View Best BMO Credit Cards - Comparewise

Best BMO Credit Cards

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BMO

The BMO CashBack World Elite MasterCard has some of Canada’s best...
  • $120
    Annual fee
  • 10%
    Welcome Bonus
  • 5%
    Rewards Rate
  • Min.Credit:
                        
  • Rating: no reviews
Featuring one of the best Air Miles earning rates, the BMO Air Miles World...
  • $120
    Annual fee
  • 2k miles
    Welcome Bonus
  • 1 mile
    Every $12 Spent
  • Min.Credit:
                        
  • Rating: no reviews

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BMO Credit Cards

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As one of the largest banks in North America, the Bank of Montreal (BMO) is a pioneer of low-interest cards. Besides these, they make various credit cards available to Canadians, some with impeccable travel benefits.

Those looking to save can find several no annual fee options. If you’re looking to build or rebuild your credit, BMO’s credit card collection is worth looking through.

Types of BMO Credit Cards

BMO offers 13 credit cards. With such a wide range, you can find exactly what you need. Your options include:

  • No-fee credit cards. Ideal for anyone who wants to benefit from great rewards without paying a fee every year.
  • AIR MILES credit cards. Frequent flyers and occasional travellers will find this card useful since it's linked to the AIR MILES Rewards Program.
  • Low-Interest credit cards. Save on interest charges for purchases, balance transfers, and cash advances.
  • Student credit cards. Start building your credit history with a credit card that has a $0 annual fee.
  • Travel credit cards. These combine BMO rewards cards and AIR MILES cards focused on offering travel and shopping rewards.
  • Cashback credit cards. Get a cash return between 0.5% and 10% on every purchase you make with your card.

BMO Credit Card Perks

Most of BMO’s credit cards offer competitive perks. As a cardholder, these are some benefits you may receive:

  • Free BMO roadside assistance
  • Travel insurance, including emergency travel and medical, car rental theft or damage, flight delay, and more
  • Free access to 1 million Wi-Fi hotspots worldwide with Boingo Wi-Fi
  • Access to a free 24/7 complimentary concierge service
  • Airport lounge access
  • Car rental discounts

bmo credit cards - comparewise

BMO Rewards Program

The BMO Rewards Program earns cardholders BMO Rewards points. There are four credit cards attached to the program, including the BMO Rewards Mastercard and the BMO World Elite Mastercard. The BMO Rewards Mastercard has no annual fee, while the BMO World Elite Mastercard has a welcome bonus of 40,000 points.

These are your redemption options and the point’s value:

  • Travel: 1 point is equal to $0.71c
  • Transfer to BMO investment account: 1 point is equal to $0.67c
  • Cash credits: 1 point is equal to $0.50c

From these values, you can deduce that redeeming your points for travel offers the most value. However, the other redemption options hold value quite well.

BMO Partnerships

BMO is partnered with AIR MILES, offering two co-branded travel rewards credit cards attached to the AIR MILES rewards program. These cards come with a lucrative sign-up bonus, great perks, and competitive earn rates.

With every purchase, you’ll collect Miles. You can redeem these as Dream Miles for movie tickets, flights, vacation packages, and spa passes. Alternatively, you can redeem your Miles for cash rewards, merchandise, gift cards, and events.

The redemption choices you receive for BMO AIR MILES credit cards make these some of the best in the market. And the best part is the BMO AIR MILES Mastercard has no annual fee.

Pros and Cons of BMO Credit Cards

The Pros of BMO Credit Cards

  • No blackout periods. With a BMO credit card, you won’t have to worry about not being able to redeem your points during peak periods. These blackout periods aren’t imposed on cards in the BMO Rewards program.
  • Competitive annual fees. Most BMO credit cards have an average or no annual fee.

The Cons of BMO Credit Cards

  • High-interest rates. Most BMO credit cards have interest rates between 20% and 23% for purchases, balance transfers, and cash advances.
  • Low rates of return. Most BMO credit cards earn cardholders a low return, whether in cashback or points, compared with other credit cards.

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March 17, 2022
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FAQs about
BMO Credit Cards

Can I Apply for a BMO Mastercard online?

Absolutely. When you visit the BMO website and find your desired credit card, click the ‘apply’ button below the credit card description. You’ll be redirected to another page to start your application.

What Credit Score Do I Need for a BMO Credit Card?

BMO doesn’t provide an exact credit score requirement for their credit cards. Some credit cards may not consider your credit score, like the student credit cards.

For the others, BMO states that you must not have declared bankruptcy in the past seven years. You might need good to excellent credit to increase your chances of being approved.

Is the BMO Rewards Program Better Than The AIR MILES Rewards Program?

It depends on what you’re looking for in a credit card. If you often travel and stay in hotels, a credit card providing AIR MILES might be more suitable.

The BMO Rewards Program offers excellent redemption value for travel, but it’s ideal for infrequent travellers. The reason is, you’ll have more ways to redeem your points like investments and statements credits.

What Travel Rewards Can I Get With My BMO Rewards points?

You can redeem your BMO rewards points for flights, hotels, car rentals, vacations packages, and cruises.

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