In Canada, there are many credit card reward programs. One of the most popular programs is the BMO Rewards. BMO Rewards is both easy and intuitive.
Hence, it’s not surprising that a lot of people use it.
To join this popular loyalty program, you need to get a BMO credit card. Using the BMO credit card is the primary way of earning rewards. For example, if you are looking to enjoy amazing travel benefits. It would be best if you considered getting the BMO World Elite Mastercard.
The fact that you can redeem your BMO points for multiple items is what makes BMO Rewards fantastic. However, all redemptions are not of equal value. Therefore, you need to understand the following;
The value of your points.
What your reward points can get you.
How to maximize your points.
Where to redeem your BMO reward.
Various BMO cards and their features.
In this post, we cover all of these segments. That way, you can get the best out of the BMO loyalty program.
How To Use BMO Rewards Points
One of the crucial questions most loyalty program users want to know is – how can they use their BMO reward points?
Thankfully, you can use the points you earn from BMO on travels, luxury items/services, merchandise, and gift cards. There is always something just for you when it comes to BMO rewards benefits.
Below are some of the exciting way to spend your BMO points;
- Travel: The most popular way to redeem points is through travel. It is common because it offers a lot of flexible options. BMO’s flexibility is due to the fact that they have no specific travel partner. However, travel redemptions offers come in two booking options:
You can book your travel using the BMO Rewards travel/account portal on BMO’s online platform.
You can simply place a call.
With BMO acting as a travel agency, you can access the following travel options:
Using BMO points travels means that you pick any available seat on a flight of your choice.
Also, you never have to experience blackouts. Likewise, you can extend the rewards to fees and taxes. Other benefits of booking travel using BMO Rewards include:
By using the BMO Rewards portal for booking, you can earn both status and loyalty miles.
You can use your point to book travel for other people.
You can take advantage of the price match guarantee on your vacation and airfare booking
Should you not have enough points for a particular redemption, you can charge the balance to your credit card.
Note: BMO prices are often similar to what you will find on other sites.
Investments: For people who love to save, you can also use your BMO points for investments. Rather than settling for instant benefits, you can consider the long-term reward. You can start by turning your rewards into cash and transferring it to your BMO investment account. However, transfers require $100 increments for investment. Alternatively, you can redeem 15000 points. In the long-term, this form of redemption offers more value than travel redemptions.
For example, when you put money into your TFSA or RRSP, the money will grow over time. Also, you get to take benefits from compound interest. As a result, you get to have more value for your points. In this case, the patient’s dog does eat the fattest bone.
- Merchandise: In the BMO loyalty program, the heavy shoppers are not left out. BMO possesses a huge online store of merchandise. As a shopper, you can get toys, electronics, travel items, kitchen utensils, and much more.
However, you do want to be careful when you want to redeem your points for merchandise. For one, all items have varying value and may not give your points’ worth. So, you need to be careful and watchful if you want a great deal. Nevertheless, a great tip to remember is to always search for products on discount or special offer.
- Gift Cards: No one can deny that shopping with gift cards is a fun way to shop for family and friends. Thankfully, BMO offers its loyalty program customers a wide array of gift cards option. As a result, you can shop at retail stores, restaurants, and gas stations. Just like merchandise, gift cards vary in value.
For instance, if you were to shop at two retail stores. The points you can redeem for their gift cards of equal value differ. As an example, Rona and Take Home Depot are retail stores. To get their $100 gift cards, you will have to redeem 20000 points at Home Depot and 19000 at Rona. Below are some other examples of gift cards and their BMO Rewards points value:
$200 Fairmont Hotel and Resort Gift Card (36000 BMO points)
$50 Sport Chek Gift Card (10000 BMO points)
S150 Simons Gift Card (27500 BMO points)
$50 Sobeys Gift Card (10500 BMO points)
$200 Hudson’s Bay Gift Card (36500 points)
$25 Cineplex Gift Card (5500 BMO)
One drawback of using BMO rewards for gifts card is that few merchants accept them.
