Best BMO credit cards
JHVEPhoto / Shutterstock
We adhere to strict standards of editorial integrity to help you make decisions with confidence. Please be aware that some (or all) products and services linked in this article are from our sponsors.
We adhere to strict standards of editorial integrity to help you make decisions with confidence. Please be aware this post may contain links to products from our partners. We may receive a commission for products or services you sign up for through partner links.
Bank of Montreal is a highly respected institution among Canadians, and offers many beneficial financial products including loans, mortgages, investments and of course—credit cards. Established in the early 19th century, it’s now one of the ‘Big Five’ banks in Canada. The bank provides credit cards to suit the lifestyles of nearly every cardholder profile, including different spending habits, income and credit levels, and reward types. Explore the very best that BMO offers below, where we’ve organized a list of credit cards based on their primary utility and what kind of person they’re ideally suited to.
Best BMO credit cards compared
Best BMO no annual fee credit card
BMO CashBack® Mastercard®*
Quick Facts
Who’s eligible?
Minimum credit score: Excellent
Age: Age of majority in your province or territory
Other requirements: No bankruptcies in the last seven years
The BMO CashBack® Mastercard®* is another handy wallet companion that doesn’t charge an annual fee and still provides high value. Cardholders are welcomed with a competitive 5% cashback bonus rate that lasts for their first 3 months (up to $2,500 in spending for max $125 back)*, which returns to the rate of 0.5-3% on all their purchases depending on category after the promotional period*. In addition, get $50 cash back if you spend $6,000 in your first year*. Cash back can be deposited directly into a chequing or savings account, credited to one’s monthly card statement, or invested via the BMO Investorline account. As a standard BMO perk, the BMO CashBack® Mastercard®* extends protection against theft and damage to one’s new purchases made with the card*. It will also grant longer warranties on expensive items like electronics (those that already have a manufacturer’s guarantee), which is highly appreciated when something breaks unexpectedly. All in all, the sum of these benefits makes the card a savvy addition to anyone’s wallet.
Click here to apply or learn more by reading our complete BMO CashBack® Mastercard®* review.
*Terms and conditions apply.
Best BMO Travel Rewards Credit Card
The BMO Ascend™ World Elite®* Mastercard®*
Quick Facts
Who’s eligible?
Minimum credit score: Excellent
Income requirement: $80,000 individual or $150,000 household
Age: Age of majority in your province or territory
Other requirements: No bankruptcies in the last seven years
The World Elite label means that a credit card is accompanied by extra benefits like total travel and medical protection. Though the AIR MILES World Elite Card (see below) is a great card for air miles devotees, not all Canadians love that rewards program. The BMO Ascend™ World Elite®* Mastercard®* is a good alternative, with cardholders able to earn up to $762* between all its lucrative introductory bonuses, plus steady BMO points for their everyday spending – which are redeemable on any number of great travel rewards.
BMO offers new applicants up to 60,000* BMO Rewards points and will waive their first year’s $150 annual fee for the primary cardholder and $50 for first authorized cardholder. Cardholders will earn 5x the points for every $1 spent on eligible travel purchases,* 3x the points for every $1 spent on eligible dining and entertainment purchases and recurring bill payments,* 1 point for every $1 spent everywhere else.*. Since it’s a World Elite card, cardholders will also receive complimentary membership in Mastercard Travel Pass provided by DragonPass,* with four annual complimentary passes.—a $128 USD value. When added to the 60,000-point bonus* and annual fee waivers, the card’s value to new members is up to $762*.
BMO travel protection features include out-of-country or province medical coverage up to $2 million*, plus insurance for rental car collisions as well*. Add in extended warranties and protection for damage and theft on items purchased with the car, and it’s no wonder that applicants will need to show $80,000 or $150,000 in personal or household annual income, respectively, in order to qualify.
Click here to apply or learn more by reading our complete BMO Ascend™ World Elite®* Mastercard®* review.
*Terms and conditions apply
Best BMO cash back credit card
BMO CashBack® World Elite®* Mastercard®*
Quick Facts
Who’s eligible?
Minimum credit score: Excellent
Income requirement: $80,000 individual or $150,000 household
Age: Age of majority in your province or territory
Other Requirements: No bankruptcies in the last seven years
Combining high cashback rates with all the valuable benefits of the World Elite label, the BMO CashBack® World Elite®* Mastercard®* is one of the bank’s best. The card has an annual fee of $120 (waived in first year)*, but the rates at which you can amass cash back outweigh the annual fee by a significant margin. New cardholders start off with a generous welcome bonus of up to 10% cash back on all eligible purchases for the first 3 months months, up to $2,600 spent ($260 in cash back)*. After that the regular cash back earn rates are as follows:
- Groceries: 5% cash back*, up to $500 spent per month (the highest cash back earn rate on groceries in Canada†; $25 cash back), and then 1% after that*
- Transit: 4% cash back*, up to $300 spent per month ($12 cash back), and then 1% after that*
- Gas and electric vehicle charging: 3% cash back*, up to $300 spent per month ($9 cash back), and then 1% after that*
- Recurring bills: 2% cash back*, up to $500 spent per month ($10 cash back), and then 1% after that*
- Everything else: 1% cash back (unlimited)*
However, as a World Elite card, the benefits don’t end there. BMO provides 8 days of out-of-province and country medical insurance coverage for up to $2 million, plus damage and collision coverage for rental cars*. Purchases made with the card are protected from damage and theft through the first 180 days after purchase*, and any item that has an original manufacturer’s warranty can get it extended by up to two additional years—this is among the best purchase protection and extended warranty coverage in Canada.
