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MoneySense is an award-winning journal, serving to Canadians navigate cash issues since 1999. Our editorial group of educated journalists works carefully with main private finance specialists in Canada. That can assist you discover the most effective monetary merchandise, we examine the choices from over 12 main establishments, together with banks, credit score unions and card issuers. Study extra about our promoting and trusted companions.
One of the best BMO bank cards in Canada by class
The Financial institution of Montreal is considered one of Canada’s largest banks, and it provides one of many largest picks of private bank cards within the nation. Whether or not you’re a pupil on the lookout for your first bank card or to determine a credit score historical past, or a frequent flyer wanting a card packed filled with journey perks, BMO has one thing for you. BMO can also be the one Huge 5 financial institution to supply co-branded bank cards with the favored Air Miles rewards program, making them an incredible match for Air Miles collectors.
Greatest BMO no-fee bank card
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BMO CashBack Mastercard
- Annual charge: $0
- Earn charges: 3% money again on groceries (on the primary $500 per 30 days), 1% on recurring payments; 0.5% on the whole lot else
- Welcome bonus: earn as much as 5% money again in your first 3 months. Situations apply.
- Annual revenue requirement: None
At a look: The BMO CashBack Mastercard stands out for providing 3% money again on groceries, which is the most effective normal (i.e. non-promotional interval) earn charge for this class amongst no-fee playing cards in Canada. It must be famous, nonetheless, that the earn charge is capped at a most of $500 per 30 days in spending, so in the event you often spend greater than that on groceries, you may want a card that doesn’t restrict your earnings. One other engaging function is that it provides very versatile redemption choices, together with redeeming your money again right into a BMO chequing or financial savings account.
Professionals
- Earn 3% money again for groceries—the best non-promotional earn charge for groceries for a no-fee card in Canada.
- Redeem money again for as little as $1 and you’ll even arrange recurring redemptions beginning at $25.
- Impressively versatile money again redemption choices, together with placing the cash into your BMO chequing or financial savings account, placing it in the direction of an announcement credit score or including it to your InvestorLine account.
Cons
- The three% earn charge for groceries is capped at $500 per 30 days, which may be fairly low in the event you’re looking for a household.
- A base charge of solely 0.5% for all different spending exterior of accelerated classes.
- Not many further perks, akin to journey insurance coverage.
Greatest BMO money again bank card
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BMO CashBack World Elite Mastercard
- Annual charge: $120
- Earn charge: 5% money again on groceries, 4% again on transit, 3% again on gasoline and electrical car charging, 2% on recurring invoice funds, and 1% again on the whole lot else
- Welcome bonus: You may earn as much as 10% money again in your first 3 months and the $120 annual charge waived in your first anniversary
- Annual revenue requirement: Private revenue of $80,000 or family revenue of $150,000
At a look: The BMO CashBack World Elite Mastercard has a stable number of extra-earn classes which are focused to the place Canadians spend essentially the most, like groceries, transit and gasoline. Sadly, some cardholders might discover the month-to-month spending caps fairly low for every class, which might considerably affect potential earnings. Nonetheless, the cardboard can result in good money again quantities in the event you aren’t a giant spender and don’t exceed the caps. It’s additionally one of many few playing cards that provides free roadside help.
Professionals
- A wide range of accelerated money again classes, with an particularly excessive earn charge for groceries.
- Free roadside help, which incorporates battery boosts, towing and flat-tire change.
Cons
- All the accelerated earn classes have month-to-month caps, starting from $500 to $300 per 30 days, which is low for a premium card.
- Membership in Mastercard Journey Go supplied by DragonPass doesn’t embody any free lounge visits. You need to pay a charge of USD$32 per go to.
- The revenue requirement is excessive at minimal of $80,000 per yr for people and $150,000 for households.
Greatest BMO bank card for eating and transit
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BMO eclipse Visa Infinite
- Annual charge: $120
- Earn charges: 5 occasions the BMO Rewards factors for each $1 spent on eating out and in, groceries, and gasoline and transit for the primary $50,000 in annual purchases; 1 BMO Rewards level for the whole lot else; earn 10% extra factors once you add a certified consumer
- Welcome supply: You may earn 70,000 factors price $467 in journey rewards, a $50 life-style credit score and the $120 annual charge waived within the first yr.
- Annual revenue requirement: Private revenue of $60,000 or family revenue of $100,000
At a look: The BMO Eclipse Visa Infinite is a powerful earner that offers you 5 BMO Rewards factors per $1 spent on virtually something to do with meals or transit. This implies 5 factors per $1 on groceries, eating places and meals supply, as effectively gasoline, public transit, taxis and rideshares, together with UberEats. All the pieces else will get you 1 BMO Rewards level per $1. In a novel transfer, this card additionally provides a $50 annual life-style credit score, which you’ll be able to spend nonetheless you want. While you enroll an extra consumer ($50 per card), you’ll get 10% extra factors on all purchases.
Professionals
- Accelerated earn classes that mirror heavy spending areas for many Canadians, and whereas there’s a cap (a cumulative complete of $50,000) it’s going to doubtless be exhausting to succeed in for many cardholders.
