We mentioned in our last podcast that we should expect some better credit card offers to come out in October and they are coming! The first is one that people always look forward to. Sure its for a card the in general gets mixed reviews but to get $250 in travel and four lounge access passes for no cost is a great deal. What deal is it? It’s the return of the first year annual fee waiver on the BMO Rewards World Elite Mastercard. The sign up bonus that you get after spending $3,000 in the first three months is worth $250 in travel bookings made via BMO Rewards which is a major source of contention, or so we hear from many of our readers but remember you are getting them for free so a little bit of hassle to use it may be justified. Then you get the complimentary LoungeKey membership with 4 lounge access passes that are worth well over US$100 alone. That means with this offer you are inline to score about $400 in value strictly for spending on the card. Remember though if you do plan on cancelling the card before you have to pay the annual fee in 12 months you’ll want to use up your points and the lounge access passes beforehand.
A reminder here is how the new points earn and burn format works with BMO Rewards World Elite Mastercard:
- 140 points = $1 of travel booked via BMO Rewards (Old rate was 100 points = $1)
- Earn 3 points per eligible dollar spent on travel, dining &
entertainment purchases – giving a 2.14% return on those purchases
(under the old program all spend was a 2% return) - All other spending will continue to earn 2 points per dollar –
giving a 1.43% return on those purchases (under the old program all
spend was a 2% return)
and here are some reasons someone may want to keep this card longer than one year
- You can use the annual LoungeKey membership with 4 lounge visits every year
- You have a bank account with BMO that covers the annual fee on the
card – so it doesn’t cost you anything ever and you get the Priority
Pass and the 1.43 to 2.14% return. - You spend a lot on travel, dining and entertainment (and can put all
other spending on another card) and have the patience to deal with the
BMO Rewards department
Related: BMO World Elite Mastercard Review
Welcome Offer: Get 35,000 welcome points after you spend $3,000 in first 3 months and we’ll waive the $150 annual fee for the first year*.
Get 3 BMO Rewards points for every $1 spent on travel, dining and entertainment purchases*
Get 2 points for every $1 spent everywhere else*
Points you can use to cover all flight charges & taxes*
Fly on any airline, with no blackout dates*
Complimentary membership in Mastercard Airport Experiences provided by LoungeKey, with exclusive VIP access, plus four annual complimentary passes.
Annual Fee: $150 Primary Card $50 Secondary Card
Interest Rate: Purchases 19.99% Cash Advances 22.99%
