Annual contribution: $120 (first year of annual fee waived)Interest rates: purchases 20.99%, cash advances 23.99%, balance transfers 22.99%Earning rate: Earn 5% cashback on groceries, 4% on transportation, 3% on gasoline, 2% on recurring bill payments and 1% on everything elseWelcome Bonus: 10% cashback for the first 3 months (up to $200)Our favorite advantage: Free roadside assistance with a free basic membership to the Dominion Automobile Association (DAA)Additional benefits: Travel insurance, including trip interruption, cancellation or delay; car rental, accidental death and mutilation, and car rental in the event of a collision; overseas emergency medical benefits of up to $2 million; purchase protection and extended warrantyRequired income: $80,000 or $150,000 as a household
Learn more about the BMO CashBack World Elite*
Best BMO Premium Rewards Credit Card
MET Eclipse Visa Infinite Privilege*
The BMO Eclipse Visa Infinite Privilege Card has a hefty $499 annual fee, but the benefits and rewards may make it worth the price of admission. First of all, you receive $200 annual lifestyle credit that you can spend as you please, effectively reducing the annual fee to $299. Then, this card offers great lounge benefits, including a Priority Pass membership with six lounge passes per year (worth about US$300). Right now, additional benefits, such as travel insurance and Visa Infinite benefits, are jus. In terms of points, the BMO Eclipse Visa Infinite Privilege earns 5 BMO Rewards points per $1 spent on groceries, gas, travel, restaurants and drug stores, and 1 point per $1 on everything else. With BMO points worth 0.71 cents when redeemed for travel, that equates to a return of 3.5% on a wide variety of bonus categories and 0.5% on everything else. In addition, you can increase your earning rate by 25% when you add an authorized user ($99 per additional card), which can be very attractive to families or couples who plan to share an account. To close the deal, there is the welcome bonus of up to 90,000 BMO Rewards points.
Learn more about the MET Eclipse Visa Infinite Privilege* >
Best BMO Student Credit Card
BMO CashBack Mastercard for students
If you’re on a student budget, this is a card to consider. The student variant of the BMO CashBack Mastercard earns substantial rewards, such as a 5% cashback welcome bonus on all purchases for the first three months and 3% cashback on groceries afterward, all without an annual fee. You also earn 1% on recurring bill payments and 0.5% on everything else. If you do the math and combine all that income, you could earn about $368 in cash back rewards in your first year (translation: lots of windows). You’ll know within minutes if you qualify and start building your credit history. The only downside is that, like many free cards, this card has few extras, but it does offer basic purchase protection and an extended warranty.
Annual contribution: $0Interest rates: 19.99% purchases, 22.99% for cash advances (21.99% Quebec residents) Welcome Bonus: Earn up to 5% cashback on all purchases during the first three monthsEarning rate: Earn 3% cash back on groceries, 1% cash back on recurring bill payments and 0.5% cash back on everything elseAdditional benefits: Extended Warranty and Purchase Protection and get 25% off rental cars at National Car Rental and Alamo Rent a Car locationsRequired annual income: No
About MET Rewards
What is the value of BMO Rewards points?
The BMO Rewards program follows a similar value structure to other bank-issued points programs, such as TD Rewards and Scotia Rewards. The BMO Rewards program is ideal for its variety of redemption options, giving you access to high-value rewards and more flexible payouts such as cash back on your statement – great if you find your own travel deal or want to use your rewards to pay off a daily bill. The value of each point varies depending on what you are redeeming for, but the rule of thumb is that travel remains your best bet for the highest value compared to other redemptions such as gift cards, merchandise or cash back.
Trip: 140 BMO points = $1 / 1 BMO point = $0.0071 (0.71%)Money to invest in a MET account: 15,000 BMO points = $100 / 1 BMO point = $0.0067 (0.67%)Cash to pay off your statement: 200 BMO points = $1 / 1 BMO point = $0.005 (0.5%) Gift Cards: Varies, but generally 1 BMO point = $0.0043 to $0.0054 Merchandise: Varies, but generally you won’t get that much value on merchandise compared to the travel or investment options
Redeem BMO Rewards Points
All redemptions for BMO Rewards points are made through their website, BMORewards.com. There you can access their travel portal where you can instantly search for flights, vacation packages, hotels, cars and cruises along with their respective points required for travel redemption.
This post The Best BMO Credit Cards in Canada 2022
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