Full 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.

Bonus Points

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.

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.