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Along with Canada’s other big banks, BMO (Bank of Montreal) offers the stability that stems from a long history as an established institution. BMO was founded in 1817, making it Canada’s oldest incorporated bank, and it’s been the nation’s fourth largest since 2018. Due, in part, to its close ties to the United States (it operates in many U.S. cities as BMO Harris Bank) and association with the wildly popular Air Miles rewards program, this bank captures the business of millions of Canadians.
Read on to learn more about the best selections from across BMO’s 11 credit card offerings, including recommended cards for travellers and Air Miles collectors, as well as the most attractive no-fee, cash back and low interest cards.
The best BMO credit cards in Canada 2021
- BMO CashBack Mastercard — Best no fee card
- BMO CashBack World Elite Mastercard — Best cash back card
- BMO eclipse Visa Infinite – Best for dining and transit spending
- BMO World Elite Mastercard — Best travel card
- BMO Air Miles World Elite Mastercard — Best Air Miles card
- BMO Preferred Rate Mastercard — Best low interest card
- BMO eclipse Visa Infinite Privilege — Best premium rewards card
Best BMO no fee card
BMO CashBack Mastercard*
You know what we all need? More cash in our pockets. Here’s why the no-annual-fee BMO CashBack Mastercard is the perfect card to do just that: Applicants need not put down their own money to start earning 5% cash back on grocery purchases (that’s $5 per $100 spent), 4% on transit (taxis, rideshares, public transit), 3% on gas, 2% on recurring bill payments and an 1% on everything else. ($500 monthly cap applies.) And the welcome bonus—5% back for the first three months—gives them the opportunity to put away up to a hundred bucks. You can redeem cash back in increments as little as $1, or set up automatic recurring redemptions of $25 or more, which helps with cash-flow management.
For those carrying debt, this card offers a low 1.99% interest rate on balance transfers for a full 9 months (a 1% balance transfer fee applies).
- Annual fee: $0
- Earn rate: 5% cash back on groceries; 4% on transit; 3% on gas; 2% on recurring bills; 1% on everything else
- Welcome bonus: 5% cash back for the first 3 months; introductory 1.99% interest rate on balance transfers for 9 months
- Our favourite perk: Anytime cash back redemption in increments of just $1
- Additional benefits: Purchase protection and extended warranty; discounts at Avis and National Car Rentals and Cirque du Soleil; free to add authorized cardholders
- Income required: None specified
Get more details about the BMO CashBack Mastercard* >
Best cash back BMO card
BMO CashBack World Elite Mastercard*
People like cash as a reward because it’s flexible, a concept not lost on BMO—hence their BMO CashBack World Elite Mastercard. This card does away with tiered rewards or categories and offers a flat cash back rate of 1% on all credit card purchases, and even more on bonus categories: 5% on groceries, 4% on transit (taxis, rideshare, public transit), 3% on gas and 2% on recurring bills. Even better, unlike some cards that automatically deposit rewards once a calendar year, this product allows the account holder to choose when to redeem points in $10 increments (as long as they’ve accumulated at least $50), and where to apply them; the money can be deposited into an InvestorLine account, a chequing or savings account or applied to credit card debt. A welcome bonus of 10% cash back for the first three months sweetens the deal.
As an Elite Mastercard, this product offers its users a suite of perks, including BMO CashBack World Elite travel and medical protection, roadside assistance and complimentary membership in Mastercard Airport Experiences provided by LoungeKey.
