New BMO eclipse rise Visa Has No Fee, Outstanding Earn Rates, And Huge 20K Point Welcome Bonus

BMO just added a new credit card to their arsenal, the BMO eclipse rise Visa Card. Coming in with no annual fee as well as a 20,000 point welcome bonus and some nice perks, it's also looking to get noticed for its easy access for newcomers to Canada.

Here's our first look at the new card!

Full breakdown of the BMO card's rewards

We have to bite the bullet here and talk about the rewards. These aren't the best, considering that it earns BMO Rewards points. Because of our calculations that say BMO Rewards points are only worth up to 0.67 cents each, the base earn rates for this card leave something to be desired.

Here's what you'll be earning:

• 5 BMO Rewards points for every $2 spent on dining, groceries, and reccurring bills
• 1 point per $2 spent on all other purchases

If you brought out your magnifying glass, you may have noticed that you earn a point per $2 spent, not the standard $1. This effectively halves the points you'll be getting on non dining/groceries/transit purchases to a less-than-stellar 0.34 cents.

Considering the best overall credit card in Canada, the American Express Cobalt^® Card, earns up to 2 cents per point (which, with boosted earn rates on its top categories maxing out to an astounding 10% return), this absolutely dwarfs anything this card can earn.

Counterpoint: Boosted earn rates aren't actually that bad

With the boosted earn rates on the 3 specialty categories, you're looking to earn 1.7 cents per point. This is competitive with a lot of the other no fee credit cards on the market today, and seeing as the 3 boosted categories are decently popular and useful, this really helps it win over credit card fans.

One extra way to boost your earn rate further

One good thing about this card, though, is that if you add an authorized user, you can get 10% more points on top of what you normally earn. And with there being no fee for an additional user, it's an easy way to scoop up some more points.

Where the BMO eclipse rise Visa Card shines

Let's talk about a few areas where this card shines other than the boosted earn rates. There are more than a few places where you'd see some amazing benefits from this card, so we'll go over a few of the ones that are truly spectacular.

Remember, you'll be able to get this with no annual fee and you won't need to meet any income requirements either!

Balance transfer is one of the best out there

The best balance transfer credit cards have just gotten a little more competitive now that this card is on the scene. This card has a sweet balance transfer offer of 0.99% for 9 months. If you have an existing balance, you can save a TON of money on interest by porting it over to this card.

This is especially good because there's no annual fee on this card, and it can take balances from any non-BMO card.

2 annual bonuses that could earn you up to 5,000 points per year, total

This is big news. There are 2 ways you can take home an extra 2,500 points with this card. The first is an easy one. All you have to do is pay off your balance in full and on time. If you do this for 12 consecutive months, you'll be granted 2,500 points. It's a nice little top-up that will go with all the points you earn.

The second is if you redeem your points for statement credits. This may not be the best option as redeeming for statement credits aren't worth as much, but if you aren't the type to travel or were planning to take this redemption route anyway, who can say no to an extra 2,500 points?

Welcome bonus

Because I'm in marketing, I'm a fan of big, sexy numbers. And the welcome bonus has just that. This card offers up to 20,000 points after spending $1,500 in the first 3 months. That's really easy to get, so the max value ($134) will be within your sights literally the second you find out you're approved.

The BMO eclipse rise Visa Card as a newcomer credit card

We wanted to really highlight this as it's something very important. Newcomers to Canada often have a very difficult time getting a good credit card. Often, even though they meet minimum income requirements and everything, their credit score may let them down.

This card is billed as one that is easier to get approved for if you've recently decided to make Canada your home.

Will you get a BMO eclipse rise Visa Card?

After the announcement, does this sound like a credit card that you'd want to get? Are all the draws of the perks and bonuses really calling out to you (along with the big pull of not having to pay a cent in annual fees)?

Let us know your thoughts on this card or what you feel would be a better one in the comments below.