Choose the right credit card option for your lifestyle, whether you're looking for low interest rates or travel rewards, from this popular bank's offerings.
Photo by Spring Fed Images on Unsplash
Along with Canada’s other big banks, BMO (Bank of Montreal) offers the stability that stems from a long history as an established institution. BMO was founded in 1817, making it Canada’s oldest incorporated bank, and it’s been the nation’s fourth largest since 2018. Due, in part, to its close ties to the United States (it operates in many U.S. cities as BMO Harris Bank) and association with the wildly popular Air Miles rewards program, this bank captures the business of millions of Canadians.
Read on to learn more about the best selections from across BMO’s 11 credit card offerings, including recommended cards for travellers and Air Miles collectors, as well as the most attractive no-fee, cash back and low interest cards.
You know what we all need? More cash in our pockets. Here’s why the no-annual-fee BMO CashBack Mastercard is the perfect card to do just that: Applicants need not put down their own money to start earning 5% cash back on grocery purchases (that’s $5 per $100 spent), 4% on transit (taxis, rideshares, public transit), 3% on gas, 2% on recurring bill payments and an 1% on everything else. ($500 monthly cap applies.) And the welcome bonus—5% back for the first three months—gives them the opportunity to put away up to a hundred bucks. You can redeem cash back in increments as little as $1, or set up automatic recurring redemptions of $25 or more, which helps with cash-flow management.
For those carrying debt, this card offers a low 1.99% interest rate on balance transfers for a full 9 months (a 1% balance transfer fee applies).
Get more details about the BMO CashBack Mastercard* >
People like cash as a reward because it’s flexible, a concept not lost on BMO—hence their BMO CashBack World Elite Mastercard. This card does away with tiered rewards or categories and offers a flat cash back rate of 1% on all credit card purchases, and you can earn even more on bonus categories: 5% on groceries (on the first $500 spent each billing cycle, 1% thereafter), 4% on transit (taxis, rideshare, public transit), 3% on gas and 2% on recurring bills. Even better, unlike some cards that automatically deposit rewards once a calendar year, this product allows the account holder to choose when to redeem points in $10 increments (as long as they’ve accumulated at least $50), and where to apply them; the money can be deposited into an InvestorLine account, a chequing or savings account or applied to credit card debt. A welcome bonus of 10% cash back for the first three months sweetens the deal.
As an Elite Mastercard, this product offers its users a suite of perks, including BMO CashBack World Elite travel and medical protection, roadside assistance and complimentary membership in Mastercard Airport Experiences provided by LoungeKey.
Get more details about the BMO CashBack World Elite* >
The first thing you might notice about the BMO Eclipse Visa Infinite is its vertical design. But look closer: It’s a Visa credit card, too. That’s because this is a new partnership for BMO. Your attention to those details will likely be brief, though, once you see what’s on offer with this card. The BMO Eclipse Visa Infinite earns a whopping 5 BMO Rewards points per $1 spent on almost anything to do with food or transit. This means 5 points per $1 on groceries, eating out, and food delivery, plus gas, public transit, taxis and rideshares, including UberEats. Everything else will net you 1 BMO point per $1, which isn’t as impressive for generic purchases in comparison to the aforementioned BMO World Elite. Note: 1 BMO Rewards point is worth 0.7 of a cent when redeemed for travel from virtually any airline. That works out to a return of 3.5% on all the bonus categories and 0.71% on everything else. It’s easy to boost your earn rate. Plus, you get a 60,000-point welcome bonus. In a unique move, this card also offers a $50 annual lifestyle credit, which you can spend however you wish. When you sign up an additional user ($50 per card), you’ll get 10% more points on all purchases.
Get more details about the BMO Eclipse Visa Infinite* >
Typically, premium cards come with high annual fees in return for rare (and often really expensive) benefits—and while the BMO World Elite Mastercard does have an annual fee, it really delivers on the perks. The main advantage here is an accelerated earn rate in the BMO Rewards program, which allows members to redeem BMO Rewards Points for travel expenses like flights and hotels, or for experiences and merchandise. With this card, users can reach their goals more quickly with a very competitive earn rate of 3 Points for every $1 spent on eligible travel, dining and entertainment purchases, and 2 Points for every $1 spent everywhere else.
