One of the best BMO bank cards in Canada 2024

The Financial institution of Montreal is certainly one of Canada’s largest banks, and it presents one of many largest choices of non-public 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 stuffed 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 excellent match for Air Miles collectors.

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Finest BMO no-fee bank card

At a look: The BMO CashBack Mastercard stands out for providing 3% money again on groceries, which is one of the best customary (i.e. non-promotional interval) earn price for this class amongst no-fee playing cards in Canada. It must be famous, nonetheless, that the earn price is capped at a most of $500 monthly in spending, so when you commonly spend greater than that on groceries, you may want a card that doesn’t restrict your earnings. One other enticing characteristic is that it presents very versatile redemption choices, together with redeeming your money again right into a BMO chequing or financial savings account.

Execs 

• Earn 3% money again for groceries—the best non-promotional earn price for groceries for a no-fee card in Canada.
• Redeem money again for as little as $1 and you may 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 direction of an announcement credit score or including it to your InvestorLine account.

Cons

• The three% earn price for groceries is capped at $500 monthly, which will be fairly low when you’re looking for a household.
• A base price of solely 0.5% for all different spending outdoors of accelerated classes.
• Not many further perks, corresponding to journey insurance coverage.

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Finest BMO money again bank card

At a look: The BMO CashBack World Elite Mastercard has a stable number of extra-earn classes which can be focused to the place Canadians spend probably the most, like groceries, transit and fuel. Sadly, some cardholders could discover the month-to-month spending caps fairly low for every class, which may considerably affect potential earnings. Nonetheless, the cardboard can result in good money again quantities when 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.

Execs 

• Quite a lot of accelerated money again classes, with an particularly excessive earn price 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 monthly, which is low for a premium card.
• Membership in Mastercard Journey Move offered by DragonPass doesn’t embody any free lounge visits. It’s essential to pay a price 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.

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Finest BMO bank card for eating and transit

At a look: The BMO Eclipse Visa Infinite is a formidable earner that offers you 5 BMO Rewards factors per $1 spent on nearly something to do with meals or transit. This implies 5 factors per $1 on groceries, eating places and meals supply, as nicely fuel, public transit, taxis and rideshares, together with UberEats. Every part else will get you 1 BMO Rewards level per $1. In a singular transfer, this card additionally presents a $50 annual life-style credit score, which you’ll be able to spend nonetheless you want. While you enroll a further person ($50 per card), you’ll get 10% extra factors on all purchases.

Execs 

• Accelerated earn classes that replicate heavy spending areas for many Canadians, and whereas there’s a cap (a cumulative complete of $50,000) it’s going to seemingly be onerous to achieve for many cardholders.
• Comes with a $50 annual life-style credit score that you should use at your personal discretion.
• Consists of cell machine safety of as much as $1,000.

Cons

• You typically get a lot much less worth on your BMO Rewards factors when 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 price, which is on the low aspect for a premium card.
• The journey insurance coverage bundle just isn’t complete because it doesn’t embody issues like flight delay insurance coverage and misplaced/delayed baggage insurance coverage.

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Finest BMO journey bank card

At a look: Whereas the BMO Ascend World Elite Mastercard does cost a barely larger than regular annual price, it makes up for it with a beneficiant array of travel-friendly perks. Cardholders not solely take pleasure in free membership in Mastercard Journey Move offered by DragonPass (with 4 free annual airport lounge passes included), however they will additionally benefit from complete journey insurance coverage. The cardboard additionally incorporates a very aggressive earn price of 5 BMO Rewards factors per $1 spent on eligible journey, and three factors per $1 spent on eating and leisure purchases.

Execs 

• Complimentary membership to Mastercard Journey Move by DragonPass, which incorporates 4 annual complimentary airport lounge passes.
• Ebook travel-related purchases like flights, motels, automotive 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 when you don’t redeem them for journey purchases.
• As a result of every BMO Rewards level is valued at 0.0067, you’re really incomes lower than $0.01 per greenback on the base price.
• The annual price of $150 is barely larger than the common for this class of card.

