BMO Rewards Mastercard Review

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.

• Earn rewards points. Get 1 BMO Reward point for every $1 spent on eligible purchases, and get 2 BMO Rewards points for every $1 spent at participating National Car Rental and Alamo Rent A Car locations.
• Welcome bonus. Get a bonus of 15,000 BMO Rewards points.
• Balance transfer offer. Get a rate of 1.99% on balance transfers for 9 months. A 1% fee applies to transferred balances.
• Purchase protection. Protect the items you buy on your card with extended warranty and insurance coverage.

The perks

• Car rental discounts. Get a discount of up to 25% off at National Car Rental and Alamo Rent A Car locations. Plus, earn 2 BMO Rewards points for every $1 spent at participating locations.
• 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. You’ll pay 19.99% on purchases and 22.99% on cash advance transactions.
• 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

• Eligibility requirements

  To apply for a BMO Rewards Mastercard, you need to meet the following criteria:

  • Be a Canadian citizen or permanent resident who is at least 18 years old (19 in some provinces).

• Required documents and information

  • 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. 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

• Does the BMO Rewards Mastercard offer a welcome bonus?

  Yes, depending on when you signup. Get a bonus of 15,000 BMO Rewards points. Plus, get a rate of 1.99% on balance transfers for 9 months. A 1% fee applies to transferred balances.

• Can I transfer existing balances onto this card?

  Get a rate of 1.99% on balance transfers for 9 months. A 1% fee applies to transferred balances.

• Will my BMO points expire?

  No, your points will continue to hold value as long as your account is active and in good standing.

• Can I apply online?

  Yes, you can apply by visiting the BMO bank website, or you can simply click “Go to Site” in the table above to be redirected to an application.