Shannon Terrell
Georgia Rose
Beth BuczynskiMany or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own.
BMO (Bank of Montreal) is Canada’s first incorporated bank and one of its largest. It offers a range of credit cards for a wide spectrum of consumers, including travellers, students, newcomers and business owners. Here are some of the best BMO credit cards available in Canada.
13 of the best BMO credit cards
BMO eclipse rise Visa Card*
Our Take
Why we like it
The no-fee BMO Eclipse Rise Visa Card offers customers elevated rewards on qualifying bill payments, groceries, and dining and takeout orders. The card’s earn rate is not as high as many other cards in its class. Effectively, members earn 2.5x points for every $1 spent on eligible purchases, and 0.5x on everything else.
Pros
Cons
The no-fee BMO Eclipse Rise Visa Card offers customers elevated rewards on qualifying bill payments, groceries, and dining and takeout orders. The card’s earn rate is not as high as many other cards in its class. Effectively, members earn 2.5x points for every $1 spent on eligible purchases, and 0.5x on everything else.
Pros
- No annual fee.
- No annual income requirement.
- Low introductory interest rate offer on balance transfers.
- Elevated rewards for eligible purchases, as well as for adding an authorized user.
- Mobile device insurance up to $1,000.
Cons
- The rewards rate is not as high as many other no-fee rewards cards on the market.
- No travel insurance.
Product Details
- Get up to 25,000 bonus points in your first year!*
- Get 20,000 points when you spend $1,500 in the first 3 months – that’s a $133 value!* Plus, earn up to 5,000 bonus points every year. 2,500 bonus points for redeeming at least 12,000 points annually towards your statement balance with Pay with points – that’s just 1,000 points per month! 2,500 bonus points for paying your full credit card balance on time for 12 consecutive months.
- Get a 0.99% introductory interest rate on Balance Transfers for 9 months, 2% fee applies to balance amounts transferred.*
- Earn 5 points for every $2 spent on recurring bills, groceries, dining, and takeout. Get 1 point for every $2 spent on everything else!
- Mobile Device Insurance that covers you for up to $1,000.*
- Pay with Points by browsing your recent transactions & redeem your points for as little as $1.
- Purchase Protection.*
- Extended Warranty.*
- *Terms and conditions apply.
- BMO is not responsible for maintaining the content on this site. Please click on the Apply now link for the most up to date information.
BMO Preferred Rate Mastercard®*
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Annual Fee$29Waived first year
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Intro Interest Rates0.99% interest rate on balance transfers for 9 months0.99% introductory interest rate on balance transfers for 9 months with a 2% transfer fee.
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Interest Rates13.99% / 15.99%13.99% for purchases and 15.99% cash advances.
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Balance Transfer Fee2%2% of the amount transferred applies to each transaction.
Our Take
Why we like it
You can tap into competitive interest rates alongside free additional cardholders, extended warranty, purchase protection and access to BMO purchase installment plans with the BMO Preferred Rate Mastercard®*.
Pros
Cons
You can tap into competitive interest rates alongside free additional cardholders, extended warranty, purchase protection and access to BMO purchase installment plans with the BMO Preferred Rate Mastercard®*.
Pros
- Competitive interest rates with no annual fee for the first year.
- An attractive introductory balance transfer rate offer.
Cons
- The balance transfer rate goes back to 15.99% once the promotional period ends.
- No rewards program.
Product Details
- Welcome Offer: Get a 0.99% introductory interest rate on Balance Transfers for 9 months with a 2% transfer fee and we’ll waive the $29 annual fee for the first year.*
- Enjoy our lowest interest rate of 13.99% on purchases.*
- Free extended warranty and purchase protection.*
- Zero Dollar Liability: protects you from unauthorized use of your credit card.*
- Worldwide acceptance at over 30 million locations.*
- *Terms and conditions apply.
- BMO is not responsible for maintaining the content on this site. Please click on the Apply now link for the most up to date information.
BMO AIR MILES®† World Elite®* Mastercard®*
Our Take
Why we like it
With airport perks, travel benefits, 24/7 concierge access, and an impressive standard earn rate — 1 AIR MILE for every $12 spent — the BMO AIR MILES®† World Elite®* Mastercard®* offers frequent flyers a luxury travel experience at a great value.
