Comparing Best BMO Credit Cards 2024
BMO offers a range of credit cards to its customers, which can earn them rewards, cashback, and other perks. Many credit cards come with additional features such as complimentary airport lounge passes, travel-related insurance, discounts, and other perks. Many BMO credit cards let you earn BMO reward points on your everyday spending, which can be redeemed for travel, shopping, investment, gift cards, or statement credits through the BMO Rewards website. Like most other reward programs, travel redemptions give your BMO reward points the best value.
If you prefer cash back instead of reward points, there are several options to meet your needs. BMO credit cards offer up to 5% in cash back on everyday purchases, and some basic cashback cards are available for students and newcomers. Some other credit cards offered by BMO include low-interest credit cards, no-fx fee credit cards, and a prepaid credit card. Listed below are some of the best credit cards offered by BMO.
Value of One BMO Reward Point: $0.0033 - $0.0067
BMO Rewards Points General Value:
- Travel: 1 BMO Point = $0.0067 (0.67%)
- Non-travel purchases (gift cards, merchandise, BMO investments): 200 BMO Points = $1 / 1 BMO Point = 0.005 (0.5%)
- Statement credit: 15,000 points = $50 / 1 BMO Point = $0.0033 (0.33%)
| The Best of BMO Credit Cards | |
|---|---|
| Travel: BMO Ascend World Elite Mastercard | Annual Fee: $150 ($50/Additional Card) Interest Rate: 20.99% Purchase, 23.99% Cash Advance (21.99% for Quebec residents) Income Requirement: $80,000 Personal or $150,000 Household Estimated Credit Score: 660 - 724 |
| Cashback: BMO CashBack World Elite Mastercard | Annual Fee: $120 ($50/Additional Card) Interest Rate: 20.99% Purchase, 23.99% Cash Advance (21.99% for Quebec residents) Income Requirement: $80,000 Personal or $150,000 Household Estimated Credit Score: 660 - 724 |
| Rewards: BMO eclipse Visa Infinite | Annual Fee: $150 ($50/Additional Card) Interest Rate: 20.99% Purchase, 23.99% Cash Advance (21.99% for Quebec residents) Income Requirement: $60,000 Personal or $100,000 Household Estimated Credit Score: 660 - 724 |
| Student & No-Fee: BMO CashBack Mastercard | Annual Fee: $0 Interest Rate: 20.99% Purchase, 22.99% Cash Advance (21.99% for Quebec residents) Income Requirement: N/A Estimated Credit Score: 300 - 559 |
| Prepaid: BMO Prepaid Mastercard | Annual Fee: $6.95 Interest Rate: 0% Purchase, 0% Cash Advance Income Requirement: N/A Estimated Credit Score: N/A |
| Low-Interest: BMO Preferred Rate Mastercard | Annual Fee: $29 Interest Rate: 12.99% Purchase, 15.99% Cash Advance Income Requirement: N/A Estimated Credit Score: 660 - 724 |
| No-FX Fees (for USD): BMO U.S. Dollar Mastercard | Annual Fee: US$35 Interest Rate: 20.99% Purchase, 22.99% Cash Advance (21.99% for Quebec residents) Income Requirement: N/A Estimated Credit Score: 560 - 659 |
BMO Credit Card Advantages & Disadvantages
Advantages
- Travel insurance and DragonPass lounge access with premium cards.
- Offers both Mastercard and Visa cards.
- Strong Cashback card earning rates.
- Fixed point values that don't fluctuate with seasonality.
- Streamlined redemption process.
- High-value redemptions on investments.
Disadvantages
- Overhauling product lineup, leading to the irrelevance of some older cards.
- Low point value.
BMO Credit Card First-Year Bonus Value
Maximum First-year Bonus Value in $
Best BMO Travel Credit Card
As a category, travel credit cards offer many benefits to frequent jet-setters but come with higher annual fees. Although these fees are frequently less than the value returned from the card if used properly.
BMO's top earning card has long been the Ascend World Elite. However, lately, this has been replaced by the introduction of the eclipse Visa Infinite cards. Despite of the slightly lower earning rate, additional travel benefits to the Ascend World Elite make it the top BMO travel credit card.
