As one of the largest banks in Canada, BMO offers a wide variety of personal finance products, including over a dozen credit cards. With such a range of products, you shouldn't have a problem finding a card that matches your spending habits and meets your needs.
To help you start your search, we've listed 4 of our favourite BMO rewards cards, including premium options, a no-fee card, and even a business card option. Below, we review these cards, explain the BMO Rewards program, offer tips on how to choose the right card, and more
Key Takeaways
- With a high earn rate and Visa Infinite benefits, the best BMO Rewards card is the BMO eclipse Visa Infinite Card.
- The BMO Rewards premium credit card options typically have relatively high annual fees and steep income requirements.
- BMO Rewards’ top no-fee credit card is great for students or newcomers who are building credit.
- BMO also offers several business cards, including the BMO Ascend World Elite Business Mastercard.
- The only way to earn BMO Rewards is with a participating BMO credit card, and the most valuable redemption option is to exchange points for travel.
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Top BMO rewards credit cards
| BMO Credit Card | Annual Fee | Income Requirements | Rewards | Special Features | Welcome Bonus | Learn More |
|---|---|---|---|---|---|---|
| BMO eclipse Visa Infinite* Card | $120 | * $60,000 personal or $100,000 household | * 5 BMO Rewards points for every $1 spent on dining ($6,000 per year), groceries ($6,000 per year), gas, and transit* * 1 BMO Rewards point per $1 spent on all other purchases* | * $50 annual lifestyle credit * 10% bonus points when you add a supplemental cardholder |  $150 GeniusCash + Up to 80,000 bonus points, first year free (terms) | Learn more |
| BMO Ascend™ World Elite®* Mastercard®* | $150 | * $80,000 personal or $150,000 household | * 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* | * Mastercard Travel Pass membership with 4 free lounge passes | $175 GeniusCash + Up to 100,000 bonus points, first year free (terms) | Learn more |
| BMO eclipse rise Visa* Card | $0 | * None | * 5 BMO Rewards points for every $2 spent on dining, groceries, and recurring bills * 1 point per $2 spent on all other purchases | * Annual bonuses for making on-time payments and redeeming points for statement credits | $20 GeniusCash + Up to 20,000 bonus points (terms) | Learn more |
| BMO® Ascend World Elite®* Business Mastercard®* | $149 | * $80,000 personal or $150,000 household | * 4 points per $1 on gas, office supplies, and cell phone/internet bills * 1.5 points per $1 spent on all other purchases | * Ability to add 22 employees * Mastercard Travel Pass membership with 2 free lounge passes | Up to 70,000 100,000 bonus points (terms) | Learn more |
The best overall rewards card: BMO eclipse Visa Infinite* Card
GC: $150
The BMO eclipse Visa Infinite Card has some of the best earn rates of any BMO credit card. We're talking 5 points per $1 spent on everyday purchases, such as groceries and gas, plus 1 point per $1 on all other purchases.
As a Visa Infinite card, you'll get access to the Luxury Hotel and Dining Series, along with a $50 annual lifestyle credit that you can spend on pretty much anything you like. Although the annual fee is waived for the first year, the lifestyle credit helps to offset the fee in subsequent years.
Pros:
- Solid welcome bonus
- High earn rates
- $50 annual lifestyle credit
- Bonus for adding supplementary users
Cons:
- Caps on bonus categories
A top rewards card for insurance: BMO Ascend™ World Elite®* Mastercard®*
GC: $175
Frequent travellers appreciate the BMO Ascend World Elite Mastercard as it offers a solid earn rate along with one of the best insurance packages of any BMO card. You'll enjoy peace of mind knowing you have 12 types of coverage, an extensive package that includes medical emergency, hotel burglary, travel accident, and much more.
Of course, with a focus on travel, this credit card also has a few other impressive perks thanks to the World Elite Mastercard program. These include airport lounge access – with 4 free passes per year – and 24/7 concierge service.
Pros:
- Extensive insurance coverage
- World Elite Mastercard perks
- Free 6 months Instacart+ subscription
- Generous welcome bonus
Cons:
- High income requirements
The best no-fee rewards card: BMO eclipse rise Visa* Card
The BMO eclipse rise Visa Card has no annual fee and offers a high earn rate on select categories, making it an attractive card for someone looking to build credit or simply keep their costs low. In fact, newcomers to Canada can get a special version of this card that will help build their Canadian credit file.
The card offers a decent welcome bonus of 20,000 points to get you started. Pay your bill in full and on time for 12 months, and you'll get another bonus: 2,500 points. Redeem a total of 12,000 points for statement credits within a year and get another 2,500-point bonus. Redeeming for travel is a more valuable choice, but these bonuses are still unique and interesting features.