Pros
Cons
With airport perks, travel benefits, 24/7 concierge access, and an impressive standard earn rate — 1 AIR MILE for every $12 spent — the BMO AIR MILES®† World Elite®* Mastercard®* offers frequent flyers a luxury travel experience at a great value.
Pros
- Airport lounge access with a complimentary membership in Mastercard Airport Experiences provided by LoungeKey.
- Strong insurance policy, including up to $2 million in out-of-province/out-of-country emergency medical insurance.
Cons
- This card doesn’t offer accelerated earn rates on certain spending categories.
Product Details
- Welcome offer: Get 2,000 AIR MILES Bonus Miles and we’ll waive the $120 annual fee for the first year.*
- Get 3x the Miles for every $12 spent at participating AIR MILES Partners and 2x the Miles for every $12 spent at any eligible grocery store*.
- Earn 1 reward mile for every $12 in credit card purchases, everywhere you spend.*
- Get valuable benefits and offers for digital everyday services from a variety of on-demand apps and subscription services.
- Use your card at Costco.*
- Extended Warranty.
- Access over 1 million Wi-Fi hotspots around the world – all at no added cost, and no added fees or roaming charges.*
- Complimentary membership in Mastercard Travel Pass provided by DragonPass.*
- Use less Miles with our exclusive 25% discount on one worldwide AIR MILES flight redemption during the calendar year.*
- BMO AIR MILES World Elite Travel and Medical Protection.*
- BMO Concierge Service.*
- Unlock Mastercard Travel Rewards cashback offers when you travel and shop outside of Canada.
- *Terms and conditions apply.
- BMO is not responsible for maintaining the content on this site. Please click on the Apply now link for the most up to date information.
BMO CashBack® World Elite®* Mastercard®*
Our Take
Why we like it
You won’t need a strategy to make the most out of this bonus-category card. The BMO CashBack® World Elite®* Mastercard®* spends like a flat-rate card thanks to stellar rates on four popular daily spending categories.
Pros
Cons
You won’t need a strategy to make the most out of this bonus-category card. The BMO CashBack® World Elite®* Mastercard®* spends like a flat-rate card thanks to stellar rates on four popular daily spending categories.
Pros
- Score generous cash-back rates for popular spending categories: 5% on groceries, 4% on transit, 3% on gas, 2% on recurring bills, and 1% on everything else.
- Feel protected with 13 types of insurance and fantastic travel benefits.
Cons
- Spending categories come with easily-hit spending caps, but the 1% base rate still earns you value once you hit your monthly bonus rate limits.
- The $120 annual fee is pretty steep. While we think you’ll more than make up for it through cash back savings, the no-fee BMO CashBack® Mastercard®* is a great alternative.
Product Details
- Welcome offer: Get up to 10% cash back in your first 3 months and the $120 annual fee waived in the first year.*
- Earn more cash back on the categories that mean the most: 5% on groceries.* 4% on transit including ride sharing, taxis and public transportation.* 3% on gas and electric vehicle charging.* 2% on recurring bill payments like your monthly phone bill or favourite streaming service.* 1% unlimited cashback on all other purchases.*
- Get the highest cash back earn rate on groceries in Canada.†
- Get valuable benefits and offers for digital everyday services from a variety of on-demand apps and subscription services.
- Extended Warranty Plus.*
- Purchase Protection Plus.*
- Complimentary membership in Mastercard Airport Experiences provided by LoungeKey.*
- Access over 1 million Wi-Fi hotspots around the world – all at no added cost, and no added fees or roaming charges.*
- Complimentary Roadside Assistance Program.*
- BMO CashBack World Elite Travel and Medical Protection.*
- BMO Concierge Service.*
- Unlock Mastercard Travel Rewards cashback offers when you travel and shop outside of 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 January 4, 2023.
- BMO is not responsible for maintaining the content on this site. Please click on the Apply now link for the most up to date information.
BMO Ascend™ World Elite® Mastercard®
Our Take
Why we like it
The BMO Ascend™ World Elite®* Mastercard®* comes with a high base rate on rewards, a healthy return on travel spending, premium travel perks and an extensive travel insurance package.
Pros
Cons
The BMO Ascend™ World Elite®* Mastercard®* comes with a high base rate on rewards, a healthy return on travel spending, premium travel perks and an extensive travel insurance package.
Pros
- Free membership in Mastercard Airport Experiences provided by LoungeKey, plus four free passes a year.