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Finest BMO Air Miles bank card

At a look: Air Miles is certainly one of Canada’s hottest journey rewards packages, permitting members to gather factors (“Miles”) that may be redeemed for flights, merchandise, occasions and extra. Many BMO playing cards already provide cardholders Air Miles once they spend; nonetheless, one of the best deal is the BMO Air Miles World Elite Mastercard. Cardholders take pleasure in a implausible earn price of 1 Mile per $12 in bank card purchases (and a whopping thrice that quantity at Air Miles companions). Frequent travellers may also take pleasure in this card’s full complement of travel-related perks like journey and medical safety and reductions on eligible flights.

Execs 

• 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 in the course of 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 Move offered by DragonPass membership.
• The annual revenue requirement is sort of excessive.

• The very best reward price of three Miles per $12 at Air Miles companions could also be grow to be tougher as some companions have just lately left this system.

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Finest BMO low curiosity bank card

At a look: With the rate of interest on most bank cards hovering round 20%, it may be simple to build up bank card debt. Whereas some shoppers could discover {that a} debt consolidation mortgage or a line of credit score is helpful in these conditions, others could look right into a card with a extra manageable rate of interest—this straightforward swap can prevent tons of of {dollars}. Inside the BMO household, one of the best card for the job is the BMO Most popular Fee Mastercard. With a low annual price 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.

Execs 

• 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 when 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 common customary money advance price 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 price of two%.
• The low rate of interest for the steadiness switch is just legitimate for 9 months.

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Finest BMO premium rewards bank card 

At a look: The BMO Eclipse Visa Infinite Privilege card has a hefty $499 annual price, however the perks and rewards could nicely warrant the value of entry. You’ll obtain an annual $200 life-style credit score you can spend nonetheless you want, successfully reducing down the annual price to $299. The cardboard presents 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 in addition. It’s positively a card that’s designed to take the effort out of journey.

Execs 

• 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, fuel, journey, eating and drugstore purchases.

Cons

• At $499 a yr, the cardboard has certainly 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 presents a very good 22 days for journey medical protection (there are playing cards with a decrease price that supply extra days of protection), these aged 65 and over are solely lined for 3 days. 

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Finest BMO pupil bank card

At a look: In case you’re on a pupil price range and trying to construct a credit score historical past, this can be the appropriate 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 every thing else. The one draw back is that, as with many no-fee playing cards, this card is gentle on perks— but it surely does provide customary buy safety and prolonged guarantee.

Execs 

• Versatile money again program that allows you to put your earnings right into a BMO account (chequing, financial savings or InvestorLine) or in direction of an announcement credit score.
• The cardboard comes with prolonged guarantee and buy safety.
• Get 15% off admission to Cirque du Soleil exhibits in Canada, and 20% off exhibits in Las Vegas, in addition to 25% off leases at Nationwide and Alamo automotive rental areas.

Cons

• The grocery and recurring invoice cost classes are capped at $500 a month respectively.
• A low customary earn price of 0.5% money again.  
• This no-frills card has few extras.

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About BMO Rewards

What’s the worth of BMO Rewards Factors?

The BMO Rewards program follows the same worth construction as different bank-issued factors packages, like TD Rewards and Scotia Rewards. The BMO Rewards program is right 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 when you discover your personal journey deal or wish 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 better worth than present playing cards, merchandise or money again redemptions.

• Journey: 150 BMO Factors = $1 / 1 BMO Level = $0.0067 (0.67%)
• Non-travel purchases (assertion credit, present playing cards, merchandise, BMO investments): 200 BMO Factors = $1 / 1 BMO Level = 0.005 (0.5%)

Learn how to redeem BMO Rewards factors

It’s essential 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 possibly can search immediately for flights, trip packages, motels, vehicles, and cruises. You even have the power to redeem factors for journey over the cellphone utilizing a BMO Rewards journey agent, however there’s a further $39 reserving price (on high of the web site’s listed redemption value.)

BMO Rewards’ greatest characteristic

Utilizing BMO Rewards factors for journey stays certainly 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 durations and seat availability, the BMO Rewards factors per $1 worth doesn’t fluctuate based mostly on stock. This makes it certainly 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.

Extra of Canada’s greatest bank cards: