BMO Bank of Montreal is one of the biggest banks in Canada, offering a wide-ranging credit card portfolio across both the Visa and Mastercard networks.
Below are our picks for the best BMO credit cards in Canada.
Best BMO Credit Cards
Best Overall BMO Credit Card
- Earn 30,000 BMO Rewards points upon spending $3,000 in the first three months
- Plus, earn a total of 30,000 BMO Rewards points upon spending $2,000 in each of months 4–15
- Plus, earn 5x BMO Rewards points on groceries, dining, gas, and transit
- Plus, receive an annual $50 lifestyle credit
- Annual fee: $0 for the first year, then $120
The BMO eclipse Visa Infinite* Card is the anchor of BMO’s credit card portfolio. It earns at a rate of 5 BMO Rewards points per dollar spent on groceries, dining, gas, and travel.
That’s quite a wide range of categories which earn at BMO’s top rewards rate. When redeemed at the best possible rate, for travel or into an investment account, this works out to 3.33% back.
For a reasonable annual fee of $120, you’ll get an annual lifestyle credit of $50. You’ll also earn 10% more points for adding an authorized user to your account.
If you’d rather keep your annual fees down, or if your income is too low to qualify for the higher-tier card, this card is still a good option for many of the same premium benefits.
Plus, you’ll often find the first-year annual fee is waived, so you can see how the card suits you before committing long-term (with the ability to double-dip on the $50 lifestyle credit should you decide to cancel).
Best Premium BMO Credit Card
- Earn 50,000 BMO Rewards points upon spending $6,000 in the first three months
- Plus, earn 30,000 BMO Rewards points upon spending $30,000 in the first six months
- Plus, earn another 40,000 BMO Rewards points upon spending $75,000 in the first year
- And, earn 5x BMO Rewards points on groceries, dining, gas, drugstores, and travel purchases
- Plus, receive a $200 lifestyle credit when you reach your first year anniversary
- Dragon Pass membership with six free lounge visits per year
- Minimum income: $150,000 personal or $200,000 household
- Annual fee: $499
BMO has made their first foray into the higher-end lifestyle credit card market with the BMO eclipse Visa Infinite Privilege* Card.
The card earns 5 BMO Rewards points per dollar spent on all of the same categories as its Visa Infinite counterpart, plus drugstores.
You’ll also get an enhanced bonus for adding an authorized user to your account. For your trouble, all cards on the account will earn an extra 25% points. If you’re going to go all-in on this premium card, the more the merrier.
There’s a high annual fee of $499, but you get a no-questions-asked $200 lifestyle credit every calendar year to cover a good chunk of your costs. Throw in strong travel insurance and a DragonPass membership with six annual airport lounge visits, and you’ve got the makings of a proper premium card.
Best No Fee BMO Credit Card
- Earn 5% cash back in the first three months, up to $2,500 spent ($500 on groceries, $500 on recurring bill payments, and $1,500 on everything else)†
- Then, earn 3% cash back on groceries†
- Up to 20% discount on car rentals at National and Alamo
- Annual fee: $0
The BMO CashBack® Mastercard®* is the best BMO credit card with no annual fee.
The card earns 3% cash back on groceries, a ridiculously high rate for a no-fee card and even higher than many premium cards. You’ll also earn 1% back on recurring payments.
However, you’ll only get the bonus rates on your first $500 spent per month. The card isn’t great for high spenders, but if you’re in the market for a card with no annual fee, you’re probably pretty budget-conscious to begin with.
The cash back rate for all other purchases is only 0.5%, and there aren’t any other bonus categories. But this isn’t too far off of the value of the rewards on BMO’s other no-fee cards. All other things being equal, cash back is certainly a more versatile rewards currency, and a strong grocery category only sweetens the deal.
Best Cash Back BMO Credit Card
- Earn
1.5%10% cash back in the first three months, on up to $2,600 spent* - Then, earn 1%–5% cash back for different categories*
- Minimum income: $80,000 personal or $150,000 household*
- Annual fee: $120 (rebated in the first year)*
For bigger cash back rewards, look to the BMO CashBack® World Elite®* Mastercard®*.
The card uses a tiered category bonus structure. Groceries earn 5%, and uncategorized purchases earn 1%, with a handful of other categories rounding out the range in between.
Unfortunately the category bonuses are capped at a low level of spending per month. If you exceed those limits, you’ll only earn 1% cash back.
Best AIR MILES® BMO Credit Card
- Earn 3,000 AIR MILES®† upon spending $3,000 in the first three months†
- Earn
1x3x AIR MILES®† per $12 spent at AIR MILES®† partners† - Earn
1x2x AIR MILES®†per $12 spent at grocery stores, wholesale clubs, and alcohol retailers† - Earn 1 AIR MILES®†per $12 spent when you spend with your credit card everywhere els†
- Use AIR MILES®† for Cash Rewards or Dream Rewards†
- Minimum income: $80,000 personal or $150,000 household†
- Annual fee: $120 (rebated in the first year)†
The BMO AIR MILES®† World Elite®* Mastercard®* is the primary way to earn AIR MILES®.
Unless you spend heavily at AIR MILES® partners, earning on everyday purchases will be quite slow. However, if you’re looking to rack up AIR MILES® at wholesale clubs like Costco, the card is one of the only to offer a category multiplier at these businesses.
What makes this card stand out is that you can use 25% fewer AIR MILES® for one flight redemption per year. When you’re ready to make a booking, it’s always good to have this card linked to your AIR MILES® account so you can use this discount.
