Collect BMO Rewards Points?
Some changes are coming to travel redemptions you’ll want to be aware of.
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New BMO Rewards travel point values
Sadly, BMO Rewards points are being devalued when redeeming for travel.
Currently, you need 140 points to get $1 off on travel booked through BMO Rewards – a value of 0.71 cents.
However, starting on May 5, 2021, you’ll need 150 points to redeem for $1 in travel rewards, a new value of 0.67 cents per point, a decrease of 7% in value.
There is one small silver lining – for any points you’ve already earned, BMO will increase your bank by 7% to make up the difference. The devaluation will only affect points you earn after May 5, 2021.
How this affects return rates for BMO Rewards credit cards
So what will the return rates look like for various BMO Rewards credit cards?
Here’s the before and after comparison for each of the personal BMO credit cards impacted by this change. Our overall rate of return numbers are based on a typical $2,000 monthly spend.
| Credit Card | Current Rate Of Return | New Rates Of Return |
|---|---|---|
| * On all purchases: 1.70% * Gas, transit, groceries, restaurants: 3.55% * All other purchases: 0.71% |
* On all purchases: 1.58% * Gas, transit, groceries, restaurants: 3.35% * All other purchases: 0.67% |
|
| * On all purchases: 1.99% * Gas, transit, groceries, restaurants, drugstores, travel: 3.55% * All other purchases: 0.71% |
* On all purchases: 1.85% * Gas, transit, groceries, restaurants, drugstores, travel: 3.35% * All other purchases: 0.67% |
|
| * On all purchases: 1.51% * Restaurants, travel: 2.13% * All other purchases: 1.42% |
* On all purchases: 1.40% * Restaurants, travel: 1.98% * All other purchases: 1.32% |
It’s definitely not a great look for BMO, especially after launching their new BMO eclipse Visa cards last fall.
What do you think of the changes? Feel free to let everyone know in the comments below.
If you think a card change is in your future, we suggest you start your search by taking our credit card quiz. We’ll help find the best credit card for you. And if we do, you can refer friends and earn up to $10 for everyone who gets approved for one of our GeniusCash cards.
Other BMO changes coming May 5, 2021
As a reminder, these aren’t the only BMO changes coming. BMO has changes in the works for May 5, 2021 with their other World Elite Mastercards.
The
And, the
Your turn
BMO has been busy making changes to their credit cards, and this is just the latest round.
What do you think of these, or any changes BMO has been making?
Let us know in the comments below.
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