BMO AIR MILES®† Mastercard®* credit card is a multipurpose card that was developed to make your spending more enjoyable and awarding. Having no annual fee and offering a great welcome bonus, this card offers a great opportunity to collect your AIR MILES and spend them on cruises, products, or even on discounts on your daily products’ prices.
Advertising
Whether using your car’s gas at Shell or food from your regular supermarket, every dollar spent on the BMO AIR MILES Mastercard takes you closer to each reward. Having such fringe benefits as lower fuel prices and higher earning rates at the partners, this credit card is designed specifically for thrifty consumers.
Key information about the BMO AIR MILES®† Mastercard®* card
The BMO AIR MILES®† Mastercard®* provides numerous features to suit your regular spending more than a charge card. It has a sign-up bonus of 5000 points and besides no annual fee for users thus making it more open for a lot of people.
Cardholders earn 3 Miles for every $25 spent on the purchases made from AIR MILES Partner establishments, 2 Miles for every $25 spent on acquiring food items from qualified supermarkets and 1 basic Mile for every $25 spent generally.
Also, new cardholders, during the first three months of card membership, receive 800 AIR MILES Bonus Miles and zero. 0% introductory interest rate on a transferred balance for the first 9 months but the fee that you have to pay will be 2%. This card is associated with savings of up to seven cents per litre on Shell fuels and flexible use of doubling Shell Go+ Miles resultant of purchases made on the card.
How does the annual fee work?
Perhaps the best thing about the BMO AIR MILES Mastercard is that it has no annual fee to speak of. This also puts it in the same bracket as the other cards where people can seek to earn privileges without the obligation of making annual payments.
It’s also convenient that there is no annual fee because it means that the cardholder can receive all the perks and bonuses without facing an additional annual charge, helpful for emerging credit card users or those who are careful with money.
How is the credit limit determined?
The credit limit, therefore, varies depending on the ability of the applicant and his or her credit rating which is offered by the BMO AIR MILES Mastercard. Qualifying for the conventional credit cards, BMO uses the applicant’s credit score, income, as well as his or her overall credit worthiness to set a credit limit. This also helps to guarantee that cardholders are never supplied with a limit that they cannot handle concerning repaying the money.
Credit card benefits
- Welcome offer: Earn 800 AIR MILES Bonus Miles upon signing up and meeting the spending criteria. This can be redeemed for $80 towards purchases with AIR MILES Cash.
- Introductory interest rate: Benefit from a 0.99% introductory interest rate on balance transfers for the first nine months, with a 2% transfer fee.
- Triple miles: Earn 3 Miles for every $25 spent at participating AIR MILES Partners.
- Double miles: Get 2 Miles for every $25 spent at eligible grocery stores, and 1 Mile for every $25 spent elsewhere.
- Fuel savings: Enjoy up to seven cents off per litre on Shell fuel and earn double Shell Go+ Miles on eligible purchases.
- Wholesale club benefits: Earn 2x the Miles at eligible wholesale clubs, membership-based retailers, and alcohol retailers.
Reward points program
Looking at the features of the BMO AIR MILES Mastercard, its biggest selling point is the AIR MILES reward points. AIR MILES is collected on all those purchases so points are easy to collect by cardholders. The freedom of the AIR MILES program is that it lets users redeem points for traveling, products, cash, and more. Another feature empowering the users is the option to transfer the Miles between the Cash and Dream accounts, depending on their preference.
Disadvantages
- High-interest rates: The BMO AIR MILES®† Mastercard®* comes with a standard purchase interest rate of 20.99% and a cash advance rate of 22.99% (21.99% for Quebec residents), which can be costly if you carry a balance.
- Balance transfer fee: While the introductory interest rate on balance transfers is attractive, it comes with a 2% transfer fee, which can add up and offset some of the savings.
- Limited reward redemption options: Although AIR MILES can be redeemed for a variety of rewards, some users may find the redemption process restrictive compared to other reward programs that offer more flexible cash-back or statement credit options.
High-interest rates
The major weakness of the BMO AIR MILES Mastercard is that it charges very high interest rates. The interest rates in terms of the purchases were recorded to be at 20 percent. It becomes very costly to carry a balance on this card since the APR ranges from 99% and even up to 100% for cash advances. This is why cardholders should repay the balance, which accumulates within the period, fully in order to eliminate these steep charges.
Who can apply for this card?
For the prospective applicants to qualify for BMO AIR MILES®† Mastercard®*, anyone interested to apply must be 18 years of age and must be a Canada resident. Credit history should be good and though there is no minimum age but a regular income increases the probability of approval. As for the documentation that applicants will be required to submit, they will be asked to present a valid identification, proof of the address together with employment status information.
How to apply for the BMO AIR MILES®† Mastercard®* card
Through the website
To apply for the BMO AIR MILES®† Mastercard®* online, visit the official BMO website, navigate to the credit cards section, and select the BMO AIR MILES®† Mastercard®*. Click on the “Apply Now” button to access the online application form.
Ensure your connection is secure, then enter your personal details, including your full name, date of birth, contact information, and financial information such as employment status and annual income. Review the information for accuracy, read and agree to the terms and conditions, and then submit your application.
BMO typically provides a response within 60 seconds, informing you if your application has been approved, declined, or if additional information is needed. If approved, your new card will be mailed to your address within a few business days. Once you receive your card, follow the activation instructions provided.
To efficiently manage your new credit card, register for BMO’s online banking services. This will allow you to monitor your spending, check your AIR MILES balance, and make payments conveniently through the BMO mobile app or website.
