A special earn rate for wholesale stores like Costco has eluded Canadian credit cards and made for a tricky dance when choosing a credit card for shopping at Costco – until today.
In what feels like a first, Air Miles Mastercards from BMO will now earn double miles at both wholesale stores and liquor stores.
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New earn rates for BMO Air Miles Mastercards
If you're getting an average value of 10.5 cents per mile, here's your return at both Costco and at liquor stores with BMO's pair of Air Miles Mastercards:
| Air Miles Mastercard | Previous earn rate/return | New earn rate/return |
|---|---|---|
| BMO Blue Rewards Mastercard | * 1 mile per $25 spent * 0.42% return | * 2 miles per $25 spent * 0.84% return |
| BMO Blue Rewards World Elite Mastercard | * 1 mile per $12 spent * 0.88% return | * 2 miles per $12 spent * 1.75% return |
That's a vast improvement. In fact, it turns the BMO Blue Rewards World Elite Mastercard into one of the best credit cards for shopping at Costco.
You might be able to earn more, too. That 10.5 cents per mile is based on collecting Air Miles Cash – but you can get more through travel rewards (and, of course, the inverse is also true).
That said, Air Miles is working on eliminating the need to choose between Dream or Cash miles. Eventually, you won't have to worry about getting less than 10.5 cents per mile.
The details on BMO's Air Miles Mastercards
If these cards have piqued your interest, here’s a quick rundown on what they each offer.
| BMO Mastercard | Welcome bonus | Earn rates | Annual fee, income requirements | Apply |
|---|---|---|---|---|
| BMO Blue Rewards Mastercard |  $50 GeniusCash + Up to 20,000 bonus points (terms) | * 5 points per $1 spent at Blue Rewards partners, up to $15,000 spent per year* * 1 point per $1 spent on groceries, gas, electric vehicle charging, wholesale, and alcohol purchases, up to $500 spent per month on each* * 0.5 points per $1 spent on all other purchases* | * $0 * $15K personal | Apply now |
| BMO Blue Rewards World Elite Mastercard | $150 GC Boost + Up to 100,000 bonus points, first year free (terms) | * 10 points per $1 spent at Blue Rewards partners, up to $25,000 spent per year* * 2 points per $1 spent on groceries, gas, electric vehicle charging, wholesale, and alcohol purchases, up to $500 spent per month on each* * 1 point per $1 spent on all other purchases* | * $150 * $80K personal/$150K household | Apply now |
1. BMO Blue Rewards Mastercard
First up we have the no fee BMO Blue Rewards Mastercard. It's a relatively basic card that allows you to earn Air miles everywhere at these rates:
- 5 points per $1 spent at Blue Rewards partners, up to $15,000 spent per year*
- 1 point per $1 spent on groceries, gas, electric vehicle charging, wholesale, and alcohol purchases, up to $500 spent per month on each*
- 0.5 points per $1 spent on all other purchases*
Spending $2,000 per month across various categories leads to earning around 31,050 miles per year.
It includes basic extended warranty and purchase protection, as well as a balance transfer offer of 0.99% for 9 months.
2. BMO Blue Rewards World Elite Mastercard
The BMO Blue Rewards World Elite Mastercard kicks things up a notch for an annual fee of $150.
For starters, the rewards are vastly increased:
- 10 points per $1 spent at Blue Rewards partners, up to $25,000 spent per year*
- 2 points per $1 spent on groceries, gas, electric vehicle charging, wholesale, and alcohol purchases, up to $500 spent per month on each*
- 1 point per $1 spent on all other purchases*
On that same $2,000 in monthly spend, you're now earning 62,100 miles per year.
Then there are the perks:
- World Elite Mastercard benefits
- Special bonus when you book an Air Miles Flight – every year, you can use 25% fewer miles for a rewards flight booking up to a maximum of 750 miles saved
- 12 types of insurance, which will also cover you if you use your Air Miles for travel
GC: $100 + $50
Your thoughts on BMO's changes
BMO has made some excellent changes to these credit cards – and here's hoping that more credit cards offer a bonus rate on wholesale club stores.
What are your thoughts? Will these changes make you consider getting one of these cards?
Let us know in the comments below.
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