BMO Debit Card and Debit Mastercard Review March 2021 | Finder Canada
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BMO Debit Card Review

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Avoid carrying an outstanding balance when you shop online or pay in person with the BMO Debit Mastercard. 

Please note: All information about BMO Debit Card has been collected independently by Finder and this product is not available through this site.

The BMO Debit Card is an everyday debit card that comes with a handful of credit card features from Mastercard. It lets you access your funds quickly and easily when you shop in-store or online wherever Debit Mastercard is accepted. You can also link it to your mobile wallet so that you can pay your bill at the till by swiping your phone. It is not a credit card.

The BMO Debit Card comes automatically with most BMO chequing or savings accounts that you open, and you won’t need to pay additional fees to use it unless you exceed the monthly transaction limits allowed under your BMO bank plan.

30-second take

  • Think about this card if you’re looking for a hybrid debit/credit card with multiple payment options and top security features.
  • Choose something else if you want access to direct credit or you’d prefer to collect points or cashback rewards.

The Basics

If you’re looking for a multi-purpose debit card, you can get a BMO Debit Mastercard automatically included with almost every chequing or savings account you sign up for with BMO.

  • Tap and go payments. Pay for purchases quickly and easily when you tap your card at Interac Flash-enabled terminals.
  • Shop online or overseas. Use your BMO Debit Card to pay for purchases online or abroad wherever Debit Mastercard is accepted.
  • Pay for recurring bills. Sign up for recurring bill payments with participating merchants using your BMO Debit Mastercard.
  • Link to your mobile wallet. Link your BMO Debit Card to your mobile wallet to pay with in-store merchants by tapping your mobile phone at the till.
  • Free BMO ATM withdrawals. Use your BMO Debit Card to withdraw cash at BMO ATMs or pay a fee to take money out at non-BMO ATMs across Canada and overseas.
  • No additional fees or interest. Avoid paying extra BMO Debit Card fees or interest unless you exceed the monthly limit for your BMO bank plan.

Where can I use my BMO Debit Card online?

There are a number of vendors in Canada that accept BMO Debit Mastercard payments. These include popular retailers such as Apple, Amazon, Canadian Tire, Costco, IKEA, Indigo, Lyft, Microsoft, Netflix, PayPal, Shell Canada, Uber, Walmart and many more. See a list of Canadian merchants accepting Debit Mastercard.

Just be aware that you won’t be able to use your BMO Debit Mastercard to make online purchases overseas.

The perks

  • Easy mobile banking. Manage your money on the go with BMO’s simple online and mobile banking platform.
  • Overdraft protection. Pay a small monthly fee to protect yourself from charges for non-sufficient funds (NSF) if your bank balance dips into the red.
  • Security features. Protect the items you buy on your BMO Debit Card with security features such as encrypted chip technology and Mastercard identity check.
  • Zero liability coverage. Rest easy knowing you’re protected against fraudulent charges on your BMO Debit Card with BMO’s 100% electronic banking guarantee.
  • BMO alerts. Sign up for BMO alerts and get notified when any transactions are carried out using your BMO Debit Mastercard.
  • Good for pre-authorizations. Use your BMO Debit Card to pre-authorize travel bookings as long as you have an available balance to secure your reservation.

What to watch out for

  • Few online vendors. The BMO Debit Mastercard is only accepted by a handful of merchants, so you may not be able to use it to make online purchases in some cases.
  • No rewards. You won’t earn cashback or points whenever you spend money on your BMO Debit Card.
  • Transaction limits. You may be required to adhere to BMO Debit Card daily spending limits for online, mail order, telephone order and recurring payment transactions.
  • Foreign transaction fees. You’ll pay an additional fee of 2.5% when you make purchases overseas, in addition to a mark-up on the currency exchange rate.
  • No access to credit. You can only spend money that’s already in your account, which means that the BMO Debit Card isn’t suitable if you’re looking for access to credit.

What should I know before I apply?

Eligibility requirements

You won’t need to apply for a BMO Debit Card because you’ll get one automatically if you meet the following criteria:

  • You are a Canadian citizen, permanent resident or temporary resident of Canada.
  • You are applying for a BMO chequing or savings account that qualifies for this card.

Required documents and information

To sign up for an eligible BMO bank account, you’ll need to provide the following:

  • Your name, residential status and contact information
  • Your Social Insurance Number and date of birth
  • Your email address and phone number

How to apply

  1. Visit BMO’s main page to apply for the chequing or savings account of your choice.
  2. Complete the application, which includes providing your name, email address, Social Insurance Number and birth date.
  3. Review and submit your application.
  4. Your BMO Debit Mastercard should come automatically included with your account once you sign up (so you won’t need a separate application).

BMO Debit Card for Business

If you’re looking to use your BMO Debit Card for business purposes, you’ll have to sign up for a BMO business account. The BMO Debit Card for Business lets you track your business expenses and customize allowable transactions. For example, you can make a card deposit-only or use it to restrict specific transactions on specified accounts. Otherwise, the BMO Debit Card for Business has all of the same features as the BMO Debit Mastercard.

Compare other accounts with debit cards

Name Product Interest Rate Account Fee Debit Transactions Interac e-Transfer Transactions
Scotiabank Ultimate Package
0%
$30.95 per month ($0 if requirements met)
unlimited
unlimited
Get up to $650 worth of benefits and savings through annual fee waivers, unlimited debit and Interac e-Transfer transactions, a number of free equity trades and more.
Scotiabank Preferred Package
0%
$16.95 per month ($0 if requirements met)
unlimited
unlimited
Get unlimited debit and Interac e-Transfer transactions, a first year annual fee waiver (up to $139) on select credit cards and more perks to take care of your everyday banking needs.
Scotiabank Basic Plus Bank Account
0%
$11.95 per month ($0 if requirements met)
25 free per month
10 free per month
Pay no monthly account fee by maintaining a minimum daily closing balance of $3,000 for the entire month.
Scotiabank Student Banking Advantage Plan
0%
$0
unlimited
unlimited
Sign up today and get up to 5,000 SCENE or Scotia Rewards Points. Terms apply. Apply by April 30, 2021.
Scotiabank Basic Bank Account
0%
$3.95 per month
12 free per month
2 free per month
With a low monthly account fee, you can choose between earning points toward the SCENE or Scotia Rewards reward programs.
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Bottom line

The BMO Debit Mastercard is an everyday debit card that comes with a handful of credit card features. These include various payment options such as tap and go, online payments and mobile wallet payments. This card comes automatically included with almost every BMO chequing or savings account you sign up for and can be easily linked to your BMO online and mobile banking.

Comprehensive guide to debit cards

Frequently asked questions about the BMO Debit Card

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