BMO Rewards Mastercard Review
Earn more points on everyday purchases and collect them faster with a generous welcome bonus.
19.99%
Purchase Interest Rate
$0
Annual Fee
1.99% for the first 9 months (then 22.99%)
Balance Transfer Rate
Details
| Product Name | BMO Rewards Mastercard |
|---|---|
| Reward | Earn 1 BMO Rewards point for every $1 spent. |
| Welcome Offer | Offers up to 20,000 BMO Rewards welcome points upon minimum spend of $1,000 in the first three months. Ends 31 October 2019. |
| Purchase Interest Rate | 19.99% |
| Cash Advance Rate | 22.99% |
| Balance Transfer Rate | 1.99% for the first 9 months (then 22.99%) |
| Interest Free Period | Up to 21 days |
| Go to site 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
- Click “Go to site” on this page to be directed to the BMO Rewards Mastercard application.
- Complete the application, which includes providing your name, email address, social insurance number and birth date.
- 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.