The BMO Rewards Mastercard is BMO’s no-annual-fee entry into the BMO Rewards points ecosystem. It’s a simple card that earns points on every purchase, giving everyday spenders a path to redeeming for travel and merchandise without committing to a premium annual fee.
Quick Verdict
Best for: BMO banking clients who want to earn BMO Rewards points with no annual fee, particularly as a first rewards card or supplementary card.
Not ideal for: High spenders who would benefit from the accelerated earn rates of the BMO World Mastercard or BMO Eclipse series, or those who prefer cash back over points.
Key Card Details
| Feature | Details |
|---|---|
| Annual Fee | $0 CAD |
| Supplementary Cards | Available |
| Network | Mastercard |
| Purchase Interest Rate | 19.99% |
| Cash Advance Rate | 22.99% |
| Income Requirement | None specified |
| Credit Score Recommended | Fair to Good |
Welcome Bonus
BMO periodically offers bonus points for new Rewards Mastercard cardholders. Check BMO’s website for current promotional offers.
Earn Rates
| Spending Category | BMO Rewards Points per $1 |
|---|---|
| All eligible purchases | 1 point |
No bonus categories, no activation required. Every eligible dollar earns 1 BMO Rewards point consistently.
At a spend of $2,000/month, you’d earn 24,000 BMO Rewards points per year. BMO Rewards points are generally valued at approximately $0.007–$0.01 each depending on the redemption, giving an effective return of roughly 0.7–1% on spending.
BMO Rewards Redemption
BMO Rewards points are redeemed through the BMO Rewards Portal:
- Travel — flights, hotels, vacation packages, and car rentals. Points applied to flights offer among the best values.
- Gift cards — redeemable at major Canadian retailers
- Merchandise — electronics, home goods, and more
- Statement credits — apply points against your balance
Travel redemptions typically yield the most value per point. A return economy flight within Canada might require 15,000–25,000 points depending on the fare.
Benefits and Perks
- No annual fee — all points earned are net value
- Purchase protection — 90-day coverage against theft or damage on eligible purchases
- Extended warranty — doubles the manufacturer’s warranty on eligible items
- Mastercard Zero Liability — zero fraud liability on unauthorized transactions
- BMO Online Banking — manage your account through BMO’s digital platform
Fees and Rates
| Fee / Rate | Amount |
|---|---|
| Annual Fee | $0 CAD |
| Purchase Interest | 19.99% |
| Cash Advance | 22.99% |
| Foreign Transaction Fee | 2.5% |
| Returned Payment | $48 |
Who Is This Card Best For?
The BMO Rewards Mastercard suits:
- BMO customers who want their rewards to stay within the BMO ecosystem
- Entry-level rewards seekers who don’t yet qualify for or want to commit to a premium card
- Occasional travellers who accumulate points slowly and redeem for travel once or twice a year
Alternatives
| Card | Annual Fee | Earn Rate | Best For |
|---|---|---|---|
| BMO CashBack Mastercard | $0 | 3% on groceries | Cash back preference |
| BMO World Mastercard | $0 | 1 point per $1 + more | Higher BMO Rewards earner |
| Tangerine Money-Back Credit Card | $0 | 2% on 2 categories | Flexible no-fee cash back |
Bottom Line
The BMO Rewards Mastercard is a functional entry-level rewards card for BMO clients who want to dip into the BMO Rewards program without paying an annual fee. The 1× flat rate is competitive for a no-fee card, though you’ll outgrow it quickly if your spending volume increases.
Disclaimer: Card terms, earn rates, and BMO Rewards program rules are subject to change. Verify all current details at bmo.com before applying.