The best BMO credit cards in Canada 2023

The Financial institution of Montreal is one among Canada’s largest banks, and it gives one of many largest choices of private bank cards within the nation. Whether or not you’re a scholar in search of 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 be the one Huge 5 financial institution to supply co-branded bank cards with the favored Air Miles rewards program, making them an important match for Air Miles collectors. Learn on to study extra about one of the best of BMO’s bank card choices, together with beneficial playing cards for travellers and college students, in addition to probably the most engaging no-fee, money again and low curiosity playing cards.

Greatest BMO no-fee bank card

BMO CashBack Mastercard*

At a look: The BMO CashBack Mastercard stands out for providing 3% money again on groceries, which is one of the best normal (i.e. non-promotional interval) earn charge for this class amongst no-fee playing cards in Canada. It ought to be famous, nevertheless, that the earn charge is capped at a most of $500 per 30 days in spending, so in case you recurrently spend greater than that on groceries, you may want a card that doesn’t restrict your earnings. One other engaging function is that it gives very versatile redemption choices, together with redeeming your money again right into a BMO chequing or financial savings account.

• Annual payment: $0
• Rates of interest: 20.99% on purchases, 22.99% on money advances (21.99% for Quebec residents), 22.99% on stability transfers
• Earn charge: 3% money again on groceries; 1% on recurring payments; 0.5% on every little thing else
• Welcome bonus: Earn as much as 5% money again in your first 3 months and a $50 money again bonus. Plus, get a 0.99% rate of interest on stability transfers to your first 9 months (with a 2% switch payment).
• Our favorite perk: Anytime money again redemption in increments of simply $1
• Further advantages: Buy safety and prolonged guarantee; reductions at Avis and Nationwide automobile leases and Cirque du Soleil; free so as to add approved cardholders
• Annual revenue requirement: None

Execs 

• 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 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 a press release credit score or including it to your InvestorLine account.

Cons

• The three% earn charge for groceries is capped at $500 per 30 days, which will be fairly low in case you’re searching for a household.
• A base charge of solely 0.5% for all different spending outdoors of accelerated classes.
• Not many extra perks, reminiscent of journey insurance coverage.

Greatest BMO money again bank card

BMO CashBack World Elite Mastercard*

At a look: The BMO CashBack World Elite Mastercard has a strong number of extra-earn classes which can be focused to the place Canadians spend probably the most, like groceries, transit and gasoline. Sadly, some cardholders could discover the month-to-month spending caps fairly low for every class, which may considerably impression potential earnings. Nonetheless, the cardboard can result in good money again quantities in case you aren’t a giant spender and don’t exceed the caps. It’s additionally one of many few playing cards that gives free roadside help. Whereas the insurance coverage protection just isn’t excellent (you’re solely coated for eight consecutive days for emergency medical, which is low for a premium card) the acquisition safety and prolonged guarantee are among the many better of any premium bank card.

• Annual payment: $120
• Rates of interest: 20.99% on purchases, 23.99% on money advances (21.99% for Quebec residents), 22.99% on stability transfers
• Earn charge: Earn 5% money again on grocery purchases, 4% on transit, 3% on gasoline, 2% on recurring invoice funds and 1% on every little thing else
• Welcome bonus: Rise up to 10% money again in your first three months and have the $120 annual payment waived within the first 12 months.
• Our favorite perk: Complimentary roadside help with a free primary membership within the Dominion Vehicle Affiliation (DAA)
• Further advantages: Journey insurance coverage safety, together with journey interruption, cancellation or delay; automobile rental unintended demise and dismemberment, and collision automobile rental protection; out-of-country emergency medical advantages as much as $2 million; buy safety and prolonged guarantee
• Annual revenue requirement: Private revenue of $80,000 or family revenue of $150,000

Execs 

• 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.
• The acquisition safety (safety for 180 days slightly than 90) and prolonged guarantee (including two years slightly than one to the unique producer’s guarantee interval) are among the many finest in Canada. 

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 embrace any free lounge visits. You have to pay a payment of US$32 per go to.
• The revenue requirement is excessive at minimal of $80,000 per 12 months for people and $150,000 for households.

Greatest BMO bank card for eating and transit

BMO Eclipse Visa Infinite*

At a look: The BMO Eclipse Visa Infinite is a powerful earner that provides 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 nicely gasoline, public transit, taxis and rideshares, together with UberEats. All the things else will get you 1 BMO Rewards level per $1. In a singular transfer, this card additionally gives a $50 annual way of life credit score, which you’ll spend nevertheless you want. While you enroll a further consumer ($50 per card), you’ll get 10% extra factors on all purchases.

