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BMO Rewards Mastercard Review

Claire Horwood

Last updated: Jan 7, 2021

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

Get a bonus of 10,000 BMO Rewards points when you spend $1,000 in the first 3 months. Plus, get a rate of 1.99% on balance transfers for 9 months. A 1% fee applies to transferred balances.

19.99%

Purchase Interest Rate

Annual Fee

Details

Product Name	BMO Rewards Mastercard
Reward	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 Offer	Get a bonus of 10,000 BMO Rewards points when you spend $1,000 in the first 3 months. Plus, get a rate of 1.99% on balance transfers for 9 months. A 1% fee applies to transferred balances.
Purchase Interest Rate	19.99%
Cash Advance Rate	22.99% (21.99% for Quebec residents)
Balance Transfer Rate	1.99% for the first 9 months (then 22.99%)
Interest Free Period	Up to 21 days
	Apply now More Info

Annual Fee	$0
Monthly Service Fee	N/A
Over Credit Line Fee	$29
Balance Transfer Fee	1%
Penalty APR	24.99%
Dishonoured Payment Fee	$48
Foreign Currency Conversion Fee	2.5%
Cash Advance Minimum Fee	$5
Late Payment Fee	N/A
	Apply now More Info

Credit Score	725
Minimum Age	Age of majority in the province/territory of residence.
Minimum Income	$15,000
Household Income	N/A
	Apply now More Info

Claire Horwood

Claire Horwood is a writer at Finder, specializing in credit cards, loans and other financial products. She has a Bachelor of Arts in Gender Studies from the University of Victoria, along with an Associate's Degree in Science from Camosun College. Much of Claire's coursework has focused on writing and statistics, with a healthy dose of social and cultural analysis mixed in for good measure. She has also worked extensively in the field of "Blended Finance" with the Canadian government. In her spare time, Claire loves rock climbing, travelling and drinking inordinate amounts of coffee.

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 10,000 BMO Rewards points when you spend $1,000 in the first 3 months. Apply by October 31, 2021
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% (21.99% for Quebec residents) 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

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).
- Your name, residential status and contact information.
- Your social insurance number and date of birth.
- Your email address and phone number.

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.