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Student BMO AIR MILES Mastercard Review

Student BMO AIR MILES®† Mastercard®* review

Tyler Wade

Dec 12, 2024

While we adhere to strict editorial guidelines, partners on this page may provide us earnings.

Overall rating

First year value

$333

Get this card if you:

  • are a student who wants to earn Air Miles on everyday spending
  • don't want to pay an annual fee
  • value a great welcome offer

Scores by category

Student 3.3

Travel 2.1

Highlights

$333

First year value

800 miles

Welcome bonus

Interest Rates

20.99%

Purchase APR

22.99%

Cash advance APR

21.99% for Quebec residents

Eligibility

Good

Recommended credit score

Quick overview of the BMO Student AIR MILES Mastercard

The Student BMO AIR MILES®† Mastercard®* is a solid option for students looking to dive into the world of credit cards and start earning rewards. With no annual fee and a generous welcome bonus of 800 miles, it offers a great start for young adults building their credit history. 

However, as a student, pay close attention to the purchase APR of 20.99%. Many of the best student credit cards offer much lower interest rates, which help keep your spending and credit score in check.

Who BMO Student AIR MILES Mastercard is best suited for?

BMO Student AIR MILES®† Mastercard®* is tailor-made for students between the ages of 18 and 24 who are enrolled in a post-secondary institution. It’s perfect for those who want to earn travel rewards on their everyday spending, but can always pay their bills on time. 

While the card gives you 3x the Miles at participating AIR MILES partners and 2x the Miles at eligible grocery stores (e.g. Metro) for every $25 spent, you may end up at “partner” retailers more often, despite it costing more to shop there—not a desired outcome. 

Pros and cons of BMO Student AIR MILES Mastercard

Pros

Pros

  • No annual fee: this makes it cost-effective for students looking to build credit without incurring additional expenses.

  • Earn cash back on everyday purchases, including up to 5% cash back on every purchase in your first three months.

  • Credit building: If you’re responsible, you can build a positive credit history, which helps you get better credit cards and more

Cons

Cons

  • Higher interest rates: If you can’t pay off your balance in full, opt for a low interest credit card

  • Limited additional benefits: While there are some benefits, it’s not the full suite of perks, but then again, there’s no annual fee.

BMO Student AIR MILES Mastercard welcome offer

  • Get 800 AIR MILES Bonus Miles!* That’s enough for $80 towards purchases with AIR MILES Cash*
  • Canadian citizen or permanent resident
  • Student between the ages of 18-24 at a recognized post secondary school
  • Earn an income from employment, scholarships/grants, student loans, or family allowance. 

How to earn AIR MILES with the BMO Student AIR MILES Mastercard

  • Earn 3x the Miles for every $25 spent at participating AIR MILES Partners.
  • Earn 2x the Miles for every $25 spent at any eligible grocery store.
  • Earn 1 Mile for every $25 spent on all other purchases.

Redeeming AIR MILES BMO Student AIR MILES Mastercard

If you're a student who loves to travel, you can use your AIR MILES and redeem them for flights. The amount of AIR MILES needed will depend on the destination you're flying to. 

You also have the option of converting AIR MILES to Cash Miles. 95 Cash Miles= $10, which can be used towards your purchases at participating AIR MILES partner locations. We recommend using AIR MILES for travel redemption so you get the best value. Learn more about redeeming AIR MILES.

Key benefits

  • $0 annual fee, which is great for students
  • Decent welcome bonus
  • Extended warranty and purchase protection insurance

BMO Student AIR MILES Mastercard insurance coverage

  • Extended Warranty: Enjoy an additional 1 year of warranty on your purchases.
  • Purchase Protection: Your purchases are protected against theft or damage for 90 days from the date of purchase.

Extras

  • Save up to 25% on rentals at National and Alamo Rent A Car (check availability at desired rental location if you’re under 21)
  • The ability to add another cardholder at no extra cost
  • BMO PaySmart™ turns big purchases into smaller interest-free monthly payments for a low fee. 

How the BMO Student AIR MILES Mastercard compares

BMO Student AIR MILES®† Mastercard is a student credit card with a focus on travel rewards through the AIR MILES program. Let’s compare a few other student cards to see how it stacks up:

up to $50

Welcome Bonus

$253

First Year Value

$203

Annual Value

Welcome Bonus: Earn a value of $50† in TD Rewards Points† to use on eligible Amazon.ca purchases plus, no Annual Fee. Conditions Apply. Offer effective as of January 7, 2025.

