BMO Reviews: An overview of its banking products and services
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BMO (also known as the Bank of Montreal) is one of Canada’s oldest banks—over 200 years old. Because of its history and reputation as one of Canada’s most trusted big five banks, it’s a popular financial institution for all things money-related—from bank accounts and mortgages to insurance, loans and investments.
We’ve dug into the nitty gritty of BMO and laid out everything you need to know about how it operates and what it offers. Read on for our in-depth BMO review.
BMO Bank of Montreal reviews
| Product | What it is | Who it’s for |
|---|---|---|
| BMO Investorline | Accounts: RRSPs, TFSAs, RESPs, FHSAs, RRIFs, RDSPs. BMO has options to invest online and with a professional | Anyone interested in long-term savings, whether that’s for a home, schooling or retirement |
| BMO chequing accounts |
5 different chequing accounts, ranging from $4 per month to $30.95 per month
|
There’s an account option for everyone, whether they have a high balance or a low balance, conduct a lot of monthly transactions or just a handful
|
| BMO savings accounts | 4 different savings accounts, all with no fees | There are savings accounts to help with all types of savings goals. One even offers the ability to save in US dollars |
| BMO credit cards | BMO offers 2 types of cash back cards, 3 no annual fee cards, 3 low interest/low fee cards, 4 BMO rewards cards, 2 Air Miles rewards cards, 5 travel cards, 2 student cards and 3 cards for Canadian newcomers | Those looking to earn cash back, travel, or other rewards and anyone interested in no fees or low interest rates |
| BMO mortgages | Fixed and variable interest rate mortgages as well as mortgages with a bundled line of credit. BMO offers 130 day rate guarantees | Canadians looking to purchase a home |
| BMO loans | Personal loans, home equity lines of credit and RRSP loans | Loans can typically be used for debt consolidation, big-ticket purchases, travel and investing |
| BMO insurance | Creditor, life, critical illness and travel insurance | For those looking to protect themselves and their family |
BMO Pros and cons of BMO
Like any bank or financial institution, BMO has its positives and its negatives. We’ve broken those down for you.
Pros
-
A solid history
-
Well-respected
-
A wide range of products
-
Affordable banking, investing, credit, mortgage and insurance options
-
Over 900 branches across the country
-
Access to over 3,000 ATMs
-
Discounts for youth, students, seniors, newcomers, people with disabilities and Indigenous Canadians
Cons
-
Lack of innovative, free chequing accounts
-
Higher fees than newer fintech companies
-
Lower savings rates than newer fintech companies
How to open a BMO bank account
You can open a BMO account either online by simply clicking any of the apply now buttons or by visiting one of their branches.
You can find a BMO branch here
Required documents:
✅ Proof of identity: passport, driver's license or Canadian permanent resident card
✅ Proof of address: recent utility bill, rental agreement, or a letter from your employer showing your current address. Some banks may also accept a notice of assessment from the Canada Revenue Agency (CRA).
✅ Social insurance number (SIN) & employment information: For tax purposes, you'll need to provide your SIN. Depending on the type of account you're opening, you may need details of your current employment status.
BMO web and app insights
BMO’s app was ranked #1 by Insider Intelligence’s Canada Mobile Banking Emerging Feature Benchmark study. And a big reason was its Manage Money Insights. This feature allows users to manage their money using personalized insights about their monthly spending, bill payment tracking and AI cash flow predictions.
With BMO’s Insights, users can keep an eye on their spending, save more and get alerts if anything seems off with their account.
BMO customer service
BMO employee reviews appear to be strong, and its customer service earns rewards within the industry. J.D. Power ranked it #1 in customer satisfaction among the big five banks in its 2023 Canada Retail Banking Satisfaction Study1.
Customer service can be contacted in various ways, including online, by telephone or in-branch.
BMO investing products
- BMO Investorline review
BMO Investorline Self-Directed is for the experienced investor interested in managing their own portfolio. Read the full BMO Investorline review.
- BMO SmartFolio review
BMO SmartFolio is a way to invest online with a low-fee professionally managed portfolio. Fees range from 0.4-0.7%. Read the full BMO SmartFolio review here.
- BMO adviceDirect review
A mix of self-directed and managed investing. adviceDirect gives users insights, advice and access to investment professionals.
BMO insurance products
Insurance is one of those unavoidable things in life, like taxes. It might be a pain to pay for, but it's always a relief to have it when needed.
As with all Canadian banks, BMO offers a comprehensive range of insurance products, including life insurance, travel insurance, mortgage insurance and credit protection insurance. While we don't advocate for the latter two, life and travel insurance are often essential, ensuring you're well-prepared for life's unexpected turns.
Let's learn more about what BMO offers in this quick BMO travel insurance and BMO life insurance review.
Life insurance
For life insurance, BMO offers term and permanent life insurance for those who want to protect their families financially in the event of their death. Term life insurance covers a set amount of time, whereas permanent life insurance covers life.
Term life insurance is available to anyone aged 18 to 75, and coverage ranges from $100,000 to $30 million. Coverage terms can be 10, 15, 20, 25, or 30 years.
Permanent life insurance is available to anyone up to 80, and coverage amounts range from $50,000 to $35 million.
Travel
Another popular insurance option, BMO also offers several different travel insurance plans—five in total, to be exact. There are options for multi-trip plans and single-trip plans, and there’s something for everyone, whether they want travel medical, travel protection or a mix.
Benefits can include emergency hospital and medical expenses, private duty nursing, emergency air transportation or evacuation, emergency dental expenses, trip cancellation and trip interruption.
BMO Bank reviews: chequing and saving accounts
Performance chequing account
- Fees: $17.95 per month (or $0 with a minimum balance of $4,000)
- Limits: Unlimited transactions
- Features: No-fee daily banking for your family, up to $40 rebate on annual fee for certain credit cards
- Who it’s for: Working professionals or families who have a balance of at least $4,000 who need an account that offers unlimited transactions
Premium chequing account
- Fees: $30.95 per month (or $0 with a minimum balance of $6,000)
- Limits: Unlimited transactions
- Features: No-fee daily banking for your family, up to $150 rebate on annual fee for certain credit cards
- Who it’s for: The high balance account holder who also has – or wants – a BMO credit card
Plus chequing account
- Fees: $11.95 per month (or $0 with a minimum balance of $3,000)
- Limits: 25 transactions per month
- Features: Canada and US dollar savings accounts at no cost, unlimited no-fee debits for public transit
- Who it’s for: With it’s free savings account add-on and unlimited public transit transactions, this account might be enticing for students or Canadian newcomers who require less than 25 transactions per month
Practical chequing account
- Fees: $4 per month
- Limits: 12 transactions per month
- Features: Premium rate savings account at no cost
- Who it’s for: Seniors or anyone else who doesn’t require a high number of transactions per month
AIR MILES chequing account
- Fees: $17.95 per month
- Limits: Unlimited transactions
- Features: Earn 1 mile for every $30 spent on your BMO debit card, 25 bonus miles each month if you have a BMO Air Miles World Elite Mastercard
- Who it’s for: The traveller who also has – or wants – a BMO Air Miles World Elite Mastercard
Savings amplifier savings account
- Fees: No monthly fee
- Interest rate: 1.9%
- Features: Unlimited transfers to your other BMO accounts, no minimum balance
- Who it’s for: Anyone who wants an account for short-term savings or anyone who wants a savings account to keep their emergency fund
Savings builder account
- Fees: No monthly fee
- Interest rate: 0.25% base or 1.25% if you save at least $200 per month
- Features: One transfer to another BMO account per month
- Who it’s for: The super saver who saves at least $200 per month, which might be especially geared toward new Canadians
Premium rate savings account
- Fees: No monthly fee
- Interest rate: 0.010%
- Features: Pay one monthly plan fee for multiple accounts
- Who it’s for: Anyone who already has a BMO chequing account and wants to add a savings account – great for students who want to stack two affordable accounts
US dollar premium rate savings account
- Fees: No monthly fees
- Interest rate: 0.050%
- Features: Save in US dollars
- Who it’s for: Someone who travels often to the US or has family in the United States that they’d like to send and receive money to and from
BMO Credit cards reviews
It’s become a cliche, but when it comes to BMO credit cards, there is something for everyone. It’s impressive how many they offer. We’ll break them down by category for easy scanning: scroll down to the type that interests you most or peruse all the BMO credit card reviews at your leisure.
