The VIP card from Bank of Montreal isn’t designed for everyone. I’ve been using it for several months and the visual appeal is what I like the most, but I’ll discuss that later.
Are you someone with significant expenses in areas like groceries, drugstores, or travel? Do you find yourself paying hefty fees on other payment platforms like the AMEX Platinum card, especially when traveling to places where American Express isn’t widely accepted or preferred by retailers? If your answer is YES to any of these questions, then this card could be a good fit for you. Read on for more details.
Let’s dive deeper
With the BMO Eclipse Visa Infinite Privilege Card, you can earn versatile BMO Rewards on all your daily expenditures, and receive 5x points on travel, dining, gas, groceries, and drugstore purchases. This card also provides a $200 annual lifestyle credit, and by adding an authorized user, your BMO Rewards points will increase by 25%.
As a result, the annual fee for this high-end card effectively drops to $299. Moreover, if you manage to reach the substantial welcome bonus minimum spend of $100,000 within the first year, you’ll be awarded 90,000 points (equivalent to $600) upon transferring them to your investment or savings account.
Fortunately, the initial segment of the welcome bonus only requires spending CAD $6000 within the first three months to earn 50,000 BMO Rewards points. Based on my calculations, the net profit for the first year amounts to $34.33 after spending $6000 or $301 after spending $100,000. Calculations are based on points awarded if you spend the required amounts.
Is the BMO eclipse Visa Infinite Privilege card metal?
Yes, the BMO Eclipse Visa Infinite Privilege* card is made of metal, while its lower-tier counterpart, the BMO Eclipse Visa Infinite, is crafted from plastic. Both cards feature sleek aesthetics, displaying only your first name, and may be considered among the most visually appealing credit cards in Canada. You can even request a replacement without your name printed on it.
How much are BMO Reward Points worth?
15,000 BMO points are equivalent to $100 to your investor line or savings account. Although it’s possible to redeem these points for statement credit, it’s not the recommended approach. Instead, opting for investments provides a 1:1 ratio with travel-related transactions, ensuring you receive the maximum value for your points. You can always transfer the amounts of your investments back to your chequing account at any time.
Welcome Offer: Earn 90,000 points plus 25% more points with Auth/Users
Make every moment more luxurious with BMO`s most exclusive rewarding card geared to benefit your premium accounts! Learn more
Earn Rates
5x Groceries, Gas/EV, travel, dining, food delivery, drugstore
Plus, earn 1 point for every $1 spent on everything else plus 25% on all purchases when you add an authorized user to your account.
- Recommended credit score: (ERS 2.0: 760+) learn more about Equifax`s Risk Score 2.0
- Annual Fee: $499
- Get a $200 annual lifestyle credit
- Priority PassTM membership and 6 airport lounge visits per year
- Visa Infinite Privilege Concierge – Personal assistant on call
- All other VIP perks +
Minimum income required
$150,000Â ($200,000 HHI)
Or meet other factors set by their underwriting department.
Conclusions
It’s uncommon for Canadian banks to provide such competitive rates, especially in comparison to their American counterparts and within the Visa network. Well done, Bank of Montreal! I might consider ceasing my AMEX usage entirely if BMO were to increase the return on all other purchases to 2.75X points per dollar spent, provided they don’t devalue the points further. The mobile device insurance seems somewhat low for a VIP card; a minimum of $1,900 would be more reasonable, considering that a single Surface Duo 2 costs $1,899.99 CAD.
Disclaimer: Some content here may contain referral links, and credit score estimates are subject to lendersâ internal risk assessments. Take every precaution before submitting an application.
You should know that in Canada we have two credit bureaus, Equifax and TransUnion. Some lenders may still approve or reject your application based on other factors. Use this information for educational purposes.
Last Updated on 04/10/2024 by Emmanuel Motelin
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