BMO MasterCard Canada Review

BMO MasterCard also known as Bank of Montreal (BMO) is one of Canada’s biggest banks, which provides several credit cards with diverse use and benefits to residents.

Regardless of what your financial aim is, whether saving towards travel, earning cashback or low-interest rate, with BMO it is a seamless process to find a credit card that best suits you.

There are different types of BMO MasterCard; these cards serve different functions and have different perks. All amounts indicated in this article are in Canadian dollars.

BMO CashBack MasterCard

This is a no-annual-fee MasterCard, which is just perfect for people looking to obtain a MasterCard without having to deposit money. With this card, you earn a 1% cashback or $1.00 cash back per $100.00 spent on all card purchases.

There is also a 5% welcome bonus for the first three months of spending up to $2,000. This card also offers a low-interest rate of 1.99% on balance transfers for nine-month. This is perfect for people who are having debt on their cards. To apply for this card, click here, the perks of this card include:

• Welcome bonus

5% cashback for the first 3 months for purchase up to $2,000, and an introductory 1.99% interest rate on balance transfers for 9 months.

• $0 annual fee
• No income required
• Purchase protection
• 1% cashback on every purchase
• Extended warranty
• Additional authorized cardholders
• Discounts at Avis and National car rental and Cirque du Soleil

BMO World Elite MasterCard

This is a premium MasterCard that comes with an annual fee in exchange with rare benefits. This is the best BMO MasterCard for people that travel a lot, the most outstanding feature of this card is the high earn rate in the BMO Rewards Program.

This program allows members to redeem their BMO Rewards Points for travel expenses such as flights and hotels, or goods and services. With this BMO MasterCard, cardholders can reach their travel goal with a very competitive earn rate of 3 points per $1 spent on eligible travel, dining and entertainment purchases.

And 2 points per $1 spent on items everywhere else; also, new applicants get a welcome bonus of 35,000 points, which is worth $250 towards travel. You don’t have to pay a membership fee for the first month.

The BMO Elite MasterCard has huge insurance and attractive airport packages. To apply for this card, click here. Some of the features of this MasterCard include:

• Annual fee

Though the first year annual fee is waived, subsequently you’ll be required to pay $150 annually.

• Welcome bonus

You receive $250 towards travel in the first 3 months of registration. This welcome bonus is worth 35,000 BMO Rewards Points.

• Earn Rate

You get 3 points on every dollar spent on travel, entertainment, dining and 2 points on every dollar spent on every other purchase.

• Required Income

To be a holder of this card, you must possess $80,000 or $150,000 income as a household.

Other perks of this card include:

• Free lounge access via membership to MasterCard Airport Experiences by LoungeKey
• Exclusive VIP access
• 4 free annual passes
• Travel and medical insurance
• Purchase protection
• Extended warranty
• You can add extra cards for $50

BMO Air Miles World Elite MasterCard

This is a BMO MasterCard that offers Air Miles to Canadians. Air Miles is one of Canada’s most prevailing travel rewards program. Which program allows holders of this card to earn points known as miles that can be redeemed for flights, and also for goods. The holder also enjoys an outstanding earn rate of 1 mile per $10 spent on credit card purchases and a 3,000 bonus mile as a welcome bonus.

This card is suitable for frequent travelers, as they will enjoy a full package of travel-related benefits like World Elite Travel and Medical Protection. Cardholders get a free membership in MasterCard Airport Experiences offered by LoungeKey and a 15% discount on flights in North America. With this card, you get exclusive VIP access and two complimentary annual passes. To apply for this card, click here. The features of this card include:

• Annual fee

You’ll be required to pay a $120 annual fee after your first year which is waived.

• Welcome bonus

You get up to 3,000 Air Miles, which is 1,000 on your first purchase and an extra 2,000 after you spend $3,000 in the first 3 months.

• Earn rate

You receive 1 mile per $10 spent on purchases

• Required income

To qualify for this card, you must possess $80,000 or $15000 as a household.