BMO no fee credit cards
BMO offers three different no fee credit cards: BMO Eclipse Rise Visa, BMO Cashback Mastercard and BMO AIR MILES Mastercard.
5% cash back
Welcome Bonus
$526
First Year Value
$401
Annual Value
Welcome Bonus: Get 5% cash back in your first 3 months*
Get this card if you...
-
want to earn cash back on everyday purchases
-
value the flexibility to redeem cash back at any time
-
value a great welcome offer
Annual Fee & Annual Interest Rates
$0
Annual Fee
20.99%
Purchase
22.99%
Cash Advance
-
Our Take
The BMO CashBack® Mastercard®* is a no-annual-fee credit card that allows cardholders to earn cash back on everyday purchases, with elevated rates for categories such as groceries and recurring bill payments. It offers flexible redemption options and includes benefits like purchase protection and extended warranty.
BMO CashBack® Mastercard®* ReviewEligibility
Good (620 - 670)
Recommended Credit Score
$15,000
Required Annual Personal Income
-
Pros
-
No Annual Fee: A rare find in Canada for a cash back card
-
A generous 3% cash back on groceries (up to $500 monthly)
-
Easily redeem from $1, set up automatic redemptions, or use as a statement credit
-
Additional perks include discounts on rentals, free supplementary cards and show discounts
Cons
-
Outside of groceries and recurring payments, the standard earn rate drops to 0.5%
-
Monthly caps on top earn rates for groceries and recurring payments
-
A 2% balance transfer fee applies
-
The interest rate on the remaining balance transfer amount increases after the introductory period
-
-
Annual Interest Rates
20.99%
Purchase
22.99%
Cash Advance
0.99%
Balance Transfer (Introductory)
Fees
$0
Annual Fee
-
Rewards cash back
3%
Cardholders earn 3% (up to a monthly max of $500) cash back on groceries
1%
Cardholders can earn 1% (up to $500 per month) on any recurring bill payments*
0.5%
Cardholders can earn 0.5% (no monthly max) on all other eligible purchases*
-
Get up to 5% cash back in your first 3 months‡‡ and a 0.99% introductory interest rate on Balance Transfers for 9 months with a 2% transfer fee.§§
Our Take
The BMO CashBack® Mastercard®* is a no-annual-fee credit card that allows cardholders to earn cash back on everyday purchases, with elevated rates for categories such as groceries and recurring bill payments. It offers flexible redemption options and includes benefits like purchase protection and extended warranty.
BMO CashBack® Mastercard®* ReviewEligibility
Good (620 - 670)
Recommended Credit Score
$15,000
Required Annual Personal Income
Pros
-
No Annual Fee: A rare find in Canada for a cash back card
-
A generous 3% cash back on groceries (up to $500 monthly)
-
Easily redeem from $1, set up automatic redemptions, or use as a statement credit
-
Additional perks include discounts on rentals, free supplementary cards and show discounts
Cons
-
Outside of groceries and recurring payments, the standard earn rate drops to 0.5%
-
Monthly caps on top earn rates for groceries and recurring payments
-
A 2% balance transfer fee applies
-
The interest rate on the remaining balance transfer amount increases after the introductory period
Annual Interest Rates
20.99%
Purchase
22.99%
Cash Advance
0.99%
Balance Transfer (Introductory)
Fees
$0
Annual Fee
Rewards cash back
3%
Cardholders earn 3% (up to a monthly max of $500) cash back on groceries
1%
Cardholders can earn 1% (up to $500 per month) on any recurring bill payments*
0.5%
Cardholders can earn 0.5% (no monthly max) on all other eligible purchases*
1,500 AIR MILES
Welcome Bonus
$253
First Year Value
$173
Annual Value
Welcome Bonus: Limited time offer: Get 1,500 AIR MILES Bonus Miles!* That’s enough for $150 towards purchases with AIR MILES Cash*
Get this card if you...
-
quickly rack up more Air Miles
-
want rewards, with an annual fee
-
value a great welcome offer
Annual Fee & Annual Interest Rates
$0
Annual Fee
20.99%
Purchase
22.99%
Cash Advance
22.99%
Balance Transfer
-
Our Take
The BMO® AIR MILES®† Mastercard®* is a no-annual-fee credit card that allows cardholders to earn AIR MILES on everyday purchases, with accelerated rates at participating AIR MILES Partners and eligible grocery stores. It includes benefits such as purchase protection, extended warranty, and discounts on car rentals, making it a practical choice for those looking to accumulate AIR MILES without an annual fee.
BMO AIR MILES®† MasterCard®* ReviewEligibility
Good (620 - 670)
Recommended Credit Score
$15,000
Required Annual Personal Income
-
Pros
-
No annual fee with a substantial welcome offer
-
Earn Air Miles with both credit and collector cards
-
Low eligibility requirements
-
Additional Benefits include discounts, insurance, and a low balance transfer rate
Cons
-
A 2% fee applies to balance transfers.
-
Limited redemption options
-
Variable redemption values may vary based on last-minute short-haul flights
-
Its specific rewards program is best for those interested in the Air Miles loyalty program
-
-
Annual Interest Rates
20.99%
Purchase
22.99%
Cash Advance
22.99%
Balance Transfer
0.99%
Balance Transfer (Introductory)
Fees
$0
Annual Fee
2.00%
Balance Transfer
-
Rewards AIR MILES
3x
the Miles for every $25 spent at participating AIR MILES Partners
2x
the Miles for every $25 spent at any eligible grocery store*
2x
the Miles for every $25 spent at any eligible wholesale clubs, membership-based retailers and alcohol retailers
1 Mile
for every $25 that you spend with your credit card everywhere else
-
1,500 AIR MILES Bonus Miles when you spend $1,000 in the first three months* of card membership*
Our Take
The BMO® AIR MILES®† Mastercard®* is a no-annual-fee credit card that allows cardholders to earn AIR MILES on everyday purchases, with accelerated rates at participating AIR MILES Partners and eligible grocery stores. It includes benefits such as purchase protection, extended warranty, and discounts on car rentals, making it a practical choice for those looking to accumulate AIR MILES without an annual fee.
BMO AIR MILES®† MasterCard®* ReviewEligibility
Good (620 - 670)
Recommended Credit Score
$15,000
Required Annual Personal Income
Pros
-
No annual fee with a substantial welcome offer
-
Earn Air Miles with both credit and collector cards
-
Low eligibility requirements
-
Additional Benefits include discounts, insurance, and a low balance transfer rate
Cons
-
A 2% fee applies to balance transfers.
-
Limited redemption options
-
Variable redemption values may vary based on last-minute short-haul flights
-
Its specific rewards program is best for those interested in the Air Miles loyalty program
Annual Interest Rates
20.99%
Purchase
22.99%
Cash Advance
22.99%
Balance Transfer
0.99%
Balance Transfer (Introductory)
Fees
$0
Annual Fee
2.00%
Balance Transfer
Rewards AIR MILES
3x
the Miles for every $25 spent at participating AIR MILES Partners
2x
the Miles for every $25 spent at any eligible grocery store*
2x
the Miles for every $25 spent at any eligible wholesale clubs, membership-based retailers and alcohol retailers
1 Mile
for every $25 that you spend with your credit card everywhere else
1,500 AIR MILES Bonus Miles when you spend $1,000 in the first three months* of card membership*
BMO low interest credit cards
If low interest is what you’re after, look no further than BMO Preferred Rate Mastercard or BMO Prepaid Mastercard.