Plus, new applicants receive a welcome bonus of up to 40,000 points (worth $285 towards travel) and their first year of membership for free. With a collection of robust insurance and some attractive airport perks through LoungeKey (opens up the door to four free annual visits to over 1,000 airport lounges world wide), this is a serviceable package.
Get more details about the BMO World Elite Mastercard* >
Air Miles is one of Canada’s most popular travel rewards programs, allowing members to collect points (“Miles”) that can be redeemed for flights, as well as merchandise. Many BMO cards already offer users Miles when they spend; however, the very best deal is the BMO Air Miles World Elite Mastercard. Cardholders enjoy a fantastic earn rate of 1 Mile per every $12 in credit card purchases (and three times the Miles at Air Miles partners), and those who exercise the welcome bonus can snag a quick 3,000 bonus Miles. Pro tip: Collectors can double their Miles when they show their Air Miles Collector Card at Air Miles partners.
Frequent travellers will also enjoy this card’s full complement of travel-related perks like World Elite Travel and Medical Protection, 15% discounts on flights in North America.
Get more details about the Air Miles World Elite* >
With the interest rate on most credit cards hovering around 20%, many people simply can’t afford to carry debt. According to the Bank of Canada, Canadian household debt totals more than $2 trillion, with mortgages making up almost 75% of the figure. Most Canadians will at some point need to make an extra-large purchase or handle an unforeseen circumstance leading to an outstanding balance. In these cases, it’s crucial to act fast. While some consumers may find that a debt consolidation loan or a line of credit is useful in these situations, others may look into a card with a more manageable interest rate—this simple switch can save you hundreds of dollars. Within the BMO family, the best card for the job is the BMO Preferred Rate Mastercard. With a low $20 annual fee (which is refunded in the first year), an interest rate of 12.99% on purchases and a 3.99% introductory interest rate on balance transfers, this product can help you minimize the accumulation of interest on your debt and new purchases.
Get more details about the BMO Preferred Rate Mastercard* >
The BMO Eclipse Visa Infinite Privilege card has a hefty $499 annual fee, but the perks and rewards may well make it worth the price of entry. First off, you’ll receive an annual $200 lifestyle credit that you can spend how you wish, effectively cutting down the annual fee to $299. Next, this card offers amazing lounge benefits, including a Priority Pass membership with six lounge passes per year (a value of approximately US$300). At this point, additional perks, like travel insurance and Visa Infinite benefits, are gravy. In terms of points, the BMO Eclipse Visa Infinite Privilege earns 5 BMO Rewards points per $1 spent on groceries, gas, travel, dining and drugstores, and 1 point per $1 on everything else. With BMO points worth 0.71 of a cent when redeemed for travel, that works out to a return of 3.5% on a wide range of bonus categories and 0.5% on everything else. Plus, you can increase your earn rate by 25% when you add an authorized user ($99 per additional card), which may well appeal to families or couples who plan on sharing an account. To seal the deal, there’s the welcome bonus of up to 50,000 BMO Rewards points.
Get more details about the BMO Eclipse Visa Infinite Privilege* >
Relevant cards:
The BMO Rewards program follows a similar value structure as other bank-issued points programs, like TD Rewards and Scotia Rewards. The BMO Rewards program is ideal for its variety of redemption options, giving you access to high-value rewards, and more flexible payouts like cash back on your statement—great if you find your own travel deal or want to use your rewards to pay off an everyday bill. The value of each point varies depending on what you’re redeeming for, but the rule of thumb is travel will remain your best bet for the highest value compared to other redemptions like gift cards, merchandise or cash back.
All redemptions for BMO Rewards points go through their website, BMORewards.com. There, you’ll have access to their travel portal, where you can search directly for flights, vacation packages, hotels, cars, and cruises, along with their respective points required for travel redemption.
You also have the ability to redeem points for travel over the phone using a BMO Rewards travel agent, but an additional $39 booking fee will be charged on top of the website’s listed redemption cost.
Using BMO Rewards points for travel remains one of your best redemptions because of the points’ value consistency. Unlike Aeroplan and Air Miles, where points required for booking are based on supply and demand, peak travel periods and seat availability, the BMO Rewards points per $1 value don’t fluctuate based on inventory.