- Comes with a $50 annual life-style credit score that you should use at your personal discretion.
- Contains cellular system safety of as much as $1,000.
Cons
- You typically get a lot much less worth on your BMO Rewards factors in the event you redeem them for something apart from journey.
- As a result of 1 BMO Rewards level is valued at 0.0067, you’re basically incomes lower than $0.01 per greenback when incomes the bottom earn charge, which is on the low aspect for a premium card.
- The journey insurance coverage package deal isn’t complete because it doesn’t embody issues like flight delay insurance coverage and misplaced/delayed baggage insurance coverage.
Greatest BMO journey bank card
At a look: Whereas the BMO Ascend World Elite Mastercard does cost a barely increased than regular annual charge, it makes up for it with a beneficiant array of travel-friendly perks. Cardholders not solely take pleasure in free membership in Mastercard Journey Go supplied by DragonPass (with 4 free annual airport lounge passes included), however they’ll additionally make the most of complete journey insurance coverage. The cardboard additionally encompasses a very aggressive earn charge of 5 BMO Rewards factors per $1 spent on eligible journey, and three factors per $1 spent on eating and leisure purchases.
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BMO Ascend World Elite Mastercard
- Annual charge: $150
- Earn charges: 5 factors per $1 spent on eligible journey purchases; 3 factors per $1 on eating, leisure, and recurring invoice funds; 1 level per $1 on the whole lot else
- Welcome bonus: You may earn as much as 70,000 factors
- Annual revenue requirement: Private revenue of $80,000 or family revenue of $150,000
Professionals
- Complimentary membership to Mastercard Journey Go by DragonPass, which incorporates 4 annual complimentary airport lounge passes.
- E book travel-related purchases like flights, lodges, automobile leases and extra with the journey supplier of your alternative after which redeem your BMO Rewards factors utilizing Pay with Factors.
- Very complete journey insurance coverage, together with emergency medical safety, flight delay or cancellation, misplaced or delayed baggage and extra.
Cons
- You’ll get fairly a bit much less worth on your BMO Rewards factors in the event you don’t redeem them for journey purchases.
- As a result of every BMO Rewards level is valued at 0.0067, you’re truly incomes lower than $0.01 per greenback on the base charge.
- The annual charge of $150 is barely increased than the common for this class of card.
Greatest BMO Air Miles bank card
At a look: Air Miles is considered one of Canada’s hottest journey rewards applications, permitting members to gather factors (“Miles”) that may be redeemed for flights, merchandise, occasions and extra. Many BMO playing cards already supply cardholders Air Miles once they spend; nonetheless, the most effective deal is the BMO Air Miles World Elite Mastercard. Cardholders take pleasure in a unbelievable earn charge of 1 Mile per $12 in bank card purchases (and a whopping 3 times that quantity at Air Miles companions). Frequent travellers can even take pleasure in this card’s full complement of travel-related perks like journey and medical safety and reductions on eligible flights.
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BMO Air Miles World Elite Mastercard
- Annual charge: $120
- Earn charges: 1 Mile per $12 spent, 3 Miles per $12 spent at Air Miles companions and a couple of Miles per $12 spent at eligible grocery shops
- Welcome bonus: You may earn 3,000 AIR MILES Bonus Miles! That is sufficient for $310 in the direction of purchases with AIR MILES Money!
- Annual revenue requirement: Private revenue of $80,000 or family revenue of $150,000
Professionals
- Collectors can double their Air Miles once they present their Air Miles Collector Card at Air Miles companions.
- Unique 25% low cost on one worldwide Air Miles flight redemption through the calendar yr.
- Complete journey insurance coverage, together with journey cancellation, journey interruption and baggage delay.
Cons
- No free lounge visits along with your complimentary Mastercard Journey Go supplied by DragonPass membership.
- The annual revenue requirement is kind of excessive.
- The very best reward charge of three Miles per $12 at Air Miles companions could also be change into more durable as some companions have just lately left this system.
Greatest BMO low curiosity bank card
At a look: With the rate of interest on most bank cards hovering round 20%, it may be straightforward to build up bank card debt. Whereas some shoppers might discover {that a} debt consolidation mortgage or a line of credit score is beneficial in these conditions, others might look right into a card with a extra manageable rate of interest—this easy swap can prevent a whole lot of {dollars}. Inside the BMO household, the most effective card for the job is the BMO Most popular Charge Mastercard. With a low annual charge of $20, a 12.99% rate of interest on purchases and a 0.99% introductory rate of interest on steadiness transfers, this card may also help you rein in your bank card debt.
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BMO Most popular Charge Mastercard
- Annual charge: $29
- Rate of interest: 13.99% on purchases
- Welcome supply: You may earn a 0.99% introductory rate of interest on Steadiness Transfers for 9 months with a 2% switch charge.
- Annual revenue requirement: $15,000 (private or family)
Professionals
- Normal low rate of interest may also help those that carry a steadiness get their bank card debt underneath management.