0.99% rate
Welcome Bonus
$0
First Year Value
$0
Annual Value
Welcome Bonus: Get a 0.99% introductory interest rate on Balance Transfers for 9 months with a 2% transfer fee and BMO will waive the $29 annual fee in your first anniversary*.
Get this card if you...
-
want to pay down credit card debt
-
want to take advantage of a low-interest rate promotion
-
value extended warranty and purchase protection
Annual Fee & Annual Interest Rates
$29
Annual Fee
13.99%
Purchase
15.99%
Cash Advance
15.99%
Balance Transfer
-
Our Take
The BMO Preferred Rate Mastercard®* is a low-interest credit card designed for individuals seeking to manage their credit card debt more effectively. It offers a competitive interest rate on purchases and balance transfers, along with benefits such as purchase protection and extended warranty, making it a practical choice for those might carry the occasional monthly balance, or who value low interest rates more than rewards.
BMO Preferred Rate Mastercard®* ReviewEligibility
Good (620 - 670)
Recommended Credit Score
$0
Required Annual Personal Income
$0
Required Annual Household Income
-
Pros
-
Low-interest rate: Offers a competitive purchase interest rate
-
Introductory balance transfer offer for the first nine months
-
First-year annual fee waiver
-
BMO PaySmart™ Installment plans: Turn new credit card purchases into small, interest-free monthly payments with a small fee.
-
Additional cardholder: You can add an additional cardholder for free
-
Free extended warranty and purchase protection*
-
Zero Dollar Liability: protects you from unauthorized use of your credit card*
Cons
-
No rewards: Your focus is paying down debt, not collecting miles.
-
Foreign transaction fee: Charges a 2.5% fee on foreign transactions.
-
Balance transfer fee: While normal, it’s a bit painful to have to fork over a 2% fee on balance transfers.
-
-
Annual Interest Rates
13.99%
Purchase
15.99%
Cash Advance
15.99%
Balance Transfer
0.99%
Balance Transfer (Introductory)
Fees
$29
Annual Fee
2.00%
Balance Transfer
$5
Cash Advance
-
Rewards
0.99%
0.99% introductory interest rate on balance transfers for 9 months with a 2% transfer fee and BMO will waive the annual fee on your first anniversary.*
Our Take
The BMO Preferred Rate Mastercard®* is a low-interest credit card designed for individuals seeking to manage their credit card debt more effectively. It offers a competitive interest rate on purchases and balance transfers, along with benefits such as purchase protection and extended warranty, making it a practical choice for those might carry the occasional monthly balance, or who value low interest rates more than rewards.
BMO Preferred Rate Mastercard®* ReviewEligibility
Good (620 - 670)
Recommended Credit Score
$0
Required Annual Personal Income
$0
Required Annual Household Income
Pros
-
Low-interest rate: Offers a competitive purchase interest rate
-
Introductory balance transfer offer for the first nine months
-
First-year annual fee waiver
-
BMO PaySmart™ Installment plans: Turn new credit card purchases into small, interest-free monthly payments with a small fee.
-
Additional cardholder: You can add an additional cardholder for free
-
Free extended warranty and purchase protection*
-
Zero Dollar Liability: protects you from unauthorized use of your credit card*
Cons
-
No rewards: Your focus is paying down debt, not collecting miles.
-
Foreign transaction fee: Charges a 2.5% fee on foreign transactions.
-
Balance transfer fee: While normal, it’s a bit painful to have to fork over a 2% fee on balance transfers.
Annual Interest Rates
13.99%
Purchase
15.99%
Cash Advance
15.99%
Balance Transfer
0.99%
Balance Transfer (Introductory)
Fees
$29
Annual Fee
2.00%
Balance Transfer
$5
Cash Advance
Rewards
0.99%
0.99% introductory interest rate on balance transfers for 9 months with a 2% transfer fee and BMO will waive the annual fee on your first anniversary.*
$0
First Year Value
$0
Annual Value
Get this card if you...
-
want a prepaid mastercard for travel
-
value purchase protection and extended warranty coverage
-
don't care about fancy perks
Annual Fee & Annual Interest Rates
$6.95
Annual Fee
-
Our Take
The BMO Prepaid Mastercard is a reloadable card that provides the convenience of a credit card without the need for a credit check or income requirements, making it accessible for individuals seeking controlled spending. It offers benefits such as purchase protection and extended warranty coverage; however, it does not contribute to building credit history and lacks rewards programs.
BMO Prepaid Mastercard®* ReviewEligibility
Fair (300 - 619)
Recommended Credit Score
$0
Required Annual Personal Income
$0
Required Annual Household Income
-
Pros
-
No credit check or minimum income requirements for approval.
-
Accepted internationally at over 30 million locations.
-
Offers Purchase Protection and Extended Warranty coverage.
-
No interest rates since it's not a credit card.
-
Enhanced security features, including Mastercard’s Zero Liability insurance.
Cons
-
No rewards or cash back program.
-
Annual fee of $6.95
-
Various fees, including foreign transaction fee and inactivity fee.
-
Maximum balance limit of $10,000
-
-
Fees
$6.95
Annual Fee
$2.5
Foreign Transaction
-
Rewards
N/A
There are no rewards with the BMO Prepaid Mastercard
Our Take
The BMO Prepaid Mastercard is a reloadable card that provides the convenience of a credit card without the need for a credit check or income requirements, making it accessible for individuals seeking controlled spending. It offers benefits such as purchase protection and extended warranty coverage; however, it does not contribute to building credit history and lacks rewards programs.
BMO Prepaid Mastercard®* ReviewEligibility
Fair (300 - 619)
Recommended Credit Score
$0
Required Annual Personal Income
$0
Required Annual Household Income
Pros
-
No credit check or minimum income requirements for approval.
-
Accepted internationally at over 30 million locations.
-
Offers Purchase Protection and Extended Warranty coverage.
-
No interest rates since it's not a credit card.
-
Enhanced security features, including Mastercard’s Zero Liability insurance.
Cons
-
No rewards or cash back program.
-
Annual fee of $6.95
-
Various fees, including foreign transaction fee and inactivity fee.
-
Maximum balance limit of $10,000
Fees
$6.95
Annual Fee
$2.5
Foreign Transaction
Rewards
N/A
There are no rewards with the BMO Prepaid Mastercard
BMO Cash back credit cards
Want to line your pockets with a little extra money each time you use your card? BMO Cashback Mastercard or BMO Cashback World Elite Mastercard might be the perfect companion for you.
5% cash back
Welcome Bonus
$526
First Year Value
$401
Annual Value
Welcome Bonus: Get 5% cash back in your first 3 months*
Get this card if you...
-
want to earn cash back on everyday purchases
-
value the flexibility to redeem cash back at any time
-
value a great welcome offer
Annual Fee & Annual Interest Rates
$0
Annual Fee
20.99%
Purchase
22.99%
Cash Advance
-
Our Take
The BMO CashBack® Mastercard®* is a no-annual-fee credit card that allows cardholders to earn cash back on everyday purchases, with elevated rates for categories such as groceries and recurring bill payments. It offers flexible redemption options and includes benefits like purchase protection and extended warranty.