- Annual fee: $120 (first year of annual fee waived)
- Earn rate: 1% cash back on every purchase (up to $500 a month)
- Welcome bonus: 10% cash back for the first 3 months (up to $200)
- Our favourite perk: Complimentary roadside assistance with a free basic membership in the Dominion Automobile Association (DAA)
- Additional benefits: Travel insurance protection, including trip interruption, cancellation or delay; car rental accidental death and dismemberment, and collision car rental coverage; out-of-country emergency medical benefits up to $2 million; purchase protection and extended warranty
- Income required: $80,000 or $150,000 as a household
Get more details about the BMO CashBack World Elite* >
Best BMO card for dining and transit
BMO eclipse Visa Infinite*
The first thing you might notice about the BMO eclipse Visa Infinite is its vertical design. But look closer: It’s a Visa credit card, too. That’s because this is a new partnership for BMO. Your attention to those details will likely be brief, though, once you see what’s on offer with this card. The BMO eclipse Visa Infinite earns a whopping 5 BMO Rewards points per $1 spent on almost anything to do with food or transit. This means 5 points per $1 on groceries, eating out, and food delivery, plus gas, public transit, taxis and rideshares, including UberEats. Everything else will net you 1 BMO point per $1, which isn’t as impressive for generic purchases in comparison to the aforementioned BMO World Elite. Note: 1 BMO Rewards point is worth 0.7 of a cent when redeemed for travel from virtually any airline. That works out to a return of 3.5% on all the bonus categories and 0.71% on everything else. It’s easy to boost your earn rate. Plus, you get a 40,000-point welcome bonus. In a unique move, this card also offers a $50 annual lifestyle credit, which you can spend however you wish. When you sign up an additional user ($50 per card), you’ll get 10% more points on all purchases.
- Annual fee: $120 (waived first year)
- Welcome bonus: Up to 40,000 BMO Rewards points (25,000 points after you spend $3,000 in the first 3 months plus 15,000 points on your first anniversary)
- Earn rate: 5 BMO Rewards points per $1 spent on groceries, dining in and out, gas and transit, and 1 point per $1 on everything else
- Points value: 1 BMO is worth 0.71% in travel rewards or 0.5% in statement credits
- Our favourite perk: $50 annual lifestyle credit
- Additional benefits: Insurance, including travel for out-of-province and out-of-country emergency medical, common carrier and car rental collision/loss damage; up to $1,000 mobile device insurance; and Visa Infinite privileges
- Annual income required: $60,000 or $100,000 as a household
Get more details about the BMO eclipse Visa Infinite* >
Best BMO travel card
BMO World Elite Mastercard*
Typically, premium cards come with high annual fees in return for rare (and often really expensive) benefits—and while the BMO World Elite Mastercard does have an annual fee, it really delivers on the perks. The main advantage here is an accelerated earn rate in the BMO Rewards program, which allows members to redeem BMO Rewards Points for travel expenses like flights and hotels, or for experiences and merchandise. With this card, users can reach their goals more quickly with a very competitive earn rate of 3 Points for every $1 spent on eligible travel, dining and entertainment purchases, and 2 Points for every $1 spent everywhere else.
Plus, new applicants receive a welcome bonus of up to 40,000 points (worth $285 towards travel) and their first year of membership for free. With a collection of robust insurance and some attractive airport perks through LoungeKey (opens up the door to four free annual visits to over 1,000 airport lounges world wide), this is a serviceable package.
- Annual fee: $150 (first year of annual fee waived)
- Earn rate: 3 points per $1 spent on travel, dining and entertainment, 2 points per $1 spent on all other purchases
- Welcome bonus: Earn up to 30,000 points when you spend $3,000 in the first 3 months, plus another 10,000 points on your first anniversary (worth $200 when you pay with points)
- Points value: 1 BMO is worth 0.71% in travel rewards or 0.5% in statement credits
- Our favourite perk: Free airport lounge access through membership to Mastercard Airport Experiences by LoungeKey, with exclusive VIP access and 4 free annual passes
- Additional benefits: BMO World Elite Total Travel and Medical Protection that includes several types of travel and medical insurance; additional cards for $50; purchase protection and extended warranty
- Income required: $80,000 or $150,000 as a household
Get more details about the BMO World Elite Mastercard* >
Best BMO Air Miles card
BMO Air Miles World Elite Mastercard*
Air Miles is one of Canada’s most popular travel rewards programs, allowing members to collect points (“Miles”) that can be redeemed for flights, as well as merchandise. Many BMO cards already offer users Miles when they spend; however, the very best deal is the BMO Air Miles World Elite Mastercard. Cardholders enjoy a fantastic earn rate of 1 Mile per every $10 in credit card purchases, and those who exercise the welcome bonus can snag a quick 3,000 bonus Miles. Pro tip: Collectors can double their Miles when they show their Air Miles Collector Card at Air Miles partners.
Frequent travellers will also enjoy this card’s full complement of travel-related perks like World Elite Travel and Medical Protection, 15% discounts on flights in North America.