• Annual payment: $120
• Rates of interest: 20.99% on purchases, 23.99% on money advances (21.99% for Quebec residents), 23.99% on stability transfers
• Welcome bonus: Rise up to 70,000 factors ($467 in journey rewards) and earn 5 instances the factors on gasoline, eating, groceries and transit for the primary 12 months. Add a licensed consumer and get 10% extra factors, too. Plus, they’ll waive the $120 annual payment your first 12 months and also you get a $50 way of life credit score too.
• Earn charge: 5 BMO Rewards factors per $1 spent on groceries, eating out and in, gasoline and transit, and 1 level per $1 on every little thing else
• Our favorite perk: $50 annual way of life credit score
• Further advantages: Insurance coverage, together with journey for out-of-province and out-of-country emergency medical, frequent service and automobile rental collision/loss harm; as much as $1,000 cellular system insurance coverage; and Visa Infinite privileges
• Annual revenue requirement: Private revenue of $60,000 or family revenue of $100,000

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 should probably be arduous to succeed in for many cardholders.
• Comes with a $50 annual way of life credit score that you should utilize at your individual discretion.
• Consists of cellular system safety of as much as $1,000.

Cons

• You typically get a lot much less worth to your BMO Rewards factors in case you redeem them for something apart from journey.
• As a result of 1 BMO Rewards level is valued at 0.0067, you’re primarily 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 bundle just isn’t complete because it doesn’t embrace issues like flight delay insurance coverage and misplaced/delayed baggage insurance coverage.

Greatest BMO journey bank card

BMO Ascend World Elite Mastercard*

At a look: Whereas the BMO Ascend World Elite Mastercard does cost a barely greater than regular annual payment, it makes up for it with a beneficiant array of travel-friendly perks. Cardholders not solely get pleasure from free membership in Mastercard Journey Go supplied by DragonPass (with 4 free annual airport lounge passes included), however they’ll additionally reap the benefits 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.

• Annual payment: $150
• Rates of interest: 20.99% on purchases, 23.99% on money advances (21.99% for Quebec residents), 22.99% on stability transfers
• Earn charge: 5 factors per $1 on journey, 3 factors per $1 on eating and leisure, 1 level per $1 on every little thing else
• Welcome bonus: Earn as much as 60,000 factors and the annual payment waived within the first 12 months for each the first cardholder and approved customers.

• Our favorite perk: Free airport lounge entry by way of membership to Mastercard Journey Go by DragonPass, with unique VIP entry and 4 free annual passes
• Further advantages: Entry to over 1 million Wi-Fi hotspots all around the world, BMO concierge service, prolonged guarantee, buy safety and sturdy journey and medical safety.

• Annual revenue requirement: Private revenue of $80,000 or family revenue of $150,000

Execs 

• Complimentary membership to Mastercard Journey Go by DragonPass, which incorporates 4 annual complimentary airport lounge passes.
• E book travel-related purchases like flights, accommodations, 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 to your BMO Rewards factors in case 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 charge.
• The annual payment of $150 is barely greater than the typical for this class of card.

Greatest BMO Air Miles bank card

BMO Air Miles World Elite Mastercard*

At a look: Air Miles is one among 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 provide cardholders Air Miles after they spend; nevertheless, one of the best deal is the BMO Air Miles World Elite Mastercard. Cardholders get pleasure from a incredible earn charge of 1 Mile per $12 in bank card purchases (and a whopping thrice that quantity at Air Miles companions). Frequent travellers will even get pleasure from this card’s full complement of travel-related perks like journey and medical safety and reductions on eligible flights.

• Annual payment: $120
• Rates of interest: 20.99% on purchases, 23.99% on money advances (21.99% for Quebec residents), 22.99% on stability transfers
• Earn charge: 3 Miles per $12 spent at Air Miles companions, 2 Miles per $12 at eligible grocery shops and 1 Mile per $12 on all different purchases
• Welcome bonus: You’ll get 3,000 bonus Air Miles if you spend a minimal of $3,000 within the first three months. They’ll additionally waive the cardboard’s annual payment for the primary 12 months.
• Our favorite perk: Unique 25% low cost on one worldwide Air Miles flight redemption in the course of the calendar 12 months
• Further advantages: Complimentary membership in Mastercard Journey Go supplied by DragonPass; journey insurance coverage safety together with journey interruption, cancellation or delay; automobile rental, unintended demise and dismemberment and collision automobile rental protection; out-of-country emergency medical advantages
• Annual revenue requirement: Private revenue of $80,000 or family revenue of $150,000

Execs 

• Collectors can double their Air Miles after 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 12 months.
• Complete journey insurance coverage, together with journey cancellation, journey interruption and baggage delay.

Cons

• No free lounge visits together 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 lately left this system.