- Get an annual rebate of $20 in the event you even have a BMO Efficiency chequing account.
- Not solely does the cardboard have a low rate of interest, it additionally has a a lot decrease than typical normal money advance charge of 15.99%.
Cons
- The cardboard has no perks except for buy safety and prolonged guarantee.
- Every steadiness switch you make is topic to a charge of two%.
- The low rate of interest for the steadiness switch is simply legitimate for 9 months.
Greatest BMO premium rewards bank card
At a look: The BMO Eclipse Visa Infinite Privilege card has a hefty $499 annual charge, however the perks and rewards might effectively warrant the value of entry. You’ll obtain an annual $200 life-style credit score that you may spend nonetheless you want, successfully chopping down the annual charge to $299. The cardboard provides wonderful airport perks like free airport lounge entry, in addition to airport parking and valet service reductions at eligible Canadian airports. It additionally features a important quantity of journey insurance coverage besides. It’s positively a card that’s designed to take the effort out of journey.
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BMO eclipse Visa Infinite Privilege
- Annual charge: $499
- Earn charges: 5 BMO Rewards factors per $1 spent on groceries, gasoline, journey, eating and drugstores, and 1 level per $1 on the whole lot else
- Welcome supply: earn as much as 90,000 factors
- Annual revenue requirement: Private revenue of $150,000 or family revenue of $200,000
Professionals
- Free Visa Airport Companion membership and 6 complimentary airport lounge visits yearly.
- Get Precedence safety lane, airport parking and valet service reductions at choose Canadian airports.
- Reap the benefits of 5 high-earning classes in typical big-spend classes: groceries, gasoline, journey, eating and drugstore purchases.
Cons
- At $499 a yr, the cardboard has considered one of Canada’s highest annual charges for a bank card.
- A really excessive revenue requirement of $150,000 for people or $200,000 for households.
- Whereas it provides a great 22 days for journey medical protection (there are playing cards with a decrease charge that supply extra days of protection), these aged 65 and over are solely coated for 3 days.
Greatest BMO pupil bank card
At a look: If you happen to’re on a pupil funds and trying to construct a credit score historical past, this can be the suitable card for you. This variant of the BMO CashBack Mastercard earns substantial rewards for groceries, netting you 3% money again in that class. You’ll additionally earn 1% on recurring invoice funds and 0.5% on the whole lot else. The one draw back is that, as with many no-fee playing cards, this card is gentle on perks— nevertheless it does supply normal buy safety and prolonged guarantee.
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BMO CashBack Mastercard for College students
- Annual charge: $0
- Earn charges: 3% money again on groceries (on the primary $500 per 30 days), 1% on recurring payments and 0.5% on the whole lot else
- Welcome supply: You may earn 5% money again in your first 3 months. Situations apply.
- Annual revenue requirement: None
Professionals
- Versatile money again program that allows you to put your earnings right into a BMO account (chequing, financial savings or InvestorLine) or in the direction of an announcement credit score.
- The cardboard comes with prolonged guarantee and buy safety.
- Get 15% off admission to Cirque du Soleil reveals in Canada, and 20% off reveals in Las Vegas, in addition to 25% off leases at Nationwide and Alamo automobile rental places.
Cons
- The grocery and recurring invoice cost classes are capped at $500 a month respectively.
- A low normal earn charge of 0.5% money again.
- This no-frills card has few extras.
About BMO Rewards
What’s the worth of BMO Rewards Factors?
The BMO Rewards program follows an identical worth construction as different bank-issued factors applications, like TD Rewards and Scotia Rewards. The BMO Rewards program is good for its number of redemption choices, supplying you with entry to high-value rewards, and extra versatile payouts like money again in your assertion—nice in the event you discover your personal journey deal or need to use your rewards to repay an on a regular basis invoice. The worth of every level varies based mostly on the class of redemption, with journey providing larger worth than reward playing cards, merchandise or money again redemptions.
- Journey: 150 BMO Factors = $1 / 1 BMO Level = $0.0067 (0.67%)
- Non-travel purchases (assertion credit, reward playing cards, merchandise, BMO investments): 200 BMO Factors = $1 / 1 BMO Level = 0.005 (0.5%)
Easy methods to redeem BMO Rewards factors
You need to redeem BMO Rewards factors by the financial institution’s web site, BMORewards.com. There, you’ll have entry to its journey portal, the place you may search instantly for flights, trip packages, lodges, automobiles, and cruises. You even have the power to redeem factors for journey over the telephone utilizing a BMO Rewards journey agent, however there’s an extra $39 reserving charge (on high of the web site’s listed redemption price.)
BMO Rewards’ greatest function
Utilizing BMO Rewards factors for journey stays considered one of your greatest redemptions due to the factors’ worth consistency. Not like Aeroplan and Air Miles, the place factors required for reserving are based mostly on provide and demand, peak journey intervals and seat availability, the BMO Rewards factors per $1 worth doesn’t fluctuate based mostly on stock. This makes it considered one of your greatest choices for journey rewards and redemptions, because it makes it simpler to calculate redemption values and comparability store for airways and journey itineraries.