- Earn 2x bonus points and save up to 25% off rentals at participating National Car Rental and Alamo Rent a Car locations.
Cons
- You can’t transfer your BMO Reward points to frequent flyer or loyalty programs, but you can earn frequent flyer miles on your flight.
- No travel medical coverage for cardmembers over the age of 65.
Product Details
- Welcome offer: Get up to 90,000 points and the annual fee waived in the first year for both the primary cardholder and authorized users.*
- 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.*
- Now get the highest rewards points for travel of any premium flexible travel card in Canada!†
- Complimentary membership in Mastercard Travel Pass provided by DragonPass,* with four annual complimentary passes.
- Access over 1 million Wi-Fi hotspots around the world – all at no added cost, and no added fees or roaming charges.*
- Get valuable benefits and offers for digital everyday services from a variety of on-demand apps and subscription services.
- Points you can use to cover all flight charges & taxes.*
- Fly on any airline, with no blackout dates.*
- Best-in-class travel and medical insurance (unlimited trips per year).*
- BMO Concierge Service.*
- Unlock Mastercard Travel Rewards cashback offers when you travel and shop outside of Canada.
- *Terms and conditions apply.
- †Statement based on a comparison of the redeemable value of the non-promotional travel rewards points earned on premium flexible Canadian credit cards as of May 3, 2022. “Flexible” is defined as points earned when you purchase travel anywhere and “premium” refers to cards with an annual fee of ≤ $150 or has an income requirement of ≤ $150,000 annual individual income.
- BMO is not responsible for maintaining the content on this site. Please click on the Apply now link for the most up to date information.
BMO eclipse Visa Infinite* Card
Our Take
Why we like it
The BMO eclipse Visa Infinite* Card boasts a generous intro offer, competitive rewards rates on popular daily spending categories and point-boost incentives for adding an authorized user.
Pros
Cons
The BMO eclipse Visa Infinite* Card boasts a generous intro offer, competitive rewards rates on popular daily spending categories and point-boost incentives for adding an authorized user.
Pros
- You can earn up to 10% more points by adding an authorized user to your account.
- Mobile device insurance up to $1,000.
Cons
- Limited travel insurance may disappoint frequent travellers.
- The bonus rewards rate drops down to the 1x flat rate after a $50,000 annual spend. Considering how many categories fit into the cap, hitting the limit will be easy for families and big spenders.
Product Details
- Welcome offer: 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!*
- Earn 5x the BMO Rewards points on groceries, dining, gas and transit.*
- Get 1 BMO Reward for every $1 spent on everything else.*
- Get a $50 annual lifestyle credit to spend however you want.*
- Mobile Device Insurance that covers you for up to $1,000.*
- Earn 10% more points when you add an authorized user to your account.*
- Pay with Points by browsing your recent transactions & redeem your points for as little as $1.
- *Terms and conditions apply.
- BMO is not responsible for maintaining the content on this site. Please click on the Apply now link for the most up to date information.
BMO eclipse Visa Infinite Privilege* Card
Our Take
Why we like it
The BMO eclipse Visa Infinite Privilege* Card is an impressive metal credit card that boasts a generous intro offer and competitive rewards rates on popular daily spending categories.
Pros
Cons
The BMO eclipse Visa Infinite Privilege* Card is an impressive metal credit card that boasts a generous intro offer and competitive rewards rates on popular daily spending categories.
Pros
- Spoil yourself with a $200 annual lifestyle credit.
- Earn 25% more points on all purchases when you add an authorized user to your account.
Cons
- Accelerated earn rates are limited to a $100,000 annual spend across all categories.
Product Details
- Welcome offer: Get up to 120,000 points.*
- Earn 5x the BMO Rewards points on groceries, dining, drugstore purchases, gas and travel.*
- Get 1 BMO Reward for every $1 spent on everything else.*
- Get a $200 annual lifestyle credit to spend however you want.*
- Mobile Device Insurance that covers you for up to $1,000.*
- Earn 25% more points when you add an authorized user to your account.*
- Pay with Points by browsing your recent transactions & redeem your points for as little as $1.
- Enjoy a Visa Airport Companion membership and 6 complimentary airport lounge visits per year – valued at more than $250 USD.*
- Airport experiences along with Priority Security Lane, airport parking and valet service discounts at select Canadian airports.*
- Enjoy the Visa Infinite Dining Series and Visa Infinite Wine Country.*
- *Terms and conditions apply.