BMO CashBack® Mastercard®* ReviewEligibility
Good (620 - 670)
Recommended Credit Score
$15,000
Required Annual Personal Income
-
Pros
-
No Annual Fee: A rare find in Canada for a cash back card
-
A generous 3% cash back on groceries (up to $500 monthly)
-
Easily redeem from $1, set up automatic redemptions, or use as a statement credit
-
Additional perks include discounts on rentals, free supplementary cards and show discounts
Cons
-
Outside of groceries and recurring payments, the standard earn rate drops to 0.5%
-
Monthly caps on top earn rates for groceries and recurring payments
-
A 2% balance transfer fee applies
-
The interest rate on the remaining balance transfer amount increases after the introductory period
-
-
Annual Interest Rates
20.99%
Purchase
22.99%
Cash Advance
0.99%
Balance Transfer (Introductory)
Fees
$0
Annual Fee
-
Rewards cash back
3%
Cardholders earn 3% (up to a monthly max of $500) cash back on groceries
1%
Cardholders can earn 1% (up to $500 per month) on any recurring bill payments*
0.5%
Cardholders can earn 0.5% (no monthly max) on all other eligible purchases*
-
Get up to 5% cash back in your first 3 months‡‡ and a 0.99% introductory interest rate on Balance Transfers for 9 months with a 2% transfer fee.§§
Our Take
The BMO CashBack® Mastercard®* is a no-annual-fee credit card that allows cardholders to earn cash back on everyday purchases, with elevated rates for categories such as groceries and recurring bill payments. It offers flexible redemption options and includes benefits like purchase protection and extended warranty.
BMO CashBack® Mastercard®* ReviewEligibility
Good (620 - 670)
Recommended Credit Score
$15,000
Required Annual Personal Income
Pros
-
No Annual Fee: A rare find in Canada for a cash back card
-
A generous 3% cash back on groceries (up to $500 monthly)
-
Easily redeem from $1, set up automatic redemptions, or use as a statement credit
-
Additional perks include discounts on rentals, free supplementary cards and show discounts
Cons
-
Outside of groceries and recurring payments, the standard earn rate drops to 0.5%
-
Monthly caps on top earn rates for groceries and recurring payments
-
A 2% balance transfer fee applies
-
The interest rate on the remaining balance transfer amount increases after the introductory period
Annual Interest Rates
20.99%
Purchase
22.99%
Cash Advance
0.99%
Balance Transfer (Introductory)
Fees
$0
Annual Fee
Rewards cash back
3%
Cardholders earn 3% (up to a monthly max of $500) cash back on groceries
1%
Cardholders can earn 1% (up to $500 per month) on any recurring bill payments*
0.5%
Cardholders can earn 0.5% (no monthly max) on all other eligible purchases*
up to 10%
Welcome Bonus
$950
First Year Value
$690
Annual Value
Welcome Bonus: Get up to 10% cash back in your first 3 months and the $120 annual fee waived in the first anniversary*
Get this card if you...
-
are a high-earner looking to earn cash back
-
want great perks like travel insurance and concierge services
-
value a great welcome offer
Annual Fee & Annual Interest Rates
$120
Annual Fee
20.99%
Purchase
23.99%
Cash Advance
23.99%
Balance Transfer
-
Our Take
The BMO CashBack® World Elite®* Mastercard®* is a premium credit card offering elevated cash back rates on categories such as groceries, transit, gas, and recurring bill payments. Cardholders benefit from complimentary roadside assistance, comprehensive insurance coverage, and flexible cash back redemption options, so you can maximize your rewards on everyday spending.
BMO CashBack® World Elite®* Mastercard®* ReviewEligibility
Excellent (740+)
Recommended Credit Score
$80,000
Required Annual Personal Income
$150,000
Required Annual Household Income
-
Pros
-
Valuable sign-up bonus
-
High 5% cash back rate on groceries
-
Free roadside assistance
-
Excellent extended warranty and purchase protection terms
Cons
-
Restrictive spending limits for most cash back categories
-
Sign-up bonus structure is head-scratchingly complicated
-
High minimum income requirements
-
-
Annual Interest Rates
20.99%
Purchase
23.99%
Cash Advance
23.99%
Balance Transfer
Fees
$120
Annual Fee
$2.5
Foreign Transaction
-
Rewards cash back
5%
Groceries: 5% cash back up to $500 spent per month ($25 in cash back)*
4%
Transit: 4% cash back up to $300 spent per month ($12 in cash back)*
3%
Gas: 3% cash back up to $300 spent per month ($9 in cash back)*
2%
Recurring Bills: 2% cash back up to $500 spent per month ($10 in cash back)*
1%
Everything Else: 1% cash back, unlimited*
Insurance Benefits
$2,000,000
Emergency medical insurance amount
$500,000
Travel accident insurance amount
$65,000
Rental car insurance amount
Our Take
The BMO CashBack® World Elite®* Mastercard®* is a premium credit card offering elevated cash back rates on categories such as groceries, transit, gas, and recurring bill payments. Cardholders benefit from complimentary roadside assistance, comprehensive insurance coverage, and flexible cash back redemption options, so you can maximize your rewards on everyday spending.
BMO CashBack® World Elite®* Mastercard®* ReviewEligibility
Excellent (740+)
Recommended Credit Score
$80,000
Required Annual Personal Income
$150,000
Required Annual Household Income
Pros
-
Valuable sign-up bonus
-
High 5% cash back rate on groceries
-
Free roadside assistance
-
Excellent extended warranty and purchase protection terms
Cons
-
Restrictive spending limits for most cash back categories
-
Sign-up bonus structure is head-scratchingly complicated
-
High minimum income requirements
Annual Interest Rates
20.99%
Purchase
23.99%
Cash Advance
23.99%
Balance Transfer
Fees
$120
Annual Fee
$2.5
Foreign Transaction
Rewards cash back
5%
Groceries: 5% cash back up to $500 spent per month ($25 in cash back)*
4%
Transit: 4% cash back up to $300 spent per month ($12 in cash back)*
3%
Gas: 3% cash back up to $300 spent per month ($9 in cash back)*
2%
Recurring Bills: 2% cash back up to $500 spent per month ($10 in cash back)*
1%
Everything Else: 1% cash back, unlimited*
Insurance Benefits
$2,000,000
Emergency medical insurance amount
$500,000
Travel accident insurance amount
$65,000
Rental car insurance amount
BMO rewards credit cards
If it’s BMO rewards you’re after, you can choose between BMO Eclipse Rise Visa or BMO Eclipse Visa Infinite.
up to 60K pts
Welcome Bonus
$762.4
First Year Value
$262.4
Annual Value
Welcome Bonus: 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 anniversary!*
Get this card if you...
-
want to maximize rewards on everyday spending
-
want travel insurance and exclusive Visa Infinite perks
-
value a generous welcome offer
Annual Fee & Annual Interest Rates
$120
Annual Fee
20.99%
Purchase
23.99%
Cash Advance
23.99%
Balance Transfer
-
Our Take
The BMO eclipse Visa Infinite* Card is a rewards credit card designed for individuals who frequently spend on categories such as groceries, dining, gas, and transit. It offers flexible redemption options through the BMO Rewards program and includes additional benefits like a lifestyle credit and various insurance coverages.
BMO eclipse Visa Infinite* Card ReviewEligibility
Very Good (671 - 739)
Recommended Credit Score
$60,000
Required Annual Personal Income
$100,000
Required Annual Household Income
-
Pros
-
Excellent welcome offer: Get up to 60,000 points and a $50 lifestyle credit
-
Good earn rate in top spending categories
-
First year annual fee waiver* (Value: $120)
-
Includes new mobile device insurance: Up to $1,000 in coverage**
-
Annual $50 lifestyle credit to spend however you like*
-
Includes comprehensive travel insurance
-
Access to exclusive Visa Infinite benefits
Cons
-
High minimum annual income: Minimum $60,000 (individual) or $100,000 (household)
-
Insurance doesn't include trip cancellation coverage
-
-
Annual Interest Rates
20.99%
Purchase
23.99%
Cash Advance
23.99%
Balance Transfer
Fees
$120
Annual Fee
-
Rewards BMO Rewards
5x
Earn 5x the points for every $1 spent on groceries, gas, dining in and out and transit.*
10%
Earn 10% more points when you add an authorized user to your account.*
$50
Get a $50 annual lifestyle credit to spend however you want*
Insurance Benefits
$1,000
Mobile device insurance amount
$500,000
Travel accident insurance amount
$65,000
Rental car insurance amount
-
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 anniversary!*
- 30,000 points when you spend $3,000 in the first 3 months, and 2,500 points for each subsequent month in which you make at least $2,000 in purchases on your card, for 12 months.
