Best BMO credit cards in Canada

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The BMO CashBack^® Mastercard^®* is another handy wallet companion that doesn’t charge an annual fee and still provides high value.

Cardholders are welcomed with a competitive 5% cash back bonus rate that lasts for their first three months (up to $2,500 in spending for max $125 back)*.

Cash back can be deposited directly into a chequing or savings account, credited to one’s monthly card statement, or invested via the BMO Investorline account.

As a standard BMO perk, the BMO CashBack® Mastercard®* extends protection against theft and damage to one’s new purchases made with the card*. It will also grant longer warranties on expensive items like electronics (those that already have a manufacturer’s guarantee), which is highly appreciated when something breaks unexpectedly.

All in all, the sum of these benefits makes the BMO card back card a savvy addition to anyone’s wallet.

Disclosures:

*Terms and conditions apply.

The World Elite label means that a credit card is accompanied by extra benefits like total travel and medical protection.

Though the AIR MILES World Elite Card (see below) is a great card for Air Miles devotees, not all Canadians love that rewards program. The BMO Ascend™ World Elite®* Mastercard®* is a good alternative, between all its lucrative introductory bonuses, plus steady BMO points for their everyday spending – which are redeemable on any number of great travel rewards.

Earn 5x the points for every $1 spent on eligible travel purchases*. Earn 3x the points for every $1 spent on eligible dining and entertainment purchases and recurring bill payments*. Earn 1 point for every $1 spent everywhere else*.

Since it’s a World Elite card, cardholders will also receive complimentary membership in Mastercard Travel Pass provided by DragonPass,* with 4 annual complimentary passes. When added to the up to 90K pts and annual fee waivers, the card’s value to new members is significant.

BMO travel protection features include out-of-country or province medical coverage up to $5,000,000*, plus insurance for rental car collisions as well*. Add in extended warranties and protection for damage and theft on items purchased with the car, and it’s no wonder that applicants will need to show $80,000 or $150,000 in personal or household annual income, respectively, in order to qualify.

Disclosures:

Combining high cashback rates with all the valuable benefits of the World Elite label, the BMO CashBack^® World Elite^®* Mastercard®* is one of the bank’s best. The card has an annual fee of $120 (annual fee waived in the first year*), but the rates at which you can amass cash back outweigh the annual fee by a significant margin. New cardholders start off with a generous welcome bonus (see above). After that the regular cash back earn rates are as follows:

• Groceries: 5% cash back*, up to $500 spent per month (the highest cash back earn rate on groceries in Canada†; $25 cash back), and then 1% after that*

• Transit: 4% cash back*, up to $300 spent per month ($12 cash back), and then 1% after that*

• Gas and electric vehicle charging: 3% cash back*, up to $300 spent per month ($9 cash back), and then 1% after that*

• Recurring bills: 2% cash back*, up to $500 spent per month ($10 cash back), and then 1% after that*

• Everything else: 1% cash back (unlimited)*

However, as a World Elite card, the benefits don’t end there. BMO provides 8 days of out-of-province and country medical insurance coverage for up to $2,000,000, plus damage and collision coverage for rental cars*. Purchases made with the card are protected from damage and theft through the first 180 days after purchase*, and any item that has an original manufacturer’s warranty can get it extended by up to two additional years—this is among the best purchase protection and extended warranty coverage in Canada.

Disclosures:

*Terms and conditions apply.

BMO bought the Air Miles program in July, 2023 and can therefore offer the best Air Miles cards in Canada. They demonstrate this handily with their BMO AIR MILES^®† World Elite^®* Mastercard^®*, which gives new cardholders who spend $3,000 in the first three months a bonus of 2,000 Air Miles and a $120 annual fee waiver for the first anniversary*.

Cardholders earn air miles at a fast rate of 1 per $12 spent*, which can be redeemed on excellent travel rewards and airfare anywhere in the world. Spending at Air Miles partner stores will earn at an even faster rate of 3 Miles per $1 spent*.

Get 2x the Miles for every $12 spent at any eligible grocery store*. Another notable perk of the BMO AIR MILES®† World Elite®* Mastercard®* is that it includes complimentary membership in Mastercard Travel Pass provided by DragonPass.*

The card’s advantages also include comprehensive travel and medical insurance*, with 15 consecutive days of out-of-province coverage for up to $5,000,000. A standard BMO benefit is the addition of purchase protection and extended warranties on items purchased with the AIR MILES World Elite card.

Though it isn’t primarily known as a balance transfer card, the BMO AIR MILES^®† MasterCard^®* does provide this option to new cardholders who want to consolidate their credit card debt, pay it off, and earn Air Miles on their everyday purchases.

Those who transfer an outstanding balance from another credit card or bank (outside of BMO) will get 0.99% introductory interest rate for 9 months (fee applies)* (2% fee applies to balance amount transferred)*. Few strategies are as effective for reducing compounding interest charges. The card helps those who want to earn Air Miles quickly and reduce their travel expenses.

At Air Miles sponsors like Sobeys, cardholders will earn 3x the Miles for every $25 spent at participating AIR MILES Partners*. Earn 2x the Miles for every $25 spent at any eligible wholesale clubs, membership-based retailers and alcohol retailers* and 1x the Mile for every $25 that you spend with your credit card everywhere else.

With $0 spent on its annual fee (and $0 for supplementary card).

It’s easy to sign up supplementary cardholders. Extend them the benefits above, but there’s also car rental discounts* alongside purchase protections including extended warranties and damage coverage*.

Disclosures:

Limited time offer: Get 1,500 AIR MILES Bonus Miles!* That’s enough for $150 towards purchases with AIR MILES Cash*

*Terms and conditions apply

For people who routinely carry part of their outstanding balance from month to month, interest charges are a constant concern. Saving money is more about reducing interest, in this case, then it is earning cash back or rewards.

BMO offers a pertinent solution with their BMO Preferred Rate MasterCard®*, which can immediately help applicants transfer their balances and then pay 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.* (2% transfer fee applies)*. With most cards charging interest at 20% or more, this alone can put money right back into your pocket.

Even without the promotional balance transfer rate, BMO keeps interest on purchases and cash advances at a competitive 13.99% and 15.99% respectively.

Standard among BMO cards is complimentary damage and theft protection for new items bought with the Preferred Rate card, plus extended manufacturers’ warranties by up to 1 more year*. These benefits are all available to cardholders for the low annual fee of $29 (waived on the first anniversary when you opt for the introductory balance transfer offer*).

Disclosures:

*Terms and conditions apply

With the BMO eclipse Visa Infinite* Card, you can earn on dining, groceries, gas, and transit. The minimum annual individual income for this card is $60,000 and for a household it is $100,000. This makes it a great option for anyone out there building their career, and looking to boost their credit.

When you sign up you can earn a welcome bonus.

This credit card is an awesome option for hustling millennials building wealth and looking to earn perks along the way. For those of you that are busy, this credit card helps you earn while you spend.

Disclosures:

*Terms and conditions apply.

Yes. BMO credit cards work anywhere the payment network (Visa or Mastercard) is accepted - currently over 200 countries globally. However, purchases made in currencies that are not Canadian dollars (CAD) may incur a currency conversion fee (also known as foreign transaction fee) of 2.5% the cost of the transaction in CAD.

Yes. As mentioned above, BMO credit cards are accepted in more than 200 countries, including the United States, but with a 2.5% currency conversion fee. The BMO U.S. Dollar Mastercard® is a USD credit card that lets you make purchases in USD without paying a foreign transaction or currency conversion fee in dollars.

You can call the BMO customer care team at 1-877-225-5266.