If you had a balance on a credit card, you may be interested in the new introductory BMO balance transfer promotions that were just announced.
Starting on September 2, 2022, 2 BMO Mastercards will have lowered introductory interest rates on balance transfers. This is very good news for anyone with an existing balance that they want to get rid of. Read on for all the details on this BMO balance transfer promo.
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BMO balance transfer promotions – what’s changed
3 BMO Mastercards got a revamped balance transfer promo for their introductory rates. Those 3 cards are the:
Before today, the introductory interest rate on BMO balance transfers for all 3 of those cards was 1.99%.
The new balance transfer rate is 0.99%.
The term for which this is active remains unchanged at 9 months, so you won’t have to pay it all off any faster than before.
However, there is a change to the fee that you’ll have to pay. Previously, you would have to fork out 1% of the balance amount that you wished to transfer.
The new fee is double that – you’ll now have to pay 2%.
So while you’ll have to pay more initially, you’ll be saving significantly compared to trying to pay off your balance on some other card. Plus, you’ll get all the benefits of these no-fee BMO credit cards.
What else do these BMO Mastercards come with?
In case you were unfamiliar with these cards, here’s a basic rundown with what benefits come with them.
Some common themes are that none of these cards have an annual fee and they all have the same personal income requirement of $15,000. And of course, with the BMO balance transfer promotions going on, they’re all tied at a nifty 0.99% in terms of their balance transfer offer.
Purchase interest rates after the balance transfer period of 9 months is also the same across the 3 cards – 20.99%. So for all of them, it’s highly recommended that you pay off your entire balance before time runs out.
Insurance coverage is the same as well. This is the data we pulled for the Air Miles card, but as of today, it’s identical across the board:
BMO AIR MILES®† Mastercard®* Please review your insurance certificate for details, exclusions and limitations of your coverage.Extended Warranty 1 year Purchase Protection 90 days
Your Air Miles option
GC: $20
$20 GeniusCash + Up to 
We’ll start in a logical (and lazy) manner – alphabetical order.
The first card we’ll look at is the BMO AIR MILES Mastercard.
As this is an Air Miles credit card, your goal is to collect as many Miles as possible. With this card, your earn rates will look like this:
- 1 Mile per $25 spent on all purchases,
- triple the Miles for every $25 you spend at Air Miles partners, and
- double the Miles for every $25 you spend at eligible grocery stores
Note that if you happen to be buying groceries from an Air Miles partner, you won’t be able to get both the 2x and 3x bonus – you’ll just get the higher of the 2.
You’ll also be eligible for a nice welcome bonus, where you can earn 1,500 Miles after spending just $1,000 in the first 3 months (though of course, what you add to your balance after the initial transfer won’t not be eligible for the 0.99% rate).
From here, you can redeem your Air Miles for rewards.
Cash back – the easy way to get rewarded
GC: $20
As it’s the easiest way to calculate rewards, more people love cash back than they do Raymond. And with the BMO CashBack Mastercard, you can earn some nice cash back without paying an annual fee.
As it’s a no-fee card, it’s not going to be punching above its weight class and taking on the best cash back cards in Canada, but it’s very much a respectable card that would work well for people starting out.
Your earn rates on this card include:
- 3% back on groceries (capped at $500),
- 1% back on recurring bill payments, and
- 0.5% back on anything else.
As we mentioned earlier, you’ll want to focus on paying off your credit card balance first, but if you’re here due to curiosity (or it’s just down to how suave my writing is), the welcome bonus lets you earn 5% cash back on everything for 3 months, all capped at $2,500.
Overall, it’s a great credit card that also ranks on our list of the best balance transfer credit cards in Canada.
An alternative balance transfer offer
×2 Award winner GC: $135
2x Award winner
There’s an elephant in the room. If you’ve been on our site before, you probably know there’s a better balance transfer card out there, and that’s the one that’s won our best balance transfer credit card award – the
It has no annual fee and the balance transfer rate is 0% for the first 12 months. Not only can you get away with paying less, but you also get more time to pay off the balance (not like you’ll get complacent, right?).
As an added bonus, the standard interest rates for purchases is also lower at 12.99%.
There’s no question that this is the best balance transfer credit card of the pack.
In addition to this, this card also qualifies for our GeniusCash program, meaning that you get a bonus $135 in cash on approval. That's a logical first step to paying off that balance.
The one thing that sets the BMO cards apart though, is that once the balance is paid off, you’ll have a chance to start earning rewards, cash back, or Air Miles, so it’s not to say you should steer clear of them. But perhaps starting with an MBNA card to get rid of the balance first before changing cards may be a good idea.
Will you take advantage of these BMO balance transfer promos?
Now that BMO’s balance transfer rates have decreased, will you go for one of their 3 no fee Mastercard options? Or will you stick with the award-winning MBNA card instead?
Do you have stories about paying off your balance or taking advantage of a balance transfer offer?
Share your experiences with our users in the comments below.
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