Credit Cards

The Best BMO Credit Cards in Canada 2022

bmo credit cards canada

Editor's Note

Advertisers are not responsible for the contents of this site including any editorials or reviews that may appear on this site. For complete and current information on any advertiser product, please visit their Web site.

BMO is one of Canada’s most trusted banks. So it makes sense that when it comes to shopping around for a new credit card, BMO is a good place to look. BMO offers a variety of credit cards with different perks and benefits to fit a variety of needs and lifestyles. Here are our top picks for the best BMO credit cards in Canada.

Which BMO Credit Card Fits You Best?

BMO Credit CardBest ForReview
BMO CashBack® Mastercard®*Buying GroceriesRead More
BMO Preferred Rate Mastercard®*Carrying a BalanceRead More
BMO Rewards® Mastercard®*Racking Up RewardsRead More
BMO eclipse Visa Infinite* CardLifestyle RewardsRead More
BMO CashBack® Business Mastercard®*Business ExpensesRead More
BMO Ascend™ World Elite®* Mastercard®*TravelRead More
BMO eclipse Visa Infinite Privilege* CardPremium PerksRead More

Best BMO Card For Buying Groceries: BMO CashBack® Mastercard®*

For a cash back card that rewards grocery shopping, the BMO CashBack® Mastercard®* is the right card for you. With this card, you get 3% cash back on eligible grocery purchases, up to a maximum of $500 per statement cycle*. If you hit the limit, the earn rate drops to 0.5%, but returns to 3% in the next billing cycle.

Now earn the highest cash back on groceries in Canada without paying an annual fee!†

You’ll also get 1% cash back on recurring bill payments (up to a maximum of $500 per statement cycle)*. If you reach the max, the earn rate drops to 0.5% until the next billing cycle. For all other card purchases, you’ll earn 0.5% unlimited cash back*. Aside from a great everyday earn rate, the welcome promo is especially enticing: get 5% cashback for the first 3 months on all purchases*. Remarkably, this card has no annual fee – a rarity for cash back credit cards.

Additional perks include a 1.99% introductory interest rate on balance transfers for 9 months (with a 1% transfer fee)*, offering a way to get out of credit card debt. Plus, cardholders are entitled to a 25% discount at participating National and Alamo car rentals, free supplementary cards, and purchase protection and extended warranty on most items bought with your card*.

Given that the BMO CashBack® Mastercard®* has no annual fee but offers cash back on essential expenses, it’s one of the most lucrative BMO credit cards on our list. However, if you spend over $500/month on groceries, we recommend having a back-up credit card for groceries that beats the base rate of 0.5% for the BMO CashBack® Mastercard®*. That way, if you hit the 3% cash back limit, you can use your other card to leverage grocery spending into cash back rewards. With no annual fee and low minimum income eligibility requirement of $15,000, this is also a great credit card for students.

The Details

  • Annual Fee: $0
  • Minimum Income Eligibility Requirement: $15,000
  • Credit Score Required: Fair-Good
  • Welcome Offer: 5% cash back bonus for first 3 months on all purchases and 1.99% introductory interest rate on balance transfers for 9 months (with a 1% transfer fee)*
  • Additional Perks: Car rental discounts, Cirque du Soleil discounts, purchase and warranty protection*
  • Purchase APR: 20.99% | Cash Advance APR: 22.99% (21.99% for Quebec residents)

*Terms and conditions apply

†Statement based on a comparison of the non-promotional grocery rewards earn rate on Canadian cash back credit cards as of June 1, 2022


Best BMO Card For Carrying a Balance: BMO Preferred Rate Mastercard®*

A low-interest credit card like the BMO Preferred Rate Mastercard®* is an excellent option if you tend to carry a balance and don’t want to accumulate interest charges. This card offers an everyday interest rates of 12.99% on purchases and 15.99% on cash advances. If you tend to carry a balance, why pay the usual 19% or higher on the average credit card? Plus, if you want to pay off credit card debt faster, you can take advantage of the introductory interest rate of 0.99% on balance transfers for the first 9 months (a 2% fee applies)*.

