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5 Best BMO Credit Cards in Canada for 2023

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 2023.

Best BMO Credit Cards at a Glance

BMO Credit CardsAnnual FeeBest For
BMO Cash Back Mastercard$0Students; Groceries
BMO World Elite Mastercard$150; waived in the first yearTravel Rewards
BMO Air Miles World Elite Mastercard$120; waived in the first yearAir Miles
BMO Cash Back World Elite Mastercard$120; waived in the first yearCash Back
BMO Preferred Rate Mastercard$20; waived in the first yearLow 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.

BMO Cashback Mastercard

Click to Apply.

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; waived in the first year
  • 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 accident, 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.

BMO World Elite Mastercard

Click to Apply.

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; waived in the first year
  • 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.

Click to Apply.

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; however, this fee is waived in the first year. 

  • Annual fee: $120; waived in the first year
  • 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 8 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.

BMO CashBack World Elite Mastercard

Click to Apply.

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 that’s what you need and offers a 0.99% rate on balance transfers for 9 months. A 2% transfer fee applies.

While it has a $20 annual fee, it is waived in the first year.

  • Annual fee: $20; waived in the first year
  • Earn rate: N/A
  • Income eligibility: N/A
  • Best for: Low-interest rates
  • Welcome offer: 0.99% balance transfer for 9 months

While you won’t earn rewards for spending on this card, the low purchase APR can result in a lot of 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.

BMO Preferred Rate Mastercard

Click to Apply.

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 and Tangerine World Mastercard.

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 15% cash back on up to $1,000 in spending in the first 2 months ($150 value).

Interest rates: 19.95% for purchases, balance transfers, and cash advances.

Minimum income requirement: $12,000

Recommended credit score:
600
900

Fair to Good

Tangerine Cash Back Credit Card

On Tangerine’s website

  • No annual fee.
  • Unlimited 2% cash back in two spending categories. Get an extra 2% cash back spending category when you deposit your rewards in a free Tangerine savings account.
  • Unlimited 0.50% cash back on all other purchases.
  • Cash back earned is paid out monthly.
  • 1.95% promotional balance transfer for first 6 months; 3% balance transfer fee applies ($5 minimum).
  • Purchase assurance to cover loss, theft or damage of new items purchased using the card for up to 90 days.
  • Works with Apple Pay, Google Pay, and Samsung Pay.
  • Extended warranty for up to one extra year.

No annual fee

High cash back rates

Low-income requirement

Cash back paid monthly

Low-interest balance transfer

No travel insurance coverage

3% balance transfer fee

The Tangerine Money-Back Credit Card is one of the best cash back credit cards in Canada. It’s great for students and those who have a limited credit history. Cardholders can also enjoy no-fee chequing and a high interest savings account.

Related:

Best Credit Offers in January 2023

Earn up to 5% cash back at over 10,000 retail locations ($25 Bonus)

Get a $25 bonus when you are approved for the Card.

No annual account fees.

Earn up to 5% unlimited cash back at 10,000+ participating stores.

Guaranteed instant approval credit card.

Get up to 5% cashback and grow your savings ($20 bonus)

Best free prepaid reloadable Mastercard plus a $20 welcome bonus.

Free budgeting app with automatic savings features.

Increase your credit score with optional credit building add-on.

Earn up to 2.00% interest on your entire balance.*

Get one of the no-fee cash back credit cards in Canada ($150 bonus)

Earn 2% unlimited cash back in up to 3 spending categories.

Get a $150 welcome bonus after spending $1,000 in the first two months.

1.95% low-rate balance transfer, airport lounge access, and insurance benefits.

No annual fees to use the card and cashback is paid out monthly.

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Author

Gravatar for Enoch Omololu, MSc (Econ)
Enoch Omololu, MSc (Econ)

Enoch Omololu is a personal finance expert and a veterinarian. He has a master’s degree in Finance and Investment Management from the University of Aberdeen Business School (Scotland) and has completed several courses and certificates in finance, including the Canadian Securities Course. He also has an MSc. in Agricultural Economics from the University of Manitoba and a Doctor of Veterinary Medicine degree from the University of Ibadan. Enoch is passionate about helping others win with their finances and has been writing about money matters for over a decade. He has been featured or quoted in The Globe and Mail, Winnipeg Free Press, Wealthsimple, CBC News, Financial Post, Toronto Star, CTV News, Canadian Securities Exchange, Credit Canada, National Post, and many other personal finance publications. You can learn more about him on the About Page.

His top investment tools include Wealthsimple and Questrade. He earns cash back on purchases using KOHO, monitors his credit score for free using Borrowell, and earns interest on savings through EQ Bank.

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