The Best BMO Credit Cards
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.
BMO Ascend World Elite™* Mastercard®*
- $150 Annual fee – First year free*
- Get 30,000 BMO Rewards 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
- Earn 5 BMO Rewards points per $1 spent on travel
- Earn 3 BMO Rewards points per $1 spent on dining, entertainment, and recurring bills
- Earn 1 BMO Rewards point per $1 spent on all other purchases
- Complimentary membership in Mastercard Travel Pass provided by DragonPass, plus 4 annual passes
The BMO Ascend World Elite™* Mastercard®* is one of the best travel credit cards in Canada because it comes with a great sign up bonus of up to 60,000 BMO Rewards points. When you spend $3,000 in the first three months, you get 30,000 points. In addition, you’ll earn another 2,500 points for each subsequent month in which you make at least $2,000 in purchases on your card, for 12 months. You also get a complimentary membership in Mastercard Travel Pass provided by DragonPass, 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
- Get 3x the Miles for every $12 spent at participating AIR MILES Reward Partners*
- Get 2x the Miles for every $12 spent at eligible grocery stores*
- Earn 1 reward mile for every $12 in credit card purchases, everywhere you spend*
- 25% Discount on all AIR MILES flights in North America with no blackout periods
- Complimentary membership in Mastercard Travel Pass provided by DragonPass – No free passes
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 is one of the best for an AIR MILES credit card and the 25% discount on Air Miles flights in North America is an awesome perk. 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 $260)
- 5% cash back on grocery purchases
- 4% cash back on transit purchases
- 3% cash back on gas and electric vehicle charging
- 2% cash back on recurring bill payments
- 1% cash back on all other purchases
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 5% cash back on groceries; 3% on gas and electric vehicle charging; 2% on recurring bill payments; and 1% on everything else. The annual fee is $120, but that fee is usually waived for the first year. You also get a free 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 3 months
- Get 3x the Miles for every $25 spent at participating AIR MILES Partners*
- Get 2x the Miles for every $25 spent at eligible grocery stores*
- Get 1 Mile for every $25 spent everywhere else*
- Get a 0.99% introductory interest rate on Balance Transfers for 9 months, 2% fee applies to balance amounts transferred
People looking for an Air Miles credit card without an annual fee or who 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 $25 spent on all purchases, but you earn 3 AIR MILES per $25 spent 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 3 months
- 3% cash back on grocery purchases
- 1% cash back on recurring bill payments
- 0.5% cash back on all other purchases
- 0.99% interest rate on balance transfers for 9 months (2% fee applies)
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®*
- $29 annual fee – first year free
- .99% introductory interest rate on Balance Transfers for 9 months with a 2% transfer fee
- 13.99% interest rate for purchases
- 15.99% interest rate for 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 0.99% for 9 months (2% fee applies). Although the transfer fee is higher than the BMO CashBack Mastercard, once your promotional rate ends, you’ll pay just 13.99% 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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