Types of credit cards
No-fee credit cards. Select credit cards from BMO feature no annual fee, a 20.99% interest rate for purchases, and 22.99% for cash advances. In addition, these cards allow you to earn cash back points, Air Miles, and or BMO rewards.
Low-interest credit cards. For clients looking for low-interest rates or low annual fees, BMO offers a selection of specialized credit cards. The select cards feature competitive introductory interest rates and an opportunity to waive annual fees for the first year. On the whole, interest rates for purchases are starting from 12.99% and for cash advances - from 15.99%. The annual fees range from $6.95 to $35.
Cash back credit cards. If you make frequent purchases, consider cash back credit cards from BMO. These cards offer higher introductory cash back amounts for the first 3 months. Other perks include introductory interest rates and waived annual fees for the first year. The regular interest rate for purchases is 20.99% and for cash advances — 22.99%-23.99%.
BMO rewards credit cards. With BMO reward credit cards, you can earn reward points per dollar spent and redeem them further for travel-related expenses like flights, hotels, car rentals, cruises, and vacation packages. These cards feature a 20.99% interest rate on purchases and 23.99% on cash advances.
AIR miles credit cards. For frequent travelers, AIR miles credit cards from BMO can be an attractive solution. Earn the reward miles on every purchase you make and redeem them for travel expenses, gift cards, merchandise, or entertainment items. These cards have zero to $120 annual fees (with an opportunity to waive the fees in the first year). The interest rate for purchases is 20.99% and for cash advances — 22.99%-23.99%.
Lifestyle and travel credit cards. With BMO lifestyle and travel credit cards, you can earn BMO rewards and AIR miles on a wide range of purchases — gas, groceries, dining out, and much more. Most of these cards offer attractive introductory reward points or AIR miles amounts and an opportunity to waive annual fees for the first year. The interest rate for purchases is 20.99% and for cash advances — 22.99%-23.99%. The annual fee can reach $499.
Student credit cards. For students, BMO offers credit card options with no annual fees and higher introductory cashback and BMO rewards amount. These cards feature a 20.99% interest rate on purchases and 22.99% on cash advances.
Credit cards for newcomers to Canada. If you are new to Canada and have no credit history there yet, consider credit cards for newcomers from BMO. These cards feature no monthly fees, a 1.99% introductory interest rate on Balance Transfers for the first 9 months, and higher introductory cash back or AIR miles amounts. The regular interest rate for purchases is 20.99% and for cash advances — 22.99%.
How to open a credit card
You can apply for a credit card online, which is quick and easy. Once you have chosen the right credit card option, hit the “Apply button” next to its description and fill in an online application form.
Requirements
To be eligible for a BMO credit card, you must be a Canadian citizen or a permanent resident of the age of majority in your province or territory. As for your credit history, having declared bankruptcy in the last 7 years is not acceptable.
When applying for a credit card, you will need to provide the following information:
Your personal information (your first name, your last name, and your date of birth)
Your contact information (email and phone number)
Your address
Your Social Insurance Number
Your employment status
Your position
Your company name
Your sources of income
Your annual income
Pros and cons
BMO credit cards have the following advantages:
3 reward programs to choose from
Attractive introductory rates and reward amounts
Easy management of your credit card account through online and mobile banking
Credit card comparison tool on the BMO website to compare up to 3 credit card options
Here are the disadvantages to be aware of:
Special rates and offers may come with spending minimums and other conditions that are hard to meet
Most credit cards come with foreign transaction fees
How to make a payment
You can pay your BMO credit card through online or mobile banking by transferring funds in the amount of payment from your other BMO account to your BMO credit card. To avoid late payment fees, you can set up auto payments on a schedule you need.
Alternatively, you can pay by phone using this credit card payment phone number: 1-800-263-2263.
You can also pay your BMO credit card in person at a BMO branch near you.