This card doesn’t come with the lure of rewards or premium perks, but the meager annual fee of $20 is waived for the first year* and it includes extended warranty and purchase protection*. If your motivation is to minimize interest charges, put the BMO Preferred Rate Mastercard®* into your pocketbook pronto.

The Details

  • Annual Fee: $20 (Waived for the first year)*
  • Minimum Income Eligibility Requirement: $15,000
  • Credit Score Required: Fair to Good
  • Welcome Offer: Get a 0.99% introductory interest rate on Balance Transfers for 9 months with a 2% transfer fee* and the $20 annual fee waived for the first year*
  • Additional Perks: Extended warranty and purchase protection*
  • Purchase APR: 12.99% | Cash Advance APR: 15.99%

*Terms and conditions apply


Best BMO Card For Racking Up Rewards: BMO Rewards® Mastercard®*

Do you love earning rewards points but don’t want to pay an annual fee? The BMO Rewards® Mastercard®* is a good option. With this rewards card, you can earn 1 BMO reward point for every $1 in card purchases*. However, you can double your BMO reward points when charging car rentals from National and Alamo Rent a Car onto your card*. There’s also a Welcome Offer: Get 10,000 points when you spend $1,000 in the first 3 months.*

A selling feature is that BMO Rewards points are flexible and can be redeemed for travel and merchandise – the choice is yours. So for example, if you charge $2,500 onto your card each month, you would earn 30,000 points after a year. That’s more than enough for a one-night stay at a four-star hotel in Banff or a wearable activity tracker. Or you can use your points to invest.

If you’re doing a balance transfer, you can save dough with the 1.99% introductory interest rate on balance transfers for 9 months (with a 1% transfer fee)*. With such a low rate, it’s why the BMO Rewards® Mastercard®* wins a spot as one of the best balance transfer cards in Canada.

While the perks are barebones, this card comes with purchase protection and extended warranty on most items purchased with this card.

The Details

  • Annual Fee: $0
  • Minimum Income Eligibility Requirement: $15,000
  • Credit Score Required: Good
  • Welcome Offer: Get 10,000 points when you spend $1,000 in the first 3 months.*
  • Additional Perks: Double the points plus a 25% discount with National of Alamo car rentals, purchase protection and extended warranty, discount for Cirque du Soleil shows*
  • Purchase APR: 20.99% | Cash Advance APR: 22.99% (21.99% for Quebec residents)

*Terms and conditions apply


Best BMO Card for Lifestyle Rewards: BMO eclipse Visa Infinite* Card

The BMO eclipse Visa Infinite* Card is a rewards credit card offering up solid earn rates and opportunities for boosts.

Use this card and get 5 BMO Rewards points per dollar on dining, groceries, gas and transit*, and 1 BMO Rewards point per dollar on everything else*. Accelerate your earnings by 10% simply by adding an additional user ($50 per card)*. Dining, groceries, gas and transit are already top spending categories but this card deserves a shout-out for defining them broadly. For example, the dining category includes restaurants, cafes, bars and nightclubs, food boxes like HelloFresh and food delivery services like UberEats.

BMO Rewards points are super easy to redeem and very flexible: use ‘em on travel, merchandise, gift cards, or a statement credit. You can even apply them to your BMO investment account.

In addition to being a solid rewards card, the BMO eclipse Visa Infinite* Card carries several perks and benefits designed to improve your lifestyle. First up, the annual $50 “lifestyle credit”&. That’s a free $50 every year to spend as you please. There are some basic included travel insurance and car rental collision/loss damage coverage to get you started&. And, as Visa Infinite* card, cardholders enjoy exclusive access to special events and entertainment like Visa Infinite* Dining Services, Entertainment Access, Luxury Hotel Collection, Wine Country, Troon Golf Benefit, and 24/7 Concierge&. If you’re looking for simple ways to boost your quality of lifestyle, you might want to look into this card.