Greatest BMO low curiosity bank card

BMO Most popular Price Mastercard*

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 could discover {that a} debt consolidation mortgage or a line of credit score is beneficial in these conditions, others could look right into a card with a extra manageable rate of interest—this easy swap can prevent tons of of {dollars}. Throughout the BMO household, one of the best card for the job is the BMO Most popular Price Mastercard. With a low $20 annual payment (which is refunded within the first 12 months), an rate of interest of 12.99% on purchases and a 0.99% introductory rate of interest on stability transfers, this card may also help you rein in your bank card debt.

• Annual payment: $20
• Rates of interest: 12.99% on purchases, 15.99% on money advances, 12.99% on stability transfers
• Stability switch provide: Obtain a 0.99% introductory rate of interest on stability transfers for 9 months with a 2% switch payment, and get an annual-fee rebate for the primary 12 months (a $20 worth).
• Our favorite perk: Stability switch promotion
• Further advantages: Buy safety and prolonged guarantee
• Annual revenue requirement: $15,000

Execs 

• Customary low rate of interest may also help those that carry a stability get their bank card debt beneath management.
• Get an annual rebate of $20 in case 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 normal normal money advance charge of 15.99%.

Cons

• The cardboard has no perks except for buy safety and prolonged guarantee.
• Every stability switch you make is topic to a payment of two%.
• The low rate of interest for the stability switch is simply legitimate for 9 months.

Greatest BMO premium rewards bank card 

BMO Eclipse Visa Infinite Privilege*

At a look: The BMO Eclipse Visa Infinite Privilege card has a hefty $499 annual payment, however the perks and rewards could nicely warrant the value of entry. You’ll obtain an annual $200 way of life credit score you could spend nevertheless you want, successfully reducing down the annual payment to $299. The cardboard gives superb 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 undoubtedly a card that’s designed to take the trouble out of journey.

• Annual payment: $499
• Rates of interest: 20.99% on purchases, 23.99% on money advances (21.99% for Quebec residents), 23.99% on stability transfers
• Welcome bonus: Earn as much as 50,000 factors.
• Earn charge: 5 BMO Rewards factors per $1 spent on groceries, gasoline, journey, eating and drugstores, and 1 level per $1 on every little thing else
• Our favorite perk: $200 annual way of life credit score
• Further advantages: Visa Airport Companion membership (6 airport lounge visits per 12 months); insurance coverage, together with journey out-of-province and out-of-country emergency medical, frequent service, journey cancellation and journey interruption, flight delay and baggage protection; automobile rental collision/loss harm; cellular system; Visa Infinite experiences, like its luxurious lodge assortment, eating sequence, wine nation and Troon Rewards golf advantages
• Annual revenue requirement: Private revenue of $150,000 or family revenue of $200,000

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.
• Make the most of 5 high-earning classes in typical big-spend classes: groceries, gasoline, journey, eating and drugstore purchases.

Cons

• At $499 a 12 months, the cardboard has one among 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 gives an excellent 22 days for journey medical protection (there are playing cards with a decrease payment that provide extra days of protection), these aged 65 and over are solely coated for 3 days. 

Greatest BMO scholar bank card

BMO CashBack Mastercard for College students

At a look: Should you’re on a scholar finances 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 every little thing else. The one draw back is that, as with many no-fee playing cards, this card is gentle on perks— however it does provide normal buy safety and prolonged guarantee.

• Annual payment: $0
• Rates of interest: 20.99% on purchases, 22.99% on money advances (21.99% for Quebec residents), 22.99% on stability transfers
• Welcome bonus:
• Earn charge: Earn 3% money again on grocery purchases, 1% money again on recurring invoice funds and 0.5% money again on every little thing else
• Further advantages: Prolonged guarantee and buy safety and get 25% off on automobile leases at Nationwide and Alamo areas
• Annual revenue requirement: None

Execs 

• Versatile money again program that permits you to put your earnings right into a BMO account (chequing, financial savings or InvestorLine) or in direction of a press release 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 areas.

Cons

• The grocery and recurring invoice fee 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 case you discover your individual journey deal or wish to use your rewards to repay an on a regular basis invoice. The worth of every level varies primarily based on the class of redemption, with journey providing higher 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%)

Tips on how to redeem BMO Rewards factors

You have to redeem BMO Rewards factors by way of 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, accommodations, automobiles, 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 payment (on prime of the web site’s listed redemption value.)

BMO Rewards’ finest function

Utilizing BMO Rewards factors for journey stays one among your finest redemptions due to the factors’ worth consistency. In contrast to Aeroplan and Air Miles, the place factors required for reserving are primarily based on provide and demand, peak journey intervals and seat availability, the BMO Rewards factors per $1 worth doesn’t fluctuate primarily based on stock. This makes it one among your finest choices for journey rewards and redemptions, because it makes it simpler to calculate redemption values and comparability store for airways and journey itineraries.

This text was first printed on Could 1, 2020, and has since been up to date.

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