As one of the Big 5 banks in Canada, it’s probably no surprise that BMO offers a top-notch rewards program. Participating is easy – just use one of the qualifying credit cards and get points for spending on gas, groceries, transit, and restaurants.
When you’re ready to cash in your rewards, you have flexible redemption options. Pay for travel with points, enjoy discounts on merchandise, shop at the Apple Rewards Store, invest your rewards in BMO financial products, or enjoy a cash back statement credit. The choice is yours!
Key Takeaways
- BMO Rewards is the official rewards program of the Bank of Montreal.
- BMO Rewards points are worth up to 0.67 cents CAD apiece if you redeem them on travel credits.
- There are 6 BMO Rewards credit cards available in Canada, the best of which is the BMO eclipse Visa Infinite card.
- While flexible, the BMO Rewards program is outmatched in nearly every way by the MBNA Rewards Program.
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What is BMO Rewards?
BMO Rewards is the official credit card rewards program of the Bank of Montreal (BMO), one of the Big 5 Banks in Canada. Only BMO credit cardholders can earn points, which they can redeem on travel credits, gift cards, merchandise, and BMO financial products.
BMO Flex Rewards is a separate program for corporate credit cardholders only.
BMO Rewards Program overview
Currency: BMO Rewards Points
Reward categories: Financial rewards, gift cards, merchandise rewards, pay with points, redeem at retailers
Pros:
- 1,800+ items and 300+ brands of merchandise rewards
- 150+ digital and physical gift card rewards
- 6 BMO credit cards with accelerated rewards
- 5 redemption options
- Points worth up to 0.67 cents CAD each
- Member-exclusive shopping deals
- No blackout dates, seat restrictions, or dynamic pricing on travel rewards
Cons:
- Points worth as little as 0.43 cents CAD each
- No point conversion partners
- BMO credit card required
- Limited earning and redemption options
What are BMO Rewards points worth?
One of the secrets to maximizing any rewards program is finding the most valuable ways to redeem your points. The higher the dollar value of a redemption option – and the lower its cost in points – the more cents per point you’ll reap.
Cost of reward in $CAD / cost of reward in points x 100 = value in cents per point (CPP)
The BMO Rewards Program offers 5 redemption options – including gift cards, merchandise, and travel – making it a flexible rewards program. According to our research, BMO Rewards Program points are worth up to 0.67 CPP if you redeem them for travel credits.
| Type of reward | Redemption options | Value |
|---|---|---|
| Pay with Points | * Any travel * Statement credits | 0.5 – 0.67 CPP |
| Financial rewards | * BMO InvestorLine account * BMO Premium Rate Savings account * BMO Smart Saver account | 0.67 CPP |
| Redeem at retailers | * Apple | 0.5 CPP |
| Gift cards | * Digital gift cards * Physical gift cards * Prepaid credit cards | 0.5 CPP |
| Merchandise rewards | * Body & soul * Children & toys * Computers, phones & office * Entertainment * Fashion & travel * House & home * Kitchen & dining * Small business * Sport & recreation | 0.48 CPP |
How to earn BMO Rewards points
The only way to earn BMO Rewards points is to use one of 6 BMO Mastercard and Visa credit cards (4 personal, 1 business, and 1 commercial).
