The Bank of Montreal (BMO) is well-represented when considering the best credit cards for various categories in Canada.
Whether you need a no-fee card or are looking to earn cash back, travel rewards, or Air Miles, there is a BMO credit card that can meet your needs.
For a quick background on the bank, BMO was founded in 1817 and is one of the big five banks in Canada, with more than 900 branches across the country.
Read on to learn about the best BMO credit cards for 2024.
Best BMO Credit Cards at a Glance
| BMO Credit Cards | Annual Fee | Best For |
| BMO Cash Back Mastercard | $0 | Students; Groceries |
| BMO World Elite Mastercard | $150 | Travel Rewards |
| BMO Air Miles World Elite Mastercard | $120 | Air Miles |
| BMO Cash Back World Elite Mastercard | $120 | Cash Back |
| BMO Preferred Rate Mastercard | $20 | Low Interest |
Best BMO No-Fee Credit Card
1. BMO CashBack Mastercard
This entry-level BMO credit card is great for students and those who want to earn rewards without paying an annual fee.
You earn a standard 3% cash back on grocery purchases, 1% on recurring bill payments, and 0.50% on everything else.
The 3% and 1% rewards rates apply to a maximum of $500 spent in those categories each month (per statement cycle period).
- Annual fee: $0
- Earn rate: 3% on groceries, 1% on recurring bills, 0.5% on everything else
- Income eligibility: N/A
- Best for: No annual fees; students
- Interest rate: 19.99% purchases; 22.99% cash advances
In addition, you enjoy up to a 25% discount on car rentals at participating National Car Rental and Alamo Rent A Car, plus purchase protection and extended warranty coverage.
You can learn more about the card in this BMO CashBack Mastercard review.
Best BMO Credit Card for Travel
2. BMO World Elite Mastercard
Looking for an excellent travel credit card? The BMO World Elite Mastercard is worth checking out.
The standard rewards rate for the card is 3 points for every $1 spent on travel, dining, and entertainment; and 2 points per $1 spent on everything else.
The BMO World Elite has a $150 annual fee that is waived in the first year.
- Annual fee: $150
- Best for: Cash back rewards and insurance coverage
- Interest rate: 20.99% purchases and 22.99% cash advances
- VIP perk: Airport lounge access with 4 complimentary passes; comprehensive travel insurance
This card offers a long line of travel insurance benefits that includes emergency medical protection of up to $2 million, trip cancellation, baggage delay, personal effects, rental car insurance, purchase protection, extended warranty, and more.
Lastly, you enjoy complimentary membership in Mastercard Airport Experiences provided by Loungekey with four free annual passes.
You can get more details in this BMO World Elite Mastercard review.
Best BMO Air Miles Credit Card
3. BMO Air Miles World Elite Mastercard
This BMO Air Miles card is easily one of the best Air Miles credit cards in Canada. You earn 1 Mile per $12 in purchases and can triple the points when you shop at participating Air Miles partners.
- Annual fee: $120
- Earn rate: 1 Mile per $10 spent on all purchases
- Income eligibility: $80,000 or $150,000 household
- Best for: Air Miles
- Interest rate: 20.99% purchases; 23.99% cash advances
- VIP perks: VIP airport lounge access via membership in Mastercard Airport Experiences provided by LoungeKey; comprehensive travel insurance
The Air Miles you earn can easily be redeemed for travel or merchandise.
The BMO Air Miles World Elite also offers comprehensive travel insurance benefits, including emergency medical protection of up to $2 million for up to 15 days.
Best BMO Cash Back Credit Card
4. BMO CashBack World Elite Mastercard
The BMO CashBack World Elite Mastercard offers a cash back rate of 5% on groceries, 4% on transit, 3% on gas, 2% on recurring bills, and 1% on everything else.
You can redeem the cash back whenever you want, starting at $1. The card costs $120 per year.
- Annual fee: $120
- Earn rate: up to 4% cash back on all credit card purchases
- Income eligibility: $80,000 individual or $150,000 household
- Best for: Cash back rewards
- Interest rate: 20.99% purchases; 23.99% cash advances
- VIP perk: Free roadside assistance and comprehensive travel insurance
This card offers out-of-province/out-of-country emergency medical protection up to $2 million for eight days, free roadside assistance, and free membership in Mastercard Airport Experiences provided by LoungeKey.
You also get purchase protection and extended warranty coverage. Learn more about the BMO CashBack World Elite in this review.
Best BMO Low-Interest Credit Card
5. BMO Preferred Rate Mastercard
Looking for a low-interest credit card to save on interest fees when you carry a balance? The BMO Preferred Rate Card is a great option.
It offers a low standard interest rate of 12.99% on purchases and 15.99% on cash advances.
It also functions well for balance transfers if you need it and offers a 0.99% rate on balance transfers for nine months. A 2% transfer fee applies.
While it has a $20 annual fee, it is waived in the first year.
- Annual fee: $20
- Earn rate: N/A
- Income eligibility: N/A
- Best for: Low-interest rates
- Welcome offer: 0.99% balance transfer for nine months
While you won’t earn rewards for spending on this card, the low purchase APR can result in savings if you typically carry a balance.
Lastly, the BMO Preferred offers purchase protection and extended warranty coverage.
Learn more about the card in this BMO Preferred Rate Mastercard review.
Final Thoughts
These BMO credit cards all come with the default advantage of being Mastercards and having wide acceptability worldwide.
BMO rewards are easy to redeem with options including travel, vacation packages, merchandise, rental cards, gift cards, investments, and statement credits.
For the cash back rewards cards, you can simply deposit the money earned into your BMO chequing, savings, or Investorline account; or use it to pay off your credit card balance.
For Air Miles, you can choose Cash Miles (merchandise) or Dream Miles (travel), depending on your preference.
Cardholders with a BMO chequing account can waive the annual fee for the primary user of the premium credit card every year.
Interested in the best no-fee cash back credit card in Canada? Check out the Tangerine Money-Back Credit Card, Tangerine World Mastercard, and the Neo Card.
Tangerine Money-Back Credit Card
Best no-fee cash back credit card
Annual fee: $0
Rewards: Earn up to 2% unlimited cash back in up to 3 spending categories and 0.50% on all other purchases.
Welcome offer: Get an extra 10% cash back on up to $1,000 in spending in the first 2 months ($100 value).
Interest rates: 19.95% for purchases, balance transfers, and cash advances.
Minimum income requirement: $12,000
Recommended credit score:
Fair to Good
On Tangerine’s website
Neo Credit
Excellent credit card for cash back
Annual fee: $0
Rewards: Earn up to 5% cash back at partner stores.
Welcome offer: $25 bonus on approval.
Interest rates: 19.99% – 22.99% for purchases.
Minimum income requirement: None
Recommended credit score:
Fair
On Neo Financial’s website
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