The Details

  • Annual Fee: $120 (first year annual fee waiver)*
  • Minimum Income Eligibility: $60,000 personal or $100,000 household
  • Credit Score Required: Good-Excellent
  • Welcome Offer: Get up to 60,000 points worth $400 in travel rewards, a $50 lifestyle credit and the $120 annual fee waived in the first year – that’s a $570 value in your first year!*
  • Additional Perks: Travel insurance*, new mobile device coverage*, annual $50 lifestyle credit*, Visa Infinite privileges*
  • Purchase APR: 20.99% | Cash Advance APR: 23.99% (21.99% for Quebec residents)

*Terms and conditions apply


Best BMO Card For Business Expenses: BMO CashBack® Business Mastercard®*

Whether you’re working for someone else or running the whole operation, the BMO CashBack® Business Mastercard®* is a business essential for any working professional. Even though there’s no annual fee, you earn 1.5% cash back on eligible gas stations, office supplies purchases, and cell phone and internet bills charged to the card. You’ll also get a boost to 1.75% cash back when you gas up at Shell stations and 0.75% cash back on all other card purchases. Plus, the welcome offer of 10% cash back on eligible gas, office supplies, cellphone/internet bills for the first 3 months is very generous for a no annual fee credit card.

While this may not seem like the most exciting card on the market, it’s great for small businesses or employees working remotely or on the road. The fact that there is no fee and the ability to earn cash back for business essentials will help give your business a boost. Furthermore, you can add Employee Cards to your account and know that your business is protected from employee card abuse, thanks to the Liability Waiver Program.

The Details

  • Annual Fee: $0
  • Minimum Income Eligibility: N/A
  • Credit Score Required: Fair-Good
  • Welcome Offer: 10% back on gas, office supply, cellphone/ internet bills for 4 months
  • Additional Perks: Mastercard Easy Savings, Extended Warranty and Purchase Protection.
  • Purchase APR: 19.99% | Cash Advance APR: 22.99%

Best BMO Card for Travel Rewards: BMO Ascend™ World Elite®* Mastercard®*

While international travel is temporarily on hold for most Canadians, many of us are still travelling for work within Canada or taking local “staycations.” If this is the case, the BMO Ascend™ World Elite®* Mastercard®* is a great pick to earn some travel rewards that you can put to immediate use.

This credit card is frequently rated one of the best travel credit cards in Canada. For starters, it offers a very generous welcome bonus of up to 60,000 points and the annual fee waived in the first year for both the primary cardholder and authorized users.*, and membership in Mastercard Travel Pass provided by DragonPass,* with four annual complimentary passes.*

Looking at the points-earning potential and additional perks, this card is quite valuable. Case in point: you earn 5x the points for every $1 spent on eligible travel purchases,* 3x the points for every $1 spent on eligible dining and entertainment purchases and recurring bill payments,* 1 point for every $1 spent everywhere else.* Now get the highest rewards points for travel of any premium flexible travel card in Canada!† Even if you’re not travelling right now, you can hoard your points for later or redeem them for merchandise through the BMO Rewards program.

The card also comes with emergency medical protection for up to $2,000,000, car rental insurance, trip cancellation/interruption, lost or damaged luggage* – a package that’s easily worth a few hundred bucks. Cardholders also get a $40 credit card annual fee rebate if they have a BMO chequing account with a Performance Plan*. Whether you’re taking road trips or travelling for business, the annual fee for this card is justified when you factor in the benefits.

The Details

  • Annual Fee: $150 (waived for the first year)*
  • Income eligibility requirement: $80,000 per year individual or $150,000 per year household
  • Credit score required: Excellent
  • Welcome offer: Get up to 60,000 points and the annual fee waived in the first year for both the primary cardholder and authorized users.*
  • Additional benefits: Complimentary membership in Mastercard Travel Pass provided by DragonPass,* with four annual complimentary passes.
  • Purchase APR: 20.99% | Cash Advance APR: 23.99% (21.99% for Quebec residents)

*Terms and conditions apply


Best BMO Card for Premium Perks: BMO eclipse Visa Infinite Privilege* Card

The BMO Eclipse Visa Infinite Privilege* Card is a top-tier credit card with top-tier perks. With a $150,000 personal annual income requirement ($200,000 for the household) and a $499 annual fee, it’s clear this card isn’t for everyone, but for those who qualify, there are some serious perks.