- BMO is not responsible for maintaining the content on this site. Please click on the Apply now link for the most up to date information.
BMO CashBack® Mastercard®*
Our Take
Why we like it
The BMO CashBack® Mastercard®* offers attractive earn rates on everyday purchases like groceries and utility bills, making it easy to quickly rack up rewards that you can turn into cold hard cash.
Pros
Cons
The BMO CashBack® Mastercard®* offers attractive earn rates on everyday purchases like groceries and utility bills, making it easy to quickly rack up rewards that you can turn into cold hard cash.
Pros
- Attractive introductory offer, especially if you’re interested in a balance transfer.
- No minimum threshold for redeeming your cash-back rewards. Redeem as little as $1 if you want.
Cons
- Accelerated earn rates for groceries and recurring bills are capped at $500 per billing cycle, a ceiling that might be easy to hit if you have a family or higher monthly balances.
- Offers fewer travel perks and types of insurance than some other cards.
Product Details
- Welcome offer: Get 5% cash back in your first 3 months.*
- Then get 3% cash back on grocery purchases, 1% cash back on recurring bill payments and 0.5% unlimited cash back on all other purchases!*
- Now earn the highest cash back on groceries in Canada without paying an annual fee!†
- Get a 0.99% introductory interest rate on Balance Transfers for 9 months, 2% fee applies to balance amounts transferred.*
- No Annual fee.*
- Want to get your cash back ASAP? Now you can redeem your cash back anytime through direct deposit, as a credit on your statement or into your BMO InvestorLine account.*
- Extended Warranty.*
- Purchase Protection.*
- Receive a discount on car rentals.*
- *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 January 4, 2023.
- BMO is not responsible for maintaining the content on this site. Please click on the Apply now link for the most up to date information.
BMO AIR MILES®† Mastercard®* for Students
Our Take
Why we like it
Students can start earning AIR MILES rewards on everyday purchases with this no-fee and easy-entry Air Miles card.
Pros
Cons
Students can start earning AIR MILES rewards on everyday purchases with this no-fee and easy-entry Air Miles card.
Pros
- Better-than-usual intro offer for a student card, plus the ability to earn rewards on everyday purchases.
- Your AIR MILES membership will help you earn miles twice as fast at AIR MILES Partners when you pay with your BMO AIR MILES credit card.
Cons
- The 20.99% interest rate may be an industry standard, but it could feel high for first-time cardholders. If a lower rate is important to you, consider the nearly-identical BMO AIR MILES®† Mastercard®*, which comes with a 0.99% introductory interest rate on balance transfers for nine months.
Product Details
- Welcome offer: Get 800 AIR MILES Bonus Miles!* That’s enough for $80 towards purchases with AIR MILES Cash.*
- Get 3x the Miles for every $25 spent at participating AIR MILES Partners and 2x the Miles for every $25 spent at any eligible grocery store.*
- Get 1 Mile for every $25 spent everywhere else.*
- Use your BMO AIR MILES Mastercard and AIR MILES Collector Card at an AIR MILES Partner to earn Reward Miles from both.*
- Get AIR MILES back every time you spend, plus start building a healthy credit history.
- No annual fee.*
- Receive a discount on car rentals.*
- Extended Warranty.*
- Purchase Protection.*
- *Terms and conditions apply.
- BMO is not responsible for maintaining the content on this site. Please click on the Apply now link for the most up to date information.
BMO AIR MILES®† Mastercard®*
Our Take
Why we like it
It’s rare to find a 0.99% balance transfer offer on a dedicated travel rewards credit card, especially with a low 2% balance transfer fee. Sure, the introductory period is only for nine months, but the BBMO AIR MILES®† Mastercard®* makes it worth its while by adding an extra introductory perk: 800 bonus AIR MILES.
Pros
Cons
It’s rare to find a 0.99% balance transfer offer on a dedicated travel rewards credit card, especially with a low 2% balance transfer fee. Sure, the introductory period is only for nine months, but the BBMO AIR MILES®† Mastercard®* makes it worth its while by adding an extra introductory perk: 800 bonus AIR MILES.
Pros
- No annual fee.
- Ability to earn unlimited rewards.
Cons
- The introductory APR period for transfers is only nine months, so make sure you can pay off your balance during that window of time.
