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bmo eclipIf you’re in the market for a new credit card, the Bank of Montreal has a large selection. From travel and cash back rewards, to low-interest credit cards, BMO offers something for every borrower.
Below, we highlight the best BMO credit cards in Canada below to help you narrow down which card might be right for you.
BMO’s CashBack World Elite Mastercard offers among the highest earn rates on groceries of any credit card and a broad range of perks, making it ideal for those looking to maximize their cash back in multiple spending categories. Its primary drawbacks are the high income requirement and low monthly spending caps on bonus cash back categories.
The BMO CashBack® World Elite Mastercard is a great option if you’re looking to be rewarded for your everyday credit card purchases. You’ll earn 5% cash back on groceries, making this a strong option for just about anyone, given the high cost of food these days. You’ll also earn 4% back on transit, 3% back on gas and electric car charging, and 2% on recurring bill payments. Best of all, you can redeem your cash back rewards anytime you like.
The BMO Eclipse Visa Infinite Privilege lives up to its name. While the card carries a hefty $499 annual fee, it also offers a robust rewards program. You’ll receive 5x the points on everyday expenses, like groceries, restaurants, gas, and drugstore purchases, as well as travel. Additional travel perks include an annual $200 travel credit as well as a free Visa Airport Companion membership and six airport lounge passes per year.
If you’re signed up for the Air Miles program, the BMO Air Miles World Elite Mastercard will help you quickly rack up points toward your next flight. You’ll earn 3x the Air Miles for every $12 spent at Air Miles partners, including select gas stations and car rental services and 2x the points for every $12 spent at select grocery stores. You can also maximize your points by booking a flight with the annual Air Miles redemption discount, allowing you to fly for 25% fewer points than usual.
The welcome bonus of up to 60,000 points and the waived annual fee in the first year are great hooks, but the ongoing yearly fee should be considered against these benefits. While the travel insurance options could be much more robust and should include trip cancellation, the $50 lifestyle credit is a great added perk.
Attention foodies: the BMO Eclipse Visa Infinite card offers one of the tastiest BMO credit cards benefits out there. You’ll earn 5x the points for every $1 spent on restaurants, including in-person meals and delivery, as well as 5x the BMO rewards points on groceries and gas. This is also one of the best credit cards for couples, earning you an extra 10% more points when you add an authorized user to your card. Bon appetit!
The BMO Ascend World Elite Visa is a travel points credit card best suited for frequent travellers. You’ll earn 5x the BMO rewards points on all travel purchases, which will help you get to your next destination even faster. You and your family will also be covered for travel and medical insurance, including up to $2 million for out-of-country medical expenses.
The BMO Rewards Mastercard doesn’t have an annual fee but still offers a comprehensive rewards program. You can redeem your earned points for anything you like, including groceries and monthly bills. This is a great option for those who want to earn rewards for their purchases but don’t want to pay a hefty annual fee.
The Student BMO Cashback Mastercard carries no annual fee and offers 3% cash back on grocery purchases — one of the best BMO credit card benefits if your finances are tight. You’ll earn 1% cash back on all recurring bills, including your cell phone, internet, and streaming services. You can redeem your earned cash back anytime, or set up recurring deposits.
The BMO Preferred Rate Mastercard features BMO’s lowest credit card interest at just 13.99%. Cash advances on this card also carry a low interest rate of 15.99%, which is around 4-5 percentage points less than what most credit cards charge. While there are no rewards programs associated with this card; the low interest rates will be helpful for those carrying a balance.
Flexible points redemption options
Some of the best travel rewards on the market
Generous welcome offers for new cardholders
Interest rates can be high
Most cards carry an annual fee
Many BMO cards have minimum income requirements
BMO offers a full slate of credit cards, including travel and cash back rewards cards, a student credit card, and a prepaid card for those with low credit scores. There is a BMO credit card for every situation and lifestyle. Narrow down what’s most important for you in a credit card (rewards, low interest rate, etc.). This will help you decide which BMO credit card is best for you.
You can apply for a BMO credit card online or at any BMO bank branch. In order to qualify for BMO credit cards, you need to be a Canadian citizen and of the age of majority in your province or territory. You’ll need to provide your personal and employment information, including your full name and address, social insurance number, and your place of employment and salary. Once your application is approved, you will receive your new BMO credit card in the mail.
The BMO Ascend World Elite Mastercard is the best BMO credit card for travel. You’ll earn 5x the points for every $1 spent on travel, receive airport lounge access via Mastercard Travel Pass, and all your trips include travel and medical insurance (up to $2 million in eligible medical expenses).
The BMO Cashback World Elite Mastercard is the best BMO credit card for cash back rewards. You’ll earn 5% back on groceries, 4% back on transit, 3% on gas, 2% on recurring bill payments, and 1% on everything else. With the current welcome offer, you’ll receive a whopping 10% back on purchases for the first 3 months and have the $120 annual fee waived for the first year.
If you have bad credit, the BMO Prepaid Mastercard allows you to obtain a card that works like a traditional credit card, without having to undergo a credit check. To set up this BMO Mastercard, you transfer money from your bank account to your new card and then use it the way you would any Mastercard. Since the card is prepaid, there are no interest fees to worry about, allowing you to use your card freely without the chance of negatively affecting your credit score.