Our Take
The BMO eclipse Visa Infinite* Card is a rewards credit card designed for individuals who frequently spend on categories such as groceries, dining, gas, and transit. It offers flexible redemption options through the BMO Rewards program and includes additional benefits like a lifestyle credit and various insurance coverages.
BMO eclipse Visa Infinite* Card ReviewEligibility
Very Good (671 - 739)
Recommended Credit Score
$60,000
Required Annual Personal Income
$100,000
Required Annual Household Income
Pros
-
Excellent welcome offer: Get up to 60,000 points and a $50 lifestyle credit
-
Good earn rate in top spending categories
-
First year annual fee waiver* (Value: $120)
-
Includes new mobile device insurance: Up to $1,000 in coverage**
-
Annual $50 lifestyle credit to spend however you like*
-
Includes comprehensive travel insurance
-
Access to exclusive Visa Infinite benefits
Cons
-
High minimum annual income: Minimum $60,000 (individual) or $100,000 (household)
-
Insurance doesn't include trip cancellation coverage
Annual Interest Rates
20.99%
Purchase
23.99%
Cash Advance
23.99%
Balance Transfer
Fees
$120
Annual Fee
Rewards BMO Rewards
5x
Earn 5x the points for every $1 spent on groceries, gas, dining in and out and transit.*
10%
Earn 10% more points when you add an authorized user to your account.*
$50
Get a $50 annual lifestyle credit to spend however you want*
Insurance Benefits
$1,000
Mobile device insurance amount
$500,000
Travel accident insurance amount
$65,000
Rental car insurance amount
- 30,000 points when you spend $3,000 in the first 3 months, and 2,500 points for each subsequent month in which you make at least $2,000 in purchases on your card, for 12 months.
BMO travel credit cards
BMO offers two different types of travel rewards cards: Ascend and AIR MILES. Depending on which program suits you, you can choose between BMO Ascend World Elite Mastercard, BMO AIR MILES Mastercard or BMO AIR MILES World Elite Mastercard.
Read more: Best AIR MILES credit cards
up to 90K pts
Welcome Bonus
$671.6
First Year Value
$0
Annual Value
Welcome Bonus: Get up to 90,000 points and the annual fee waived on your first anniversary for both the primary cardholder and authorized users.*
Get this card if you...
-
are a high-earning globetrotter, looking for travel perks
-
value travel insurance, lounge access, and concierge services
-
appreciate a great welcome offer
Annual Fee & Annual Interest Rates
$150
Annual Fee
20.99%
Purchase
23.99%
Cash Advance
23.99%
Balance Transfer
-
Our Take
The BMO Ascend™ World Elite®* Mastercard®* is a premium travel rewards credit card with elevated earn rates on eligible travel, dining, entertainment, and recurring bill payments. Cardholders benefit from complimentary lounge membership, which includes complimentary passes, as well as comprehensive travel insurance coverage, making it a suitable option for frequent travelers seeking both rewards and travel-related perks.
BMO Ascend World Elite®* Mastercard®* ReviewEligibility
Excellent (740+)
Recommended Credit Score
$80,000
Required Annual Personal Income
$150,000
Required Annual Household Income
-
Pros
-
High-value welcome offer
-
Flexible airport lounge access
-
BMO Rewards points can be used to cover flight taxes and fees
-
Great for those who frequently rent cars
-
Good for Costco and No Frills shoppers
Cons
-
So-so earn rates relative to its annual fee
-
Points have low redemption value compared to other travel rewards programs
-
Charges foreign transaction fees
-
Relatively high minimum income requirements
-
-
Annual Interest Rates
20.99%
Purchase
23.99%
Cash Advance
23.99%
Balance Transfer
Fees
$150
Annual Fee
$2.5
Foreign Transaction
$29
Over The Limit Penalty
-
Rewards BMO Rewards
5x
Earn 5x the points for every $1 spent on eligible travel purchases*
3x
Earn 3x the points for every $1 spent on eligible dining and entertainment purchases and recurring bill payments*
1x
Earn 1 point for every $1 spent everywhere else*
4
Complimentary membership in Mastercard Travel Pass provided by DragonPass, with 4 annual complimentary passes
Insurance Benefits
$5,000,000
Emergency medical insurance amount
$0
Emergency medical insurance over 65 days
$500,000
Travel accident insurance amount
$1,000
Hotel burglary insurance
$65,000
Rental car insurance amount
-
Get up to 90,000 points and the annual fee waived in the first year for both the primary cardholder and authorized users.
45,000 points when you spend $4,500 in the first 3 months, and 3,750 points for each subsequent month in which you make at least $2,500 in purchases on your card, for 12 months.
Offer expires June 1, 2025.
Our Take
The BMO Ascend™ World Elite®* Mastercard®* is a premium travel rewards credit card with elevated earn rates on eligible travel, dining, entertainment, and recurring bill payments. Cardholders benefit from complimentary lounge membership, which includes complimentary passes, as well as comprehensive travel insurance coverage, making it a suitable option for frequent travelers seeking both rewards and travel-related perks.
BMO Ascend World Elite®* Mastercard®* ReviewEligibility
Excellent (740+)
Recommended Credit Score
$80,000
Required Annual Personal Income
$150,000
Required Annual Household Income
Pros
-
High-value welcome offer
-
Flexible airport lounge access
-
BMO Rewards points can be used to cover flight taxes and fees
-
Great for those who frequently rent cars
-
Good for Costco and No Frills shoppers
Cons
-
So-so earn rates relative to its annual fee
-
Points have low redemption value compared to other travel rewards programs
-
Charges foreign transaction fees
-
Relatively high minimum income requirements
Annual Interest Rates
20.99%
Purchase
23.99%
Cash Advance
23.99%
Balance Transfer
Fees
$150
Annual Fee
$2.5
Foreign Transaction
$29
Over The Limit Penalty
Rewards BMO Rewards
5x
Earn 5x the points for every $1 spent on eligible travel purchases*
3x
Earn 3x the points for every $1 spent on eligible dining and entertainment purchases and recurring bill payments*
1x
Earn 1 point for every $1 spent everywhere else*
4
Complimentary membership in Mastercard Travel Pass provided by DragonPass, with 4 annual complimentary passes
Insurance Benefits
$5,000,000
Emergency medical insurance amount
$0
Emergency medical insurance over 65 days
$500,000
Travel accident insurance amount
$1,000
Hotel burglary insurance
$65,000
Rental car insurance amount
Get up to 90,000 points and the annual fee waived in the first year for both the primary cardholder and authorized users.
45,000 points when you spend $4,500 in the first 3 months, and 3,750 points for each subsequent month in which you make at least $2,500 in purchases on your card, for 12 months.
Offer expires June 1, 2025.
1,500 AIR MILES
Welcome Bonus
$253
First Year Value
$173
Annual Value
Welcome Bonus: Limited time offer: Get 1,500 AIR MILES Bonus Miles!* That’s enough for $150 towards purchases with AIR MILES Cash*
Get this card if you...
-
quickly rack up more Air Miles
-
want rewards, with an annual fee
-
value a great welcome offer
Annual Fee & Annual Interest Rates
$0
Annual Fee
20.99%
Purchase
22.99%
Cash Advance
22.99%
Balance Transfer
-
Our Take
The BMO® AIR MILES®† Mastercard®* is a no-annual-fee credit card that allows cardholders to earn AIR MILES on everyday purchases, with accelerated rates at participating AIR MILES Partners and eligible grocery stores. It includes benefits such as purchase protection, extended warranty, and discounts on car rentals, making it a practical choice for those looking to accumulate AIR MILES without an annual fee.
