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7 Best BMO Credit Cards in Canada as of February 2024

Welcome to our in-depth guide on the best BMO credit cards in Canada. We understand the importance of choosing the right credit card that aligns with your financial needs and lifestyle.

This comprehensive guide delves into the top BMO credit cards, analyzing their features, benefits, and potential drawbacks. Let’s explore the diverse range of BMO credit cards and identify the one that best suits your requirements.

Best BMO No-Fee Credit Card: BMO CashBack Mastercard

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Card Overview

  • Annual Fee: $0
  • Earn Rates: 3% cash back on groceries (capped at $500 per month), 1% on recurring bills, 0.5% on everything else
  • Welcome Bonus: Up to 5% cash back in the first 3 months (Conditions apply)
  • Credit Score Requirement: 660 or higher

At a Glance

The BMO CashBack Mastercard stands out for its exceptional 3% cash back on groceries, the highest non-promotional earn rate for a no-fee card in Canada.

While the monthly cap might be limiting for some, its flexibility in redemption options, including depositing cash back into a BMO account, sets it apart.

Pros

  • Earn 3% cash back for groceries—unmatched in the no-fee card category.
  • Flexible cash-back redemption options, including deposits into a BMO account.
  • Impressive cash-back rates for a no-fee card.

Cons

  • The monthly cap of $500 for the 3% earn rate on groceries.
  • Base rate of only 0.5% for non-accelerated spending.
  • Limited additional perks, especially in terms of travel insurance.

Best BMO Cash Back Credit Card: BMO CashBack World Elite Mastercard

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Card Overview

  • Annual Fee: $120
  • Earn Rate: 5% cash back on groceries, 4% on transit, 3% on gas, 2% on recurring bill payments, 1% on everything else
  • Welcome Bonus: Up to 10% cash back in the first three months; annual fee waived in the first year
  • Income Requirement: Personal income of $80,000 or household income of $150,000

At a Glance

The BMO CashBack World Elite Mastercard offers a diverse range of accelerated cash-back categories, with a focus on groceries, transit, and gas.

While monthly spending caps may impact potential earnings, the card’s free roadside assistance adds significant value.

Pros

  • Variety of accelerated cash back categories.
  • Free roadside assistance for added convenience.
  • Competitive welcome bonus and first-year fee waiver.

Cons

  • Monthly spending caps on accelerated categories.
  • High-income requirement for eligibility.
  • Excludes certain travel insurance benefits.

Best BMO Credit Card for Dining and Transit: BMO Eclipse Visa Infinite

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Card Overview

  • Annual Fee: $120
  • Earn Rates: Five times BMO Rewards points on dining, groceries, gas, and transit (up to $50,000 annually); 1 point per dollar on other purchases
  • Welcome Offer: Up to 70,000 points, $50 lifestyle credit, and annual fee waived in the first year
  • Income Requirement: Personal income of $60,000 or household income of $100,000

At a Glance

The BMO Eclipse Visa Infinite is a standout card for those who spend heavily on dining and transit.

With a unique $50 annual lifestyle credit, accelerated earn categories, and additional points for adding an authorized user, this card caters to diverse spending habits.

Pros

  • Accelerated earn categories reflecting common spending areas.
  • $50 annual lifestyle credit for added flexibility.
  • Mobile device protection of up to $1,000.

Cons

  • A lower value for BMO Rewards points when redeemed for non-travel items.
  • Some limitations in the travel insurance package.

Best BMO Travel Credit Card: BMO Ascend World Elite Mastercard

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Card Overview

  • Annual Fee: $150
  • Earn Rates: 5 points per $1 on eligible travel, 3 points per $1 on dining and entertainment, 1 point per $1 on everything else
  • Welcome Bonus: Up to 70,000 points; annual fee waived in the first year
  • Income Requirement: Personal income of $80,000 or household income of $150,000

At a Glance

The BMO Ascend World Elite Mastercard stands out with its generous array of travel perks, including free membership in Mastercard Travel Pass and comprehensive travel insurance. With competitive earning rates, this card is a top choice for avid travelers.

Pros

  • Complimentary Mastercard Travel Pass with airport lounge passes.
  • Comprehensive travel insurance coverage.
  • Flexible redemption options using Pay with Points.

Cons

  • A lower value for BMO Rewards points when not redeemed for travel.
  • Slightly higher annual fee compared to similar cards.

Best BMO Air Miles Credit Card: BMO Air Miles World Elite Mastercard

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Card Overview

  • Annual Fee: $120 (waived for the first year)
  • Earn Rates: 1 Mile per $12 spent, 3 Miles per $12 spent at Air Miles partners, 2 Miles per $12 spent at eligible grocery stores
  • Welcome Bonus: Exclusive fuel discount and other perks
  • Income Requirement: Personal income of $80,000 or household income of $150,000

At a Glance

The BMO Air Miles World Elite Mastercard is a powerhouse for Air Miles collectors, offering an impressive earning rate and exclusive discounts. With comprehensive travel insurance and additional perks, this card is a top choice for those invested in the Air Miles program.

Pros

  • Exclusive discounts and perks for Air Miles collectors.
  • Comprehensive travel insurance coverage.
  • Competitive earn rates, especially at Air Miles partners.

Cons

  • No free lounge visits with Mastercard Travel Pass.
  • Relatively high annual income requirement.

Best BMO Low-Interest Credit Card: BMO Preferred Rate Mastercard

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Card Overview

  • Annual Fee: $29 (waived for the first year)
  • Interest Rate: 13.99% on purchases; 15.99% on cash advances and balance transfers
  • Welcome Offer: 0.99% introductory interest rate on balance transfers for 9 months; $29 annual fee waived for the first year
  • Income Requirement: $15,000 (personal or household)

At a Glance

For those seeking a low-interest option, the BMO Preferred Rate Mastercard stands out. With a standard low-interest rate and a reasonable annual fee, this card is designed to help individuals manage credit card debt effectively.

Pros

  • The standard low-interest rate for those carrying a balance.
  • Annual fee rebate for BMO Performance chequing account holders.
  • Lower-than-usual cash advance rate.

Cons

  • Limited perks beyond purchase protection and extended warranty.
  • 2% fee for each balance transfer.
  • The introductory interest rate for balance transfers is valid for only nine months.

Best BMO Premium Rewards Credit Card: BMO Eclipse Visa Infinite Privilege

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Card Overview

  • Annual Fee: $499
  • Earn Rate: 5 BMO Rewards points per $1 on groceries, gas, travel, dining, and drugstores; 1 point per $1 on other purchases
  • Welcome Bonus: Up to 90,000 points
  • Additional Benefits: $200 annual lifestyle credit, airport perks, comprehensive travel insurance
  • Income Requirement: Personal income of $150,000 or household income of $200,000

At a Glance

The BMO Eclipse Visa Infinite Privilege is the epitome of premium rewards, offering exclusive benefits, airport perks, and a substantial annual lifestyle credit. While the annual fee is high, the rewards and perks may justify the investment for frequent travelers.

Pros

  • Free Visa Airport Companion membership with lounge visits.
  • Priority security lane, airport parking, and valet service discounts.
  • Comprehensive travel insurance coverage.

Cons

  • High annual fee, albeit partially offset by the $200 lifestyle credit.
  • Exclusive to individuals with a substantial income.

In conclusion, choosing the right BMO credit card depends on your individual preferences, spending habits, and financial goals.

Whether you prioritize cash back, travel rewards, or low interest rates, BMO offers a diverse range of credit cards to meet your needs.

Explore the detailed features of each card to make an informed decision that aligns with your financial aspirations. We are committed to providing you with the information you need to make the best financial choices.