMO no longer charging annual fees for their Mosaik MC which was surprising to us, so now its all making sense.....should of known it was too good to be true.....

Not sure if I'll keep my US MC now, for the amount we use it, its not worth the fee.

Once again, the mighty bank giveth then they taketh away!

 

[a*lil*bit*goofy]

I haven't received it either. But if this is the case I'll get rid of it and get a different one.

They are still the cheapest.

I am going to pay for it. I figure that with the way the charges work when I pay off my trip in 1 lump sum, it will be worth my while. Esp since I have a us account, and I can make a payment in us funds from the account to the credit card, without losing money in the exchange.

next year: not sure that I will pay for it. had i not had a trip being planned, I would cancel it.

 

[grace&philipsmom]

Okay, maybe I am out of the loop but canadians can get a US Credit Card?

 

[a*lil*bit*goofy]

Okay, maybe I am out of the loop but canadians can get a US Credit Card?

LOL yep. most major banks here offer a US funds credit card. BMO with their us mastercard was the cheapest, as it was free. but now they are going to charge a $25 annual fee. They are still the cheapest.

it is great for those of us who have a US Funds account. I am always putting money into it when the buying is good....but if I paid off my trip on my canadian card, then my trip money in the US account would have to be converted to Canadian, and you lose money going back and forth.

this way when I pay my trip on my credit card, I can make payments from my US funds account. You can also make payments from canadian account too!

 

[Northstar]

Okay, maybe I am out of the loop but canadians can get a US Credit Card?

Not a US credit card, just a Canadian credit card issued by a Canadian financial institution in US dollars.

 

[katscradle]

I know that TD Canada Trust has one as well.
Does anyone know if theirs has a fee?
And if so what is the price?

 

[Lil Bo Peep]

Yes TD does have a fee on the card as well. I just received my BMO card and once I'm done with this trip I will cancel it, I do love it though it makes things alot easier and you don't get charged that extra bit like you do on Canadian credit cards.

 

[cey]

I found that using my 1% cash back BMO Mastercard was a lot simpler that using the BMO US Mastercard. The US exchange rate is a little more, but it may balance out now, when you have to pay the annual fee. Has anyone compared the two and what works out to be the better savings?

 

[disneyfreak89]

Just received my 'letter' in the mail from BMO concerning my US MC and no where does it suggest an annual fee. It says "Effective August 3, 2009, you'll be able to collect more Air Miles reward miles when you make purchases with your card, and still pay no annual fee. 1 reward mile for every $20." In fact, it mentions the "still no annual fee" throughout the letter. Perhaps this is just for those who live in Ontario? Not sure where the OP is from but I'm RELIEVED to learn they will not be charging an annual fee to use this card.

 

[Janice B]

Actually I do live Ontario. I also recieved the letter you are talking about, in regards to the Air mile points. However my DH received a letter from BMO back on April 27, Advising him that since he doesnt use his card that if he doesnt start, they will cancel it. In the letter it also stated (Taken word for word from his letter from Eric Hart).. We would also like to inform you that effective August 3, 2009 there will be a new annual fee of $25 for the BMO U.S. Dollar mastercard. This fee will be billed to your account on your next anniversary date. Since both my DH and myself have our own US credit card he cancelled his. I still have not received my letter advising this either. This is just coming for what the letter stated and what DH was told on the phone when he cancelled his card.

 

[disneyfreak89]

That's interesting.....I never received such a letter, but you did say he received it because "he doesnt use his card"......we use ours at least once a year, just to keep it 'active'. I wonder if since April BMO thought long and hard about 'charging' people an annual fee, and perhaps they got allot of negative response after sending those letters out, that they thought they'd waive the fee entirely to keep face and customers.