BMO AIR MILES®† MasterCard®* ReviewEligibility
Good (620 - 670)
Recommended Credit Score
$15,000
Required Annual Personal Income
-
Pros
-
No annual fee with a substantial welcome offer
-
Earn Air Miles with both credit and collector cards
-
Low eligibility requirements
-
Additional Benefits include discounts, insurance, and a low balance transfer rate
Cons
-
A 2% fee applies to balance transfers.
-
Limited redemption options
-
Variable redemption values may vary based on last-minute short-haul flights
-
Its specific rewards program is best for those interested in the Air Miles loyalty program
-
-
Annual Interest Rates
20.99%
Purchase
22.99%
Cash Advance
22.99%
Balance Transfer
0.99%
Balance Transfer (Introductory)
Fees
$0
Annual Fee
2.00%
Balance Transfer
-
Rewards AIR MILES
3x
the Miles for every $25 spent at participating AIR MILES Partners
2x
the Miles for every $25 spent at any eligible grocery store*
2x
the Miles for every $25 spent at any eligible wholesale clubs, membership-based retailers and alcohol retailers
1 Mile
for every $25 that you spend with your credit card everywhere else
-
1,500 AIR MILES Bonus Miles when you spend $1,000 in the first three months* of card membership*
Our Take
The BMO® AIR MILES®† Mastercard®* is a no-annual-fee credit card that allows cardholders to earn AIR MILES on everyday purchases, with accelerated rates at participating AIR MILES Partners and eligible grocery stores. It includes benefits such as purchase protection, extended warranty, and discounts on car rentals, making it a practical choice for those looking to accumulate AIR MILES without an annual fee.
BMO AIR MILES®† MasterCard®* ReviewEligibility
Good (620 - 670)
Recommended Credit Score
$15,000
Required Annual Personal Income
Pros
-
No annual fee with a substantial welcome offer
-
Earn Air Miles with both credit and collector cards
-
Low eligibility requirements
-
Additional Benefits include discounts, insurance, and a low balance transfer rate
Cons
-
A 2% fee applies to balance transfers.
-
Limited redemption options
-
Variable redemption values may vary based on last-minute short-haul flights
-
Its specific rewards program is best for those interested in the Air Miles loyalty program
Annual Interest Rates
20.99%
Purchase
22.99%
Cash Advance
22.99%
Balance Transfer
0.99%
Balance Transfer (Introductory)
Fees
$0
Annual Fee
2.00%
Balance Transfer
Rewards AIR MILES
3x
the Miles for every $25 spent at participating AIR MILES Partners
2x
the Miles for every $25 spent at any eligible grocery store*
2x
the Miles for every $25 spent at any eligible wholesale clubs, membership-based retailers and alcohol retailers
1 Mile
for every $25 that you spend with your credit card everywhere else
1,500 AIR MILES Bonus Miles when you spend $1,000 in the first three months* of card membership*
3,000 miles
Welcome Bonus
$383
First Year Value
$183
Annual Value
Welcome Bonus: Get 3,000 AIR MILES Bonus Miles! * That's enough for $310 towards purchases with AIR MILES Cash!* Plus, get the $120 annual fee waived for your first anniversary
Get this card if you...
-
are a frequent traveler looking to earn more Air Miles
-
want comprehensive travel insurance and exclusive travel perks
-
value a great welcome offer
Annual Fee & Annual Interest Rates
$120
Annual Fee
20.99%
Purchase
23.99%
Cash Advance
23.99%
Balance Transfer
-
Our Take
The BMO AIR MILES®† World Elite®* Mastercard®* is a premium travel rewards credit card designed for frequent travelers, offering accelerated AIR MILES earn rates on purchases at participating AIR MILES Partners and eligible grocery stores. Cardholders benefit from perks such as a discount on one worldwide AIR MILES flight redemption annually, complimentary membership in Mastercard Travel Pass provided by DragonPass, and a comprehensive insurance package covering travel and medical emergencies.
BMO AIR MILES®† World Elite®* MasterCard®* ReviewEligibility
Excellent (740+)
Recommended Credit Score
$80,000
Required Annual Personal Income
$150,000
Required Annual Household Income
-
Pros
-
Offers the largest Air Miles sign-up bonus on the market with a waived annual fee for the first anniversary*
-
High earn rates of up to 3x the Miles on eligible purchases
-
Exclusive travel discounts like 25% off one worldwide AIR MILES flight redemption annually
-
Airport lounge access through complimentary Mastercard Travel Pass membership
-
Comprehensive insurance package which covers medical, trip, flight delay, lost luggage and more
-
Additional Perks include BMO Concierge, digital subscriptions, and cash back promotions
Cons
-
An $80,000 personal/$150,000 household income is needed to qualify
-
Ideal for AIR MILES loyalists, may not suit those with a casual approach
-
The fixed redemption value for flights may not appeal to everyone
-
Optimal value only when frequently shopping at AIR MILES partners
-
-
Annual Interest Rates
20.99%
Purchase
23.99%
Cash Advance
23.99%
Balance Transfer
Fees
$120
Annual Fee
-
Rewards AIR MILES
3x
Cardholders earn an accelerated 3x the Miles per $12 spent at participating AIR MILES partners*
2x
the Miles for every $12 spent at any eligible grocery store*
1x
Earn 1 Mile for every $12 in credit card purchases, everywhere you spend*
25%
Get a 25% discount on one worldwide AIR MILES flight redemption during the calendar year*
Insurance Benefits
$5,000,000
Emergency medical insurance amount
$0
Emergency medical insurance over 65 days
$500,000
Travel accident insurance amount
$1,000
Hotel burglary insurance
$65,000
Rental car insurance amount
-
Get 3,000 AIR MILES Bonus Miles! * That's enough for $310 towards purchases with AIR MILES Cash!* Plus, get the $120 annual fee waived for your first anniversary
- when you spend $3,000 in the first 3 months
Our Take
The BMO AIR MILES®† World Elite®* Mastercard®* is a premium travel rewards credit card designed for frequent travelers, offering accelerated AIR MILES earn rates on purchases at participating AIR MILES Partners and eligible grocery stores. Cardholders benefit from perks such as a discount on one worldwide AIR MILES flight redemption annually, complimentary membership in Mastercard Travel Pass provided by DragonPass, and a comprehensive insurance package covering travel and medical emergencies.
BMO AIR MILES®† World Elite®* MasterCard®* ReviewEligibility
Excellent (740+)
Recommended Credit Score
$80,000
Required Annual Personal Income
$150,000
Required Annual Household Income
Pros
-
Offers the largest Air Miles sign-up bonus on the market with a waived annual fee for the first anniversary*
-
High earn rates of up to 3x the Miles on eligible purchases
-
Exclusive travel discounts like 25% off one worldwide AIR MILES flight redemption annually
-
Airport lounge access through complimentary Mastercard Travel Pass membership
-
Comprehensive insurance package which covers medical, trip, flight delay, lost luggage and more
-
Additional Perks include BMO Concierge, digital subscriptions, and cash back promotions
Cons
-
An $80,000 personal/$150,000 household income is needed to qualify
-
Ideal for AIR MILES loyalists, may not suit those with a casual approach
-
The fixed redemption value for flights may not appeal to everyone
-
Optimal value only when frequently shopping at AIR MILES partners
Annual Interest Rates
20.99%
Purchase
23.99%
Cash Advance
23.99%
Balance Transfer
Fees
$120
Annual Fee
Rewards AIR MILES
3x
Cardholders earn an accelerated 3x the Miles per $12 spent at participating AIR MILES partners*
2x
the Miles for every $12 spent at any eligible grocery store*
1x
Earn 1 Mile for every $12 in credit card purchases, everywhere you spend*
25%
Get a 25% discount on one worldwide AIR MILES flight redemption during the calendar year*
Insurance Benefits
$5,000,000
Emergency medical insurance amount
$0
Emergency medical insurance over 65 days
$500,000
Travel accident insurance amount
$1,000
Hotel burglary insurance
$65,000
Rental car insurance amount
- when you spend $3,000 in the first 3 months
BMO student credit cards
If you’re a student, you might be interested in the Student BMO Cashback Mastercard or Student BMO AIR MILES Mastercard.