Namely, this card has a 4x DragonPass lounge membership and outstanding insurance coverage. Unlike most travel credit cards, the insurance will cover you even if the card is only partially used to pay for the trip. Most other companies require the total trip amount to be charged to the particular card.
However, one final downside is the high spending required for a relatively low welcome bonus. Assuming one BMO point equates to $0.0067, you would be required to spend a total of $24,000 across 12 months to receive $402 in value.
Sign Up Bonuses +
- Earn up to 60,000 bonus points in the first year
- First-year annual fee waived
Rewards +
- 5x points for every $1 spent on eligible travel purchases
- 3x points for every $1 spent on eligible dining and entertainment purchases and recurring bill payments
- 1 point for every $1 spent everywhere else
Additional Features +
- 4 free DragonPass uses per year
- 25% discount at participating Alamo, and National Car Rental locations
- 15% discount to Canadian Cirque du Soleil shows and 20% discount to Las Vegas resident Cirque du Soleil shows
Best BMO Cashback Credit Card
Cashback credit cards are best for those who prefer a flexible, streamlined redemption process. While many travel credit cards let you apply your points to pay off your card, it significantly devalues them. The redemption process can also be confusing. Instead, cashback cards are easy to understand.
BMO's Cashback World Elite is best suited for individual high-income earners rather than families. This is because the cashback rates are phenomenal but cap out at low limits. For example, after spending $500 a month on groceries, the 5% rate will decrease to 1%. As a result, families spending significantly more may prefer a card without such limits.
Fortunately, the redemption process is quite flexible. There is no blackout period, a $1 minimum redemption, and you have various deposit options for your cashback. For example, it can be applied to your statement balance or deposited into a chequing or InvestorLine account.
In addition, this card comes with diluted travel card benefits. For example, there is some insurance coverage and LoungeKey access. However, you must pay $32 per lounge visit.
Sign Up Bonuses +
- 10% cash back on all purchases for the first three months (up to $2,600 in spending)
- First-year annual fee waived
Rewards +
- 5% back on groceries (on first $500 spent per statement period)
- 4% back on transit (on first $300 spent per statement period)
- 3% back on gas and EV charging (on the first $300 spent per statement period)
Additional Features +
- Free access to over 1 million Boingo Wi-Fi hotspots across the globe
- 25% discount at participating Alamo and National Car Rental locations
- Emergency road services (Basic BMO Roadside Assistance Program)
Best BMO Rewards Card
Rewards credit cards are similar to travel cards but without many travel-based benefits. While you still earn points that can be applied to travel, these cards frequently don't come with lounge access or many types of insurance. As a result, they're great for occasional travelers.
BMO's new eclipse card series has brought new energy to its credit card lineup. These "lifestyle" cards have massive earning rates on everyday spending categories. For example, spending $8,000 annually on groceries would equate to 40,000 points or $268 of value. In addition, the card has a $50 lifestyle credit which can be used however you want.
While the card doesn't provide lounge access or many types of insurance, it uniquely offers mobile device protection. The protection covers up to $1,000 if your device is lost, stolen, or accidentally damaged.
While BMO offers a more exclusive eclipse card as well, we haven’t included it due to significant annual fees and income requirements. However, certain high-income individuals may prefer the additional benefits.
Sign Up Bonuses +
- Earn up to 60,000 bonus points in the first year
- First-year annual fee waived
Rewards +
- 5x points for every $1 spent for eligible dining, grocery, gas, and transit purchases (on up to $50,000 annual spend)
- 1 point for every $1 spent everywhere else
- 10% extra points on purchases when you add another authorized user to the account
Additional Features +
- Annual $50 lifestyle credit
- Visa Infinite benefits
- Mobile Device Insurance
Best BMO Student & No Fee Credit Card
Student credit cards are designed to help students build their credit and learn to use a card responsibly. They are very basic cards that have low eligibility requirements. For example, they generally don't have travel or insurance benefits but also don't have annual fees.