You can use any card at millions of locations worldwide – but for our money, the best 5 options are as follows:
| Category | Credit card | Current offer | Annual fee | Rewards | Apply Now |
|---|---|---|---|---|---|
| Best overall | BMO eclipse Visa Infinite Card |  $150 GeniusCash + Up to 70,000 bonus points, first year free (terms) | $120 | * 5 BMO Rewards points for every $1 spent on dining, groceries, gas, and transit * 1 point per $1 spent on all other purchases | Apply now |
| Best for insurance | BMO Ascend World Elite Mastercard | $125 GeniusCash + Up to 90,000 100,000 bonus points, first year free (terms) | $150 | * 5 points per $1 spent on travel * 3 points per $1 spent on dining, entertainment, and recurring bills * 1 point per $1 spent on all other purchases | Apply now |
| Best premium card | BMO eclipse Visa Infinite Privilege Card | Up to 120,000 bonus points (terms) | $599 | * 5x BMO Rewards points for every $1 spent on travel, dining, gas, groceries, and drugstores * 1 point per $1 spent on all other purchases | Apply now |
| Best for no annual fee | BMO eclipse rise Visa Card | $125 GeniusCash + Up to 20,000 bonus points (terms) | $0 | * 5 BMO Rewards points for every $2 spent on dining, groceries, and reccurring bills * 1 point per $2 spent on all other purchases | Apply now |
| Best business card | BMO Ascend World Elite Business Mastercard | Up to 70,000 100,000 bonus points (terms) | $149 | * 4 points per $1 on gas, office supplies, and cell phone/internet bills * 1.5 points per $1 spent on all other purchases | Apply now |
Best BMO credit card in Canada
GC: $150
Best BMO travel insurance credit card
GC: $125
Best BMO premium credit card
Best BMO no annual fee credit card
Best BMO business credit card
How to redeem BMO Rewards points
BMO credit cardholders can check their account balance and redeem points on the BMO Rewards website or mobile app. There are 5 redemption options – but remember, the most valuable choice is an Any Travel credit for 0.67 CPP!
Pay with Points
Redemption options: Any Travel or statement credits
Most valuable option: Any Travel credit for 0.67 CPP
How to redeem:
The BMO Rewards program traded value for flexibility when it discontinued its travel website and phone line in 2023. Now, you can redeem your points for a travel credit with any provider… but at a lower exchange rate.
To get reimbursed, log into the BMO Rewards mobile app or website, select a transaction, and choose how many points to apply to your purchase. You’ll get $1 off for every 150 points you redeem (or 0.67 CPP) as long as the merchant is classified as a:
- Airline
- Car rental agency
- Cruise line
- Hotel, resort, timeshare, or vacation rental
- Passenger railway company
- Tour operator or travel agency
- Vacation package seller
All other non-travel purchases will receive a $1 credit for every 200 points redeemed (or 0.5 CPP) 3 – 5 business days later. On the plus side, you’ll keep all the points you earned on the original transaction!
Pay with Points redemptions don’t count toward your credit card’s minimum monthly payments.
Financial rewards
Redemption options: Cash deposits to BMO Investorline, Premium Rate Savings, and Smart Saver accounts
Most valuable option: Any option for 0.67 CPP
How to redeem:
BMO Rewards reserves its best exchange rate for travel and financial rewards. To transform 150 points into a $1 deposit into a BMO banking or investment account, visit the BMO Rewards website, log in, then visit the menu and click "Invest." You can also redeem by phone at 1-866-991-2835, but it’ll cost you a $7.50 service fee.
Gift cards
Redemption options: Digital gift cards, physical gift cards, and prepaid credit cards
Most valuable option: Digital gift cards for 0.5+ CPP
How to redeem:
You can redeem BMO Rewards points for 100+ digital and physical gift cards by visiting the BMO Rewards website. All prices include shipping, handling, and taxes, meaning the best deals are usually hiding in the "Digital Gift Cards" section – pouncing on a holiday or Black Friday sale can boost your returns to around 0.58 CPP.
Once you’ve paid for a product entirely in points, expect your digital cards to appear in your inbox within 12 hours and any physical cards to arrive after 7 – 10 business days.
Gift cards and prepaid credit cards aren’t eligible for refunds or returns.
Merchandise rewards
Redemption options: 1,800+ items from 300+ brands in the BMO Rewards merchandise catalogue
Most valuable option: Wusthof Urban Farmer’s Kitchen Knife for 0.64 CPP
How to redeem:
Like all credit card rewards programs, BMO Rewards follows little rhyme or reason when it comes to pricing merchandise. The only way to get a great deal is to bargain-hunt, and the only way to accurately bargain-hunt is to use a spreadsheet.
Divide the cost of the merchandise in dollars by its cost in points, then multiply by 100 to get its value in CPP. We found offers ranging from 0.23 CPP for a S’Well Teakwood Tumbler to 0.64 CPP for a Wusthof Urban Farmer’s Kitchen Knife – on average, the items in the BMO Rewards catalogue yielded 0.48 CPP.