5% cash back
Welcome Bonus
$326
First Year Value
$261
Annual Value
Welcome Bonus: Get 5% cash back in your first 3 months.*
Get this card if you...
-
are a student who wants to earn rewards on everyday spending
-
want to avoid paying an annual fee
-
value purchase protection and extended warranty coverage
Annual Fee & Annual Interest Rates
$0
Annual Fee
20.99%
Purchase
22.99%
Cash Advance
-
Our Take
The BMO CashBack® Mastercard®* for Students is a no-annual-fee credit card tailored for students, offering cash back on everyday purchases, with elevated rates for categories such as groceries and recurring bill payments. It also includes benefits like purchase protection and extended warranty.
BMO CashBack® Mastercard®* for students ReviewEligibility
Good (620 - 670)
Recommended Credit Score
$0
Required Annual Personal Income
$0
Required Annual Household Income
-
Pros
-
No annual fee: this makes it cost-effective for students looking to build credit without incurring additional expenses.
-
Earn cash back on everyday purchases, including up to 5% cash back on every purchase in your first three months.
-
Credit building: If you’re responsible, you can build a positive credit history, which helps you get better credit cards and more
Cons
-
Higher interest rates: If you can’t pay off your balance in full, opt for a low interest credit card
-
Limited additional benefits: While there are some benefits, it’s not the full suite of perks, but then again, there’s no annual fee.
-
-
Annual Interest Rates
20.99%
Purchase
22.99%
Cash Advance
Fees
$0
Annual Fee
-
Rewards cash back
3%
Earn 3% cash back on groceries
1%
Earn 1% cash back on recurring bill payments like your mobile phone, streaming and subscription services
0.5%
Earn 0.5% cash back on all other purchases
-
Earn up to 5% cash back on every purchase for the first three months. On a qualified spend of up to $2,500, you can earn a maximum $125 cash back.
Our Take
The BMO CashBack® Mastercard®* for Students is a no-annual-fee credit card tailored for students, offering cash back on everyday purchases, with elevated rates for categories such as groceries and recurring bill payments. It also includes benefits like purchase protection and extended warranty.
BMO CashBack® Mastercard®* for students ReviewEligibility
Good (620 - 670)
Recommended Credit Score
$0
Required Annual Personal Income
$0
Required Annual Household Income
Pros
-
No annual fee: this makes it cost-effective for students looking to build credit without incurring additional expenses.
-
Earn cash back on everyday purchases, including up to 5% cash back on every purchase in your first three months.
-
Credit building: If you’re responsible, you can build a positive credit history, which helps you get better credit cards and more
Cons
-
Higher interest rates: If you can’t pay off your balance in full, opt for a low interest credit card
-
Limited additional benefits: While there are some benefits, it’s not the full suite of perks, but then again, there’s no annual fee.
Annual Interest Rates
20.99%
Purchase
22.99%
Cash Advance
Fees
$0
Annual Fee
Rewards cash back
3%
Earn 3% cash back on groceries
1%
Earn 1% cash back on recurring bill payments like your mobile phone, streaming and subscription services
0.5%
Earn 0.5% cash back on all other purchases
800 miles
Welcome Bonus
$333
First Year Value
$253
Annual Value
Welcome Bonus: Get 800 AIR MILES Bonus Miles‡ (that’s enough for $80 towards purchases with AIR MILES Cash)
Get this card if you...
-
are a student who wants to earn Air Miles on everyday spending
-
don't want to pay an annual fee
-
value a great welcome offer
Annual Fee & Annual Interest Rates
$0
Annual Fee
20.99%
Purchase
22.99%
Cash Advance
-
Our Take
The BMO AIR MILES®† Mastercard®* for Students is a no-annual-fee credit card tailored for students, enabling them to earn AIR MILES on everyday purchases, with accelerated rates at participating AIR MILES Partners and eligible grocery stores. It offers benefits such as purchase protection and extended warranty, making it a practical choice for students looking to build credit while earning travel rewards.
BMO AIR MILES®† Mastercard®* for students ReviewEligibility
Good (620 - 670)
Recommended Credit Score
$0
Required Annual Personal Income
$0
Required Annual Household Income
-
Pros
-
No annual fee.
-
Welcome bonus of 800 AIR MILES Bonus Miles just for qualifying.
-
Amplified earn rates at AIR MILES Partners and grocery stores.
-
Extended warranty and purchase protection insurance.
Cons
-
High purchase and cash advance APRs for busy students on a budget.
-
No travel insurance coverage for a travel credit card.
-
-
Annual Interest Rates
20.99%
Purchase
22.99%
Cash Advance
Fees
$0
Annual Fee
-
Rewards AIR MILES
3x
Earn 3x the Miles for every $25 spent at participating AIR MILES Reward Partners
2x
Earn 2x the Miles for every $25 spent at any eligible grocery store.
2x
Earn twice the AIR MILES at partner stores
Our Take
The BMO AIR MILES®† Mastercard®* for Students is a no-annual-fee credit card tailored for students, enabling them to earn AIR MILES on everyday purchases, with accelerated rates at participating AIR MILES Partners and eligible grocery stores. It offers benefits such as purchase protection and extended warranty, making it a practical choice for students looking to build credit while earning travel rewards.
BMO AIR MILES®† Mastercard®* for students ReviewEligibility
Good (620 - 670)
Recommended Credit Score
$0
Required Annual Personal Income
$0
Required Annual Household Income
Pros
-
No annual fee.
-
Welcome bonus of 800 AIR MILES Bonus Miles just for qualifying.
-
Amplified earn rates at AIR MILES Partners and grocery stores.
-
Extended warranty and purchase protection insurance.
Cons
-
High purchase and cash advance APRs for busy students on a budget.
-
No travel insurance coverage for a travel credit card.
Annual Interest Rates
20.99%
Purchase
22.99%
Cash Advance
Fees
$0
Annual Fee
Rewards AIR MILES
3x
Earn 3x the Miles for every $25 spent at participating AIR MILES Reward Partners
2x
Earn 2x the Miles for every $25 spent at any eligible grocery store.
2x
Earn twice the AIR MILES at partner stores
BMO newcomers to Canada credit cards
For new Canadians, BMO recommends one of three different cards: BMO Eclipse Rise Visa, BMO Cashback Mastercard and BMO AIR MILES Mastercard.
5% cash back
Welcome Bonus
$526
First Year Value
$401
Annual Value
Welcome Bonus: Get 5% cash back in your first 3 months*
Get this card if you...
-
want to earn cash back on everyday purchases
-
value the flexibility to redeem cash back at any time
-
value a great welcome offer
Annual Fee & Annual Interest Rates
$0
Annual Fee
20.99%
Purchase
22.99%
Cash Advance
-
Our Take
The BMO CashBack® Mastercard®* is a no-annual-fee credit card that allows cardholders to earn cash back on everyday purchases, with elevated rates for categories such as groceries and recurring bill payments. It offers flexible redemption options and includes benefits like purchase protection and extended warranty.
