Bank of Montreal (BMO) is a highly respected Canadian ‘Big Five’ bank, and offers many beneficial financial products including loans, mortgages, investments and of course—BMO credit cards.
There are BMO credit cards to suit the lifestyles of nearly every cardholder profile, including BMO cards with no annual fee, balance transfer offers, BMO rewards and more. Explore the very best BMO offers below, from a list of BMO credit cards organized by their main category,
The BMO CashBack® Mastercard®* is another handy wallet companion that doesn’t charge an annual fee and still provides high value. Cardholders are welcomed with a competitive 5% cashback bonus rate that lasts for their first three months (up to $2,500 in spending for max $125 back)*, which returns to the rate of 0.5-3% on all their purchases depending on category after the promotional period*. In addition, get $50 cash back if you spend $6,000 in your first year*. Cash back can be deposited directly into a chequing or savings account, credited to one’s monthly card statement, or invested via the BMO Investorline account. As a standard BMO perk, the BMO CashBack® Mastercard®* extends protection against theft and damage to one’s new purchases made with the card*. It will also grant longer warranties on expensive items like electronics (those that already have a manufacturer’s guarantee), which is highly appreciated when something breaks unexpectedly. All in all, the sum of these benefits makes the card a savvy addition to anyone’s wallet.
The World Elite label means that a credit card is accompanied by extra benefits like total travel and medical protection. Though the AIR MILES World Elite Card (see below) is a great card for Air Miles devotees, not all Canadians love that rewards program. The BMO Ascend™ World Elite®* Mastercard®* is a good alternative, with cardholders able to earn up to $762* between all its lucrative introductory bonuses, plus steady BMO points for their everyday spending – which are redeemable on any number of great travel rewards.
Cardholders will 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.*. Since it’s a World Elite card, cardholders will also receive complimentary membership in Mastercard Travel Pass provided by DragonPass,* with four annual complimentary passes—a $128 USD value. When added to the 60,000-point bonus* and annual fee waivers, the card’s value to new members is up to $762*.
BMO travel protection features include out-of-country or province medical coverage up to $2 million*, plus insurance for rental car collisions as well*. Add in extended warranties and protection for damage and theft on items purchased with the car, and it’s no wonder that applicants will need to show $80,000 or $150,000 in personal or household annual income, respectively, in order to qualify.
Combining high cashback rates with all the valuable benefits of the World Elite label, the BMO CashBack® World Elite®* Mastercard®* is one of the bank’s best. The card has an annual fee of $120 (waived in first year)*, but the rates at which you can amass cash back outweigh the annual fee by a significant margin. New cardholders start off with a generous welcome bonus (see above). After that the regular cash back earn rates are as follows:
• Groceries: 5% cash back*, up to $500 spent per month (the highest cash back earn rate on groceries in Canada†; $25 cash back), and then 1% after that*
• Transit: 4% cash back*, up to $300 spent per month ($12 cash back), and then 1% after that*
• Gas and electric vehicle charging: 3% cash back*, up to $300 spent per month ($9 cash back), and then 1% after that*
• Recurring bills: 2% cash back*, up to $500 spent per month ($10 cash back), and then 1% after that*
• Everything else: 1% cash back (unlimited)*
However, as a World Elite card, the benefits don’t end there. BMO provides eight days of out-of-province and country medical insurance coverage for up to $2 million, plus damage and collision coverage for rental cars*. Purchases made with the card are protected from damage and theft through the first 180 days after purchase*, and any item that has an original manufacturer’s warranty can get it extended by up to two additional years—this is among the best purchase protection and extended warranty coverage in Canada.
*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 Jan. 4, 2023.
BMO bought the Air Miles program in July, 2023 and can therefore offer the best Air Miles cards in Canada. They demonstrate this handily with their BMO AIR MILES®† World Elite®* Mastercard®*, which gives new cardholders who spend $3,000 in the first three months a bonus of 2,000 Air Miles and a $120 annual fee waiver in the first year*. Cardholders earn air miles at a fast rate of 1 per $12 spent*, which can be redeemed on excellent travel rewards and airfare anywhere in the world. Spending at Air Miles partner stores will earn at an even faster rate of 3 Miles per $1 spent*. Get 2x the Miles for every $12 spent at any eligible grocery store*. Those who spend $4,000 per month on the card will earn at least 6,000 Air Miles in their first year. That’s already enough for a flight from Montreal all the way to Paris. Another notable perk of the BMO AIR MILES®† World Elite®* Mastercard®* is that it includes complimentary membership in Mastercard Travel Pass provided by DragonPass.* The card’s advantages also include comprehensive travel and medical insurance*, with 15 consecutive days of out-of-province coverage for up to $2 million. A standard BMO benefit is the addition of purchase protection and extended warranties on items purchased with the AIR MILES World Elite card.