Ultimately, BMO Rewards makes it easier for you to calculate redemption values, comparison shop among multiple airlines and itinerary options with no travel blackout dates, plus you can use your points to cover the cost of taxes and fees.
Relevant cards:
Outside of travel, infrequent travellers who want to pay off an everyday expense or those who find a better accommodation deal on a website like Airbnb may prefer to get cash back to their monthly statement balance.
Unlike other banks, which issue cash back once or twice a year at predefined dates, BMO allows you to redeem at any time of the year in increments of just $1, or automate redemption increments of at least $25.
Relevant cards:
Air Miles are redeemed in two ways: Air Miles Cash Miles and Air Miles Dream Miles. Within your Air Miles mobile application, you can decide the percentage you want to designate to Cash Miles versus Dream Miles.
Air Miles Cash Miles are redeemed at 95 Miles to a $10 voucher, which can be used for purchases from participating Air Miles partner retailers, like Metro grocery stores, or for online e-gift cards from a range of retailers. Dream Miles are allocated towards travel to be booked on Air Miles’ travel portal. Unlike the BMO Rewards portal, the Miles required for travel do vary based on when and where you would like to go, so redemption value can fluctuate. Air Miles also requires travellers to pay for all additional taxes and fees—you cannot cover off these costs using your Air Miles balance.
If you’re a frequent shopper at grocery stores like Metro or rent cars with National, earning Air Miles twice when shopping at participating Air Miles partners and using your BMO Air Miles credit cards can help you achieve rewards faster. You must carry both your Air Miles Collector Card and BMO Air Miles credit card in your wallet, or you can set up both cards on your mobile device via Apple Pay or Google Pay in order to double-collect.
BMO offers a Premium Chequing Account which comes with a rebate of up to $150 on the annual fee for any BMO World Elite Mastercard. If you bank with BMO, this is a great way to access a $150 value on a premium credit card that enables you to choose between flexible rewards from their in-house BMO Rewards program, Air Miles or cash back to your statement.
The BMO Premium Chequing Account costs $30 per month, but the monthly fee is waived entirely if you maintain a minimum daily balance of $6,000. The annual cost of the credit card is built into the monthly fee of $30 alongside the account’s other generous features, including unlimited withdrawals at non-BMO ATMS worldwide, unlimited Interac e-transfers and free overdraft protection. So, if you’re able to maintain the minimum balance, the free premium credit card is a good way to maximize the value before any points redemptions are even considered.
If a link has an asterisk (*) at the end of it, that means it's an affiliate link and can sometimes result in a payment to MoneySense (owned by Ratehub Inc.) which helps our website stay free to our users. It's important to note that our editorial content will never be impacted by these links. We are committed to looking at all available products in the market, and where a product ranks in our article or whether or not it's included in the first place is never driven by compensation. For more details read our MoneySense Monetization policy.
Share this article Share on Facebook Share on Twitter Share on Linkedin Share on Reddit Share on Email
With home ownership becoming increasingly difficult for millennials to...
The three major parties have offered proposals to make...
Roadside assistance is something you never think about—until you...
If you've found the price of insuring your high-rise...
A Certified Financial Planner compares the cost and long-term...
Sponsored by Equitable Bank
Two lenders in Canada offer reverse mortgages—and while their...
Try these strategies to keep your next family trip...
Many credit cards offer travel insurance, but not all...
For the BMO Eclipse Visa Infinite Privilege card: The 5 points for $1 spent on travel is very restrictive. It only applies to purchases made with a merchant in Canada for airfare, car rental, hotel. So it doesn’t apply to hotels booked outside of Canada or hotels booked through a travel site such as Expedia. Normally with a vacation, hotels can be the highest cost and therefore you can get the most points. Other Cdn banks with their VISA Infinite Privilege cards are not so restrictive with how they define travel. They do not restrict that travel has to be booked with a merchant in Canada and they allow travel agencies and cruises to be included in travel. So basically if you book a trip to the US or Europe, you would be able to get 5 points for the airfare but only 1 point per dollar for the hotel since the hotel would not be considered a Canadian merchant.