BMO Rewards Mastercard Review (Feb 2023)

January 9, 2023
Reviews

The BMO Rewards Mastercard entry-level personal travel credit card that that doesn't charge an annual fee and comes with a very generous welcome bonus of 10,000 points. With this card, you can earn reward points on all credit card purchases and enjoy a 0.99% introductory interest rate for the first nine months.

Compared to other travel credit cards, the BMO Rewards Mastercard has very low requirements and is available to most Canadians; it's an excellent option if you're looking to get your first credit card. This is the card for you if you rent cars frequently; you'll get a 25% discount at partner stores National Car Rental and Alamo Rent-a-Car.

What Is The BMO Rewards Mastercard? 

The BMO Rewards Card is an entry-level personal travel credit card introduced by BMO (Bank of Montreal), a leading North American bank with most of its operations in Canada. The card allows you to earn 1x reward points for every dollar spent. It offers a few other benefits, such as discounts on car rentals at participating rental locations, a very generous welcome bonus, and a very low introductory interest rate on balance transfers for the first 9 months.

BMO Rewards Mastercard Pros And Cons

Pros

  • No minimum income eligibility requirement
  • No annual fee
  • 25% discount on rentals at National Car Rental and Alamo Rent-a-Car locations

Cons

  • The limited earn rate of 1x reward points for every $1 spent on every purchase
  • Minimal insurance coverage and travel benefits 

BMO Rewards Mastercard Features 

  • Welcome Offer of up to 10,000 points and a 0.99% introductory interest rate on Balance Transfers for nine months with a 2% transfer fee 
  • Annual fee: $0 annual fee 
  • Interest rate: 20.99% on purchases & 22.99% for cash advances
    • Earn 1x reward points for every $1 spent on all purchases
    • Earn reward points faster by including an additional cardholder
    • Up to 25% discount on rentals at participating National Car Rental and Alamo Rent-a-Car locations
  •  Purchase protection and extended coverage on the original manufacturer's warranty by additional periods
  • Zero liability to safeguard against monetary loss that may arise from fraudulent card usage
  • Optional add-on benefits, which include roadside assistance coverage and enhanced credit card balance protection    

Eligibility requirements

To be eligible for the card, you:

  • Must be a permanent Canadian resident
  • Must not have declared bankruptcy in the prior seven years
  • Must have attained the majority age in the Canadian province of residence

How does the BMO Rewards Mastercard work?

The BMO Rewards Mastercard is a no-annual-fee credit card offering purchase reward points. The card is also considered BMO's entry-level card option, given it has no minimum income eligibility requirements.

 What is the earn rate on the BMO Rewards Mastercard?

BMO Rewards Mastercard offers only one reward rate. All purchases with the card are eligible for a 1x reward point for every dollar spent. 

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What are the other perks on the BMO Rewards Mastercard?

  • Discount on car rentals: up to 25% discount on rentals at participating National car rental and Alamo Rent-a-Car locations
  • Purchase protection: Ensures items purchased with your card against theft and damage for up to a few months from the purchase date
  • Extended coverage on the original manufacturer's warranty: Increases the original manufacturer's warranty period by additional periods.
  • Zero Liability Protection for lost or stolen cards
  • BMO Rewards Mastercard Add-On Benefits
    • In addition to the included benefits (benefits at no extra cost) on the card, the BMO Rewards Mastercard also offers some add-on options (for a fee), such as:
    • BMO Credit Card Balance Protection Enhanced: This benefit helps you protect the balance on your BMO Rewards Mastercard in life events such as death, total disability, and job loss. The applicable fee is $1.00 for each $100 of your statement balance (plus taxes).
    • For full details on the add-on options, visit bmoprotection.assurant.com or call 1-844-840-8142.
    • BMO Roadside Assistance: Access to roadside services and emergencies, including free battery boosts, flat-tire change, lockout service, and towing; all worth $69/year for basic coverage or $98/year for enhanced coverage 

What is a rewards credit card?

A rewards point credit card is a credit card that earns points every time you make an eligible purchase. These points can be redeemed on various options, including shopping and travel.

Summary

The BMO Rewards Mastercard entry-level personal travel credit card that that doesn't charge an annual fee and comes with a very generous welcome bonus of 10,000 points. With this card, you can earn reward points on all credit card purchases and enjoy a 0.99% introductory interest rate for the first nine months.

Compared to other travel credit cards, the BMO Rewards Mastercard has very low requirements and is available to most Canadians; it's an excellent option if you're looking to get your first credit card. This is the card for you if you rent cars frequently; you'll get a 25% discount at partner stores National Car Rental and Alamo Rent-a-Car.

BMO Rewards Mastercards FAQs

What is the BMO Rewards Mastercard best suitable for?

The BMO is excellent for students or extremely low-income earners, given its zero annual fees and no minimum income requirement.

Is there a limit to the reward points I can accumulate with the BMO Rewards Mastercard?

There is no limit to the reward points you can earn, as the card offers the unlimited base earn rate of 1x rewards on all purchases. 

What are the qualification requirements for the BMO Rewards Mastercard?

To qualify for a BMO Rewards Mastercard, you need to meet the eligibility requirements below:

  • Must be a permanent Canadian resident
  • Must not have declared bankruptcy in the prior seven years
  • Must have attained the majority age in the Canadian province of residence

Is the BMO Rewards Mastercard worth it?

The BMO Rewards Mastercard is worth it because it charges no annual fees, yet it allows you to earn rewards and offers a few other perks on your purchases.

Which credit bureau does BMO check?

BMO checks credit reports from either Equifax or TransUnion credit bureaus

Can I have several BMO Credit Cards at the same time?

Yes, having more than one BMO credit card at a time is possible.

How to I know how many BMO rewards I have?

You can check your reward points summary on your monthly card statement. However, this rewards summary would not include reward points from bonuses or promotional offers. You can also see your rewards when you sign in to your account online or through your Mobile banking application.

Do my BMO Rewards Mastercard points expire?

No, the BMO Rewards Mastercard points do not expire if your credit card account remains open with the bank and is in good standing.

What can I redeem my BMO Rewards Mastercard points for?

You can redeem your BMO Rewards Mastercard reward points in several ways. Some of the categories you can redeem your points for include:

  • Shopping: You can redeem your BMO rewards points to purchase items on your wish list, including merchandise, experiences, and gift certificates
  • Travel: You can redeem your BMO rewards points for travel purchases
  • Invest: You can also redeem your BMO rewards points by depositing them as a cash deposit into a BMO investment account

How do I Redeem my BMO Rewards Mastercard points?

You can redeem your Rewards points in three simple steps:

  • Log in to your BMO account and select the “Pay with Points” tab.
  • Browse through and select which eligible purchase you want to redeem your points for
  • Choose the number of points you would like to redeem toward your purchase. You can redeem your points when you accumulate as little as $1.

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