- Annual fee: $120 (first year of annual fee waived)
- Earn rate: 1 Mile for every $10 spent
- Welcome bonus: 3,000 Air Miles ($310 value)
- Miles value: 1 Mile is worth 1.05% in e-gift cards and discounts when shopping at Air Miles Partners; Miles value varies when redeeming for travel
- Our favourite perks: 15% discounts on flights in North America when redeeming with Air Miles; travel insurance protection including trip interruption, cancellation or delay; car rental, accidental death and dismemberment and collision car rental coverage; out-of-country emergency medical benefits
- Income required: $80,000 or $150,000 as a household
Get more details about the Air Miles World Elite* >
Best BMO low interest card
BMO Preferred Rate Mastercard*
With the interest rate on most credit cards hovering around 20%, many people simply can’t afford to carry debt. According to the Bank of Canada, Canadian household debt totals more than $2 trillion, with mortgages making up almost 75% of the figure. Most Canadians will at some point need to make an extra-large purchase or handle an unforeseen circumstance leading to an outstanding balance. In these cases, it’s crucial to act fast. While some consumers may find that a debt consolidation loan or a line of credit is useful in these situations, others may look into a card with a more manageable interest rate—this simple switch can save you hundreds of dollars. Within the BMO family, the best card for the job is the BMO Preferred Rate Mastercard. With a low $20 annual fee (which is refunded in the first year), an interest rate of 12.99% on purchases and a 3.99% introductory interest rate on balance transfers, this product can help you minimize the accumulation of interest on your debt and new purchases.
- Annual fee: $20 (refunded in the first year)
- Interest rate: 12.99% for purchases and cash advances
- Balance transfer offer: 3.99% introductory offer on balance transfers for 9 months
- Our favourite perk: Balance transfer promotion
- Additional benefits: Purchase protection and extended warranty; discounts on Cirque du Soleil shows
- Income required: $15,000
Get more details about the BMO Preferred Rate Mastercard* >
Best premium BMO card
BMO eclipse Visa Infinite Privilege*
The BMO eclipse Visa Infinite Privilege card has a hefty $499 annual fee, but the perks and rewards may well make it worth the price of entry. First off, you’ll receive an annual $200 lifestyle credit that you can spend how you wish, effectively cutting down the annual fee to $299. Next, this card offers amazing lounge benefits, including a Priority Pass membership with six lounge passes per year (a value of approximately US$300). At this point, additional perks, like travel insurance and Visa Infinite benefits, are gravy. In terms of points, the BMO eclipse Visa Infinite Privilege earns 5 BMO Rewards points per $1 spent on groceries, gas, travel, dining and drugstores, and 1 point per $1 on everything else. With BMO points worth 0.71 of a cent when redeemed for travel, that works out to a return of 3.5% on a wide range of bonus categories and 0.5% on everything else. Plus, you can increase your earn rate by 25% when you add an authorized user ($99 per additional card), which may well appeal to families or couples who plan on sharing an account. To seal the deal, there’s the welcome bonus of up to 50,000 BMO Rewards points.
- Annual fee: $499
- Welcome bonus: Up to 50,000 BMO Rewards points (35,000 points after you spend $5,000 in the first 3 months, plus 10,000 points on your first anniversary)
- Earn rate: 5 BMO Rewards points per $1 spent on groceries, gas, travel, dining and drugstores, and 1 point per $1 on everything else
- Points value: 1 BMO is worth 0.71% in travel rewards or 0.5% in statement credits
- Our favourite features: $200 annual lifestyle credit; Priority Pass membership (6 airport lounge visits per year)
- Additional benefits: Insurance, including travel out-of-province and out-of-country emergency medical, common carrier, trip cancellation and trip interruption, flight delay and baggage coverage; car rental collision/loss damage; mobile device; Visa Infinite experiences, like its luxury hotel collection, dining series, wine country and Troon Rewards golf benefits.
- Annual income required: $150,000 (individual) or $200,000 (household)
Get more details about the BMO eclipse Visa Infinite Privilege* >
About BMO Rewards
Relevant cards:
- BMO eclipse Visa Infinite*
- BMO eclipse Visa Infinite Privlege*
- BMO World Elite Mastercard
- No Fee BMO Rewards Mastercard*
What is the value of BMO Rewards Points?
