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BMO is one of Canada’s most trusted banks. So it makes sense that when it comes to shopping around for a new credit card, BMO is a good place to look. BMO offers a variety of credit cards with different perks and benefits to fit a variety of needs and lifestyles. Here are our top picks for the best BMO credit cards in Canada.

Which BMO Credit Card Fits You Best?

BMO Credit CardBest ForReview
BMO® CashBack® Mastercard®*Buying GroceriesRead More
BMO® Preferred Rate Mastercard®*Carrying a BalanceRead More
BMO® Rewards® Mastercard®*Racking Up RewardsRead More
BMO CashBack® Business Mastercard®*Business Expenses
 
Read More
BMO® World Elite®* Mastercard®*TravelRead More

Best BMO Card For Buying Groceries: BMO® CashBack® Mastercard®*

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For a cash back card that rewards grocery shopping, the BMO® CashBack® Mastercard®* is the right card for you. With this card, you get 3% cash back on eligible grocery purchases, up to a maximum of $500 per statement cycle. If you hit the limit, the earn rate drops to 0.5%, but returns to 3% in the next billing cycle.

You’ll also get 1% cash back on recurring bill payments  (up to a maximum of $500 per statement cycle. If you reach the max, the earn rate drops to 0.5% until the next billing cycle. For all other card purchases, you’ll earn 0.5% unlimited cash back. Aside from a great everyday earn rate, the welcome promo is especially enticing: get 5% cashback for the first 3 months on all purchases. Remarkably, this card has no annual fee – a rarity for cash back credit cards.

Additional perks include a 1.99% introductory interest rate on balance transfers for 9 months (with a 1% transfer fee), offering a way to get out of credit card debt. Plus, cardholders are entitled to a 25% discount at participating National and Alamo car rentals, free supplementary cards, and purchase protection and extended warranty on most items bought with your card.

Given that the BMO® CashBack® Mastercard®* has no annual fee but offers cash back on essential expenses, it’s one of the most lucrative BMO credit cards on our list. However, if you spend over $500/month on groceries, we recommend having a back-up credit card for groceries that beats the base rate of 0.5% for the BMO® CashBack® Mastercard®*. That way, if you hit the 3% cash back limit, you can use your other card to leverage grocery spending into cash back rewards. With no annual fee and low minimum income eligibility requirement of $15,000, this is also a great credit card for students.

The Details

  • Annual Fee: $0
  • Minimum Income Eligibility Requirement: $15,000
  • Credit Score Required: Fair-Good
  • Welcome Offer: 5% cash back bonus for first 3 months on all purchases and 1.99% introductory interest rate on balance transfers for 9 months (with a 1% transfer fee)
  • Additional Perks: Car rental discounts, Cirque du Soleil discounts, purchase and warranty protection
  • Purchase APR: 19.99% | Cash Advance APR: 22.99%

Learn more about the BMO® CashBack® Mastercard®*.
 

Best BMO Card For Carrying a Balance: BMO® Preferred Rate Mastercard®*

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A low-interest credit card like the BMO® Preferred Rate Mastercard®* is an excellent option if you tend to carry a balance and don’t want to accumulate interest charges. This card offers an everyday interest rate of 12.99% on purchases and cash advances, which can save you hundreds of dollars in interest charges. If you tend to carry a balance, why pay the usual 19% or higher on the average credit card? Plus, if you want to pay off credit card debt faster, you can take advantage of the introductory interest rate of 3.99% on balance transfers for the first 9 months (a 1% fee applies).

This card doesn’t come with the lure of rewards or premium perks, but the meager annual fee of $20 is waived for the first year and it includes extended warranty and purchase protection. If your motivation is to minimize interest charges, put the BMO® Preferred Rate Mastercard®* into your pocketbook pronto.

The Details

  • Annual Fee: (Waived for the first year)*
  • Minimum Income Eligibility Requirement: $15,000
  • Credit Score Required: Fair to Good
  • Welcome Offer: 3.99% interest on balance transfers for the first 9 months (1% transfer fee applies)
  • Additional Perks: Extended warranty and purchase protection
  • Purchase APR: 12.99% | Cash Advance APR: 12.99%
Learn more about the BMO® Preferred Rate Mastercard®*

Best BMO Card For Racking Up Rewards: BMO® Rewards® Mastercard®*

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Do you love earning rewards points but don’t want to pay an annual fee? The BMO® Rewards® Mastercard®* is a good option. With this rewards card, you can earn 1 BMO reward point for every $1 in card purchases. However, you can double your BMO reward points when charging car rentals from National and Alamo Rent a Car onto your card. There’s also the welcome bonus of 15,000 points just for signing up. All for $0 a year!

A selling feature is that BMO Rewards points are flexible and can be redeemed for travel and merchandise – the choice is yours. So for example, if you charge $2,500 onto your card each month, you would earn 30,000 points after a year. That’s more than enough for a one-night stay at a four-star hotel in Banff or a wearable activity tracker. Or you can use your points to invest.

If you’re doing a balance transfer, you can save dough with the 1.99% introductory interest rate on balance transfers for 9 months (with a 1% transfer fee). With such a low rate, it’s why the BMO® Rewards® Mastercard®* wins a spot as one of the best balance transfer cards in Canada.

While the perks are barebones, this card comes with purchase protection and extended warranty on most items purchased with this card.