Pros:
- No cap on rewards
- Mobile device coverage
- Balance transfer promo
- Bonus for redeeming points as credit
Cons:
- Low base earn rate
Best business rewards card: BMO® Ascend World Elite®* Business Mastercard®*
If you're looking for a business credit card with helpful management tools, consider the BMO Ascend World Elite Business Mastercard. This card gives you up to 4 points per $1 spent on gas, office supplies, cell phone, and internet bills. You'll also earn 1.5 points per $1 on all other purchases.
Of course, as a premium business credit card, you'll also enjoy some high-end perks and benefits like a Mastercard Travel Pass with 2 free lounge passes per year, the ability to add 22 employees to the account (so you can also earn points faster), and 11 types of insurance.
Pros:
- Airport lounge access with free passes
- Low purchase interest rate
- Balance transfer promo
- Ability to pool points with personal card(s)
Cons:
- Low point value
Comparing card features
So, that's a rundown of what these BMO credit cards have to offer, but how do they compare to each other?
Welcome bonus
While a credit card welcome bonus is a one-time deal, it can still add significantly to the card's value, especially in the early days.
Here's how the estimated value of these BMO cards' welcome bonuses stack up:
The BMO Ascend World Elite Mastercard offers the biggest welcome bonus, with the BMO Ascend World Elite Business Mastercard at a close second. All of these cards, except for the no-fee option, give pretty generous welcome bonuses.
Annual fee
Premium credit cards generally have a similarly premium annual fee, and these 4 cards are no different. 3 of these BMO cards charge an annual fee, while the BMO eclipse rise Visa Card is the only no-fee option.
As you can see, both Ascend cards have relatively high fees. Luckily, all of these BMO credit cards waive the annual fee for the first year you have the card, giving you the chance to take them for a test drive before laying down any cold hard cash.
Average rate of return
If you're looking for the maximum return on your spending, it can be a little tricky to figure out, given that different rewards programs and redemption options have different values. Also, a lot depends on your personal spending patterns.
To estimate the average rate of return for each credit card, we run it through an algorithm that calculates what rewards you would earn for a typical $3,000 monthly spend, split sensibly between a number of everyday spending categories. Of course, your mileage may vary.
The BMO eclipse Visa Infinite Card takes the lead at 1.59%, but the BMO Ascend World Elite Business Mastercard comes in a reasonably close second, with an average rate of return of 1.26%.
BMO Rewards overview
Here's a quick overview of the BMO Rewards program, what you can get with it, and BMO Rewards points values.
How to earn BMO Rewards
The only way to earn BMO Rewards is with BMO credit cards. To learn how many points you'll get with a BMO card, check its earning rates for specific categories.
The best BMO cards will allow you to earn up to 5 points per $1 spent on select categories.
How you can redeem BMO Rewards
BMO Rewards are flexible, offering you a wide range of ways to use your points, with fairly consistent BMO Rewards points value. Your redemption options include travel, investments, experiences, gift cards, merchandise, and statement credits.
FAQ
Is BMO Rewards worth it?
Yes, BMO Rewards is worth it for some people, particularly loyal BMO customers who prefer keeping all financial products under one roof. BMO offers a range of credit cards tailored to many different needs, and the only significant drawback is that their point value is pretty low compared to other reward programs.
Which is the best BMO credit card?
The best BMO credit card isn't actually a BMO Rewards card – it's a cash back Mastercard. The BMO CashBack World Elite Mastercard has a high rewards rate, includes an excellent insurance package with 11 types of coverage, and provides valuable roadside assistance for free.
What's the best BMO Blue Rewards credit card?
There are only a few Blue Rewards credit cards available, but the BMO Blue Rewards World Elite Mastercard is the better choice. The card offers 12 types of insurance, free roadside assistance, airport lounge access with 4 free passes, and an accelerated reward rate.
What are the rewards for BMO credit cards?
You can redeem your BMO Rewards points for statement credits, BMO financial investments, gift cards, or merchandise. You can also redeem points with partners. If you're looking for maximum value, your best options are to redeem for statement credits and/or financial investments.
How much are 60,000 BMO points worth?
Using our BMO Rewards calculator, we can determine that 60,000 points is worth a maximum of $402. Your highest value option is to redeem them for travel or BMO investments. Avoid putting them toward merchandise, since they'll only be worth $342.
What's the best way to compare BMO credit cards?
First, narrow down the BMO credit cards you're eligible for. Then, think about what you want out of the credit card: low interest rate, rewards, specific insurance coverage, travel perks, etc. Look for a BMO credit card that matches your spending habits, too.
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