Events And Experiences: When travelling, it is always fun to indulge your fantasy and create some memories. BMO encourages your fun travel experiences. For example, if you intend to tour British Columbia, you can use 23000 BMO points to experience the Okanagan Wine Tour. Similarly, you can visit the Vancouver Aquarium for a day by redeeming your 8000 BMO points.
Cash: Technically, you cannot redeem your BMO points for hard cash (cash notes). However, you can use it for a statement credit. The statement credit is not so different from cash. In simple terms, you can refer to it as cashback. Currently, a $50 cash credit is worth 15000 BMO points.
However, considering their low value relative to other forms of redemption. We advise you never to redeem your points for statement credit unless it is an emergency.
How To Earn BMO Rewards Points?
The primary way of earning BMO Rewards points is to make use of the BMO credit cards.
However, BMO offers two types of master cards that would allow you to gather some points. The two cards are the BMO Rewards Mastercard and the BMO World Elite Mastercard. Although they both help you gain points, there are some differences in their features and benefits. We will look more into the cards in this post.
BMO World Elite Mastercard
In Canada, it’s no secret that the BMO World Elite Mastercard is one of the best travel credit cards.
One of the things that make this card stand out is its 25000 BMO points signup bonus.
Also, unlike other cards, you gain 3 BMO Rewards for every $1 you spend on entertainment, travel, and restaurants. Another thing that makes this credit card appealing is the 4 free airport lounge visits annually. Also, you get the LoungeKey Membership.
It is worth mentioning that this particular benefit is worth over $250. Here is a secret most people do not know about the BMO World Elite Mastercard.
To qualify for travel insurance, you just need to pay any amount above 0% on the credit card.
Other features of the BMO World Mastercard include:
Free global WiFi
On your first anniversary, you get 5000 points.
They waive the $150 annual card fee in your first year.
The signing bonus for new customers is 25000 BMO points
You earn 3 BMO points for every dollar you spend on entertainment, travel, and restaurants.
Likewise, you get 2 BMO points for every dollar you spend on other purchases.
You get access to a full-fledged travel insurance package.
LoungeKey Membership and four complimentary passes yearly.
BMO Rewards Mastercard
For people who do not qualify for the BMO World Elite Mastercard, the BMO Rewards Mastercard is a good alternative.
Also, it is free, which means that there is no annual fee. Unlike the BMO World Elite Mastercard, this credit card allows you to earn 1point for every dollar you spend.
Suppose you join the Alamo Rent A Car locations or National Car Rental. You can earn 2X your points. Likewise, there is an extended warranty and purchase protection with this card.
Other features include 10000 BMO reward points on signup for every new customer.
In conclusion, the BMO loyalty program is a fast way to earn points for your travel and other expenses. For more information, do not hesitate to reach to us.
Thanks for reading, please let me know your thoughts and comments below.
Top 10 Popular Posts Of All Time
- Top 30 Canadian Blue Chip Stocks You Should Own
- How To Use A My Service Canada Account
- How To Watch Free TV Shows In Canada – List of 10 Best Sites
- VGRO Review – Vanguard’s Best Growth ETF Portfolio
- Top 7 Canadian ETFs You Should Own
- Top 150+ Dividend Stocks In Canada – Complete List
- Credit Karma Canada Review – Free Credit Score And Report
- CPP Payment Dates – How Much CPP Will You Get?
- Top 5 High-Interest Savings Accounts In Canada
- How To Open A CRA My Account?
Sagar Sridhar is a personal finance blogger from Canada. His genuine passion for personal finance coupled with his unique style of writing is what stands out. Professionally, he is a computer engineer, agile certified and has a master’s degree in Project Management. His writing has been featured or quoted in the leading Canadian publications such as Credit Canada and many other personal finance publications. While he is juggling between his day job and blogging, he is the main author on this blog and has miles to go before making the final pit stop.