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Author: Tyler Wade

By Tyler Wade

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Updated: October 25, 2023

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.

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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.

Quick overview

The BMO Rewards Mastercard is a popular no-annual fee credit card, especially if you value easy-to-use points. It’s as easy to use the points as it is to earn them with points on every dollar spent, without being restricted to specific categories—each dollar you spend equals one point.

Who is the BMO Rewards Mastercard best suited for?

If you’re looking for a no-fuss, no-annual-fee card with a simple rewards structure that you can flexibly convert to flights, statement credits. and even convert rewards points into an investment contribution in a BMO investment account—this card is an excellent option. Forget the analysis paralysis and get the rewards you want, when your points have accumulated. 

Pros and cons of BMO Rewards Mastercard

Pros

Pros

  • No annual fee.
  • Earn one BMO Rewards point for every $1 spent.
  • Points can be used for travel, merchandise, or converted into an investment contribution in a BMO Investment account.
  • Option to pay the credit card balance with points.
  • Extended warranty and 90-day theft or damage protection for purchases.
  • 25% off rentals at National Car Rental and Alamo Rent a Car.
Cons

Cons

  • No travel insurance protection.
  • Lower rewards rate compared to some premium cards.
  • Low point value.

Welcome bonus

  • New cardholders can earn 10,000 BMO Rewards points after spending $1,000 within the first three months.
  • 0.99% introductory interest rate on balance transfers for nine months with a 2% transfer fee

Earn rate

  • Earn one BMO Rewards point for every $1 spent on all purchases.

Key benefits

  • Convert rewards points into an investment contribution in a BMO Investment account.
  • Use points to pay off the card balance.
  • Extended warranty and 90-day theft or damage protection for purchases.
  • Exclusive access to flights, hotels, car rentals, cruises and vacation packages.

Insurance coverage

  • Extended warranty: Doubles the manufacturer's warranty.
  • Purchase protection: Protection against theft or damage for most merchandise.

Extras

  • 25% off rentals at National Car Rental and Alamo Rent A Car.
  • Zero liability for lost or stolen cards.
  • BMO Alerts help you keep an eye on suspicious activity. 
  • You can purchase add-ons such as BMO Roadside assistance and BMO Credit Card Balance Protection. 

How the BMO Rewards Mastercard compares

The BMO Rewards Mastercard falls into the category of rewards credit cards. When comparing it to other cards in the market, it's essential to consider factors like annual fees, interest rates, reward earn rates and additional benefits.

BMO Rewards Mastercard vs. BMO Ascend World Elite Mastercard

Sometimes it’s worthwhile to understand how the other half lives, we can be aspirational in our credit card searches, too. The BMO Ascend World Elite Mastercard is a premium credit card—more rewards, much better earn rates (5x the points on eligible travel purchases, 3x the points on dining, entertainment, and recurring bills, and 1x the points per dollar spent on everything else), and privilege of the Airport Lounge to relax in comfort instead of sitting on plastic chairs eating overpriced airport food. And, of course, you get travel insurance with the BMO Ascend. Obviously, to give that much value, there needs to be some downsides—namely the $150 annual fee (though this is waived in the first year). To qualify for the card though, you’ll need a very good to excellent credit score and a minimum annual income of $80,000 for an individual or $150,000 for a household.

In summary, if you want to stay in the BMO family, love to travel (and desire the perks), and an accelerated earn rate are worth $150, check out the BMO Ascend World Elite Mastercard. 

BMO Rewards Mastercard vs. American Express Green card

If you’re mostly interested in travel rewards without an annual fee the American Express Green Card may suit. 

Both cards offer one point per dollar spent, but Amex Membership Rewards (MR) points carry more value. They offer identical welcome bonuses, too—10,000 points when you charge $1,000 in purchases to your card in the first three months. 

The insurance coverage is also the same. 

Amex beats out BMO in terms of perks with Amex Experiences like Front of The Line® Presale tickets, reserved tickets and dining and entertainment experiences. And while you have to love the flexibility of BMO’s points, Amex’s MR points transfer to other popular loyalty programs (e.g. Aeroplan, Marriott Bonvoy) at a rate of one to one, so you get just as much flexibility, although a heavier focus on travel. 

BMO Rewards Mastercard vs. Tangerine World Mastercard

If no annual fee is the game, but you're torn on the rewards, why not consider a 2.0% cash back card like the Tangerine World Mastercard?

We know the BMO Rewards Mastercard—no annual fee, earn one point per $1 spent on all purchases, and with the flexibility to redeem points for travel, merchandise, or even as an investment contribution. But, the value of the points falls a bit short and that’s where getting 2% back on two categories of your choice (e.g. groceries and gas) will earn rewards faster. You’ll also get 0.50% Money-Back Rewards on all other purchases. And, if you open a Tangerine Savings Account, you can unlock a third 2% category (think subscriptions or dining out) to really stack the rewards.The Tangerine World Mastercard also gives you access to Boingo Wi-Fi, paid access to DragonPass Airport lounges, and on top of purchase protection, they’ll also pay for your car rental insurance. Until October 31, you can earn an extra 10% back on up to $1,000 in everyday purchases made within the first two months.

In summary, both cards are strong contenders in the no-annual-fee category—do you want flexible rewards or cash back?

Is the BMO Rewards Mastercard worth it?

Given its no annual fee, straightforward rewards system and unique benefits like converting points into investment contributions, the BMO Rewards Mastercard offers good value. It's especially suitable for those who want a simple card without the complexities of tiered rewards or rotating categories. However, if travel insurance or higher rewards rates are a priority, you might want to consider other options.

FAQs

  • How can I redeem my BMO Rewards points?

    +

    Sign into bmorewards.com and you can redeem your BMO Rewards points for travel, merchandise, or convert them into an investment contribution in a BMO Investment account. Additionally, you can use points to pay off your card balance.

  • Is there an annual fee for the BMO Rewards Mastercard?

    +

    No, the BMO Rewards Mastercard comes with no annual fee.

  • Does the BMO Rewards Mastercard offer travel insurance?

    +

    No, the BMO Rewards Mastercard does not offer travel insurance protection. If you plan to use the card for travel, you'll need to secure your own travel insurance.

About our author

Tyler Wade
Tyler Wade, Content strategist & writer
More from this author

Tyler Wade has worked in personal finance for over 5 years writing for brands like Ratehub, Forbes, KOHO, and now Money.ca. He was the host and producer of the Real Money Talk podcast. He's the father of two, husband to one, and loves all things tiny.

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