Explore top picks that replace the BMO Rewards Mastercard
BMO opted to sunset their BMO Rewards Mastercard. Below we present you with the best options with links to their reviews. We'll also give you alternatives on the left to the best no annual fee credit cards in Canada.
We also compare the BMO Rewards Mastercard below against some top choices in the category at the bottom of the article. Enjoy!
BMO Rewards Mastercard alternatives: BMO No annual fee credit cards
BMO CashBack® Mastercard®*
3.4
5% cash back
Welcome offerGood
Suggested credit scoreGet 5% cash back in your first 3 months*
Expires
Nov 30, 2024
Pros
-
No Annual Fee: A rare find in Canada for a cash back card
-
A generous 3% cash back on groceries (up to $500 monthly)
-
Easily redeem from $1, set up automatic redemptions, or use as a statement credit
-
Additional perks include discounts on rentals, free supplementary cards and show discounts
Cons
-
Outside of groceries and recurring payments, the standard earn rate drops to 0.5%
-
Monthly caps on top earn rates for groceries and recurring payments
-
A 2% balance transfer fee applies
-
The interest rate on the remaining balance transfer amount increases after the introductory period
Eligibility
Good
Recommended Credit Score
$15,000
Required Annual Personal Income
Recommended Credit Score
Good
Required Annual Personal Income
$15,000
3%
Cardholders earn 3% (up to a monthly max of $500) cash back on groceries
1%
Cardholders can earn 1% (up to $500 per month) on any recurring bill payments*
0.5%
Cardholders can earn 0.5% (no monthly max) on all other eligible purchases*
Cardholders earn 3% (up to a monthly max of $500) cash back on groceries
3%
Cardholders can earn 1% (up to $500 per month) on any recurring bill payments*
1%
Cardholders can earn 0.5% (no monthly max) on all other eligible purchases*
0.5%
20.99%
Purchase APR
22.99%
Cash Advance APR 21.99% for Quebec residents
$0
Annual Fee
Purchase APR
20.99%
Cash Advance APR
22.99%
Annual Fee
$0
Pros
-
No Annual Fee: A rare find in Canada for a cash back card
-
A generous 3% cash back on groceries (up to $500 monthly)
-
Easily redeem from $1, set up automatic redemptions, or use as a statement credit
-
Additional perks include discounts on rentals, free supplementary cards and show discounts
Cons
-
Outside of groceries and recurring payments, the standard earn rate drops to 0.5%
-
Monthly caps on top earn rates for groceries and recurring payments
-
A 2% balance transfer fee applies
-
The interest rate on the remaining balance transfer amount increases after the introductory period
Eligibility
Good
Recommended Credit Score
$15,000
Required Annual Personal Income
Recommended Credit Score
Good
Required Annual Personal Income
$15,000
3%
Cardholders earn 3% (up to a monthly max of $500) cash back on groceries
1%
Cardholders can earn 1% (up to $500 per month) on any recurring bill payments*
0.5%
Cardholders can earn 0.5% (no monthly max) on all other eligible purchases*
Cardholders earn 3% (up to a monthly max of $500) cash back on groceries
3%
Cardholders can earn 1% (up to $500 per month) on any recurring bill payments*
1%
Cardholders can earn 0.5% (no monthly max) on all other eligible purchases*
0.5%
20.99%
Purchase APR
22.99%
Cash Advance APR 21.99% for Quebec residents
$0
Annual Fee
Purchase APR
20.99%
Cash Advance APR
22.99%
Annual Fee
$0
BMO AIR MILES®† MasterCard®*
3.3
1,500 AIR MILES
Welcome offerGood
Suggested credit scoreLimited time offer: Get 1,500 AIR MILES Bonus Miles!* That’s enough for $150 towards purchases with AIR MILES Cash*
Expires
Nov 30, 2024
Pros
-
No annual fee with a substantial welcome offer
-
Earn Air Miles with both credit and collector cards
-
Low eligibility requirements
-
Additional Benefits include discounts, insurance, and a low balance transfer rate
Cons
-
A 2% fee applies to balance transfers.
-
Limited redemption options
-
Variable redemption values may vary based on last-minute short-haul flights
-
Its specific rewards program is best for those interested in the Air Miles loyalty program
Eligibility
Good
Recommended Credit Score
$15,000
Required Annual Personal Income
Recommended Credit Score
Good
Required Annual Personal Income
$15,000
3x
the Miles for every $25 spent at participating AIR MILES Partners
2x
the Miles for every $25 spent at any eligible grocery store*
2x
the Miles for every $25 spent at any eligible wholesale clubs, membership-based retailers and alcohol retailers
1 Mile
for every $25 that you spend with your credit card everywhere else
the Miles for every $25 spent at participating AIR MILES Partners
3x
the Miles for every $25 spent at any eligible grocery store*
2x
the Miles for every $25 spent at any eligible wholesale clubs, membership-based retailers and alcohol retailers
2x
for every $25 that you spend with your credit card everywhere else
1 Mile
20.99%
Purchase APR
22.99%
Balance Transfer Rate 0.99% introductory interest rate for 9 months (fee applies)*
22.99%
Cash Advance APR 21.99% for Quebec residents
$0
Annual Fee $0 for supplementary card
Purchase APR
20.99%
Balance Transfer Rate
22.99%
Cash Advance APR
22.99%
Annual Fee
$0
Pros
-
No annual fee with a substantial welcome offer
-
Earn Air Miles with both credit and collector cards
-
Low eligibility requirements
-
Additional Benefits include discounts, insurance, and a low balance transfer rate
Cons
-
A 2% fee applies to balance transfers.
-
Limited redemption options
-
Variable redemption values may vary based on last-minute short-haul flights
-
Its specific rewards program is best for those interested in the Air Miles loyalty program
Eligibility
Good
Recommended Credit Score
$15,000
Required Annual Personal Income
Recommended Credit Score
Good
Required Annual Personal Income
$15,000
3x
the Miles for every $25 spent at participating AIR MILES Partners
2x
the Miles for every $25 spent at any eligible grocery store*
2x
the Miles for every $25 spent at any eligible wholesale clubs, membership-based retailers and alcohol retailers
1 Mile
for every $25 that you spend with your credit card everywhere else
the Miles for every $25 spent at participating AIR MILES Partners
3x
the Miles for every $25 spent at any eligible grocery store*
2x
the Miles for every $25 spent at any eligible wholesale clubs, membership-based retailers and alcohol retailers
2x
for every $25 that you spend with your credit card everywhere else
1 Mile
20.99%
Purchase APR
22.99%
Balance Transfer Rate 0.99% introductory interest rate for 9 months (fee applies)*
22.99%
Cash Advance APR 21.99% for Quebec residents
$0
Annual Fee $0 for supplementary card
Purchase APR
20.99%
Balance Transfer Rate
22.99%
Cash Advance APR
22.99%
Annual Fee
$0
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
-
No annual fee with a substantial welcome offer
-
Earn Air Miles with both credit and collector cards
-
Potential for upwards of an exceptional 2.04% travel earn rate
-
Additional Benefits include discounts, insurance, and a low balance transfer rate
Cons
-
A 2% fee applies to balance transfers.
-
Limited redemption options
-
Variable redemption values may vary based on last-minute short-haul flights
-
Its specific rewards program is best for those interested in Air Miles loyalty program
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.
Contact American Express for the most up-to-date referral bonus figures. American Express is not responsible for maintaining or monitoring the accuracy of information on this website. For full details and current product information, click the Apply Now link. If you apply and get approved for an American Express Card, (I/we) may receive compensation from American Express, which can be in the form of monetary payment.
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
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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