The Best BMO Credit Cards of 2018 | Blog
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The Best BMO Credit Cards of 2018

By Staff Writer | Last Updated July 30, 2018

As one of Canada's big 5 financial institutions, the BMO Financial Group has everything for everyone. From rewards credit cards to balance transfer credit cards to cash back credit cards name them! BMO has a wide range of credit cards to suit different financial needs. Are you a frequent shopper in need of a credit card that blends seamlessly with your lifestyle? Or perhaps an avid traveller and you’re fed up with having to pay exaggerated transaction costs whenever you make a purchase in a foreign land using your Canadian credit card? BMO has got your back. There are several BMO credit cards designed for different spending habits and financial situations. In this guide, we dive into highlighting the best BMO credit cards that are available in the Canadian credit Card market today. It is worth noting that BMO currently offers MasterCard credit cards exclusively, at least as at the time of writing this guide, June 2018.

Best BMO Balance Transfer credit cards

BMO Air Miles MasterCard

The BMO Air Miles MasterCard is primarily not a balance transfer credit card, however, this card provides you with the rare privilege to consolidate your debt into one credit card pay it off and while at it earn Air Miles rewards when you use the card for your daily shopping.

What’s more? For all balance transfers you make from a credit card from another bank other than BMO, this card charges just 1.99% interest for a period of 9 months.

To crown it all, new cardholders will receive a bonus of a whopping 500 Air Miles!

Best BMO Travel Rewards Credit Card

BMO World Elite MasterCard

The World Elite signature label is synonymous with a credit card that comes packed with additional state of the art perks such as total travel and medical protection.

While the BMO Air miles World elite credit card mentioned above is a darling to many Air Miles enthusiasts, only a few Canadians love it at heart. The BMO World Elite MasterCard is a perfect alternative earning you BMO points from your everyday purchases. You can redeem these points later on any number of travel rewards. New cardholders who spend $3000 during the first three months after signing up will enjoy a whopping 35,000 welcome points.

When you get this card, you will earn 3 points for every 1 dollar you spend on dining, travel and entertainment and 2 points for every 1 dollar you spend on all other purchases.

Being a world elite card, every cardholder receives up to 4 free passes for worldwide VIP airport lounges annually. This is equivalent to $200 and in fact, offsets the annual fee. Moreover, the BMO travel protection offers an out-of-the country medical expense coverage of up to $2 million, and insurance for rental car collisions.

This card also offers extended warranties and protection for damage and theft on all items purchased using this card. It’s not surprising that, to be eligible for this card, you need to have $80,000 or $150,000 in personal or household income, respectively.

Best BMO Student Credit Cards

BMO SPC Air Miles MasterCard

Are you a student and love to travel but lack the required funds or qualifications to sign up for most credit cards? You could leverage your purchasing power to accumulate air miles rewards that you would later redeem to visit that city you've always dreamt of. When it comes to air miles rewards, the SPC Air Miles Master card is unmatched.

This card automatically rewards student cardholders with a 500-Miles bonus when they make their first purchase using this card. As a student, for every $20 you spend with the card, you’ll automatically earn 1 Air Mile.

With this card offering students the ability to get up to 15% off on all their purchases in hundreds of their preferred stores across Canada, it ensures that students are fed and clothed for less so that they can focus on their studies.

Factor in the fact that this card comes with ZERO annual fees and you'll see without a doubt, this card it the ultimate to go to card for cash-strapped students.

BMO SPC Cash Back MasterCard

While the SPC Air Miles highlighted above is best suited for the Canadian student who loves to travel but lacks the financial muscle to do so, the BMO SPC CashBack MasterCard is yet another sweet deal for the Canadian Student who’d love to earn cash back on money spent on daily purchases. In fact, it offers a bonus that is in most cases preferable.

Students earn cash back when they use this card to make their daily purchases. There’s no better way to earn back your cash than this!  

Students will especially appreciate the lucrative bonus of 4.00% cash back during the first 4 months of using this card. This rate is later reverted to 1.00% cash back on all other purchases made outside the first 4 months window.

What’s more? Students get to enjoy a 15.00% off on all purchases made at any of the hundreds of stores and restaurants that are affiliated with SPC across Canada. Forget everything else, this feature alone is worth signing up for this card considering the relevance of these stores to students’ lifestyles.

When you spend $1000 per month with this card, you will earn $240 in cash back during the first year. Add ZERO annual fees, purchase protection and warranty extensions to these perks and you’ll have every reason to sign up for it.

Best BMO No Annual Fee Credit Cards

BMO Rewards MasterCard

Oftentimes, paying a high annual fee for a credit card does not make sense to most Canadians. Fact is you will have to use the card frequently in order to offset this fee and rack up rewards.

The good news is BMO has several credit cards with ZERO annual fees while still granting cardholders lucrative benefits and cash back rewards. The BMO Rewards Master Card is one such no annual fee Cashback reward master card. The BMO Rewards Master Card earns you 1 BMO reward for every 1 dollar you spend on your daily purchases.  You can later redeem your BMO points on vacation packages, travel and more.

You will double your rewards rate when you use this card to rent a vehicle at National and Alamo locations across Canada. In addition, you’ll get 25% off your rental. Add to these, accidental damages protection on all purchases made using this card for 90 days as well as extended warranties of up to an additional year and you’ll find a very good reason to sign up for this card. Plus new cardholders are welcomed with a whopping 20,000 BMO rewards point for making your first purchase and spending an additional $1000 in the first three months. This could earn you up to $440 in free travel in the first year. This is one card that offers so much for so little.

BMO CashBack MasterCard

This is yet another must-have credit card that offers a high value without charging you anything on annual fees. When you sign up for this card, you will earn clean 4.00% cash back for the first 4 months. This rate will later revert to 1.00% cash back on all other purchase made outside of the 4 months period. Spending $1500 per month, for instance, will earn you approximately $360 during the first year. Like many other cash back reward credit cards, the cash earned can be deposited directly into your savings account or credited to your monthly statement better still, you can opt to invest it via the BMO investor line account

Similar to other BMO cards highlighted earlier, this card offers extended warranties and protection against theft and damage to all purchases made using this card. The benefits that come with the BMO cash back makes it a must-have wallet companion

Best BMO Air Miles Credit Card

BMO Air Miles World Elite MasterCard

Having an excellent relationship with the Air Miles program, BMO offers some of the most sought-after Air Miles Cards across Canada. Compared to other cards that offer Air Mile rewards, the BMO Air Miles World Elite MasterCard is simply unmatched. This card offers new cardholders with 2,000 Air Mile bonus Miles and $120 waiver on annual fees. You should be prepared to pay the annual fee after the first year elapses. For every $10 you spend using this card, you will earn 1 Air mile in return. The accumulated Air Miles can be redeemed and spent on travel rewards and/or airfare all over the world.

BMO Air Miles World Elite MasterCard offers you a Priority Pass membership to all airport lounges across the globe. You will be eligible to get 2 free vouchers to access the lounge annually. This is equivalent to $150 which essentially offsets the annual fee, Add to these, a comprehensive travel and medical insurance coverage of up to $2 Million. No wonder you need $80,000 personal or $150,000 household annual income to be eligible for this card.

Suppose you spend $4,000 per month. It means that you'll earn 6,800 Air Miles in the first year. In other words, you will be eligible to fly a distance equal to flying from Toronto to Honolulu.

The Bottom Line

The Bank of Montreal is one of the most respected banks in Canada, and (fun fact) was actually the first official bank in Canada. With branches everywhere, you won’t have trouble getting customer service when you use BMO.