There has been a rapid increase in the use of wearable technology-based physical activity trackers. Most of these physical activity trackers include tracking and displaying the individual's heart rate (HR). There is little known about how HR monitoring influences the perception of exertion and attention allocation. Shifting attentional focus toward the body (association), such as monitoring HR, instead of environmental stimuli (dissociation) may increase one's perceived level of exertion. The purpose of the study was to examine the effects of HR monitoring on ratings of perceived exertion (RPE) and attention allocation during an exertive stepping task in individuals of varying fitness levels. The YMCA stepping task normative values determined fitness levels. For the experimental condition, participants were randomly assigned to one of two conditions (i.e., HR monitoring or control) and completed a stepping task with a weighted vest at 20% of their bodyweight. HR, RPE, and attention allocation were collected at 30-s intervals. Performing the stepping task resulted in a gradual increase of HR and RPE along with a shift from dissociative to associative attention across all conditions. Monitoring one's HR during the task resulted in more dissociative attention allocation, however, no RPE differences were reported between the two conditions. Unfit individuals reported lower levels of RPE during the first time point compared to fit individuals despite having higher HR throughout the task. The results of this study have relevance for applied practitioners implementing physical activity interventions with individuals who monitor their HR.