We have some details on what the new BMO Blue Rewards credit cards will look like.
In an email sent to current AIR MILES credit card holders, BMO revealed the basics of what these cards are going to offer. Spoiler alert: You're going to lose out on rewards, but the World Elite version will gain a few perks.
We'll break this down card by card.
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The value of Blue Rewards points
Before getting into the card details, let's recap what Blue Rewards are going to be worth.
- 1,500 Blue Rewards points will get you a $10 e-voucher or in-store savings.
- With Air Miles, 95 AIR MILES gets you those same savings.
$10 in savings = 1,500 Blue Rewards = 95 Air Miles
The actual value of each point:
- 0.67 cents per point for Blue Rewards
- 10.5 cents per mile with AIR MILES
BMO AIR MILES World Elite Mastercard replacement
Let's start with the replacement for the World Elite version of the AIR MILES card. Here's a PDF document you can view with the changes.
Pros:
- Improved rewards at partner stores
- Roadside assistance
- 4 airport lounge passes per year
Cons
- Not a ton of new partners announced
- Lower rewards for purchases outside of partners
Named the BMO Blue Rewards World Elite Mastercard, here's the comparison of rewards for these 2 cards:
| BMO AIR MILES World Elite Mastercard | BMO Blue Rewards World Elite Mastercard | |
|---|---|---|
| Earn Rates | * 3 Miles for every $12 at participating Air Miles partners * 2 Miles for every $12 spent at any eligible grocery, liquor, and wholesale stores * 1 Mile for every $12 spent on everything else | * 10 points per $1 spent at Blue Rewards partners ($1,000 per month) * 2 points per $1 spent on gas, EV charging, grocery, wholesale clubs, liquor stores ($500 per month) * 1 point per $1 spent on everything else |
| % Return | * 2.63% at partners * 1.75% on groceries, wholesale, liquor stores * 0.875% on everything else | * 6.7% at partners * 1.34% on gas, EV charging, wholesale clubs, liquor stores * 0.67% on everything else |
We'll first note that the new card introduces caps on how many bonus rewards you'll get in the bonus categories. The partners are capped at $1,000 per month, and the other bonus categories at $500 per month, after which you'll get the base earn rate.
The new partner earn rate is quite impressive. But let's be honest – there aren't as many partners as Air Miles once boasted. Shell is on the way out and won't be sticking around for Blue Rewards.
There are a few major national partners. Porter appears to be coming on, and there's Instacart, Pharmasave, and a few car rental agencies.
There are also regional partners that may be useful to some, including a few liquor commissions, Irving, and Kent.
Before we get too excited about the increased partner earn rate, we'll need BMO to share the full breakdown on Blue Rewards partners.
As for the other bonus rate? It's also down, but gaining a few more options. Gas (and EV charging) is being added. We suspect this is BMO's response to Shell leaving. You may recall, AIR MILES cards didn't previously have a category for groceries when Sobeys was part of the AIR MILES program – it was only added after Sobeys left for Scene+.
Then there's the base earn rate, also lower. So all around, not a lot of great news unless there's a current AIR MILES partner you shop at all the time.
The good news is that a few new perks are being added. This card will join a very exclusive club – it will be a rare card to offer free roadside assistance.
It will also come with lounge access. You'll get a Mastercard Travel Pass membership and 4 free passes.
From the info we can see, the annual fee doesn't appear to be changing either. Although with the BMO CashBack World Elite Mastercard getting a new annual fee, this one may yet still change.
BMO AIR MILES Mastercard replacement
What about the no-fee BMO AIR MILES Mastercard? We have the details for this card, too, and you can also read BMO's full PDF here.
This card will be renamed the BMO Blue Rewards Mastercard. Here's how the rewards compare between new and old cards.
| BMO AIR MILES Mastercard | BMO Blue Rewards Mastercard | |
|---|---|---|
| Earn Rates | * 3 Miles for every $25 at participating Air Miles partners * 2 Miles for every $25 spent at any eligible grocery, liquor, and wholesale stores * 1 Mile for every $25 spent on everything else | * 5 points per $1 spent at Blue Rewards partners ($1,000 per month) * 1 point per $1 spent on gas, EV charging, grocery, wholesale clubs, liquor stores ($500 per month) * 0.5 points per $1 spent on everything else |
| % Return | * 1.26% at partners * 0.84% on groceries, wholesale, liquor stores * 4.2% on everything else | * 3.35% at partners * 0.67% on gas, EV charging, wholesale clubs, liquor stores * 0.34% on everything else |
Everything we said about the World Elite version basically applies here, too. Other than partners, your rewards are going down.
In fact, the base earn rate is going to be one of the poorest ones we've ever seen on a no-fee card. Many no-fee cards offer at least 0.5% back in some form, and you're getting less than that with this card.
And, unlike the World Elite version, there are no new benefits coming to this card.
More Blue Rewards updates
This isn't the last of the news that will be coming from the new Blue Rewards program. Subscribe to our newsletter, and we'll keep you up to date.
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