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Performance test results

At DollarWise, for each credit card we test 7 different factors including the rewards, value for money, perks, insurance, strengths and weaknesses of the card.

You can see our full testing methodology here to learn why we're the most trusted source for credit card reviews.

The {{card.name}} has earned a {{ranking}} DollarWise Rating out of 5. This score is based on a weighted average of the two highest scoring factors (excluding acceptance and approval).

The highest scoring categories for the {{card.name}} are {{score_1}} and {{score_2}}.

These factors are weighted 70% to the highest scoring factor and 30% to the second highest score to get an overall review score.

This weighting allows us to judge cards on their merits and the customers they are designed for.

For the {{card.name}} the most important factors for scoring this card are its {{score_1}} and {{score_2}}.

Rewards

With the {{card.name}}, here's the rates at which you earn rewards for different spending categories per dollar you spend:

Calculating your annual rewards

We estimate that spending {{monthlyspend}} per month with the {{card.name}} would earn {{card.rewards}} in rewards over the year.

Our performance testing research uses an accurate estimation of the average Canadian households spending patterns to predict the rewards a card will earn.

We found that you'd earn this per category:

Our study investigating the value found that each dollar spent on the {{card.name}} is worth up to {{card.max_reward}}, depending on how you redeem.

This {{card.rewards}} in rewards value puts the {{card.name}} in the {{decile.annual_rewards}} of credit cards in Canada based on rewards earned.

The average credit card in our database earns {{averages.mean_annual_rewards}} in rewards for the same spend that the {{card.name}} earns {{card.rewards}} in rewards value.

We can compare this card to other options by looking at the earn rate by category.

This earn rate is the percentage return that you would get when you spend on this card, assuming you redeem at the predicted maximum value.

For example, if a card earned 5 points per dollar on gas and each point is worth up to $0.02, then the earn rate is 5 points multiplied by $0.02 each, divided by the dollar you spent.

In this example, that's a 10% earn rate on gas.

For an annual spend of {{annualspend}}, we estimated annual rewards value at up to {{total_net_rewards}}.

That's equivalent to a {{total_earn_rate}} return on spending.

The {{card.name}} has an annual fee of {{card.annualFee}}. After deducting this, we predicted net annual rewards of {{net_after_fee}}.

This puts it in the {{decile.net_annual_rewards}} of credit cards for net rewards after fees.

In comparison, the average card earns net annual rewards of {{averages.mean_net_annual_rewards}}.

Fees

The {{card.name}} has a {{card.annualFee}} annual fee.

The average card charges {{averages.mean_annual_fee}}. So, the {{card.name}} is in the {{decile.annual_fee}} of cards based on the cost of the annual fee.

Perks

We manually review the perks of each credit card to determine how they compare to other cards.

The {{card.name}} scored a {{factor_score_perks}} out of 5 for perks, putting it in the {{decile.factor_score_perks}} of cards.

The average card scores {{averages.mean_factor_score_perks}} out of 5 for perks.

Interest Rates

The average (median) credit card has a purchase interest rate of {{averages.median_purchase_interest_rate}} and so the {{card.name}} charges {{purchase_interest_diff}} than the average.

For cash advances it costs {{cash_advance_interest_rate}}% compared to the average of {{averages.mean_cash_advance_interest_rate}}.

Testing the {{card.name}} with a $2,000 starting balance, you can see in the graph how the {{purchase_interest_diff}} in interest rates impacts the interest over a year, compared to the average card.

Insurance coverage

We scored it {{factor_score_insurance}} out of 5 for insurance.

It offers {{insurance_count}} types of insurance, whereas the average card has {{averages.insurance_count}} types of coverage.

Approval and qualifying

We scored it {{factor_score_approval}} out of 5 for approval.

We predict that you will require a credit score of at least {{credit_score_low}} to qualify for the {{card.name}}, while the average card requires {{averages.mean_credit_score_low}} to qualify.

This puts it in the top {{decile.credit_score_low}} of cards by approval difficulty.

The personal income requirements are {{personal_income}}, while the average card requires {{averages.mean_personal_income}}.

This puts it in the {{decile.personal_income}} of cards by the income required to qualify.

The BMO Air Miles MasterCard for Students is a popular choice among Canadian students who want to earn rewards while building their credit.

This review will discuss the card’s earning potential, benefits, and drawbacks, as well as provide other relevant information to help potential users make an informed decision.

Earning potential

With this card, cardholders can earn AIR MILES reward miles on their everyday purchases. The earning rate is 1 AIR MILE for every $20 spent in card purchases, with no categories or spending caps.

This straightforward approach to earning rewards might be ideal for students who do not require a complex rewards structure or prefer a simple cashback alternative.

Benefits

1. No Annual Fee: The first major advantage of this card is the no-annual-fee. This cost-saving feature allows students to collect AIR MILES without worrying about offsetting the cost of an annual fee.





2. Welcome Bonus: The second major advantage is the welcome bonus. New cardholders can earn 800 AIR MILES bonus miles after spending $1,000 on eligible purchases in the first three months. This is a considerable incentive for those looking to build up their AIR MILES reward balance right away.





3. Perk of Free Supplementary Cards: The third major advantage is the perk of free supplementary cards.
   
   Students can add authorized users to their account without any additional fee, allowing them to pool together reward miles, which could further strengthen their overall earning potential.





4. Discount on rental cars: The fourth major advantage is the ability to save up to 25% on rental cars at participating National Car Rental and Alamo Rent A Car locations. This added benefit can be particularly appealing for students who frequently travel for school or leisure purposes.

Drawbacks

1. Limited Earning Potential: One significant drawback of this card is the limited earning potential of 1 AIR MILE per $20 spent on purchases.
   
   Other credit cards may offer higher earning rates, rewards structures, or accelerated earning rates for different categories, catering more significantly to a student’s specific spending habits.





2. No Purchase Protection or Extended Warranty Benefits: Another drawback is that this card does not offer any purchase protection or extended warranty benefits.
   
   Many alternatives do provide these additional insurance features, which can be valuable to students who tend to purchase expensive electronic devices or other high-value items.

Additional information

Potential users should also note that while this card offers an introductory interest rate of 1.99% on balance transfers for nine months, it comes with a 1% fee.

It can still offer a way to save on interest costs, but students with significant debts or who will struggle to pay off their balance before the introductory period ends may want to explore alternative credit card options.

In conclusion, the BMO Air Miles MasterCard for Students is a solid choice for those seeking a no-annual-fee credit card with the ability to earn AIR MILES reward miles on everyday purchases. However, potential users should carefully assess if the provided benefits outweigh the drawbacks according to their spending habits and needs.

Interested in other credit cards? If the BMO Air Miles MasterCard for Students credit card isn’t perfect for you, you might want to consider the BMO US Dollar MasterCard. Plus, many Canadian’s that like the BMO Air Miles MasterCard for Students like the BMO Rewards MasterCard, and the BMO Cashback MasterCard.

FAQ

Key benefits

• 19.99% interest rate on purchases





• 22.99% interest rate on cash advances





• Contactless payment via MasterCard Tap





• Zero liability fraud protection





• Access to the BMO Rewards program





• Credit limit tailored to each user





• Mobile app for easy access to account





• Digital wallet compatible (Apple Pay, Google Pay, Samsung Pay)





• Card customization with MyChameleon personalization





• 6-month Balance Protection for students





• MasterCard Auto Rental Collision/Loss Damage Insurance