BMO CashBack® Mastercard®* ReviewEligibility
Good (620 - 670)
Recommended Credit Score
$15,000
Required Annual Personal Income
-
Pros
-
No Annual Fee: A rare find in Canada for a cash back card
-
A generous 3% cash back on groceries (up to $500 monthly)
-
Easily redeem from $1, set up automatic redemptions, or use as a statement credit
-
Additional perks include discounts on rentals, free supplementary cards and show discounts
Cons
-
Outside of groceries and recurring payments, the standard earn rate drops to 0.5%
-
Monthly caps on top earn rates for groceries and recurring payments
-
A 2% balance transfer fee applies
-
The interest rate on the remaining balance transfer amount increases after the introductory period
-
-
Annual Interest Rates
20.99%
Purchase
22.99%
Cash Advance
0.99%
Balance Transfer (Introductory)
Fees
$0
Annual Fee
-
Rewards cash back
3%
Cardholders earn 3% (up to a monthly max of $500) cash back on groceries
1%
Cardholders can earn 1% (up to $500 per month) on any recurring bill payments*
0.5%
Cardholders can earn 0.5% (no monthly max) on all other eligible purchases*
-
Get up to 5% cash back in your first 3 months‡‡ and a 0.99% introductory interest rate on Balance Transfers for 9 months with a 2% transfer fee.§§
Our Take
The BMO CashBack® Mastercard®* is a no-annual-fee credit card that allows cardholders to earn cash back on everyday purchases, with elevated rates for categories such as groceries and recurring bill payments. It offers flexible redemption options and includes benefits like purchase protection and extended warranty.
BMO CashBack® Mastercard®* ReviewEligibility
Good (620 - 670)
Recommended Credit Score
$15,000
Required Annual Personal Income
Pros
-
No Annual Fee: A rare find in Canada for a cash back card
-
A generous 3% cash back on groceries (up to $500 monthly)
-
Easily redeem from $1, set up automatic redemptions, or use as a statement credit
-
Additional perks include discounts on rentals, free supplementary cards and show discounts
Cons
-
Outside of groceries and recurring payments, the standard earn rate drops to 0.5%
-
Monthly caps on top earn rates for groceries and recurring payments
-
A 2% balance transfer fee applies
-
The interest rate on the remaining balance transfer amount increases after the introductory period
Annual Interest Rates
20.99%
Purchase
22.99%
Cash Advance
0.99%
Balance Transfer (Introductory)
Fees
$0
Annual Fee
Rewards cash back
3%
Cardholders earn 3% (up to a monthly max of $500) cash back on groceries
1%
Cardholders can earn 1% (up to $500 per month) on any recurring bill payments*
0.5%
Cardholders can earn 0.5% (no monthly max) on all other eligible purchases*
1,500 AIR MILES
Welcome Bonus
$253
First Year Value
$173
Annual Value
Welcome Bonus: Limited time offer: Get 1,500 AIR MILES Bonus Miles!* That’s enough for $150 towards purchases with AIR MILES Cash*
Get this card if you...
-
quickly rack up more Air Miles
-
want rewards, with an annual fee
-
value a great welcome offer
Annual Fee & Annual Interest Rates
$0
Annual Fee
20.99%
Purchase
22.99%
Cash Advance
22.99%
Balance Transfer
-
Our Take
The BMO® AIR MILES®† Mastercard®* is a no-annual-fee credit card that allows cardholders to earn AIR MILES on everyday purchases, with accelerated rates at participating AIR MILES Partners and eligible grocery stores. It includes benefits such as purchase protection, extended warranty, and discounts on car rentals, making it a practical choice for those looking to accumulate AIR MILES without an annual fee.
BMO AIR MILES®† MasterCard®* ReviewEligibility
Good (620 - 670)
Recommended Credit Score
$15,000
Required Annual Personal Income
-
Pros
-
No annual fee with a substantial welcome offer
-
Earn Air Miles with both credit and collector cards
-
Low eligibility requirements
-
Additional Benefits include discounts, insurance, and a low balance transfer rate
Cons
-
A 2% fee applies to balance transfers.
-
Limited redemption options
-
Variable redemption values may vary based on last-minute short-haul flights
-
Its specific rewards program is best for those interested in the Air Miles loyalty program
-
-
Annual Interest Rates
20.99%
Purchase
22.99%
Cash Advance
22.99%
Balance Transfer
0.99%
Balance Transfer (Introductory)
Fees
$0
Annual Fee
2.00%
Balance Transfer
-
Rewards AIR MILES
3x
the Miles for every $25 spent at participating AIR MILES Partners
2x
the Miles for every $25 spent at any eligible grocery store*
2x
the Miles for every $25 spent at any eligible wholesale clubs, membership-based retailers and alcohol retailers
1 Mile
for every $25 that you spend with your credit card everywhere else
-
1,500 AIR MILES Bonus Miles when you spend $1,000 in the first three months* of card membership*
Our Take
The BMO® AIR MILES®† Mastercard®* is a no-annual-fee credit card that allows cardholders to earn AIR MILES on everyday purchases, with accelerated rates at participating AIR MILES Partners and eligible grocery stores. It includes benefits such as purchase protection, extended warranty, and discounts on car rentals, making it a practical choice for those looking to accumulate AIR MILES without an annual fee.
BMO AIR MILES®† MasterCard®* ReviewEligibility
Good (620 - 670)
Recommended Credit Score
$15,000
Required Annual Personal Income
Pros
-
No annual fee with a substantial welcome offer
-
Earn Air Miles with both credit and collector cards
-
Low eligibility requirements
-
Additional Benefits include discounts, insurance, and a low balance transfer rate
Cons
-
A 2% fee applies to balance transfers.
-
Limited redemption options
-
Variable redemption values may vary based on last-minute short-haul flights
-
Its specific rewards program is best for those interested in the Air Miles loyalty program
Annual Interest Rates
20.99%
Purchase
22.99%
Cash Advance
22.99%
Balance Transfer
0.99%
Balance Transfer (Introductory)
Fees
$0
Annual Fee
2.00%
Balance Transfer
Rewards AIR MILES
3x
the Miles for every $25 spent at participating AIR MILES Partners
2x
the Miles for every $25 spent at any eligible grocery store*
2x
the Miles for every $25 spent at any eligible wholesale clubs, membership-based retailers and alcohol retailers
1 Mile
for every $25 that you spend with your credit card everywhere else
1,500 AIR MILES Bonus Miles when you spend $1,000 in the first three months* of card membership*
BMO Mortgages
When buying a home, you'll need a mortgage. As you know, BMO is a one-stop shop for all financial products, including, you guessed it, mortgages.
BMO offers standard fixed and variable rate mortgages with terms ranging from one year to 10 years. It also provides mortgage transfers, refinances and home equity lines of credit.
One interesting fact is that BMO has the longest rate guarantee of any major bank, at 130 days.
It's always insightful to hear from others who have navigated the mortgage process. Reddit users have shared their experiences with BMO mortgages, offering a mix of positive and constructive feedback that can help you make an informed decision.
One user, for example, was surprised to learn that BMO (and all other banks) only send mortgage statements once a year. This is something to note if you want to receive monthly paper financial statements.
According to this Reddit thread, BMO might require more paperwork than other lenders when applying. A higher level of security isn't bad, though it's good to remember that the process might need a little more work on your part.
The bottom line
As one of Canada’s oldest banks, BMO is one of the most trusted financial institutions in Canada. Whether it’s bank accounts, insurance, investments or credit products, millions of Canadians trust BMO to take care of their financial needs. We hope this primer gave you a little insight into everything that’s available at BMO.
BMO FAQs
Justin is a writer and editor who has been covering personal finance for over 10 years. He's written for companies such as KOHO, Ratehub, BMO, Zoocasa, and Questrade, among others. Justin also created a course in Content Creation, which he taught at York University for four years. When not writing, Justin can be found at a live concert, on the golf course, riding a motorcycle, or sailing.
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The content provided on Money.ca is information to help users become financially literate. It is neither tax nor legal advice, is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. Tax, investment and all other decisions should be made, as appropriate, only with guidance from a qualified professional. We make no representation or warranty of any kind, either express or implied, with respect to the data provided, the timeliness thereof, the results to be obtained by the use thereof or any other matter. Advertisers are not responsible for the content of this site, including any editorials or reviews that may appear on this site. For complete and current information on any advertiser product, please visit their website.
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