Like the BMO eclipse Visa Infinite* Card, this card lets you earn BMO Rewards points on your everyday purchases. The earn rate is 5 BMO Rewards points per dollar on dining, groceries, drug store, gas and travel*, and 1 BMO Rewards point per dollar on everything else*. You can boost your earnings by 25% when you add an additional user ($99 per card)*. The welcome bonus of up to 90,000 BMO Rewards points* is more than enough to get you started towards your goals, whether they be travel, merchandise, gift cards, or a statement credit against almost any purchase made on your card through the Pay with Points program.

Now, onto those perks and benefits. Cardholders will receive an annual statement credit of $200 called a “lifestyle credit”*, which is simply free money for you to enjoy. You’ll also get Visa Airport Companion membership and 6 complimentary airport lounge visits per year – valued at more than $250 USD.* And of course, there’s access to Visa Infinite perks like Visa Infinite Dining Services, Entertainment Access, Luxury Hotel Collection, Wine Country, Troon Golf Benefit, and 24/7 Concierge*.

The BMO Eclipse Visa Infinite Privilege* Card offers a comprehensive suite of travel insurance*. Bundled with the card is out-of-province/country emergency medical, trip cancellation or interruption, flight and baggage delay, and common carrier accident protection. It also includes hotel burglary and car rental collision/loss damage coverage. Cardholders are also covered for up to $1,000 for new mobile devices*.

If you’re looking for a premium card with premium perks, check out the BMO eclipse Visa Infinite Privilege* Card.

The Details

  • Annual Fee: $499
  • Minimum Income Eligibility Requirement: $150,000 personal or $200,000 household
  • Credit Score Required: Excellent
  • Welcome Offer: Up to 90,000 BMO Rewards points*
  • Additional Perks: Comprehensive travel insurance*; Visa Airport Companion membership and 6 complimentary airport lounge visits per year – valued at more than $250 USD,* new mobile device insurance*; $200 annual lifestyle credit*; Visa Infinite perks*
  • Purchase APR: 20.99% | Cash Advance APR: 23.99% (21.99% for Quebec Residents)

*Terms and conditions apply

BMO Credit Cards Canada 2022 by Features and Annual Fee

Credit CardsWelcome OfferAnnual FeeVisit Site
BMO® CashBack® Mastercard®*Up to 5% cash back for the first 3 months*
+
1.99% introductory interest rate on balance transfers for 9 months (with a 1% transfer fee)*
$0Visit Site
BMO® Preferred Rate Mastercard®*0.99% introductory interest rate on a balance transfers for the first 9 months (2% transfer fee)*$20 (waived for first year)*Visit Site
BMO Rewards® Mastercard®*10,000 points plus 1.99% introductory interest rate on balance transfers for 9 months (1% transfer fee applies)*$0Visit Site
BMO® eclipse Visa Infinite* CardGet up to 60,000 points worth $400 in travel rewards, a $50 lifestyle credit and the $120 annual fee waived in the first year – that’s a $570 value in your first year!*$120 (first year annual fee waiver)*Visit Site
BMO CashBack® Business Mastercard®*10% cash back on gas, office supplies, cell phone/internet bills for 3 months*$0Visit Site
BMO Ascend World Elite®* Mastercard®*Get up to 60,000 points and the annual fee waived in the first year for both the primary cardholder and authorized users.*$150 (waived for first year)*Visit Site
BMO eclipse Visa Infinite Privilege* CardUp to 90,000 BMO Rewards points*$499Visit Site

The Verdict: Which BMO Card is Best?

Finding the right BMO credit card starts with determining your needs and priorities – which might fluctuate over time. There’s no reason why you have to pick one – in fact, there are good reasons why you should have more than one credit card in your wallet. Take the time to assess your current needs and choose a card that matches your spending habits and lifestyle. You can also take a look at our recommendations for the best credit cards of 2022 for more suggestions.

BMO is not responsible for maintaining the content on this site. Please click on the Apply now link for the most up to date information

Lisa Jackson

Lisa Jackson

Lisa Jackson is a freelance journalist, editor, and blogger who contributes to various online and print media outlets in Canada and abroad, including The Globe & Mail, Al Jazeera News, The Independent UK, CAA Magazine, The Toronto Star, West Jet Magazine, Huffington Post Canada, and many others.



Recommended Stories