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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 Rewards MasterCard is a popular rewards credit card that offers numerous benefits to Canadian consumers. In this review, we’ll discuss its earning potential, detail four advantages of the card, and outline two drawbacks to be aware of before deciding to become a cardholder. Additionally, we will provide any other relevant information that can be useful for potential users.

Earning potential

With the BMO Rewards MasterCard, cardholders can accumulate points on their everyday purchases. Users earn 1 BMO Rewards point per $1 spent on eligible purchases using the card.

While there isn’t a detailed rewards structure for various spending categories like some other cards offer, this straightforward approach provides predictable earnings for users across all spending types.

Benefits

1. Travel Benefits: A significant advantage of the BMO Rewards MasterCard is the travel benefits. Cardholders can redeem their rewards points for a wide variety of travel expenses, including flights, hotel accommodations, car rentals, and vacation packages. This flexibility allows users to tailor their travel experiences according to their preferences and needs.





2. Extensive Insurance Coverage: Another great feature of this card is the extensive insurance coverage it provides.
   
   Cardholders receive comprehensive travel and purchase insurance coverage, including travel medical insurance, trip cancellation/interruption insurance, car rental collision/damage waiver, and extended warranty protection on purchases made using the card, adding extra value.





3. Welcome Bonus: The BMO Rewards MasterCard offers enticing welcome bonus offers for new cardholders from time to time. These bonus offers can help users accumulate rewards faster, making it easier for them to reach their desired number of points sooner for redemptions like travel and gift cards.





4. No Annual Fee: Another advantage of this card is that there is no annual fee. This feature allows users to maximize their rewards without having to offset the costs associated with an annual fee, making it an excellent choice for those who want to minimize their spending on credit card fees.

Drawbacks

1. Relatively Low Rewards Rate: One drawback of the BMO Rewards MasterCard is its relatively low rewards rate, with users only earning 1 point per $1 spent.
   
   This earning rate may be satisfactory for some cardholders, but it may not be highly competitive compared to other rewards cards out there, which could offer higher earning potentials for certain spending categories.





2. Lack of Additional Perks and Benefits: Another drawback is the lack of additional perks and benefits when compared to other rewards credit cards. Some cards offer unique features like airport lounge access, concierge services, or exclusive events, which users may miss with the BMO Rewards MasterCard.

Additional information

Despite the drawbacks, the BMO Rewards MasterCard is a solid choice for individuals who prefer a straightforward rewards structure, with the added advantage of no annual fee.

It’s particularly appealing for those who like to use their rewards for travel, as it offers comprehensive travel benefits and insurance coverage. As always, potential users should consider their spending habits and preferences to determine if this card is the best fit for them.

Not the right fit? You could consider the BMO Preferred Rate MasterCard. Or, if you’re looking for other options check out the BMO Ascend World Elite MasterCard, and the BMO Eclipse Visa Infinite Card.

FAQ

Key benefits

• 19.99% purchase interest rate





• 22.99% cash advance interest rate





• Credit limit determined by creditworthiness





• 21-day grace period on new purchases





• Zero liability coverage for unauthorized transactions





• BMO Rewards points never expire





• 15,000 bonus points after spending $1,000 within first 3 months





• Up to 25% discount on car rentals at participating partners





• Mobile device insurance coverage available