If you’re willing to do the math (and take what you get), simply add your chosen item(s) to your cart and checkout on the BMO Rewards website. You must cover at least 80% of the total with points but you can use cash to make up the rest. All prices include taxes, shipping, and handling, and should place your order at your door in 2 – 4 weeks.
If you act within 3 hours of making a purchase, you can cancel unwanted orders online; otherwise, call 1-866-991-2835 for assistance. To initiate a free return for a damaged, defective, or incorrect order, contact BMO Rewards within 14 calendar days of the delivery date.
Redeem at retailers
Redemption options: Apple products
Most valuable option: 256 GB Apple iPhone 15 in Black for 0.5 CPP
How to redeem:
BMO Rewards has since pruned its retail rewards to a single store. Visit the BMO Rewards website and follow the "Apple" menu link to browse and pay for 80 – 100% of the cost of your favourite electronics with points.
The catalogue offers an extensive – albeit incomplete – selection of "curated" products. Prices include taxes, shipping and handling over 3 – 5 weeks, and the standard manufacturer warranty. If you’d like to add AppleCare+ extended warranty coverage to your reward, contact Apple directly after placing your order.
To initiate a refund or return for a damaged item, contact AppleCare and report the Case ID to BMO Rewards at 1-866-991-2835 within 5 business days of the delivery date.
BMO Rewards vs. other credit card rewards programs
BMO’s biggest competitors are the other Big 5 Banks in Canada, which offer rival rewards programs such as Scene+ and Avion. We’ve also thrown the TD-owned MBNA Rewards program into the mix – you can see why in the table below.
| BMO Rewards Program | MBNA Rewards | Scene+ | RBC Avion | |
|---|---|---|---|---|
| Currency | Points | Points | Points | Points |
| Membership requirements | Credit card | Credit card | Credit card OR free account | Credit card OR free account |
| Rewards | * Cash * Gift cards * Merchandise * Travel | * Cash * Donations * Gift cards * Merchandise * Travel | * Cash * Discounts * Gift cards * Travel | * Cash * Donations * Gift cards * Merchandise * Point conversions * Travel |
| Best redemption option | Any Travel for 0.67 CPP | MBNA Travel Rewards for 1 CPP | Discounts or Scene Travel for 1 CPP | Avion Air Travel for 2.33 CPP |
| Worst redemption option | Merchandise for 0.48 CPP | Cash and donations for 0.5 CPP | Cash for 0.67 CPP | Pay with Points for 0.58 CPP |
| Membership benefits | * Book with any travel provider | * Dedicated travel centre * High-value gift card rewards | * Dedicated travel centre * Members-only deals at partner grocery stores and pharmacies | * Cash back in points with the ShopPlus extension * Dedicated travel centre |
BMO Rewards lags behind its peers when it comes to value and flexibility. It doesn’t offer as much merchandise as MBNA or as many partner stores and discounts as Scene+. MBNA, Scene+, and especially Avion continue to offer fantastic travel rewards with points valued higher than BMO’s.
Are BMO Rewards points worth it?
With the option to trade points for Any Travel, BMO Rewards Program retains some of the flexibility of a cash back credit card – but it can’t match the value of a dedicated travel credit card.
If you want to indulge in travel, gift cards, and merchandise without compromising the value of your points, you’d probably do better with an MBNA credit card. MBNA offers a range of products with competitive perks, stronger earning rates, and higher eligible spending limits than their BMO counterparts.
FAQ
How much are BMO Rewards points worth?
You can squeeze up to 0.67 cents CAD out of every BMO Rewards point by redeeming them for a travel credit with any airline, car rental, cruise line, hotel, or travel company.
How do I check my BMO rewards?
You have 3 options if you want to check your BMO Rewards: log into your BMO rewards account, check your monthly BMO statement, or log into your BMO online account, tap your credit card, and tap the rewards tab.
How much are 60,000 BMO points worth?
According to BMO, 60,000 are worth around $400 in travel rewards.
How many BMO Rewards points do you need for a flight?
If you buy a ticket from a recognized airline company, you can trade 150 BMO Rewards points for every $1 off the price.
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