Best BMO Credit Card for Business Owners
- Earn 3,000 AIR MILES®† upon spending $5,000 in the first three months*
- Earn
1x4x AIR MILES®† at participating partners* - Use your AIR MILES®† for Cash Rewards or Dream Rewards
- Get up to 7 cents off per litre on all Shell®± fuel*
- Get five free virtual healthcare visits per year with Maple
- Qualify for the card with a registered business and minimum personal or business income*
- Annual fee: $0 for the first year, then $149
The BMO AIR MILES®† World Elite®* Business Mastercard®* is our choice for BMO’s top business credit card. It’s very similar to the personal AIR MILES® World Elite card, but geared towards business owners.
The welcome bonus is typically steady at 3,000 AIR MILES®, more reliably high than on the personal card. It does come with a higher minimum spend requirement, so you might not want to prioritize this card unless you have business expenses to help you earn the bonus.
In addition to a stronger welcome bonus, the business card also has a stronger ongoing value proposition. It earns 4 AIR MILES® per $12 spent at participating partners, compared to the personal card’s 3 AIR MILES® per $12 spent at the same stores.
While this card won’t turn any heads, it’s still solid especially for BMO’s standard insurance on award tickets. More specifically, it’s the best of a weak field, as BMO’s in-house rewards program is rather uninspiring.
BMO Credit Cards: What You Need to Know
When choosing a BMO credit card, you should familiarize yourself with what benefits a BMO credit card can offer, what features to look out for, and how BMO credit cards can fit into an optimized credit card strategy.
Why get a BMO credit card?
BMO is the primary credit card partner for AIR MILES®. As you collect towards a redemption, BMO’s cards give frequent opportunities to earn more quickly through signup bonuses and various AIR MILES® promotions. Also, on the Mastercard network, they’ll be more widely accepted than cards issued by American Express.
If you already bank with BMO, it’s a no-brainer to pick up one of their credit cards. You can get your annual fee for most cards rebated every year if you have a BMO Premium chequing account. This is useful if you plan on keeping a premium card year after year for its benefits and higher everyday earning rates.
What should you look for in a BMO credit card?
BMO has three different types of rewards on their credit cards:
- AIR MILES® co-branded cards are best for avid collectors who are either looking for cash discounts on groceries, or who know how to stretch the value of their Dream Rewards. Premium cardholders can also get discounts on flight redemptions.
- BMO Rewards cards earn points that can be used for travel expenses. You can book flights, hotels, car rentals, vacation packages, or cruises. You can also cash your points out into a BMO investment account at the same rate.
- Cash Back can be redeemed any time. They’re the easiest rewards to use and understand, but the trade-off is that their value is limited. Compared to their peers, BMO’s cash back cards have strong earning rates on popular categories, but low limits on spending before your rewards revert back to the base level.
Traditionally, the bulk of BMO’s credit cards have been on the Mastercard network. However, their new flagship BMO eclipse brand is made up of Visa cards.
On their new products, BMO has been introducing higher rewards rates on everyday spending, and annual lifestyle credits which can be used for just about any expense.
However, with BMO’s product lineup undergoing a significant overhaul in recent years, card benefits and redemption rates are in turmoil. Some of BMO’s premium products are rather strong, while others are quickly fading away in the shadow of their replacements.
All of BMO’s cards come with the standard benefits for their card tier:
- All Visa Infinite* cards have access to Concierge services, the Luxury Hotel Collection, and the Dining Series & Wine Country program
- In addition, Visa Infinite* Privilege cards come with a DragonPass membership which includes six annual visits to participating airport lounges and restaurants each year
- All World Elite®*Mastercards come with a DragonPass membership (although no free passes are offered) and in-flight Boingo Wi-Fi
BMO also offers student credit cards that earn rewards. These might be easier to get approved for if you have no previous credit history.
BMO routinely offers First Year Free promotions for new signups for all cards at or below the World Elite tier. If this incentive ever disappears, it’s better to wait for it to come back before applying.
What’s the optimal strategy for BMO credit cards?
When it comes to maximizing credit cards as a whole, BMO credit cards play a relatively minor role in a savvy individual’s wallet compared to the other major credit card issuers. Indeed, BMO credit cards are generally seen as the weakest offerings out of the Big 5 Canadian banks.
BMO’s AIR MILES® credit cards can help you easily rack up a large AIR MILES® balance. However, while AIR MILES® is a very popular retail rewards program among Canadians, the truth is that the potential upside of AIR MILES® is rather limited compared to more powerful travel programs like Aeroplan.
Some travellers might consider AIR MILES® a useful secondary currency for reducing out-of-pocket travel expenses, but looking at the big picture, there are certainly much bigger fish to fry in the rewards landscape.
Similarly, BMO’s very own BMO Rewards points is a weak program compared to its peers, since the redemption value is very low at 0.67 cents per point.
Frequently Asked Questions
Below are some questions we frequently hear from readers about the best BMO credit cards in Canada.
Which credit bureau does BMO check?
BMO checks Equifax.
Can I have more than one BMO credit card at the same time?
Yes, you can have any combination of premium and entry-level cards.
Can I get BMO business cards?
Yes, you can apply as a sole proprietor doing business as your own name. Sometimes BMO will ask for business registration documents to support your application, so it’s best to be prepared with those.
“† Terms and conditions apply please refer to the BMO Website for the most up to date information.”