the middle of March BMO came out with a new MasterCard offering to compete with
the Visa Infinite cards issued by other banks in Canada. Until now BMO has only
offered Gold or Platinum versions of the various MasterCards they issued. One
can assume BMO came out with this card for several reasons. The first is that
BMO needs to keep its higher end clientele from jumping ship from their current
line of cards to the premium Infinite cards offered by banks like CIBC and RBC.
The second reason would be to try and pull some of the current Visa Infinite cardholders
away from those other banks, particularly if they are BMO bankers to start with.
On the redemption side, BMO has made it tough to find out what the redemption ratios are for travel unless you are an actual cardholder. However my contact at BMO has let me know that the card offers a 1.9% return on your purchases to be put towards travel. This positions it near the top of the Travel Points Credit Card category with the Capital One® Miles Plus MasterCard edging it out at 2% but the BMO World Elite comes ahead of the TD Cards which have a 1.5% return, Diners Club at 1.7% and the Aventura at 1%. There does not seem to be a minimum amount of points that you need to redeem at one time so this card can be quite advantageous in redeeming for seat sale fares. As an example, flights between Toronto and Ottawa or Montreal often dip below $50 each way and come in under $200 with taxes which means, you could redeem as little as 10,000 points for the flights versus 15,000 with CIBC AeroGold Visas or RBC Avion Visas.
Update Sep 12, 2011:
Sep 12, 2011 Update: Thanks to one of readers we have been advised that BMO adjusted their booking fees to $0 for internet bookings and $29.95 for phone bookings
is good about this card
What is not so good about