BMO Rewards Mastercard Review

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Earn more points on everyday purchases and collect them faster with a generous welcome bonus.


Purchase Interest Rate


Annual Fee

1.99% for the first 9 months (then 22.99%)

Balance Transfer Rate


Product NameBMO Rewards Mastercard
RewardEarn 1 BMO Rewards point for every $1 spent.
Welcome OfferOffers up to 20,000 BMO Rewards welcome points upon minimum spend of $1,000 in the first three months. Ends January 15, 2020.
Purchase Interest Rate19.99%
Cash Advance Rate22.99%
Balance Transfer Rate1.99% for the first 9 months (then 22.99%)
Interest Free Period Up to 21 days
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More Info

The BMO Rewards Mastercard comes with no annual fee and offers one BMO point for every dollar you spend. It also sets itself apart with a generous welcome offer and a low-interest introductory balance transfer rate.

30-second take

  • Think about this card if you’re looking to top up your points with a welcome bonus but don’t want to pay an annual fee.
  • Choose something else if you’d rather have a low interest rate or want more benefits.
  • There are no annual income requirements for this card.

The basics

If you want a decent return on points without having to pay an annual fee, then the BMO Rewards Mastercard could be a good fit for you.

  • High return. Earn one point for every dollar you spend on everyday purchases..
  • Welcome bonus. Get a welcome bonus worth 20,000 points – or around $145 in real dollar value.
  • Low balance transfer rate. Lock in a low 1.99% introductory interest rate on balance transfers in your first 9 months (with a 1% transfer fee).
  • Purchase protection. Protect the items you buy on your card with extended warranty and insurance coverage.

The perks

  • Car rental discounts. Double your BMO rewards and get up to 25% off your next car rental at National Car Rental and Alamo Rent A Car.
  • Zero liability coverage. Rest easy knowing you’re protected against fraudulent charges on your account.
  • Enhanced security. Use your Mastercard SecureCode to protect your purchases online.
  • Optional benefits. Pay more for roadside assistance, balance protection or credit card alerts.
  • Free additional cards. Avoid paying extra when you add cards to your account.
  • Easy to qualify. You won’t have to make a certain income to qualify for this card.

What to watch out for

  • Low return. You’ll get a higher return on points with premium cards like the BMO Rewards Mastercard.
  • High interest. The interest rate on this card is 6-10% higher than what you might find with a low-interest card like the BMO Rewards Mastercard.
  • Few benefits. You won’t receive additional benefits like travel insurance, airport lounge access or mobile phone insurance.

What should I know before I apply

How to apply

  1. Click “Go to site” on this page to be directed to the BMO Rewards Mastercard application.
  2. Complete the application, which includes providing your name, email address, social insurance number and birth date.
  3. Review and submit your application.

Bottom line

The BMO Rewards Mastercard is a good fit for customers who want a decent return on points for no annual fee. This card comes with a welcome offer, an introductory balance transfer rate and other perks like car rental discounts and purchase protection.

Frequently asked questions about the BMO Rewards Mastercard

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