Last updated on September 18th, 2023
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BMO Harris Bank Premium Rewards Mastercard®
BMO Harris Bank Premium Rewards Mastercard®
- 20.24% to 28.24% variable based on creditworthiness and the Prime Rate Regular Purchase APR
- 20.24% to 28.24% variable based on creditworthiness and the Prime Rate Balance Transfer APR
- 32.49% variable based on the Prime Rate Cash Advance APR
At a Glance
The BMO Harris Bank Premium Rewards Mastercard® has many features that can make it an good credit card to have in your wallet. Most of its benefits are available within the first 12 months of opening an account. Cardholders can take advantage of an introductory bonus points offer, 0% introductory APR on balance transfers, and no fee for the first year they have their credit card. Keep reading to learn more about this card’s features.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- Earn 3 points per $1 spent on eligible dining, hotel and airfare, up to $2,500 in combined spend each calendar quarter
- Annual fee waived for first year
- Get a 15% anniversary point bonus every year
- 0% introductory APR for 12 months on balance transfers made within 90 days from account opening
- Regular Purchase APR: 20.24% to 28.24% variable based on creditworthiness and the Prime Rate
- Intro Balance Transfer APR: 0% for 12 months on transfers made within 90 days from account opening date
- Balance Transfer APR: 20.24% to 28.24% variable based on creditworthiness and the Prime Rate
- Balance Transfer Transaction Fee: Either $10 or 4% of the amount of each transfer, whichever is greater
- Cash Advance APR: 32.49% variable based on the Prime Rate
- Cash Advance Transaction Fee: Either $10 or 5% of the amount of each cash advance, whichever is greater
- Annual Fee: $0 for the first year. After that, $79
- Late Payment Penalty Fee: Up to $39
- Return Payment Penalty Fee: Up to $39
- You want to transfer a balance from a high interest credit card and pay it off in 12 months
- You want to earn rewards points for the purchases you make
- You want to join a rewards program that offers opportunities to earn more points
- You don’t want to pay foreign transaction fees when you travel
BMO Harris Bank Premium Rewards Mastercard® Review
The BMO Harris Bank Premium Rewards card offers package of attractive benefits that can be a draw for many consumers. From a 0% introductory APR on balance transfers to a tiered point system with an introductory bonus, there is plenty to like about this Premium Rewards Card. However, there are some details that you should know about before you dive into applying for it.
Earn Rewards Points on Every Purchase
The BMO Rewards Card lets cardholders earn points on every they purchase with their credit card. The calculation is pretty simple for most purchases, with each dollar spent earning you one point. However, you can earn three points for every dollar you spend on eligible dining, hotel, and airfare purchase. You can also earn two points for every dollar spend on gas and groceries
You should keep in mind, though, that there is a limit on how many points you can earn. You can only earn 3X points on purchases totaling up to $2,500 each quarter. That includes all purchases in all three categories: dining, hotels, and airfare. Additionally, you can only earn points on a purchase maximum of $22,500 per year. In total, you can earn points on a maximum of $30,000 in purchases per year.
Additionally, you should know that BMO rounds cardholders’ purchase amounts to the nearest dollar. So if you purchased something for $100.49, BMO will round that down to $100. It may seem like small change, but that change can add up if you plan to use your credit card a lot.
The good news is that your points do not expire as long as your account is open. This gives cardholders the chance to accumulate a lot of points that they can redeem for a large variety of rewards.
Keep in mind that there are certain transactions that will not earn you bonus points. These include gambling (including the purchase of lottery tickets), cash advances, convenience checks, and money orders.
The Rewards Mastercard also offers cardholders opportunities to earn bonus points. There is an introductory bonus of 35,000 points if you spend at least $5,000 within the first 90 days of opening an account. This essentially comes out to 7 additional points for every dollar you spend on any purchase. Even if you only use your card for purchases that earn you one point for each dollar, you have the potential of racking up at least 40,000 within the first three months of having your BMO rewards card.
What’s more, BMO offers cardholders a 15% bonus every year on the anniversary date of their account opening. What this means is that BMO calculates 15% of all eligible purchases made with your card in the previous year and gives you that number of points. For example, if your total purchases for the year add up to $15,000, you will get 2,250 bonus points at your credit card anniversary date.
Take note that BMO will not post these anniversary points to your account until approximately four to six weeks after your anniversary date, so be patient. The good news is that there is no cap to how many anniversary points you can earn.
What Are Your Points Worth?
One of the drawbacks of applying to the BMO Premier Rewards Card is that there is no way of knowing what your points are worth until you become a cardholder. This means you can’t find out how many points you need to earn in order get a gift card, merchandise, or travel voucher. BMO does give prospective applicants a little clue, though. According to the BMO website, the introductory bonus points can be redeemed for $435 in travel credits.
Transfer a Balance for 0% APR for 12 Months
One of the most attractive features of the Premier Rewards Mastercard is its introductory interest rate on balance transfers. Cardholders can transfer a balance and accrue no interest on it for 12 months from the date of the transfer. Cardholders have 90 days from the date that they opened their credit card account to make a balance transfer for 0% APR. Any transfers made after 90 days will accrue the regular interest.
(Almost) No Fees
If you love traveling around the world, you’ll be glad to know that this credit card charges no foreign transaction fees. You can shop freely while you’re abroad, and you’ll have the added assurance of knowing that Mastercard® is accepted at most retailers that accept credit cards.
Additionally, there is no annual fee for the first year that you have your account. Afterwards, you will have to pay $79 a year to keep receiving all the benefits this credit card has to offer.
Additional Cardholder Perks
Frequent travelers have more to look forward to than no foreign transaction fees. Having a Premier Rewards Mastercard automatically gives cardholders access to over 1200 airport VIP airport lounges through Priority Pass. Cardholders get two free lounge visits per year. Any additional visits to participating lounges only cost $32 per visit. This is a great deal as some of these lounges have restricted access or can charge travelers several times that amount for access.
Cardmembers also have access to Masterdcard’s Priceless™ Cities. This is like a concierge site featuring all sorts of immersive experiences throughout the world that are only available to Mastercard members. You will still have to pay for these experiences, but some of them are exclusive to Priceless Cities. Being able to brag to friends about the one-of-a-kind travel experience you had is priceless in and of itself.
Should You Apply for the BMO Harris Bank Premium Rewards Mastercard®?
The Premium Rewards Mastercard from BMO Harris Bank has a lot to offer cardholders. Perhaps the best, most practical feature of this card is its 0% introductory APR on balance transfers. Coupled with no annual fee for your first year, this is an ideal balance transfer credit card if you pay off that balance within 12 months.
The rewards program is dynamic and offers many opportunities to rack up extra points. However, without any clear way of seeing what your points will get you, it’s difficult to determine if the rewards are actually worth the annual fee (after your first year) and interest rates.
This can also be a great card for travelers. On top of no foreign transaction fees, cardholders also have access to Priority Pass and Priceless Cities. Cardholders can also redeem their points for travel credits. The cap on points, however, may make frequent travelers feel a little restricted.