BMO Credit Card: Assessing its Compatibility with Your Financial Needs

Jan 16, 2024 By Triston Martin

BMO, or Bank of Montreal, offers a range of credit cards designed to cater to a wide spectrum of financial needs and spending habits. Whether you're seeking to earn rewards, travel benefits, cash back, or simply a low interest rate, BMO's suite of credit cards may have a perfect match for you. However, as with any financial product, it is crucial to assess your needs and consumption patterns before choosing a credit card. This review aims to provide an unbiased evaluation of BMO's credit card offerings, helping potential cardholders to make informed decisions that align with their financial goals and lifestyle preferences.

Overview of BMO Credit Card Types

BMO offers a variety of credit cards, but its main offerings can be categorized into three types: rewards cards, no-fee cards, and low-rate cards. Let's take a closer look at each type to better understand which one may suit your financial needs.

Rewards Cards

BMO's rewards credit cards are designed for individuals who frequently use their credit card for everyday purchases and are looking to maximize their rewards potential. These cards typically offer points or miles for every dollar spent, which can be redeemed for various perks such as travel, merchandise, or cash back. BMO's popular rewards credit cards include the BMO World Elite Mastercard, which offers a generous welcome bonus and accelerated points earning on eligible purchases.

No-Fee Cards

As the name suggests, BMO's no-fee credit cards do not charge an annual fee for card usage. These cards are ideal for individuals who want to avoid paying a yearly fee but still enjoy the convenience and benefits of using a credit card. BMO's no-fee options range from basic cash back cards like the BMO CashBack Mastercard to more premium options like the BMO Air Miles Mastercard, which offers rewards on everyday purchases.

Low-Rate Cards

BMO's low-rate credit cards are designed for individuals who carry a balance on their credit card and therefore prioritize a low interest rate over rewards or benefits. These cards typically offer a lower annual percentage rate (APR) and may also have features such as balance transfers or cash advances at a reduced rate. BMO's low-rate credit cards include the BMO Preferred Rate Mastercard, which offers a competitive interest rate and no annual fee.

Features and Benefits of BMO Credit Card

In addition to the type of credit card, it is essential to consider the features and benefits offered by BMO's credit cards. These can vary significantly depending on the card type and specific product, but some common features include:

Welcome bonuses

Many of BMO's credit cards offer welcome bonuses, which can range from bonus points to cash back to travel vouchers. These bonuses usually have spending requirements within a specified timeframe, so it is essential to read the terms and conditions carefully.

Rewards programs

BMO's rewards credit cards allow cardholders to earn points or miles on eligible purchases. These rewards can be redeemed for a range of options, including travel, merchandise, and cash back.

Travel benefits

Some of BMO's credit cards come with travel benefits such as airport lounge access, travel insurance, or discounts on flights or hotels. These perks can add significant value for individuals who frequently travel.

Purchase protection

Many BMO credit cards offer purchase protection, which can include extended warranty and purchase insurance. This feature can provide peace of mind for cardholders making significant purchases.

Contactless payment

BMO's credit cards come equipped with contactless payment technology, allowing for a quick and convenient way to make purchases without swiping or inserting the card.

Factors to consider when choosing a Credit Card

When choosing a BMO credit card, here are some essential factors to consider:

Annual fee

While some BMO credit cards offer valuable rewards and benefits, they may also come with an annual fee. Make sure to assess whether the benefits outweigh the cost of the yearly fee before choosing a card.

Interest rates

If you tend to carry a balance on your credit card, it is crucial to consider the interest rate charged by different cards. BMO's low-rate credit cards may be a better option for individuals looking to minimize interest charges.

Credit score

Your credit score will play a significant role in determining whether you are eligible for certain BMO credit cards and what interest rate you may qualify for. It is essential to maintain a healthy credit score to access the best credit card options.

What credit score you need for approval?

The credit score requirement for BMO credit card approval varies depending on the specific card and your overall financial profile. Generally, a good credit score (around 670 or higher) is recommended to increase your chances of approval for most BMO credit cards. However, it is always best to check with BMO directly for their specific requirements. Additionally, having a higher credit score may also result in a lower interest rate and more favorable terms for your credit card.


BMO offers a diverse range of credit cards to suit different financial needs and lifestyles. Understanding the types of cards available and carefully considering features, benefits, and factors such as spending habits and credit score can help you make an informed decision when choosing the right BMO credit card for you. So, it is important to evaluate your needs and do your research before applying for a BMO credit card to ensure that it aligns with your financial goals and provides the most value for you.

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