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BMO Rewards Mastercard

Last updated: April 13, 2021
  • 10,000 BMO Rewards points
  • $77 First-year value
Signup bonus:
10,000 BMO Rewards points upon spending $1,000 in the first three months
Annual fee:
$0
Earning rate:
2 points per dollar spent at participating National and Alamo Car Rental locations
1 point per dollar spent on all other purchases
Insurance:
Basic

As one of BMO’s basic no-fee credit cards, the BMO Rewards Mastercard is a no-fee card that’s suitable for students, lower-income individuals, or anyone looking to avoid paying annual fees to participate in the BMO Rewards program.

Bonuses & Fees

As a welcome bonus, the BMO Rewards Mastercard offers 10,000 BMO Rewards points upon spending $1,000 within the first 90 days.

Since BMO Rewards can be redeemed at the rate of 0.67cpp, the welcome bonus is worth $67 in travel purchases or as a deposit into your BMO investment account.

The card has no annual fee, making it a decent choice to keep open as a free primary or backup credit card, all while supporting the longevity of your credit history. You could also downgrade to this card after collecting the bonus on a higher-tier BMO Rewards credit card to preserve your account history.

Authorized users can also be added for free.

Earning Rewards

The BMO Rewards Mastercard has a two-tier earning structure. You’ll earn:

  • 2 BMO Rewards points per dollar spent at participating National and Alamo Car Rental locations
  • 1 BMO Rewards point per dollar spent on all other purchases

The base earning rate is equivalent to a 0.67% return. That’s far from being the strongest in the market, and is somewhat uninspiring even compared to other no-fee credit cards.

Redeeming Rewards

BMO Rewards points are worth a maximum of 0.67 cents per point (cpp) when redeemed against the cost of travel booked via the BMO Rewards online portal or for a deposit into your BMO investment account (at the rate of 15,000 points = $100).

You also have the option of redeeming points for gift cards, merchandise, or statement credits, but at a lower value. Generally speaking, if you’re thinking about pursuing one of these redemptions, it’d be a better idea to open a BMO investment account and redeem the points there instead.

One redemption for BMO Rewards points that might offer a value higher than 0.67cpp is when you redeem for BMO Experiences, which are only available in select cities across Canada. The value here can vary significantly depending on the particular Experience you choose.

Perks & Benefits

As a basic no-fee card, the BMO Rewards Mastercard comes with a modest set of perks.

You’ll enjoy a 25% discount at select National and Alamo Rental locations, as well as BMO-specific discounts for 15% off Cirque du Soleil’s Canadian tours and 20% off resident shows in Las Vegas.

Insurance Coverage

Insurance benefits on the BMO Rewards Mastercard are also fairly small-scale.

The card does not offer any types of travel insurance; instead, its coverage is limited to extended warranty (doubling the manufacturer’s standard warranty, up to one additional year) and purchase protection (against accidental damage or theft within 90 days).

Apply Now

As a basic no-fee product, this credit card has no minimum income requirement.

Consider supporting Prince of Travel by applying for the card via our affiliate link below.

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