BMO's CashBack MasterCard is perfect for students looking for a basic card with additional benefits. BMO's student card includes a welcome bonus and balance transfer promotion, unlike other student cards. It also comes with purchase protection.
As with most BMO cards, the low spend amounts limit the higher cashback rates. For example, the 3% cash back on groceries becomes 0.5% after spending $500 per month. However, this limit is sufficient for most students.
Sign Up Bonuses +
- Up to 5% cash back in your first three months (Maximum $125 in cash back)
- 0.99% interest rate on balance transfers for nine months with a 2% transfer fee
Rewards +
- 3% back on groceries (on first $500 spent per statement period)
- 1% back on recurring bill payments (on first $500 spent per statement period)
- 0.5% unlimited cashback on everything else
Additional Features +
- Extended warranty and purchase protection
- 15% discount to Canadian Cirque du Soleil shows and 20% discount to Las Vegas resident Cirque du Soleil shows
Best BMO Prepaid Credit Card
Prepaid credit cards are an alternative to debit cards. Travelers commonly use them because they don't link directly to your chequing account. As with credit cards, there is an additional layer of protection against fraud.
However, unlike credit cards, you'll need to load funds onto a prepaid card before using it. This means that prepaid cards don't help build credit and won't provide rewards or cashback. The BMO Prepaid Mastercard is ideal for travelers who don't want to use a credit card but prefer more protection.
Additional Features +
- Extended warranty
- Purchase protection
Best BMO Low Interest & Balance Transfer Credit Card
Balance transfer cards provide a low-interest promotional rate when moving your balance between credit cards. This can massively reduce your interest rate and total debt paid. However, missing a payment will increase your rate back to the standard rate.
BMO's Preferred Rate Mastercard offers a 0.99% introductory interest rate for the first nine months with a 2% transfer fee. This is much lower than most other balance transfer cards and can help you save significant money on interest payments. Another great feature of this card is that the annual fee is waived for the first year. This allows you to test the card and see if it is right for you without paying additional fees.
BMO's Preferred Rate Mastercard is perfect for those looking to move their credit card debt to a lower interest rate and save money on interest payments in the process.
Sign Up Bonuses +
- 0.99% introductory interest rate on balance transfers for the first nine months with a 2% transfer fee
- First-year annual fee waived
Additional Features +
- Annual fee rebated for every year that you have a BMO Performance chequing account
- Extended Warranty and Purchase Protection
- 24/7 emergency support anywhere in the world
Best BMO No-Foreign Exchange Fee
No foreign exchange fee cards are ideal for those who spend a lot of time traveling or buying items in different countries. This card can offer significant savings when traveling abroad by eliminating foreign exchange fees.
The BMO US Dollar Mastercard is great for American shoppers who want to make purchases in their currency. This card offers a competitive interest rate, and the annual fee is rebated after spending U.S. $1,000 or more in a year. Additionally, cardholders get 15% off admission to Cirque du Soleil shows touring Canada and 20% off resident shows in Las Vegas.
The BMO US Dollar Mastercard provides an excellent way to save money when making purchases in the US. So if you often shop online or travel to America, this card is ideal for you.
Additional Features +
- Make purchases and pay the credit card statement in USD
- Extended Warranty and Purchase Protection
- 15% discount to Canadian Cirque du Soleil shows and 20% discount to Las Vegas resident Cirque du Soleil shows
BMO Credit Card Contact
There are several ways you can get in touch with BMO for all your credit card inquiries. You can call their toll-free number 1-800-263-2263 or visit one of their branches in person. Customers who use BMO Online Banking can also get in touch through email by logging into their accounts.
Report a lost or stolen BMO credit card: 1-800-361-3361
Report a lost or stolen BMO credit card from outside North America: 514-881-3845
BMO Activate Credit Card
There are two ways to activate BMO credit cards,
- Mobile Banking App: Sign in to your mobile banking account using your credentials. Select manage cards from the menu. Tap activate my card and follow the activation instructions.
- Online Activation Page: If you don't already have Online Banking, visit the online activation page and enter your card details to activate.