Arguing over the best BMO credit cards is a bit unnecessary when you think about it. Every Bank of Montreal credit card is different and what may be the best BMO credit card for you may not necessarily be the best for someone else. The key thing to understand is that you should be picking a credit card that makes sense for you.

To find the perfect BMO credit card, you need to decide what type of credit card you want (travel or cash back), if you want to pay an annual fee, and if additional benefits are important to you. Once you have those in mind, you can select one of the best BMO credit cards in Canada.

CardWelcome bonusAnnual fee
BMO World Elite Mastercard30,000 points after $3,000 spend$150 - FYF
BMO Air Miles World Elite Mastercard2,000 Air Miles after $3,000 spend$120 - FYF
BMO CashBack World Elite Mastercard10% cash back for 3 months$120 - FYF
BMO AIR MILES Mastercard800 Air miles after $1,000 spendNone
BMO CashBack Mastercard5% cash back for 3 monthsNone
BMO Preferred Rate Mastercard3.99% balance transfer for 9 months$20 - FYF

BMO World Elite Mastercard

  • $150 Annual fee – First year free*
  • Get to 40,000 BMO Rewards points welcome bonus
  • Earn 3 BMO Rewards points per $1 spent on dining, entertainment, and travel purchases
  • Earn 2 BMO Rewards points per $1 spent on all other purchases
  • Mastercard Airport Experiences membership provided by LoungeKey, plus four annual complimentary passes
  • Comprehensive travel insurance
  • Free global Wi-Fi

The BMO World Elite Mastercard is one of the best travel credit cards in Canada because it comes with a great sign up bonus of 30,000 BMO Rewards points when you spend $3,000 in the first three months. In addition, you’ll earn another 10,000 points on your first anniversary date. You also get Mastercard Airport Experiences membership provided by LoungeKey, plus four free annual passes. That’s more than a $600 value you’re getting for free in the first year! What’s also good about this card is the included travel insurance. If you read the fine print, your travel insurance applies as long as you charge any of your travel expenses to your card. This is significant since many other credit cards require you to charge 75% or 100% of your travel expenses to your card for your insurance to be valid. As you can imagine, this card is also one of the best credit cards with travel insurance.

BMO Air Miles World Elite Mastercard

  • $120 Annual fee – First year free*
  • 2,000 AIR MILES sign up bonus
  • Earn 1 AIR MILE per $10 spent on all purchases
  • 15% Discount on all AIR MILES flights in North America with no blackout periods
  • Free membership in Mastercard Airport Experiences provided by LoungeKey, plus two annual passes
  • Comprehensive travel insurance
  • Free global Wi-Fi

When it comes to Air Miles credit cards, there’s no better card than the BMO Air Miles World Elite Mastercard as it’s one of the best Air Miles credit cards. The welcome bonus is 2,000 Air Miles when you charge $3,000 to your card in the first three months which is incredible. The earn rate of 1 Air Mile per $10 spent on all purchases will appeal to Air Miles collectors but you could argue that the 15% discount on Air Miles flights in North America is the best benefit of this card. When you look at all these benefits, it’s not hard to see why this is one of the best BMO credit cards.

BMO CashBack World Elite Mastercard

  • $120 annual fee – First year free*
  • 10% cash back on all purchases for three months (up to $200)
  • 1.5% cash back on all card purchases
  • Complimentary roadside assistance program
  • Travel insurance
  • Free global Wi-Fi

If you’re looking for a cash back card, then the BMO CashBack World Elite Mastercard is your best bet. The earn rate is a straight 1.5% cash back on all purchases, but there’s often a promotion where you’ll earn more cash back in the first three months. The annual fee is $120, but that fee is usually waived for the first year. You also get a roadside assistance membership for being a cardholder that easily offsets the annual fee. Overall, this is a great card which is why it’s one of the best cash back credit cards in Canada.

BMO AIR MILES Mastercard

  • No annual fee
  • 800 AIR MILES signup bonus after you charge $1,000 in the first three months
  • Earn 1 AIR MILE per $20 spent on all purchases
  • Earn 2 AIR MILES per $20 spent at participating AIR MILES partners

People looking for an Air Miles credit card without an annual fee or don’t meet the income requirement for the BMO Air Miles World Elite Mastercard should sign up for the BMO Air Miles Mastercard. This is an entry level Air Miles card but it’s one of the best BMO credit cards in Canada because it gives you 800 Air Miles as a welcome bonus when you charge $1,000 to your card within the first three months of card membership. The earn rate is 1 Air Mile per $20 spent on all purchases, but you earn double the points at participating Air Miles partners. Even though this is a pretty basic credit card, you still get purchase protection and extended warranty which is fantastic.

BMO CashBack Mastercard

  • No annual fee
  • 5% cash back (up to $100) on all purchases made in the first three months 
  • 3% cash back on grocery purchases
  • 1% cash back on recurring bill payments
  • 0.5% cash back on all other purchases

The BMO CashBack Mastercard is BMO’s entry level, cash back credit card which is one of the best student credit cards in Canada. It has no annual fee and a low income requirement so it’s a good choice for many different people. The earn rate is great for groceries, while the 0.5% cash back for all other purchases is pretty standard. One additional benefit that may interest some people is the option balance transfer where you’ll pay 1.99% interest for 9 months. Although there’s a balance transfer fee of 1%, the interest rate you’ll be getting is much lower than the standard 19.99% that most credit cards charge. Basically, you could use this card to help pay down your debt.

BMO Preferred Rate Mastercard

  • $20 annual fee – first year free
  • 3.99% introductory interest rate on Balance Transfers for 9 months with a 1% transfer fee
  • 12.99% interest rate for purchases and cash advances

A list of Bank of Montreal credit cards wouldn’t be complete without a low interest option. The BMO Preferred Rate Mastercard’s balance transfer option gives you an interest rate of 3.99% for 9 months (1% fee applies). Although this rate is higher than the BMO CashBack Mastercard, once your promotional rate ends, you’ll pay just 12.99% interest. This is the better option for people who believe they’ll still have a balance after 9 months. The included purchase protection covers your purchases from loss, theft and damage for the first 90 days. Your extended warranty benefit doubles your manufacturer’s warranty up to one additional year.

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The Best BMO Credit Cards

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