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Student BMO AIR MILES Mastercard Review

Student BMO AIR MILES®† Mastercard®* review

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3.8

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Welcome Offer

Get 800 AIR MILES Bonus Miles!* That’s enough for $80 towards purchases with AIR MILES Cash*

3x Earn 3x the Miles for every $25 spent at participating AIR MILES Reward Partners

2x Earn 2x the Miles for every $25 spent at any eligible grocery store.

2x Earn twice the AIR MILES at partner stores

20.99% Purchase APR

22.99% Cash Advance APR 21.99% for Quebec residents

$0 Annual Fee

Good Recommended Credit Score

$0 Required Annual Personal Income

$0 Required Annual Household Income

3.8

Student BMO AIR MILES®† Mastercard®* review

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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:

TD Rewards Visa* Card

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3.2

up to $50

Welcome offer

Excellent

Suggested credit score

Earn a value of $50† in TD Rewards Points† to use on eligible Amazon.ca purchases plus, no Annual Fee. Conditions Apply. Account must be approved by January 6 2025.

Expires

Jan 6, 2025

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Pros

  • Wide range of point redemption options, including travel†, Amazon.ca†, online retailers†, card statement credits†, etc.

  • Good rate of return on spending and redeeming via the travel platform Expedia® For TD†

  • Decent value for those that have a high volume of recurring bills

Cons

  • Point redemption values are moderate to poor

  • Low spending limits for earning extra points on groceries and restaurants

  • High credit score requirement

Eligibility

Recommended Credit Score

Excellent

Required Annual Personal Income

$0

Required Annual Household Income

$0

Pros

  • Wide range of point redemption options, including travel†, Amazon.ca†, online retailers†, card statement credits†, etc.

  • Good rate of return on spending and redeeming via the travel platform Expedia® For TD†

  • Decent value for those that have a high volume of recurring bills

Cons

  • Point redemption values are moderate to poor

  • Low spending limits for earning extra points on groceries and restaurants

  • High credit score requirement

Eligibility

Recommended Credit Score

Excellent

Required Annual Personal Income

$0

Required Annual Household Income

$0

Earn 4 TD Rewards Points for every $1 you spend on travel through ExpediaForTD.com†

4 Points

Earn 3 TD Rewards Points for every $1 you spend on groceries and restaurants†

3 Points

Earn 2 TD Rewards Points for every $1 you spend on recurring bills†

2 Points

Earn 1 TD Rewards Point for every $1 you spend on all other purchases†

1 Points

Earn 50% more TD Rewards Points and 50% more Stars at Starbucks†

50%

Purchase APR

19.99%

Balance Transfer Rate

22.99%

Cash Advance APR

22.99%

Annual Fee

$0

Foreign Transaction Fee

2.5%

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. 

RBC ION+ Visa

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3.2

up to 7K pts

Welcome offer

Good

Suggested credit score

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 15th, 2025.

Expires

Jan 15, 2025

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Pros

  • Decent rewards rate in everyday spending categories.

  • Low monthly fee, (rebated for students with the no-monthly fee RBC Advantage Banking account).

  • Perks like mobile device insurance and fuel savings at Petro-Canada.

Cons

  • Complex rewards structure with less valuable Avion points in the ION tier.

  • Limited insurance benefits (but you can pay to add-on travel insurance).

Eligibility

Recommended Credit Score

Good

Pros

  • Decent rewards rate in everyday spending categories.

  • Low monthly fee, (rebated for students with the no-monthly fee RBC Advantage Banking account).

  • Perks like mobile device insurance and fuel savings at Petro-Canada.

Cons

  • Complex rewards structure with less valuable Avion points in the ION tier.

  • Limited insurance benefits (but you can pay to add-on travel insurance).

Eligibility

Recommended Credit Score

Good

Avion points† per $1 on qualifying grocery, dining, food delivery, gas, rideshare, public transit, EV charging, streaming, digital gaming and online subscriptions

3

Avion point per $1 on all other purchases

1

Purchase APR

20.99%

Balance Transfer Rate

22.99%

Cash Advance APR

22.99%

Annual Fee

$48

Foreign Transaction Fee

2.5%

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.

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 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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