There are many rewards programs in Canada, but BMO Rewards is up there with the best.
This is a great option if you are a keen traveller or simply want to save money on your annual vacation.
In this guide, we’ll explore how the rewards program works, the value of BMO Rewards points, how to redeem your points, and how to maximize them.
We’ll also take a closer look at the best BMO credit cards you can use to earn points.
What is the BMO Rewards Program?
The BMO Rewards Program is primarily a travel rewards program. However, you can redeem your points for gift cards, merchandise, statement credits, and investments.
Earning points is easy using an eligible BMO credit card, where you can earn points every time you spend on your card.
Some cards also have additional benefits, including airport lounge access and travel insurance, making them great travel options for travellers. We’ll look at some of the best BMO credit cards in more detail later.
BMO Rewards Points Value
BMO Rewards allows you to earn points when you spend on your credit card. And when you redeem the points, you can get more or less out of them depending on how you redeem them.
The best way to currently redeem your reward points is for travel benefits.
For travel, you can redeem 150 BMO Rewards points for $1 in travel expenses. This means one BMO Rewards point is worth 0.67 cents ($0.0067), the maximum value available.
If you would prefer to redeem your points for investments, 15,000 points are equal to $100 in an investment account. The point value is, therefore, the same as for travel rewards at 0.67 cents per point.
The next best option is to redeem points for merchandise or gift cards. There is no set value for the points when you redeem them in this way because there are different values depending on what you buy.
However, redeeming points for gift cards and merchandise gives you an average of about 0.50 cents per point. This could be higher or lower depending on what you buy.
If you redeem points via the Pay with Points option, you can put them towards eligible purchases on your BMO credit card. There is no set value because it depends on what you are using the points for. However, this is generally the least effective way to redeem points.
BMO Rewards Points Redemption
There are several ways to redeem your BMO Rewards points. We’ve already looked at the value of points in each category, so now let’s look closer at how you can use them.
Travel
Redeeming your BMO Rewards points for travel expenses is easy. You charge any travel expense to an eligible credit card, and you can then put your points toward your purchases.
You must do this within 90 days of making the purchase. Log in to the website, use the Pay with Points option, and go to the ‘Eligible for Redemption’ section.
The credit will then be applied within 3 to 5 days.
Investments
Another great option is to redeem your points for investments. To do this, choose the ‘Invest’ option on the BMO Rewards website.
To do this, you must have a BMO savings or investment account, like the BMO Premium Rate Savings Account, BMO Smart Saver Account, or BMO Investorline.
Gift Cards & Merchandise
To redeem points for gift cards and merchandise, go to the website and click on the ‘Shop’ option. This will take you to the BMO Rewards catalogue.
First, you will notice that different merchants have different values for redeeming your points.
When you see an offer like $50 for 12,000 points, do a quick calculation (50 divided by 12,000) to work out how much each point is worth. You can then get the best offers and ensure your points go further.
There are also Monthly Specials, and you can filter by price, points, or brand. You can also shop by category, like ‘Body & Soul’ or ‘Entertainment.’
Pay with Points
You can also put your points towards eligible purchases.
To do this, go to the website and use your BMO Rewards login, then browse your recent transactions, and you will see all eligible purchases. Just choose the one you want to redeem points for and how many points to redeem.
The only restriction is that you must redeem $1 or over.
How to Maximize BMO Rewards Points
When you start earning BMO Rewards points, you want to ensure you get the most out of them.
Firstly, you should ensure you earn as many points as possible. Several credit cards allow you to earn BMO Rewards points, and we’ve included the best in this guide.
While welcome bonuses change all the time, it’s a good idea to check the offers when choosing your card, especially if you are planning a large purchase or trip. You could earn a large number of points just for signing up, which you could then use right away.
But don’t forget to check how many points you will earn after the welcome bonus for everyday use. Ideally, you want to choose a card that allows you to earn more points for the type of spending you do most.
When you earn points, you want to maximize how you use them. As mentioned, the best way to do this is to redeem them for travel or put them towards investments.
Redeeming points for investments is probably the way you will put them to most use because your investments may grow over the years.
Best BMO Rewards Credit Cards
There are several BMO Rewards credit cards to choose from. Here are four of the best to consider:
BMO Ascend World Elite Mastercard
The annual fee of $150 is waived in the first year when you apply for BMO Ascend World Elite Mastercard. You will need a personal income of $80,000 or a household income of $150,000.
You can earn 5x points on every $1 spent on eligible travel purchases, 3x points on dining, entertainment, and recurring bill payments, and 1 point on everything else.
You’ll also get free lounge access with the Mastercard Travel Pass by DragonPass, plus travel and medical protection and a few other benefits.
BMO Ascend World Elite Mastercard
Good BMO travel credit card
Annual fee: $150
Rewards: Earn BMO Rewards points on every purchase you make with the card.
Interest rates: 20.99% for purchases and 23.99% for advances for non-Quebec residents, and 21.99% for Quebec residents.
Minimum income requirement: $80,000 for the primary cardholders or $150,000 for a household.
Recommended credit score:
Good
On BMO’s website
BMO eclipse Visa Infinite Privilege Card
This premium BMO Rewards credit card is the most expensive on the list, with an annual fee of $499. You will also need a personal income of $150,000 or a household income of $200,000 to apply.
However, you can earn a lot of points when you spend on this card because you can earn 5x points on travel, gas, groceries, dining, and drugstore purchases.
You will also earn 1 point for $1 spent on everything else, and you will get travel and medical protection included.
BMO Eclipse Visa Infinite Privilege
Excellent travel rewards card
Annual fee: $499
Rewards: Earn 5x rewards points for every $1 you spend on dining, groceries, gas, travel, and drugstore purchases. Earn 25% more points on all purchases when you add an additional card user. Receive a $200 annual lifestyle credit.
Interest rates: 20.99% for purchases and 23.99% for cash advances (21.99% for Quebec residents).
Minimum income requirement: $150,000 minimum income and $200,000 household income.
Recommended credit score:
Good
On BMO’s website
BMO eclipse Visa Infinite Card
You will need a personal income of $60,000 or a household income of $100,000 to sign up for this card, which has an annual fee of $120.
You can earn 5x points for every $1 spent on groceries, gas, transit, and dining, and 1 point for every $1 spent on everything else.
You also earn 10% extra points if you decide to add an authorized user, and you can get a $50 annual lifestyle credit. Plus, enjoy the benefits of Visa Infinite, like the concierge service.
BMO Rewards Mastercard
This is a simple and no-frills credit card that allows you to earn BMO Rewards points, and it has no annual fee.
You can earn 1 point for every $1 spent on purchases, and you can also take advantage of car rental discounts.
Conclusion
The BMO Rewards program is a great way to earn points and redeem them for various purposes. If you enjoy travelling, this is one of the best rewards programs available, and you can make some serious savings.
If you would prefer to invest your points or use them to take advantage of offers on gift cards or merchandise, it’s also a good choice.
Look at the credit cards we’ve listed above, and consider which looks most suitable for you. These make it easy to earn points, so you can start earning points quickly and redeem them for some excellent rewards.
FAQs
You can redeem BMO Rewards points for flights and other travel purchases. The value is 150 points for $1 in travel costs.
As long as your account is open and in good standing, your points should not expire.
You cannot transfer BMO Rewards points to other loyalty programs.
Log into your BMO account, and you should be able to find and manage your cashback rewards here.
You can call the BMO Rewards Centre at 1-866-991-2835.
Related:
