The BMO Harris Bank Platinum Rewards Mastercard® is a versatile credit card that offers rewards for everyday spending, particularly in the categories of gas and groceries. With no annual fee, it provides a cost-effective way to earn points that can be redeemed for various rewards, such as travel, merchandise, and statement credits.
Cardholders can earn 2 points per $1 spent on gas and groceries, up to a combined $2,500 per calendar quarter. In addition, the card has a variable purchase APR that ranges from 17.99% to 25.99% . Though not among the highest earning reward cards, the BMO Harris Bank Platinum Rewards Mastercard® remains a good choice for individuals seeking a simple, cost-effective rewards card option for everyday spending.
Card Overview
The BMO Harris Bank Platinum Rewards Mastercard® is a rewards credit card aimed at those who frequently spend on gas and groceries. Cardholders can earn 2 points per $1 spent on eligible gas and groceries, up to $2,500 in combined spend each calendar quarter.
With no annual fee, the card offers additional rewards, such as 5% cashback on cable/internet/satellite and streaming services, 3% on gas and groceries, and 1% on all other purchases.
However, the card comes with a variable purchase APR ranging from 17.99% to 25.99%, which is higher than average when compared to other rewards credit cards on the market.
The BMO Harris Bank Platinum Rewards Mastercard® is particularly well-suited for road trips due to its rewards program structure. However, it may not be the best option for those who spend excessively on gas and groceries, as the quarterly cap on rewards can limit the card’s potential value.
Rewards Program
The BMO Harris Bank Platinum Rewards Mastercard® offers a straightforward rewards program for cardholders to earn points on their everyday spending. You can earn 2 points per $1 spent on eligible gas and groceries, up to $2,500 in combined spend each calendar quarter. All other purchases receive 1 point per $1 spent, with no caps on the amount of points you can earn overall.
Your points can be redeemed for a variety of options, such as travel, merchandise, gift cards, and cash back in the form of a statement credit. To make the most of your rewards and receive the best value, you should focus on redeeming points for travel, as the card is designed to provide better returns in this category.
In addition to the base rewards program, the BMO Harris Bank Platinum Rewards Mastercard® also comes with a welcome offer bonus. By visiting BMO’s website, you can find more details on the current welcome offer, which can help boost your rewards potential and offset any potential fees you may incur while using the card.
It is worth noting that the rewards points will expire if not redeemed within three years of the date they were earned. To ensure you don’t miss out on your rewards, be sure to stay active in managing your points and redeeming them in a timely manner.
Interest Rates and Fees
The BMO Harris Bank Platinum Rewards Mastercard® is a travel rewards credit card with no annual fee, making it an attractive option for those looking to earn rewards without incurring extra costs. The card’s standard purchase APR ranges from 20.24% to 27.24%, depending on the cardholder’s creditworthiness. There’s also a 0% introductory APR on balance transfers for the first 12 months, allowing cardholders to comfortably transfer their existing high-interest balances.
When it comes to fees, the BMO Harris Bank Platinum Rewards Mastercard® has a few that cardholders should be aware of. Foreign transaction fees are 2.5% of the U.S. dollar amount per transaction, so this card may not be the best option for frequent international travelers. Additionally, there are fees associated with cash advances, late payments, and returned payments. Cash advance fees are either $10 or 4% of the amount of each transaction, whichever is greater. Late payment and returned payment fees can be up to $40.
While the card does have some fees associated with certain transactions, its lack of an annual fee and the 0% introductory balance transfer APR can make it an appealing option for those looking to consolidate their debts or begin earning travel rewards without incurring additional expenses.
Pros and Cons
The BMO Harris Bank Platinum Rewards Mastercard® comes with its own set of advantages and disadvantages. This section will provide an overview of the most notable pros and cons for those considering this credit card.
Pros:
- Introductory Offer: The card offers an introductory bonus of 25,000 points when you spend $2,000 in the first three months, providing a good head start in accumulating rewards points.
- Rewards on Gas and Groceries: BMO Harris Bank Platinum Rewards Mastercard® offers bonus rewards on gas and grocery purchases, making it ideal for people who drive regularly and shop frequently for groceries. However, keep in mind that there are caps on these rewards.
Cons:
- Quarterly Caps: As mentioned earlier, the card has caps on bonus rewards for gas and grocery purchases, which may limit the rewards potential for some users.
- Limited Availability: The BMO Harris Bank Platinum Rewards Mastercard® is not as widely available as credit cards from larger banks or issuers, which may limit your options for redeeming rewards or accessing customer support.
In this section, we have outlined the key pros and cons of the BMO Harris Bank Platinum Rewards Mastercard® to help you make an informed decision. Consider your personal financial habits and requirements before applying for this credit card.
Comparison to Competitors
The BMO Harris Bank Platinum Rewards Mastercard® offers several benefits that make it stand out among its competitors. While many credit cards charge annual fees, the BMO Harris Bank Platinum Mastercard® comes with no annual fee, making it an attractive option for people looking for a low-maintenance card.
Another noteworthy feature is its competitive APR, which can be essential for cardholders who may carry a balance from month to month. This relatively low ongoing APR should be considered when comparing this card to other options in the market.
When it comes to rewards, the BMO Harris Bank Business Platinum Rewards Mastercard® Credit Card offers a simple points-earning structure with no cap on the number of points cardholders can accumulate. However, it doesn’t offer a cash back option, which some competitors provide. The absence of cash back could be a deal-breaker for potential customers who prefer cash rewards over points.
In terms of convenience, the BMO Harris Bank Platinum Mastercard® utilizes Tap & Go® contactless payment technology, enabling cardholders to make quick and secure transactions. This feature is becoming increasingly popular and is offered by many competing cards as well.
When comparing the BMO Harris Bank Platinum Rewards Mastercard® to its competitors, it is essential to consider the specific benefits and features most important to the individual user. While the card offers some strong advantages, such as no annual fee and competitive APR, it may not be the best fit for those who prioritize cash back rewards over points.
Final Verdict
The BMO Harris Bank Platinum Rewards Mastercard® offers a no-annual-fee option for travel rewards enthusiasts. However, its rewards program can be considered unspectacular compared to other competitors in the market. This card features a variable purchase APR ranging from 17.99% to 25.99% and a variable balance transfer APR.
In terms of approval, the final decision is up to the bank, and meeting the minimum criteria does not guarantee card approval. The BMO Harris Bank Business Platinum Rewards Mastercard® allows cardholders to earn unlimited points and offers a low APR.
Considering the above points, the BMO Harris Bank Platinum Rewards Mastercard® may be best suited for individuals seeking a low-cost travel rewards option without extensive reward opportunities. For those looking for more competitive rewards programs and benefits, exploring other travel rewards credit cards may be a better option.