The BMO Rewards program follows a similar value structure as other bank-issued points programs, like TD Rewards and Scotia Rewards. The BMO Rewards program is ideal for its variety of redemption options, giving you access to high-value rewards, and more flexible payouts like cash back on your statement—great if you find your own travel deal or want to use your rewards to pay off an everyday bill. The value of each point varies depending on what you’re redeeming for, but the rule of thumb is travel will remain your best bet for the highest value compared to other redemptions like gift cards, merchandise or cash back.
- Travel: 140 BMO Points = $1 / 1 BMO Point = $0.0071 (0.71%)
- Money to invest in a BMO account: 15,000 BMO Points = $100 / 1 BMO Point = $0.0067 (0.67%)
- Cash to pay off your statement: 200 BMO Points = $1 / 1 BMO Point = $0.005 (0.5%)
- Gift cards: Varies, but generally 1 BMO Point = $0.0043 to $0.0054
- Merchandise: Varies, but generally you won’t get as much value for merchandise when compared to the travel or investment options
How to redeem BMO Rewards points
All redemptions for BMO Rewards points go through their website, BMORewards.com. There, you’ll have access to their travel portal, where you can search directly for flights, vacation packages, hotels, cars, and cruises, along with their respective points required for travel redemption.
You also have the ability to redeem points for travel over the phone using a BMO Rewards travel agent, but an additional $39 booking fee will be charged on top of the website’s listed redemption cost.
BMO Rewards’ best feature
Using BMO Rewards points for travel remains one of your best redemptions because of the points’ value consistency. Unlike Aeroplan and Air Miles, where points required for booking are based on supply and demand, peak travel periods and seat availability, the BMO Rewards points per $1 value don’t fluctuate based on inventory.
Ultimately, BMO Rewards makes it easier for you to calculate redemption values, comparison shop among multiple airlines and itinerary options with no travel blackout dates, plus you can use your points to cover the cost of taxes and fees.
About BMO Cash Back
Relevant cards:
Outside of travel, infrequent travellers who want to pay off an everyday expense or those who find a better accommodation deal on a website like Airbnb may prefer to get cash back to their monthly statement balance.
Unlike other banks, which issue cash back once or twice a year at predefined dates, BMO allows you to redeem at any time of the year in increments of just $1, or automate redemption increments of at least $25.
About Air Miles
Relevant cards:
Air Miles are redeemed in two ways: Air Miles Cash Miles and Air Miles Dream Miles. Within your Air Miles mobile application, you can decide the percentage you want to designate to Cash Miles versus Dream Miles.
Air Miles Cash Miles are redeemed at 95 Miles to a $10 voucher, which can be used for purchases from participating Air Miles partner retailers, like Metro grocery stores, or for online e-gift cards from a range of retailers. Dream Miles are allocated towards travel to be booked on Air Miles’ travel portal. Unlike the BMO Rewards portal, the Miles required for travel do vary based on when and where you would like to go, so redemption value can fluctuate. Air Miles also requires travellers to pay for all additional taxes and fees—you cannot cover off these costs using your Air Miles balance.
If you’re a frequent shopper at grocery stores like Metro or rent cars with National, earning Air Miles twice when shopping at participating Air Miles partners and using your BMO Air Miles credit cards can help you achieve rewards faster. You must carry both your Air Miles Collector Card and BMO Air Miles credit card in your wallet, or you can set up both cards on your mobile device via Apple Pay or Google Pay in order to double-collect.
BMO Premium Chequing Account
BMO offers a Premium Chequing Account which comes with a rebate of up to $150 on the annual fee for any BMO World Elite Mastercard. If you bank with BMO, this is a great way to access a $150 value on a premium credit card that enables you to choose between flexible rewards from their in-house BMO Rewards program, Air Miles or cash back to your statement.
The BMO Premium Chequing Account costs $30 per month, but the monthly fee is waived entirely if you maintain a minimum daily balance of $6,000. The annual cost of the credit card is built into the monthly fee of $30 alongside the account’s other generous features, including unlimited withdrawals at non-BMO ATMS worldwide, unlimited Interac e-transfers and free overdraft protection. So, if you’re able to maintain the minimum balance, the free premium credit card is a good way to maximize the value before any points redemptions are even considered.
MORE ON CANADA’S BEST CREDIT CARDS:
What does the * mean?
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