Other features of this card include:

• Free airport access via membership to MasterCard Airport Experiences by Lounge Key
• Exclusive VIP access
• 2 annual passes
• 15% discounts on flights in North America
• Travel insurance: trip cancellation, interruption or delay, car rental, accidental death, collision, and dismemberment
• Medical insurance

BMO Cashback World Elite MasterCard

This is a cashback BMO MasterCard that offers a flat cashback rate of 1.5% on all credit card purchases. This card allows cardholders to choose when they’ll like to redeem earned in $10 increments, though they must have accrued a minimum of $50.

Cardholders can also choose where to apply their points: the money can be deposited into a savings or cheque account, InvestorLine account or can be used to offset credit card debt.

A cardholder gets a 5% welcome bonus for the first three months, travel and medical protection, complimentary membership in MasterCard Airport Experiences provided by LoungeKey and roadside assistance. To apply for this card, click here. Some of the features of the card include:

• Annual Fee

You’re required to pay a $120 annual fee after the first year which is waived.

• Earn Rate

You receive 1.5% cash back on every purchase you make.

• Welcome bonus

You get 5% cashback for the first three months of signing up. This is if you make purchases up to $4,000.

• Required Income

You must possess $80,000 or $150,000 as a household to qualify for this card.

Other features of this card include:

• Travel insurance: trip cancellation, delay, or interruption, card rental accidental death, car collision coverage, and dismemberment.
• Medical insurance
• Out-of-country emergency medical benefits up to $2 million
• Roadside Assistance Program
• Purchase protection
• Extended warranty
• Membership in MasterCard Airport Experiences by LoungeKey
• Free membership in the Dominion Automobile Association (DAA)

BMO Preferred Rate MasterCard

This is a low-interest MasterCard, with a low $20 annual fee which is refunded in the first year. Cardholders get an interest rate of 1.99% on purchases and a 3.99% introductory interest rate on balance transfer. This MasterCard can help optimize the accrued interest on your debt and new purchases. To apply for this card, click here. Some of the features of this MasterCard include:

• Annual fee

Cardholders are required to pay a $20 annual fee, which is refunded in the first year.

• Balance Transfer

You get a balance transfer offer of 3.99% introductory reward on balance transfers for 9 months.

• Required Income

No minimum income required.

• Interest Rate

Cardholders get a 12.99% interest rate on purchases and cash advances.

Other perks of this card include:

• Discounts on Cirque Soleil shows
• Purchase protection
• Extended warranty

BMO MasterCard Reward

You can redeem your BMO reward points on BMO rewards official website, on the page, you will have access to their travel portal, where you can look up flights directly, hotels, cars, vacation packages, and cruises.

You can also redeem your points over the point via BMO Rewards travel agent, though you’ll be required to pay a $39 booking fee.

BMO MasterCard Credit Limit

You need a fair-good credit score to qualify for any of the BMO MasterCard in Canada. Your credit score should range between 575-649.

BMO uses TransUnion credit bureau to check your credit history, bear in mind that other details aside your credit history will be checked when processing your application. You can request a credit limit increase or decrease if you are a primary cardholder. There are two ways to achieve this:

Online 

• Sign in to BMO Online Banking page
• Choose your BMO MasterCard Account
• Carefully follow the pop-up from the top toolbar option then click on “Credit Limit Change.”

Customer Care

You can contact the BMO customer care representative on 1-800-263-2263. Depending on your request, you’ll be required to provide information on your income, asset, and credit history.

BMO MasterCard Activation

It takes between 5-7 business days for your MasterCard to be approved. If you made your application online, you can track and activate your application online.

To activate your BMO MasterCard online, click here, ensure to have your BMO MasterCard number as you’ll be required to input it. Note that sometimes, the online activation might not be successful, don’t freight, this might be due to the following reasons:

• You might have inputted a wrong MasterCard number
• Your new MasterCard number might not be available from the bank as at the time of activation
• Bad network or the server might be down at the time of submission

Nonetheless, if you are unable to activate your card online, you can contact the toll-free customer service number on (800) 263-2263 or on 1(866) 859-2089. Once this is done, you can start paying your bill with your BMO MasterCard online, by clicking here.

BMO MasterCard Statement 

Your BMO MasterCard statement will be sent to your registered mailing address. Alternatively, you can check your BMO MasterCard statement online by selecting the account in which you want to view your statement.

Click on “View eStatement” and select the end date for the statement you want to view. Your BMO MasterCard statement will display instantly on your screen.