Would you sign up for a travel rewards card if it meant you could fly right away for free? Massive point and mile sign-up bonuses are the latest favoured incentive from credit card companies, keen on luring customers with the promise of an instant vacay.
While complimentary jet setting is an attractive idea, it’s important for prospective cardholders to look beyond sign up perks and asses the real value offered by a card over time. Be sure to ask yourself the following when choosing a credit card:
This premium option from Bank of Montreal really is a winner across the board; not only are new signups welcomed with a hefty 30,000 point bonus (a $300 travel value), this card offers a fast-earning and flexible rewards program that’s designed for daily use. It also offers great value over time - the average cardholder will earn over $1,139.76 in travel value over a two-year period*.
In fact, these attributes scored BMO’s Elite offering the top Travel Rewards Credit Card award in our annual Best of Finance Awards.
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*Based on the gas, grocery and travel spend of an average Canadian household, this credit card will earn cardholders $1,139.76 over a two-year period.
This card is a great option for those who reach for their plastic daily on everyday purchases like gas and groceries. Its earning structure is similar to a cash back card in that rewards are earned on every transaction, and not limited to specific retailers or eligible purchase types.
This card is a great fit for you if:
Travellers looking for a plush flying experience are sure to enjoy the included VIP lounge access, and the peace of mind provided by the built in travel insurance features.
However, flights, hotels and vacation packages must be booked via the BMO Rewards Centre - while BMO’s literature states that travel is available at “highly competitive rates, similar to those at other online booking sites”, this means you forgo the ability to book through discount sites such as Expedia or Hotwire when cashing in your points. The program is open to all airlines with no blackout periods, and points can be put towards all travel costs, including airfare taxes and fees.
The card must be used to partially or fully pay for travel in order to redeem points and be covered under the included travel insurance features.
Not keen on a vacation? Points can also be redeemed for non-travel items from BMO’s Rewards Catalogue, or cashed in via a BMO investment account.