The BMO AIR MILES®† Mastercard®* is a popular credit card choice for those looking to maximize their rewards on everyday purchases. With the ability to earn AIR MILES Reward Miles on all transactions, cardholders can quickly accumulate points for travel, merchandise, or cash rewards.
This card stands out for its no annual fee, competitive interest rates, and attractive welcome bonuses, making it a strong contender in the rewards credit card market.
Key information about the BMO AIR MILES®† Mastercard®*
The BMO AIR MILES®† Mastercard®* offers numerous features that appeal to a wide range of consumers. Here are the key details:
- Annual Fee: $0
- Interest Rates: 20.99% for purchases, 22.99% for cash advances (21.99% for Quebec residents)
- Welcome Offer: 1500 AIR MILES Bonus Miles
- Additional Benefits: Up to 7 cents off per litre at Shell, extended warranty and purchase protection, discounts on car rentals and Cirque du Soleil shows, and more.
How does the annual fee work?
One of the most appealing aspects of the BMO AIR MILES®† Mastercard®* is its $0 annual fee. This feature makes it an excellent option for budget-conscious consumers who want to earn rewards without the burden of a yearly charge.
The absence of an annual fee allows cardholders to fully enjoy the benefits and rewards of the card without worrying about additional costs, making it easier to accumulate AIR MILES without any financial stress. This cost-saving aspect enhances the card’s overall value, making it a top choice for many.
How is the credit limit determined?
The credit limit for the BMO AIR MILES®† Mastercard®* is determined based on several factors, including the applicant’s credit score, income, and overall financial health. During the application process, BMO carefully assesses these criteria to establish a suitable credit limit that reflects the applicant’s ability to manage debt responsibly.
This personalized approach ensures that cardholders receive a credit limit that aligns with their financial situation, providing a tailored financial product that meets individual needs and promotes responsible credit usage. This method helps to ensure that customers can comfortably manage their credit and make the most of their rewards.
Advantages of the BMO AIR MILES®† Mastercard®*
The BMO AIR MILES®† Mastercard®* offers a variety of advantages, making it a desirable choice for many consumers. Here’s a brief overview:
- No Annual Fee: Enjoy all the benefits without an annual fee.
- Generous Welcome Offer: Receive 1500 AIR MILES Bonus Miles upon approval.
- Flexible Rewards: Earn Miles on every purchase and redeem for travel, merchandise, or cash rewards.
- Additional Savings: Save on fuel at Shell and enjoy various discounts on travel and entertainment.
- Enhanced Security: Features like card lock/unlock, fraud protection, and credit score monitoring.
Standout advantage
The standout advantage of the BMO AIR MILES®† Mastercard®* is undoubtedly its generous welcome offer. New cardholders receive 1500 AIR MILES Bonus Miles upon approval, which can significantly boost their rewards balance right from the start.
This substantial bonus provides a valuable head start in earning rewards, making it possible to redeem miles for travel, merchandise, or other rewards much sooner. This enticing offer serves as a compelling reason for new applicants to choose this card, highlighting its immediate value and appeal.
Disadvantages of the BMO AIR MILES®† Mastercard®*
While the BMO AIR MILES®† Mastercard®* has many advantages, there are a few potential drawbacks to consider:
- High Interest Rates: The interest rates for purchases (20.99%) and cash advances (22.99%) are relatively high.
- Limited International Acceptance: As a Canadian card, it may not be as widely accepted internationally.
- Reward Redemption Restrictions: Some restrictions and limitations may apply to the redemption of AIR MILES Reward Miles.
Standout disadvantage
The most notable disadvantage of the BMO AIR MILES®† Mastercard®* is its high-interest rates. With a purchase interest rate of 20.99% and a cash advance rate of 22.99%, carrying a balance on this card can quickly become expensive.
These rates are higher than average, making it essential for cardholders to pay off their balances in full each month to avoid incurring high-interest charges. Failing to do so can lead to significant financial strain, overshadowing the benefits and rewards offered by the card.
Who can apply for the BMO AIR MILES®† Mastercard®*?
The BMO AIR MILES®† Mastercard®* is available to Canadian residents who meet specific eligibility requirements. Applicants must be the age of majority in their province or territory, ensuring they are legally allowed to enter into a credit agreement. Additionally, they must have a good credit score, which indicates a history of responsible credit use and financial management.
A stable income is also required to demonstrate the ability to repay any debts incurred on the card. BMO’s application process includes a thorough review of the applicant’s credit history and overall financial situation to determine eligibility, ensuring that only those who can responsibly manage credit are approved.
How to apply for the BMO AIR MILES®† Mastercard®*
Applying for the BMO AIR MILES®† Mastercard®* is a straightforward process that can be completed through various channels:
Online
Applying online is the most convenient method. Prospective cardholders can visit the BMO website, navigate to the credit card section, and fill out the application form. The online application process is quick, and applicants typically receive a response within minutes.
Through the mobile app
BMO also offers the option to apply through their mobile banking app. This method provides the convenience of applying from anywhere at any time. Users can log into their BMO mobile app, access the credit card application section, and complete the form with their details.
In-Branch
For those who prefer a more personal touch, applying in-branch is an option. Applicants can visit their nearest BMO branch, speak with a representative, and complete the application process in person. This method allows for face-to-face interaction and the opportunity to ask questions directly to a BMO staff member.
Conclusion
The BMO AIR MILES®† Mastercard®* is an excellent choice for Canadian residents looking to maximize their rewards on everyday purchases without the burden of an annual fee. With its generous welcome offer, flexible rewards program, and additional savings opportunities, this card provides significant value to its users. However, potential applicants should be mindful of the high-interest rates and ensure they can manage their balances effectively.