Product Details
- Welcome offer: Get 800 AIR MILES Bonus Miles!* That’s enough for $80 towards purchases with AIR MILES Cash.*
- Get a 0.99% introductory interest rate on Balance Transfers for 9 months, 2% fee applies to balance amounts transferred.*
- Get 3x the Miles for every $25 spent at participating AIR MILES Partners and 2x the Miles for every $25 spent at any eligible grocery store.*
- Get 1 Mile for every $25 spent everywhere else.*
- Use your BMO AIR MILES Mastercard and AIR MILES Collector Card at an AIR MILES Partner to earn Reward Miles from both.*
- No annual fee.*
- Receive a discount on car rentals.*
- Extended Warranty.*
- Purchase Protection.*
- *Terms and conditions apply.
- BMO is not responsible for maintaining the content on this site. Please click on the Apply now link for the most up to date information.
BMO CashBack® Mastercard®* for Students
Our Take
Why we like it
The BMO CashBack® Mastercard®* for Students has impressive earn rates — including 3% on groceries — and valuable perks, all without an annual fee.
Pros
Cons
The BMO CashBack® Mastercard®* for Students has impressive earn rates — including 3% on groceries — and valuable perks, all without an annual fee.
Pros
- Earn flexible and easy-to-redeem cash rewards on everyday purchases.
- There’s no minimum threshold for redeeming your cash-back rewards. Redeem as little as $1 if you want.
Cons
- Accelerated earn rates for groceries and recurring bills are capped at $500 per billing cycle.
- Insurance is limited to extended warranty and purchase protection.
Product Details
- Welcome offer: Get 5% cash back in your first 3 months.*
- Then get 3% cash back on grocery purchases, 1% cash back on recurring bill payments and 0.5% unlimited cash back on all other purchases!*
- Now earn the highest cash back on groceries in Canada without paying an annual fee!†
- Get cash back every time you spend, plus start building a healthy credit history.
- Want to get your cash back ASAP? Now you can redeem your cash back anytime through direct deposit, as a credit on your statement or into your BMO InvestorLine account.*
- No Annual fee.*
- Extended Warranty.*
- Purchase Protection.*
- Receive a discount on car rentals.*
- *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 January 4, 2023.
- BMO is not responsible for maintaining the content on this site. Please click on the Apply now link for the most up to date information.
BMO AIR MILES®† World Elite®* Business Mastercard®*
Our Take
Why we like it
On-the-move business owners are likely fans of the BMO AIR MILES®† World Elite®* Business Mastercard®* for its healthy earn rates, travel perks, small business support, and round-the-clock access to virtual health care through Maple.
Pros
Cons
On-the-move business owners are likely fans of the BMO AIR MILES®† World Elite®* Business Mastercard®* for its healthy earn rates, travel perks, small business support, and round-the-clock access to virtual health care through Maple.
Pros
- Earn up to 4x the AIR MILES at certain retailers and reach your redemption goals faster by getting up to 22 additional cards for employees to use.
- Wide range of travel perks and travel protection coverage.
- Access to on-demand virtual physical and mental health care with Canadian-licensed general practitioners with Maple.
Cons
- Airport lounge access is included with a complimentary membership in Mastercard Travel Pass provided by DragonPass — but it isn’t free. You’ll need to spend US$32 per person, per visit.
- While the interest rates are standard, this card does not come with flexible payment options or an extended interest-free grace period.
Product Details
- Welcome Offer: Get 3,000 AIR MILES Bonus Miles when you spend a minimum of $5,000 in the first three months. Plus, we’ll waive the $149 annual fee for a year.*
- No annual fee for the first year.*
- Get 1 Mile for every $12 you spend.*
- Get 4x the Miles when you use your card at participating AIR MILES partners.
- 25 payment grace days.*
- Get up to 22 additional cards so employees can easily make purchases on behalf of your business and help you earn points faster* (employee cards have an annual fee of $50).
- Use your card at Costco locations across Canada.*
- Travel Protection.*
- Liability Waiver Program protects your business against employee card abuse.*
- Get cash advances at any BMO Bank of Montreal branch or at more than 1 million ATMs worldwide.*
- Worldwide Acceptance.
- Complimentary membership in Mastercard Travel Pass provided by DragonPass.
- Become A Cardholder & Get Access To Virtual On-Demand Healthcare With Maple.*
- *Terms and conditions apply.
- BMO is not responsible for maintaining the content on this site. Please click on the Apply now link for the most up to date information.