Learn More Apply Now On TD's Secure Site

BMO Student AIR MILES®† Mastercard®* vs. TD Rewards Visa Card

Again, the big difference between these two cards is the loyalty program: AIR MILES vs. TD Rewards Points. 

There is $0 annual fee for either card. TD charges 19.99% APR (one point less than BMO), but TD starts to pull ahead, especially with its bundle offering. 

Both cards offer purchase security and extended warranty protection, but TD throws in mobile device insurance for up to $1,000of coverage. 

They also both offer payment plans and savings on rental cars, but the TD Rewards Visa Card just packs more of an enticing offer, especially if you want to bank with them. 

up to 7K pts

Welcome Bonus

$571

First Year Value

$491

Annual Value

Welcome Bonus: Get 3,500 Welcome Points on approval and earn 3,500 bonus points when you spend $500 in your first 3 months. Apply by January 29th, 2025.

Learn More Apply Now On RBC's Secure Site

BMO Student AIR MILES®† Mastercard®* vs. RBC ION+ Visa

Again, we’ll look at loyalty programs (AIR MILES vs. Avion), welcome bonuses, insurance, and for RBC, the opportunity to bundle. 

To start, RBC ION+ credit card has an annual fee of $48 (charged at $4 per month), so let’s hope they’re packing in value. 

With RBC, you get a welcome bonus of up to 7,000 Welcome Points, Get 3,500 Welcome Points on approval and earn 3,500 bonus points when you spend $500 in your first 3 months. Apply by January 29th, 2025.

Both cards offer accelerated earn rates, but Avion takes it further with a broader range of categories. You’ll earn 3x the Avion points for every $1 spent on gas, dining, food delivery, Uber/Lyft rides, streaming subscriptions and more. 

RBC and BMO give you the same purchase security and extended warranty insurance, but RBC is also giving you $1,000of mobile device insurance. You can add-on travel insurance for a fee. 

Again, while AIR MILES and Avion points are meant for travel, both cards promote spending in their e-stores. Check out airmiles.ca and avionrewards.com to compare and discover which program suits you best, but for the most part, they both have many partner retailers and options to earn more (though RBC’s ShopPlus browser extension makes it easier). 

Avion is a solid program and if you’re banking with RBC, get your annual fee waived with your student account to get the full bonus. 

Is the BMO Student AIR MILES®† Mastercard®* worth it?

Wrapping up, BMO Student AIR MILES®† Mastercard®* stands out as a strong contender for students looking to earn AIR MILES while building their credit. 

The no annual fee and generous welcome bonus are significant perks, but the high APR is a bit of a drawback if you don’t pay off your balance in full every month. When compared to other student cards in the market, BMO Student AIR MILES®† Mastercard®* holds its ground, especially for those who frequent AIR MILES Partners. But if you’re more loyal to your bank than your credit card, look to bundle the deals to save money, especially as a student on a budget. 

BMO Student AIR MILES Mastercard eligibility

To qualify for the BMO Student AIR MILES®† Mastercard®* you must be enrolled into an educational institution. No income is required.

FAQs

  • What is the interest rate on BMO Student AIR MILES®† Mastercard®*?

    +

    The purchase APR on BMO Student AIR MILES®† Mastercard®* is 20.99%, and the cash advance APR is 22.99% (21.99% for Quebec residents). It’s important for cardholders to manage their spending and make timely payments to avoid incurring high interest charges.

  • What is the annual fee for BMO Student AIR MILES®† Mastercard®*?

    +

    BMO Student AIR MILES®† Mastercard® has no annual fee, making it a cost-effective option for students looking to build credit and earn rewards without additional charges.

  • Can I add an additional cardholder, and if so, is there a fee?

    +

    Yes, you can add another cardholder to your BMO Student AIR MILES®† Mastercard®* account at no extra cost. This feature adds flexibility and allows you to share the benefits of the card with a family member or friend.

Tyler Wade Personal finance content strategist & writer

Tyler Wade has worked in personal finance for over 5 years writing for brands like Ratehub, Forbes, KOHO, and now Money.ca.

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