BMO Air Miles MasterCard for Students Review

3.00

$0.00

Annual Fee

$122.28

Annual Rewards

800 miles

Intro Offer

$0.00

Annual fee

$122.28

Annual rewards

800 miles

Intro offer


Pros


  • No annual fee
  • Earn 1 Air Mile per $20 spent
  • Double Air Miles at participating partners
  • Welcome bonus of 800 Air Miles
  • Purchase protection and extended warranty
  • Special student perks and offers

Cons


  • Limited reward options (Air Miles only)
  • High interest rate on unpaid balances
  • Requires a good credit score
  • Not suitable for frequent international travelers (2.5% foreign transaction fee)
  • No travel-related benefits such as complimentary airport lounge access or travel insurance

How you earn rewards

Each card earns rewards differently. Part of choosing your card is deciding what type of rewards you want to get. With BMO Air Miles MasterCard for Students, here’s how you earn rewards:

Groceries0.08 miles
Specific Stores0.12 miles
All Other Spend0.04 miles

How much your rewards are worth

The dollar value of your rewards depends on the specific BMO rewards program and what you choose to redeem your points for.

For BMO Air Miles MasterCard for Students in particular, if you spend $2,000.00 per month, here’s our estimated rewards earned depending on which reward you choose:

Redemption methodAnnual rewards
Transfer to partner airlines$122.28
Transfer to partner hotels$119.95
Merchandise$116.28
Car rentals$122.28
Vacations$134.64
Attractions$132.19
Cash rewards$122.28

Calculating your annual rewards

$24,000.00 annual spending x $0.51% return on spending = $122.28 annual rewards

$122.28 annual rewards – $0.00 annual fee = $$122.28 net annual rewards

Details and eligibility

Do I qualify?
Estimated Credit Score300 – 559
Interest Rates
Purchase20.9%
Cash Advance22.9%
Balance Transfer22.9%
Fees
Extra Card Fee$0
Card typeMasterCard

Insurance coverage

Extended Warranty1 year
Purchase Protection90 days

BMO Air Miles MasterCard for Students Review

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

Benefit 1: 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.

Benefit 2: 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.

Benefit 3: 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.

Benefit 4: 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

Drawback 1: 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.

Drawback 2: 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

The BMO Air Miles MasterCard for Students allows you to redeem your points for a variety of rewards through the Air Miles Reward Program. These rewards include:

  • Flights: Redeem points towards flight tickets with over 200 airline carriers, helping you save on your next trip.
  • Travel Rewards: Use your points for other travel-related expenses such as hotel stays, car rentals, cruises, and vacation packages.
  • MERCHANDISE & Cash Rewards: Choose from a wide selection of products and e-vouchers from top retailers, or opt for the Cash Rewards option to receive a credit towards your purchases at participating Air Miles Partner locations.
  • Experiences & Events: Redeem your points to access exclusive event tickets and unique experiences in entertainment, sports, culture, and more.
  • Charity Donations: Use your Air Miles points to support a charitable cause by donating them to a participating charity.

Note that the amount of points required to redeem any reward will vary depending on the specific item, experience or travel destination chosen.

The BMO Air Miles MasterCard for Students does charge foreign transaction fees. When you use the card for transactions in foreign currencies, you will be subject to a fee of 2.5% of the transaction amount, in addition to the exchange rate. This can add costs when you travel abroad or make purchases from international online retailers.

The BMO Air Miles MasterCard for Students does not have a minimum income requirement, making it a more accessible option for students who may not have a steady income. This allows students to start building their credit history and earn Air Miles rewards without having to worry about meeting a specific income threshold.

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

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