BMO® AIR MILES®† No-Fee Business® Mastercard®*
Our Take
Why we like it
Not many no-fee cards allow users to earn AIR MILES, which makes the BMO® AIR MILES®† No-Fee Business® Mastercard®* a unique and rewarding option.
Pros
Cons
Not many no-fee cards allow users to earn AIR MILES, which makes the BMO® AIR MILES®† No-Fee Business® Mastercard®* a unique and rewarding option.
Pros
- Get up to 22 additional cards, and enjoy protection against misuse with the Liability Waiver Program.
- Enjoy automatic rebates of up to 25% when shopping at qualifying merchants with Mastercard Easy Savings.
- Flexibility in how AIR MILES can be redeemed, and the ability to earn extra Miles when shopping at Shell gas stations
Cons
- Few additional perks.
- No travel insurance offered.
- The earn rates may not impress experienced AIR MILES collectors.
Product Details
- Welcome Offer: Get 1,000 AIR MILES Bonus Miles – That’s enough for over $100 towards your purchases with AIR MILES Cash!*
- Earn 1 AIR MILES Reward Mile on every $20 you spend.*
- Plus – get 1.25X the Miles for every $20 you spend at participating Shell stations.*
- 25 payment grace days.*
- Optional Employee Cards – empower employees with delegated purchasing authority.*
- Use your card at Costco locations across Canada.*
- Liability Waiver Program protects your business against employee card abuse.*
- Get cash advances at any BMO Bank of Montreal branch or at more than 1 million ATMs worldwide.*
- Worldwide Acceptance.
- *Terms and conditions apply.
- BMO is not responsible for maintaining the content on this site. Please click on the Apply now link for the most up to date information.
Summary of the best BMO credit cards
| BMO Credit Card | Interest Rate | Intro Offer |
|---|---|---|
| BMO Preferred Rate Mastercard®* | 13.99%. | N/A. |
| BMO eclipse Visa Infinite* Card | 20.99%. | Up to 60,000 Points. |
| BMO eclipse Visa Infinite Privilege* Card | 20.99%. | Up to 120,000 Points. |
| BMO eclipse rise Visa Card* | 20.99%. | Up to 25,000 Points. |
| BMO AIR MILES®† World Elite®* Business Mastercard®* | 19.99%. | 3,000 Miles. |
| BMO® AIR MILES®† No-Fee Business® Mastercard®* | 19.99%. | 1,000 Miles. |
| BMO AIR MILES®† Mastercard®* | 20.99%. | 800 Miles. |
| BMO AIR MILES®† World Elite®* Mastercard®* | 20.99%. | 2,000 Miles. |
| BMO AIR MILES®† Mastercard®* for Students | 20.99%. | 800 Miles. |
| BMO CashBack® Mastercard®* | 20.99%. | Up to $125. |
| BMO CashBack® Mastercard®* for Students | 20.99%. | Up to $125. |
| BMO CashBack® World Elite®* Mastercard®* | 20.99%. | Up to $260. |
| BMO Ascend™ World Elite®* Mastercard®* | 20.99%. | Up to 90,000 Points. |
How BMO credit cards work
The Bank of Montreal, more widely known as BMO, was founded in 1817. BMO is Canada’s first incorporated bank and continues to be one of its largest, widely known as one of the country’s Big 6 banks.
Like many big banks, BMO offers a variety of personal and business credit cards designed to meet the needs of a wide spectrum of consumers, including travel enthusiasts, students and newcomers looking for their first credit card, and business owners wanting to earn rewards for business-related spending.
General types of BMO credit cards
BMO issues its own credit cards in addition to a selection of co-branded credit cards offered in partnership with Air Miles, the popular loyalty program. BMO credit cards have features tailored to a variety of needs and financial goals.
- BMO cash-back cards. Cash-back credit cards earn a set amount of money back for each eligible purchase.
- BMO travel credit cards. Travel reward cards often have accelerated earn rates for travel purchases and often feature other travel-friendly perks like airport lounge access, priority boarding and travel insurance.
- BMO Air Miles credit cards. Co-branded cards that earn Air Miles reward miles that can be redeemed for travel, merchandise, or even cash.
- BMO general rewards cards. Rewards credit cards earn points from a financial institution’s proprietary loyalty program, such as BMO Rewards, which can be redeemed for a variety of items like merchandise or gift cards and more.
