BMO CREDIT CARD REVIEW 2024 - Are The Best BMO Credit Cards With No Fee Worth Having?

In this video, we take a look at all the no fee BMO Credit Card options, and discuss what teach credit card offers, how they compare agains other credit cards Canada 2024, as well as find out which of these cards is worth having for you...

My Equipment:

There are only a limited number of BMO credit cards that come with no annual fee, and in this video we go through them one by one. We will also discuss how much BMO credit card rewards points are worth, how much air miles are worth, and what this means for the respective BMO credit card options.

The first card we take a look at is the BMO Cashback Mastercard. This card has a decent sign up bonus of 5% cash back on groceries for the first 3 months. Afterwards, you will receive 3% cash back on groceries, and 1% or less on everything else. This is the highest rate for groceries among any no fee credit card in Canada 2024, which means that this card is a must own for this reason alone. The 1% or lower rate for everything else is quite poor, but that is ok, since you can sign up for the card and only use it for grocery shopping, and use other cards for other purchases.

Next up, we take a look at the BMO AIR MILES Mastercard. This card gives you 1 air mile for every $25 spent, and 3 air miles for every $25 spent with AIR MILES Partners. Given that each air mile is worth approximately 12.5 cents when redeemed towards travel, this is equivalent to getting 1.5% cash back from Air Miles Partners, and 0.5% back from everything else. Once again, these rates are extremely low, and other cards such as the AMEX SimplyCash Card can get you 1.25% cash back on everything. Therefore, this card is a no go, unless BMO decides to up the amount of miles per dollars spent in the future.

Last but not least, we have the BMO Rewards Mastercard. This card gets you 1 BMO Rewards Point per every dollar spent on anything. As well as this, you will get 25% off of car rentals when using this card. Given that each BMO Rewards point is worth approximately 0.67 cents, you are essentially getting less than 1% cashback from your purchases. As a result, this card is definitely a no go, specially when compared with the 1.25% cash back rate of the American Express SimplyCash card. The 25% discount on car rentals is also no where near enough to convince anyone to sign up for this BMO card.

All in all, following this comprehensive BMO credit card review, it is evident that the best BMO credit card is by far and away the BMO Cashback Mastercard. This is the only BMO Mastercard that offers a competitive cashback rate in Canada 2024, and as a result, the only BMO 2023 credit card worth owning.

0:00 Intro
0:57 BMO Cash Back Mastercard
2:46 BMO AIR MILES Mastercard
3:43 BMO Rewards Mastercard
4:26 Recap

[bikazful]

Ok so credit cards don't consider Costco, Walmart, Superstore etc.. as groceries stores . So my question is what are those grocery stores then?

[WhiteKitta]

I canceled my BMO card, they are Horrible! Will never do business with them again.

[RahulSingh-mctw]

Thanks Shervin.. quick query : do we have any option to avail car rental insurances.

[ElektrimYoshimoto]

Hi Shervin. Can I open only credit card from BMO? Without chequing account. I have Scotiabank chequing and credit so I don’t need any more chequing accounts. And how the second credit card may impact my “credit life” if I’m newcomer?

[mattkelsey]

Great review very informative glade i have it in my wallet

[mindfulmosaics]

Thanks but you are pronouncing BMO wrongly. It is /bi:mow/