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BMO Rewards MasterCard Review
15 Oct 2018

BMO Rewards MasterCard | Credit Card Review

Sometimes, the best thing about having a credit card is the reward points you get to shop with just for having it. If you’re on the lookout for a credit card with a robust reward system and a great sign-up bonus, the BMO Rewards MasterCard might be just what you need.

Get 20,000 bonus BMO rewards points just for signing up with this card now.

 

General Information

You Are Interested If You want a credit card that will help you earn points to put toward travel and accommodations, appliances, luxury items, and many other things.
Brief Description The BMO Rewards MasterCard is a flexible rewards credit card with good rates and a reasonable rate of point accumulation.
Main Requirements This is considered an entry-level credit card, so just fair credit and a $15,000 income is enough to potentially qualify for it.

Card Details

Network Mastercard.
Provider BMO.
Card Type This is a standard rewards card that uses the BMO catalogue.

Fees and Interest

Purchase Interest Rate Anything you buy will be subject to BMO’s usual 19.99% annual interest rate.
Cash Advance Getting money up-front will cost you 22.99% in interest yearly.
Balance Transfer Aside from the introductory offer, balance transfers will usually incur 22.99% yearly interest.

Eligibility

Income Requirements You can get this card with as little as $15,000 in income each year.
Household Income Requirements Because the individual requirements are so low, the BMO Rewards MasterCard does not consider applicants on a household basis.
Annual Fee Having this card will cost you nothing in annual fees each year.

Rewards

Welcome Bonus If you apply before October 31, 2019, you’ll get a bonus 20,000 BMO reward points (10,000 up front, plus another 10,000 after at least $1,000 of purchases in the first 3 months). You’ll also enjoy a very low 1.99% interest rate on balance transfers for your first 9 months.
How To Earn Points The BMO Rewards MasterCard grants you 1 BMO rewards point for every dollar of every purchase charged to your card, no matter what you bought.
Benefits With this card, you’ll get double the points on all car rentals at National Car Rental or Alamo Rent A Car as well as a discount on up to 25% of the cost of the rental. You’ll also receive purchase protection and extended warranty coverage.

About BMO Rewards MasterCard

Main Features

The BMO Rewards MasterCard is intended to serve as an introductory rewards card for consumers who can’t get a hold of the more exclusive cards just yet. As far as starter cards go, it’s pretty great. The rates offered are nothing exceptional, but they aren’t exorbitant either and shouldn’t raise any red flags during your search. However, they are not the main draw of this card – the rewards program is. BMO rewards programs rank high on consumer satisfaction lists, and even if this card is one of their lesser offerings, it still uses most of that acclaimed reward structure. It will be slightly harder to save up enough points to really use make use of them, but that can be mitigated with time.

The current welcome bonus is arguably the most important selling point for the BMO Rewards MasterCard right now. The 20,000 points you can currently get from their introductory offer will bring you most of the way to one of the middling rewards in their catalogue, such as a nice handbag or a one-night 4-star hotel stay. After that, you’ll get 1 BMO reward point for every dollar you charge to your card – this will likely add up nicely over time. For instance, if you were to regularly charge $500 to your card each month, you would have 6,000 points by the end of the year. While that’s not enough to buy you much on its own, many people will get more than that by spending more to begin with, and you can always accumulate the points over a few years.

As usual, you’ll get the purchase protection assurance and extended warranties that most BMO credit products offer, along with a special addition for this card. On the off-chance that you are a frequent customer of car rental locations, choosing National Car Rental or Alamo Rent A Car when you go can net you twice the points on your purchase and a decent discount of up to 25%. This won’t make much of a difference for most people, but it’s a nice little bonus that you may as well be aware of.

Conclusions

The BMO Rewards MasterCard is pretty standard fare as far as rewards cards go. It’s accessible, affordable, and reliable, and rewards points build up at an appreciable rate. It’s not the best option out there by any means, but it’s aiming for a wider market more than it is for perfect suitability for any one group. There’s nothing objectionable about it and it still has several strong points, so it can work with just about anyone’s spending habits.

About BMO

BMO, formally known as the Bank of Montreal, is an established Canadian financial institution with nearly two hundred years of proven expertise. They offer just about any kind of financial service you can think of and operate from a collection of hundreds of branches across the provinces, serving millions in both our official languages. On top of being leaders in the financial world, they are also enthusiastic supporters of the sports (particularly hockey) and arts events that bring our country together.

What We Think

The BMO Rewards MasterCard offers all the things you expect from a typical credit card: fair rates, a good reward system, and a few extra perks as well. The welcome bonus they are currently offering is particularly impressive, and while the rewards won’t always come that fast and easy, you won’t have too much trouble accruing them through regular use. With no annual fee and interest rates in line with general trends in the Canadian financial industry, the BMO Rewards MasterCard is a great middle-ground choice for consumers with no particular preferences for their new credit card.