The Details

  • Annual Fee: $0
  • Minimum Income Eligibility Requirement: $15,000
  • Credit Score Required: Good
  • Welcome Offer: 15,000 points plus 1.99% introductory interest rate on balance transfers for the first 9 months
  • Additional Perks: Double the points plus a 25% discount with National of Alamo car rentals, purchase protection and extended warranty, discount for Cirque du Soleil shows
  • Purchase APR: 12.99% | Cash Advance APR: 22.99%
Learn more about the BMO® Rewards® Mastercard®*

Best BMO Card For Business Expenses: BMO CashBack® Business Mastercard®*

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Whether you’re working for someone else or running the whole operation, the BMO CashBack® Business Mastercard®* is a business essential for any working professional. Even though there’s no annual fee, you earn 1.5% cash back on eligible gas stations, office supplies purchases, and cell phone and internet bills charged to the card. You’ll also get a boost to 1.75% cash back when you gas up at Shell stations and 0.75% cash back on all other card purchases. Plus, the welcome offer of 6% cash back on eligible gas, office supplies, cellphone/internet bills for the first 4 months is very generous for a no annual fee credit card.

While this may not seem like the most exciting card on the market, it’s great for small businesses or employees working remotely or on the road. The fact that there is no fee and the ability to earn cash back for business essentials will help give your business a boost. Furthermore, you can add Employee Cards to your account and know that your business is protected from employee card abuse, thanks to the Liability Waiver Program.

The Details

  • Annual Fee: $0
  • Minimum Income Eligibility: N/A
  • Credit Score Required: Fair-Good
  • Welcome Offer: 6% back on gas, office supply, cellphone/ internet bills for 4 months
  • Additional Perks: Mastercard Easy Savings, Extended Warranty and Purchase Protection.
  • Purchase APR: 19.99% | Cash Advance APR: 22.99%
Learn more about the BMO CashBack® Business Mastercard®*.

Best BMO Card for Travel Rewards: BMO® World Elite®* Mastercard®*

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While international travel is temporarily on hold for most Canadians, many of us are still travelling for work within Canada or taking local “staycations.” If this is the case, the BMO® World Elite®* Mastercard®* is a great pick to earn some travel rewards that you can put to immediate use.

This credit card is frequently listed as one of the best travel credit cards in Canada because the perks have a combined value of at least $575. For starters, it offers a very generous welcome bonus of 40,000 BMO Reward points ($285 travel value booked on bmorewards.com) and the first year annual fee waived (worth $150). Then, add in the complimentary membership to Mastercard Airport Experiences by LoungeKey with four complimentary passes to over 1,000 lounges in 120 countries worldwide (value: $140). That totals $575 right off the bat.

Looking at the points-earning potential and additional perks, this card is actually worth far more than $575. Case in point: you earn 3 BMO Rewards points for every $1 spent on travel, dining and entertainment, and 2 points per dollar on everything else. So if you charged $2,000/month onto this card, you would earn 92,000 points in your first year – which works out to $928 in free travel. Even if you’re not travelling right now, you can hoard your points for later or redeem them for merchandise through the BMO Rewards program.

The card also comes with BMO World Elite Total Travel and Medical Protection, which provides emergency medical protection for up to $2,000,000, car rental insurance, trip cancellation/interruption, lost or damaged luggage – a package that’s easily worth a few hundred bucks. Cardholders also get a $40 credit card annual fee rebate if they have a BMO chequing account with a Performance Plan. Whether you’re taking road trips or travelling for business, the annual fee for this card is justified when you factor in the benefits.

The Details

  • Annual Fee: $150 (waived for the first year)
  • Income eligibility requirement: $80,000 per year individual or $150,000 per year household
  • Credit score required: Good
  • Welcome offer: 40,000 BMO Rewards points and annual fee waived in the first year
  • Additional benefits: Earn rewards on card purchases, complimentary membership to Mastercard Airport Experiences by LoungeKey, BMO World Elite Total Travel and Medical Protection
  • Purchase APR: 19.99%| Cash Advance APR: 22.99%
Learn more about the BMO® World Elite®* Mastercard®*

BMO Credit Cards Canada 2020 by Features and Annual Fee

Credit CardsWelcome OfferAnnual FeeVisit Site
BMO® CashBack® Mastercard®*Up to 5% cash back for the first 3 months
+
1.99% introductory interest rate on balance transfers for 9 months (with a 1% transfer fee)
$0Learn More
BMO® Preferred Rate Mastercard®*3.99% interest rate on a balance transfer for the first 9 months.$20 (waived for first year)Learn More
BMO® Rewards® Mastercard®*15,000 points plus 1 1.99% introductory interest rate on balance transfers for 9 months$0Learn More
BMO CashBack® Business Mastercard®*6% cash back on gas, office supplies, cell phone/internet bills for 4 months$0Learn More
BMO® World Elite®* Mastercard®*40,000 BMO Rewards points$150 (waived for first year)Learn More

The Verdict: Which BMO Card is Best?

Finding the right BMO credit card starts with determining your needs and priorities – which might fluctuate over time. There’s no reason why you have to pick one – in fact, there are good reasons why you should have more than one credit card in your wallet. Take the time to assess your current needs and choose a card that matches your spending habits and lifestyle. You can also take a look at our recommendations for the best credit cards of 2020 for more suggestions.

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