Helping you make wiser investment decisions

BMO credit cards: A breakdown of the bank’s best cards 2021

May 14, 2021 Keph Senett



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*

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*

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 $12 in credit card purchases (and three times the Miles at Air Miles partners), 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.



Source link