Click here to apply or learn more by reading our complete BMO CashBack® World Elite®* Mastercard®* review.
*Terms and conditions apply
†Statement based on a comparison of the non-promotional grocery rewards earn rate on Canadian cash back credit cards as of Jan. 4, 2023.
Best BMO Air Miles credit card
BMO AIR MILES®† World Elite®* Mastercard®*
Quick Facts
Who’s eligible?
Minimum credit score: Excellent
Minimum income: $80,000 individual or $150,000 household
Age: Age of majority in your province or territory
Other requirements: No bankruptcies in the last seven years
BMO has an excellent relationship with the air miles program and can therefore offer some of the best Air Miles cards in Canada. They demonstrate this handily with their BMO AIR MILES®† World Elite®* Mastercard®*, which gives new cardholders who spend $3,000 in the first three months a bonus of 2,000 air miles and a $120 annual fee waiver in the first year*. Cardholders earn air miles at a fast rate of 1 per $12 spent*, which can be redeemed on excellent travel rewards and airfare anywhere in the world. Spending at air miles partner stores will earn at an even faster rate of 3 Miles per $1 spent*. Get 2x the Miles for every $12 spent at any eligible grocery store*. Those who spend $4,000 per month on the card will earn at least 6,000 air miles in their first year. That’s already enough for a flight from Montreal all the way to Paris. Another notable perk of the BMO AIR MILES®† World Elite®* Mastercard®* is that it includes complimentary membership in Mastercard Travel Pass provided by DragonPass.* The card’s advantages also include comprehensive travel and medical insurance*, with 15 consecutive days of out-of-province coverage for up to $2 million. A standard BMO benefit is the addition of purchase protection and extended warranties on items purchased with the AIR MILES World Elite card.
Click here to apply or learn more by reading our complete BMO AIR MILES®† World Elite®* Mastercard®* review.
*Terms and conditions apply
Best BMO balance transfer card
BMO AIR MILES®† Mastercard®*
Quick Facts
Who’s eligible?
Minimum credit score: Good
Minimum income: $15,000
Age: Age of majority in your province or territory
Residency: Resident of Canada
Though it isn’t primarily known as a balance transfer card, the BMO AIR MILES®† MasterCard®* does provide this option to new cardholders who want to consolidate their credit card debt, pay it off, and earn air miles on their everyday purchases. Those who transfer an outstanding balance from another credit card or bank (outside of BMO) will pay just 0.99% interest on this amount for 9 months (2% fee applies to balance amount transferred)*. Few strategies are as effective for reducing compounding interest charges. The card helps those who want to earn air miles quickly and reduce their travel expenses.
As a special welcome offer, get 800 AIR MILES Bonus Miles* (when you spend $1,000 within the first three months). That’s enough for $80 towards purchases with AIR MILES Cash*. At air miles sponsors like Sobeys, cardholders will earn 3x the Miles for every $25 spent at participating AIR MILES Partners*. Get 2x the Miles for every $25 spent at any eligible grocery store*, and 1 Air Mile per $25 elsewhere*. With $0 spent on annual fee, if you manage to spend just $1,000 per month on the card, you’ll earn up to 1,280 air miles in the first year when you include the Welcome Offer bonus. This is the equivalent value of a round-trip flight from Montreal to Toronto. Finally, it’s easy and free to sign up supplementary cardholders. Extend them the benefits above, but there’s also car rental discounts* alongside purchase protections including extended warranties and damage coverage*.
Click here to apply or learn more by reading our complete BMO AIR MILES®† Mastercard®* review.
*Terms and conditions apply
Best BMO low interest credit card
BMO Preferred Rate Mastercard®*
Quick Facts
Who’s eligible?
Recommended credit score: Good
Minimum income: None
Age: You must be the age of majority in your home province
Residency: Canadian
For people who routinely carry part of their outstanding balance from month to month, interest charges are a constant concern. Saving money is more about reducing interest, in this case, than it is earning cash back or rewards. BMO offers a pertinent solution with their BMO Preferred Rate MasterCard®*, which can immediately help applicants transfer their balances and then pay an introductory interest on Balance Transfers of 0.99% for 9 months (2% transfer fee applies)*. With most cards charging interest at 20% or more, this alone can put money right back into your pocket.
Even without the promotional balance transfer rate, BMO keeps interest on purchases and cash advances at a competitive 13.99% and 15.99% respectively. Standard among BMO cards is complimentary damage and theft protection for new items bought with the Preferred Rate card, plus extended manufacturers’ warranties by up to one more year*. These benefits are all available to cardholders for the low annual fee of $29 (waived in the first year)*.
Click here to apply for the BMO Preferred Rate Mastercard®* .
*Terms and conditions apply
BMO is not responsible for maintaining the content on this site. Please click on the Apply now link for the most up to date information.
Latest Articles
Alberta to debate Canada Pension Plan, says it deserves half of fund if it leaves
A look at the numbers and assumptions behind Alberta's pension report
Pathways Alliance watching Trans Mountain's latest hurdles with dismay
Coastal GasLink fined $340,000 for erosion, sediment control challenges
Most actively traded companies on the Toronto Stock Exchange