- BMO business credit cards. Cards that feature benefits and earning categories (such as office supplies) that are of interest to business owners.
- BMO student cards. Student credit cards often have features for those who want to build credit history, and may have lower interest rates or annual fees.
- BMO low-interest credit cards. Low-interest credit cards are often helpful to those who may carry a balance.
- BMO U.S. dollar cards. A U.S. dollar credit card allows you to make purchases in U.S. dollars without paying an FX fee.
Common features of BMO credit cards
Available as both Mastercard and Visa cards
BMO mainly offers cards on the Mastercard network, though they have a few Visa credit card options. This means BMO credit card holders have access to some top tier Visa Infinite-brand cards, if they qualify.
Interest rates about average
Aside from the Preferred Rate Mastercard, most of BMO’s personal credit cards feature an interest rate of 19.99-20.99% for purchases, and a cash advance rate that ranges between 22.99% to 23.99%.
Ample no-fee options
Some, but not all, BMO credit cards charge an annual fee; an amount paid upfront, once a year, every year you carry the card. An annual fee may be worth it if the value of the rewards you’ll earn exceeds the cost. Here’s a look at the annual fees of the BMO credit cards in our list.
Additional perks and rewards
Most BMO credit cards feature purchase protection and extended warranty protection.
Many BMO cards also feature a perk of 25% off rental vehicles at National Car Rental and Alamo Rent a Car locations.
How to choose the best BMO credit card for you
When comparing credit card options, be sure to look at the eligibility requirements. It doesn’t make sense to apply for a credit card card that has age, location, income or credit score requirements you can’t satisfy.
Annual fees. Cards that charge annual fees tend to have more and higher value perks than those that don’t. Be sure that the value of any rewards you’ll earn with the card offset what you’ll pay to carry it.
Interest rate. If you tend to keep a balance on your card, it’s wise to look for a card with a lower interest rate.
Rewards or cash back. Rewards can be more lucrative than cash back but can be complicated to redeem.
Who should consider a BMO credit card?
Anyone who currently banks with BMO and is in need of a credit card should consider BMO’s credit card options. If you’re already a customer, BMO will have access to some of your financial information, and applying for a card will be easier.
Travel reward enthusiasts will want to take special note of BMO’s credit cards as they are the only issuer of Air Miles-branded cards in Canada aside from American Express.
Budget card shoppers who want to avoid annual fees will be pleased to learn that BMO offers a total of six low and no-fee credit card options — some of which also charge lower-than-average interest rates.
Newcomers to Canada are welcome at BMO, which offers multiple credit card options with attractive rewards — no credit history required.
How to get a BMO credit card
- The easiest way to apply for a BMO credit card is to start on the Bank’s website. Once you’ve decided the card you want, click the “Apply Now” button located somewhere on the page.
- BMO will then ask you to confirm that you’re the age of majority in your province or territory, and not have declared bankruptcy in the last seven years.
- You’ll also be asked if you already have a BMO debit card (i.e. are you an existing client?). If you’re an existing client, applying for a card can be a faster process as you’ll be asked to log in to your account and much of the credit card application information will be pre-filled based on your account details.
- If you’re not an existing client, you’ll be asked whether or not you have a Canadian address (if not you’ll have to apply in person at a branch). BMO will require that you review and acknowledge the pertinent information about the card before continuing.
- You’ll then have to provide personal details like your name and address, as well as information about your housing status (i.e. do you rent or own) and how much you pay monthly in rent or mortgage payments.
- Finally, you’ll need to give details about your employer and your income.
Upon submission of your online application, you may then be approved instantly or you may have to wait eight to 10 days to know whether or not you’ve been approved for a BMO credit card.
Frequently asked questions about BMO credit cards
What’s the best BMO credit card?
The best BMO credit card depends on your spending habits, financial goals and the types of rewards you want to earn. The BMO Preferred Rate Mastercard®* is a worthwhile choice for those who tend to carry a balance and want a card with a standard low rate, for example, while Air Miles enthusiasts may be interested in the BMO AIR MILES®† Mastercard®*, which earns extra miles for eligible purchases at participating AIR MILES partners — all without an annual fee.
How do I apply for a BMO credit card?
You can apply for a BMO credit card online, over the phone, or by booking an appointment at a branch location near you. It can take up to 10 business days to get your TD credit card in the mail, once your application is approved.
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