Though it isn’t primarily known as a balance transfer card, the BMO AIR MILES®† MasterCard®* does provide this option to new cardholders who want to consolidate their credit card debt, pay it off, and earn Air Miles on their everyday purchases. Those who transfer an outstanding balance from another credit card or bank (outside of BMO) will pay just 0.99% interest on this amount for nine months (2% fee applies to balance amount transferred)*. Few strategies are as effective for reducing compounding interest charges. The card helps those who want to earn Air Miles quickly and reduce their travel expenses.
At Air Miles sponsors like Sobeys, cardholders will earn 3x the Miles for every $25 spent at participating AIR MILES Partners*. Get 2x the Miles for every $25 spent at any eligible grocery store*, and 1 Air Mile per $25 elsewhere*. With $0 spent on annual fee, if you manage to spend just $1,000 per month on the card, you’ll earn up to 1,280 Air Miles in the first year when you include the Welcome Offer bonus. This is the equivalent value of a round-trip flight from Montreal to Toronto. Finally, it’s easy and free to sign up supplementary cardholders. Extend them the benefits above, but there’s also car rental discounts* alongside purchase protections including extended warranties and damage coverage*.
0.99% 0.99% introductory interest rate on balance transfers for 9 months with a 2% transfer fee and a first year annual fee waiver
$29 Annual Fee
Waived with balance transfer offer or BMO Performance chequing account
13.99% Purchase APR
15.99% Cash Advance APR
0.99% Balance Transfer Rate
0.99% introductory interest rate on balance transfers for 9 months with a 2% transfer fee and waive the first year annual fee
2.00% Balance Transfer Fee
Good Recommended Credit Score
$0 Required Annual Personal Income
$0 Required Annual Household Income
Welcome Offer
Get a 0.99% introductory interest rate on Balance Transfers for 9 months with a 2% transfer fee5 and BMO will waive the $29 annual fee for the first year.*
For people who routinely carry part of their outstanding balance from month to month, interest charges are a constant concern. Saving money is more about reducing interest, in this case, then it is earning cash back or rewards. BMO offers a pertinent solution with their BMO Preferred Rate MasterCard®*, which can immediately help applicants transfer their balances and then pay an introductory interest on Balance Transfers of 0.99% for nine months (2% transfer fee applies)*. With most cards charging interest at 20% or more, this alone can put money right back into your pocket.
Even without the promotional balance transfer rate, BMO keeps interest on purchases and cash advances at a competitive 13.99% and 15.99% respectively. Standard among BMO cards is complimentary damage and theft protection for new items bought with the Preferred Rate card, plus extended manufacturers’ warranties by up to one more year*. These benefits are all available to cardholders for the low annual fee of $29 (waived in the first year)*.
5x the points for every $1 spent on groceries, gas, dining in and out and transit.*
10% Earn 10% more points when you add an authorized user to your account.*
$50 annual lifestyle credit to spend however you want*
$120 Annual Fee
One Hundred And Twenty - annual fee waived in the first year
20.99% Purchase APR
23.99% Cash Advance APR
21.99% for Quebec residents
23.99% Balance Transfer Rate
Very Good Recommended Credit Score
$60,000 Required Annual Personal Income
$100,000 Required Annual Household Income
Welcome Offer
Ends May 31, 2024
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!*
With the BMO eclipse Visa Infinite* Card, you can earn on dining, groceries, gas, and transit. The minimum annual individual income for this card is $60,000 and for a household it is $100,000. This makes it a great option for anyone out there building their career, and looking to boost their credit.
When you sign up you can earn a welcome bonus of up to 60,000 BMO Rewards points* and have the $120 annual fee waived for the first year*. You’ll get 30,000 BMO Rewards welcome bonus points when you spend a minimum of $3,000 in the first three month of card activation.
Cardholders also get an additional 2,500 bonus points in each subsequent month that you spend at least $2,000, beginning 4 months from the account open date and ending 15 months from the account open date (as long as your account is in good standing). You’ll earn 5x the rewards points for every $1 spent on dining, groceries, gas, and transit*. Earning bonus points on these essential categories is an awesome way to earn and make the most of your everyday spending. On everything else, you’ll earn 1 point for every $1 you spend*.
This credit card is an awesome option for hustling millennials building wealth and looking to earn perks along the way. For those of you that are busy, this credit card helps you earn while you spend.
Em Norton is a Staff Writer for Money.ca. Em holds a B.A. in Professional Writing from York University where their studies focused on publishing and editing. Em has been writing professionally since 2019 and has previously been published by IN Magazine, Xtra Magazine, Money Under 30, Money After Graduation, Our Canada and more. Though often found writing about money, generational divides and pop culture here at Money.ca, Em also dabbles in poetry and prose. In their spare time, Em can be found playing with their black cat, doing yoga and reading books at an excessive pace.
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