What’s the Buzz About Credit Cards from BMO? Don’t Miss These!
In today’s digital world, hard cash and cheques are the relics of the past. And with credit cards taking center stage, the cash concept has further been overshadowed.
In Canada, people have had more credit cards than debit cards since 2015. Many Canadians own one or two cards, putting the nation at the top in credit card penetration worldwide. According to a Nerd Wallet survey, 70% of Canadians use credit cards for essentials like groceries and 33% use rewards to pay for necessary expenses.
Considering such figures, the credit cards from BMO (Bank of Montreal) offer a diverse range of perks to suit all kinds of individual needs and spending habits.
This post will highlight why BMO credit cards are buzzing and list the top options suitable for your financial goals.
What Types of Credit Cards from BMO Exist?
BMO, being one of Canada’s largest banks, offers a variety of credit cards.
They are as follows:
What Unique Features and Benefits Define ‘Credit Cards from BMO’?
Among the credit card options available in Canada, the credit cards from BMO stand out for their diverse features.
Let’s have a look at them!
- Best Reward Programs
BMO offers some of the best reward programs with endless possibilities. Whether you’re planning your next trip or wishing to dine with your spouse, there’s always something more for you. If you are a travel enthusiast, you can rejoice with the flexibility of ‘Pay with Points’. This feature allows you to cover eligible travel-related purchases, such as hotels, flight tickets, vacation packages, and more.
If shopping is more of your style, then you can explore the extensive catalog of BMO featuring hundreds of products. From electronics to household items and gift cards from top brands, you are sure to find products that align with your interests and needs.
With cashback credit cards from BMO, you can also enjoy earning money on all your transactions. It can provide you with added value with every swipe. Moreover, you can also choose how you receive your cashback. Whether you prefer to receive it annually, as a lump sum, or as a recurring payment, the choice is all yours.
Not only this, you also have an option to cash out at any time for as little as $1 or set up automatic recurring deposits starting at $25. Last but not least, you can send your cashback directly to your BMO savings, chequing, or InvestorLine accounts, thus helping you build your financial future.
- Seamless Digital Support
Since BMO offers online and mobile banking apps, managing your credit card account can be easier and more convenient. Within just a few taps on your device, you can view your rewards and credit card balances, and also track your transactions.
In case your card gets lost or stolen, the BMO Online and Mobile Banking Apps become quite handy. You can report the issue immediately through the app and you can also lock or unlock your card accordingly. This feature adds an extra layer of protection against unauthorized use.
The company also offers a suite of digital wallets and tools to enhance convenience among BMO credit card holders. With ‘BMO PowerSwitch’, it’s easier to carry out pre-authorized transactions. For those who prefer doing payments through mobile, BMO supports both Apple Pay and Google Pay. Next, the ‘BMO SmartPay’ allows you to pay off your credit card balance in installments without any interest. ‘Click to Pay’ is another checkout option where you can make transactions without manually entering your card details.
- Credit Card Balance Protection
The credit cards from BMO also offer enhanced balance protection for its customers during unforeseen circumstances, such as job loss, death, or total disability. It’s an optional coverage that safeguards your credit card balance, ensuring peace of mind during challenging times.
The protection cover includes features such as a lump sum payment of up to $20,000 in the event of death and a monthly payment of up to 20% of the eligible balance in case of job loss or total disability.
Here are the eligibility criteria for the cover:- BMO primary cardholders with an eligible BMO credit card
- Resident of Canada
- Aged between 20 and 70
- Specialty Card Sections
This section of the BMO credit card family caters to a specific group of individuals, including students, business owners, and more.
Let’s briefly discuss them!
- Students: For students, BMO credit cards have no annual fee and offer tailored benefits. It helps them manage their expenses while building a solid credit history and spending behaviors.
- Affinity: Affinity cards are for those people who wish to make a positive impact in society with their spending. The affinity credit cards from BMO give a portion of your purchase towards a designated cause, such as animal welfare, education, and health, to name a few.
- New to Canada: For newcomers to Canada, BMO offers specialized cards to help them establish and adjust to their new country. Unexpected expenses are quite common in a foreign land, thus these cards are like a stepping stone towards their financial independence.
- Pre-Paid: If you are someone who prefers to manage your spending with a predetermined balance, then pre-paid cards are best for you. They offer the flexibility to reload Mastercard without any need for a credit check or bank account.
- Business Cards: Business owners can also benefit from special credit cards, specifically tailored to their unique needs. These cards offer AIR MILES, travel rewards, and other benefits that help individuals manage their expenses and focus on growing their business.
- Students: For students, BMO credit cards have no annual fee and offer tailored benefits. It helps them manage their expenses while building a solid credit history and spending behaviors.
- Exceptional Travel Services
With BMO’s state-of-the-art travel services, you can enjoy your journey without any worry. For instance, the comprehensive BMO Mastercard Travel Insurance covers you both on cross-country road trips and air trips. You also get a welcome offer of up to 5% cash back with a lower 1.99% introductory interest rate.
Additionally, it offers valuable extra benefits such as roadside assistance and Pay-As-You-Go-RoadAssist. With the latter one, you only pay for roadside assistance when you need it, making it a preferable option for people who are not frequent travelers. The majority of the travel credit cards of BMO offer attractive welcome offers and low-to-high annual fees. Moreover, most of these plans have robust security programs, like Zero Liability, BMO Alerts, and Mastercard Identity Check, that protect you from suspicious activities.
What are the Key Players of Credit Cards from BMO?
Now that we’ve understood why credit cards from BMO are so unique, let’s take a look at some of the key players in the BMO credit card family:
| Sl. No. | Credit Card Name | Welcome Bonus | Annual Fee | Regular APR |
| 1. | BMO CashBack World Elite Mastercard | 10% Cashback | $120 | 20.99% |
| 2. | BMO Eclipse Visa Infinite Card | 60,000 Points | $120 | 20.99% |
| 3. | Student BMO CashBack Mastercard | 5% Cashback | $0 | 20.99% |
| 4. | BMO CashBack Mastercard | 5% Cashback | $0 | 20.99% |
| 5. | BMO Ascend World Elite Mastercard | 90,000 Points | $150 | 20.99% |
Closing Remarks: Reflecting on the Buzz About Credit Cards from BMO
To sum up, the buzz surrounding credit cards from BMO is well-deserved, and for a good reason.
With a wide variety of card options, BMO ensures to cater to the diversified needs and lifestyles of credit card holders. From seamless digital support to the best rewarding programs, the institution aims to offer convenience and flexibility for its customers.
So, whether you’re a student or a newcomer to Canada, allow BMO to fulfill every aspect of your financial journey.
