BMO Air Miles MasterCard for Students Review
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:
| Groceries | 0.08 miles |
| Specific Stores | 0.12 miles |
| All Other Spend | 0.04 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 method | Annual 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 Score | 300 – 559 |
| Interest Rates | |
|---|---|
| Purchase | 20.9% |
| Cash Advance | 22.9% |
| Balance Transfer | 22.9% |
| Fees | |
|---|---|
| Extra Card Fee | $0 |
| Card type | MasterCard |
Insurance coverage
| Extended Warranty | 1 year |
| Purchase Protection | 90 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
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
