The BMO Rewards program is a flexible loyalty system designed for Bank of Montreal credit cardholders. It allows users to earn points on everyday purchases, which can then be redeemed for a wide variety of rewards, including travel, merchandise, and financial products. This guide provides a straightforward look at how the program works and how you can get the most value from your points.
How the BMO Rewards Program Works
BMO Rewards is a proprietary loyalty program, meaning the points you earn are specific to BMO and managed through their dedicated portal. Unlike programs tied to specific airlines or hotels, BMO Rewards offers more flexibility in how you use your points. You earn points automatically every time you use an eligible BMO credit card for a purchase.
The number of points you earn per dollar spent depends on the specific credit card you hold and the category of the purchase. Once points are accumulated, they can be accessed through the BMO Rewards website or the BMO mobile banking app. There is no limit to how many points you can earn, and as long as your account remains open and in good standing, your points typically do not expire.
Top Credit Cards for Earning BMO Rewards
To participate in the program, you must hold an eligible BMO credit card. Each card has a different earning structure and annual fee. Choosing the right card depends on your spending habits and lifestyle needs.
BMO Rewards Mastercard
This is an entry-level card with no annual fee, making it a good choice for those new to rewards programs. It offers a basic earning rate on all purchases and often includes bonus points for spending in specific categories like groceries or recurring bills during promotional periods.
BMO World Elite Mastercard
This premium card is designed for frequent travelers. It offers a much higher earning rate, particularly on travel-related expenses. It also includes perks such as airport lounge access and comprehensive travel insurance, though it does come with a higher annual fee.
BMO eclipse Visa Infinite Card
This card focuses on lifestyle spending. It offers accelerated earn rates on everyday categories such as groceries, dining, gas, and transit. It also provides an annual lifestyle credit that can help offset the cost of the annual fee.
Strategies to Earn Points Quickly
Maximizing your BMO Rewards balance requires a strategic approach to your spending. By understanding how bonus categories work, you can reach your redemption goals faster.
- Use Category Bonuses: Always use the card that offers the highest multiplier for your specific purchase. For example, use your eclipse Visa for dining and your World Elite for travel bookings.
- Add Supplementary Users: You can add family members as authorized users on your account. Their spending will earn points that go directly into your main rewards balance.
- Watch for Welcome Offers: BMO frequently offers significant sign-up bonuses for new cardholders. These bonuses can often provide enough points for a flight or several gift cards shortly after meeting a minimum spending requirement.
- Pay Recurring Bills: Set up your credit card as the primary payment method for monthly bills like internet, phone, and streaming services to ensure consistent point growth.
How to Redeem Your BMO Rewards Points
The BMO Rewards portal offers several ways to use your points. The value of your points can vary depending on which redemption method you choose, so it is important to understand your options.
Travel Redemptions
Travel is often considered the best way to use BMO Rewards points. You can book flights, hotels, car rentals, and vacation packages directly through the BMO Rewards website. One of the biggest advantages is that there are no blackout dates; if a seat is available for sale, you can book it using points.
Pay with Points
This feature allows you to use your points to pay for smaller, everyday purchases. You can browse your recent transactions in the mobile app and select the option to cover the cost using your points balance. While convenient, the point value for this option is sometimes lower than for travel bookings.
Merchandise and Gift Cards
The BMO Rewards catalog features thousands of items, ranging from electronics and kitchen appliances to home decor. You can also redeem points for gift cards from popular retailers. This is a good option for those who do not travel often, though the “cost” in points per dollar is usually higher than other methods.
Financial Rewards
If you prefer to use your rewards to improve your financial health, you can redeem points as a credit to your BMO investment account. This includes contributions to RRSPs, TFSAs, or even a credit toward your BMO mortgage. This turns your daily spending into long-term savings.
Understanding Point Value
To make the most of the program, you should understand the approximate value of a single point. Generally, BMO Rewards points are worth about 0.67 cents each when redeemed for travel (meaning 150 points equals $1). When redeeming for merchandise or statement credits, the value may drop to around 0.5 cents per point.
Always compare the point cost of an item in the rewards catalog to its actual retail price. If the point cost is significantly higher than the 150 points per dollar ratio, you might be better off saving your points for a travel booking or a financial contribution.
Managing Your BMO Rewards Account
Keeping track of your points and managing redemptions is straightforward through BMO’s digital tools. You do not need a separate login for the rewards program; it is integrated into your banking profile.
- Log In: Access your account through the BMO online banking portal or the BMO Mobile app.
- Navigate to Rewards: Look for the “Rewards” or “BMO Rewards” link associated with your credit card account.
- Browse the Portal: From here, you can view your total balance, see pending points, and browse the redemption catalog.
- Book or Buy: Follow the on-screen prompts to complete your travel booking or merchandise order.
Important Rules to Remember
While the program is user-friendly, there are a few rules to keep in mind to ensure you don’t lose your hard-earned points. First, if you close your credit card account, you generally have 90 days to redeem your remaining points before they are forfeited. Second, your account must remain in good standing, meaning you should make at least your minimum payments on time.
Points are typically credited to your account within a few days of the transaction appearing on your statement. If you return an item, the points earned for that purchase will be deducted from your balance. If your balance is zero, your points total can actually go into a negative balance until you earn more.
Conclusion
The BMO Rewards program provides a reliable and flexible way to earn value back on your everyday spending. Whether you are looking to fund your next vacation, buy new gadgets, or contribute to your savings, there is a redemption path that fits your needs. By choosing the right card and focusing your spending on bonus categories, you can quickly accumulate points and enjoy the benefits of being a BMO customer.
For more tips on managing your finances and making the most of loyalty programs, explore our other articles on credit card comparisons and smart saving strategies.