The BMO Rewards program is Bank of Montreal’s in-house loyalty program. This program gives you the opportunity to earn points solely from credit cards and redeem them for a variety of options.
Let’s look at how you can quickly earn and redeem BMO Rewards points for the maximum value towards your next vacation.
Earning BMO Rewards Points
BMO Rewards account members can earn points via two methods: credit card welcome bonuses and organic credit card spending.
Credit Card Bonuses
Similar to other bank loyalty programs, the quickest way to earn BMO Rewards points is through credit card sign-up or welcome bonuses.
Below is a table containing all of the credit cards that earn BMO Rewards points and their respective welcome bonus:
|Credit Card||Welcome Bonus||Net Value|
|BMO Ascend World Elite||60,000 BMO Rewards||$402||Apply|
|BMO Eclipse Visa Infinite||60,000 BMO Rewards||$402||Apply|
|BMO World Elite Business||50,000 BMO Rewards||$335||Apply|
|BMO Eclipse Visa Infinite Privilege||90,000 BMO Rewards||$104||Apply|
|BMO Rewards||10,000 BMO Rewards||$67||Apply|
Frugal Flyer offers cash back rebates on four BMO credit cards that earn BMO Rewards points. This means if you are considering applying for a BMO Rewards credit card such as the BMO Eclipse Visa Infinite card, BMO Ascend World Elite card, BMO Eclipse Visa Infinite Privilege card, or the BMO World Elite Business card you can earn additional cash back on top of the welcome bonus.
Ensure you take advantage of these cash back rebates on BMO credit cards to further increase the value of your sign-up bonus.
Credit Card Spending
BMO Rewards points are also earned for all eligible organic spend on any BMO Rewards credit cards. You can earn the most points possible by maximizing specific category spend on the correct BMO Rewards earning credit card.
The best rates you can get are from the following BMO rewards cards:
BMO Eclipse Visa Infinite Privilege:
- 5 BMO Rewards points for every dollar spent on grocery, dining, gas, travel, and drugstore purchases (up to a combined $50,000 in spend per calendar year).
BMO World Elite Business:
- 4 BMO Rewards points for every dollar spent on gas, office supplies, cell phone services, and internet bill purchases (up to $50,000 in spend per calendar year).
Redeeming BMO Rewards Points
Cardholders can redeem BMO Rewards points via four methods: book any way travel, BMO investments, a statement credit, and gift cards or merchandise.
The best redemption value you should aim to get from a BMO Rewards point is 0.67 cents per point which is possible with a few of the methods below.
Book Any Way Travel
Cardholders are able to redeem BMO Rewards points towards book any way travel, which is travel that they have booked on their own directly with a provider such as a hotel or an airline. BMO Rewards points can be cashed out at a rate of 0.67 cents per point with this method.
Eligible travel purchases for this method of redemption include flight expenses and ancillary fees, cruises, car rentals, long-distance train tickets, hotels and resorts, timeshares, chalets and vacation rentals, bookings with travel agencies and tour operators, and vacation packages.
In order to redeem BMO Rewards towards your travel transactions, simply charge the transaction to your BMO Rewards earning credit card.
Then, within the next 30 days, log into your BMO Rewards account on the BMO Rewards site and click the “Pay with Points” option. Select the eligible travel transaction and choose the number of points that you want to apply toward your transaction.
Once redeemed, the redemption will appear on your BMO Rewards card statement as a statement credit within 3-5 business days.
You are also able to use the refundable hotel trick to easily cash out your BMO Rewards points if you don’t have any travel expenses in the near future. Click below to learn more.
BMO Rewards points can be redeemed into cash that will be deposited in an eligible BMO investment account. Eligible investment accounts include the BMO Premium Rate Savings Account, the BMO Smart Saver Account, and BMO Investorline accounts. BMO Rewards points can be cashed out at a rate of 0.67 cents per point with this method.
A minimum of 15,000 BMO Rewards points can be redeemed for a $100 investment account credit. If you hold an eligible BMO investment account, this can be a great option for redemption if it aligns with your personal finance goals.
BMO Rewards points can also be redeemed towards any non-travel purchase as a statement credit. A minimum of 200 BMO points must be redeemed for a $1 statement credit, making this redemption value BMO Rewards points at a rate of 0.5 cents per point.
If you were interested in making this redemption, the instructions are the same as in the book any way travel redemption above. Instead of choosing a travel expense, you would simply choose any transaction that you wish to redeem your points towards.
We would caution you to not redeem your BMO Rewards points through this method as it will result in you getting less than the best value out of your points. Instead, consider taking advantage of the refundable hotel trick to easily turn your points into cash.
Gift Cards & Merchandise
Those who hold BMO Rewards cards can also redeem their points for gift cards and merchandise. The BMO Rewards gift card and merchandise store has over 1,400 products for you to redeem your points on. This includes general merchandise such as electronics in addition to gift cards for various services and retailers.
The cent per point value varies with gift cards and merchandise redemptions, however, it is often below the 0.67 cents per point rate that you can achieve with the book any way travel or investment redemptions.
With that in mind, we would advise against using your BMO points for gift cards or merchandise due to the low redemption value. Instead, it would be a better idea to cash out your points through the refundable hotel trick and then use that cash for whatever gift card or merchandise purchase you might desire.
Frequently Asked Questions
What is the value of a BMO Rewards point?
BMO Rewards points are worth 0.67 cents per point.
What can you use BMO Rewards points for?
BMO Rewards points can be redeemed towards eligible travel expenses, credit in a BMO investment account, a statement credit, and gift cards and merchandise.
What is the best use of my BMO Rewards points?
The best use for your BMO Rewards points is to either redeem them towards travel expenses through book any way travel or cash them out for credit in your eligible BMO investment account.
Do BMO Rewards points expire?
No, BMO Rewards points do not expire provided you hold a BMO Rewards accruing credit card. If you close your BMO Rewards credit card, you will have 90 days to redeem those points towards gift cards and merchandise only. As a result, ensure you redeem all of your points before closing your credit card.
Can BMO Rewards points be transferred to another person?
No, BMO Rewards points cannot be transferred and must be retained by the primary credit card account holder.