bmo travel rewards redemption

BMO Rewards Guide | How to maximize your points

BMO Rewards has been really aggressive as of late. They’ve had huge marketing campaigns and they often offer BMO customers one of the cards for free for the first year. Admittedly, getting the annual fee waived for a premium travel credit card is appealing, but is BMO Rewards any good?

While BMO Rewards does have a few aspects to the program, it also quite a few limitations. In addition, the redemption of your points is a bit deceiving. This doesn’t make the program bad, you just need to know the ins and outs to maximize your points. In this BMO Rewards guide, I’ll go over how you can get the most value out of the BMO Rewards program.

BMO Rewards points value

It takes 150 BMO Rewards points to claim $1 in travel. That means one BMO Rewards point is worth .67 cents. This is the maximum value you can get out of BMO Rewards. This is a bit annoying because other similar programs give you a value of 100 points for $1 in travel. So when looking at the earning rate for BMO Rewards cards, you need to factor in the lower value for each point.

While using your points for travel gives you the best return, it’s important to know what else you can redeem your points for and what your points would be worth in those situations.

As you can see, the BMO Rewards point value is best used for travel purchases and investments. Most people will use their points for travel, but as you’ll find out shortly, using your points for investments might be the better value. Gift cards have a slightly lower value, but it depends on which merchant you’re redeeming with. While merchandise can have a value close to travel, most items are worth much less.

How to redeem BMO Rewards points for travel

BMO Rewards recently changed its redemption system for the better. Previously, you were required to book your travel through the BMO Rewards portal to use your points. However, you can now charge any travel expense to your BMO Rewards card and then use your points to get a statement credit for those purchases.

That means you can use your points for any last-minute deals you come across. In addition, since you can now book directly with travel partners, you can earn status benefits through loyalty programs such as Aeroplan and Marriott Bonvoy .

Once you’ve charged your travel expenses, you can immediately redeem your points with the Pay with Points feature found in your BMO Rewards account. A credit will then be applied in 3 to 5 days.

Many people don’t realize that when you book travel with the BMO Ascend World Elite Mastercard, your travel insurance coverage applies as long as you spend any amount of your travel purchase on the card. This applies to paying in cash and points. That means you could charge or redeem $1 with your card/points, and you’d have access to great  travel insurance .

How to redeem BMO Rewards for investments

One huge advantage of BMO Rewards is that you can redeem your points for investments. If you have a BMO Investments account, you can redeem 15,000 BMO Rewards points for $100 in investments. At face value, that redemption is worth the same as travel redemptions, but you need to think long-term.

For every $100 you put into your investment accounts, you have the potential to grow your money significantly. Let’s say you invest the money in your RRSP or TFSA, that money could grow quite a bit over the course of your life. It’s not that uncommon to get 4 to 6% in returns annually with a balanced portfolio and that amount compounds every year.

Travel redemptions give you an immediate return, but using your BMO Rewards points for investments could give you more value in the long run. This is a classic case of delayed gratification.

How to redeem BMO Rewards for gift cards and merchandise

BMO Rewards gives you the option to  redeem your points for gift cards  and merchandise like all rewards programs. For some reason, BMO Rewards makes things slightly complicated as quite a few merchants have different redemption values. That said, some recent redemptions I saw include:

• $25 = 6,250 BMO Rewards points
• $50 = 11,750 BMO Rewards points
• $100 = 23,000 BMO Rewards points
• $500 = 112,500 BMO Rewards points

To figure out the best value for gift cards, take the dollar value of the redemption and multiply it by 100. Then take that number and divide it by 100. For example, 50 X 100 / 11,750 = .43 cents per point.

When it comes to merchandise, every item has a different value. In 99.9% of the cases, redeeming your points for merchandise over travel will be of a lower value.

How to redeem BMO Rewards for cash

BMO Rewards allows you to redeem your points for a statement credit which is basically cash. For every 15,000 BMO Rewards points, you get a $50 cash credit. You can redeem in increments of 15,000 points so 45,000 BMO Rewards points would be worth $150. That means your points are worth .33 cents when going this route. That’s half the value of travel redemptions!

The credit takes 3-5 business days to show up on your account and it only applies to the primary cardholder.

Generally speaking, you never want to  redeem your points for gift cards or a statement credit  unless you’re under financial hardship, as they offer a much lower value compared to travel rewards.

Do BMO Rewards points expire?

No, as long as you have an active BMO credit card that earns you BMO Rewards points, your points will not expire. If you plan on cancelling your card, you should redeem all your points before doing so. If you can’t use all your points for travel purposes before you close your account, redeem them for gift cards or a statement credit.

How BMO Rewards compares to others

BMO Rewards is comparable to  Scotia Scene+  since both programs allow you to redeem your points for any travel purchase. However BMO Rewards doesn’t have a fixed points flight program like  RBC Rewards , CIBC Rewards  and  American Express Membership Rewards , BMO Rewards is still highly competitive and has lots of advantages such as:

• No blackout dates
• No minimum amount of points to redeem
• BMO Ascend World Elite Mastercard insurance covers award redemptions

That said, one thing that BMO Rewards lacks is any transfer partners. Mind you, this isn’t common among the major banks but RBC Rewards does allow you to transfer your Avion points to  WestJet Rewards  and American Express has  Aeroplan  and  Marriott Bonvoy  as partners.

How to earn BMO Rewards points

You can earn BMO Rewards points by using BMO Rewards credit cards. The easiest way to earn BMO Rewards points is from the welcome bonus and everyday spending.

BMO has a few different cards that earn you BMO Rewards points. This includes both consumer and business cards. The BMO Ascend World Elite Mastercard (formerly known as the BMO World Elite Mastercard) stands out as it is consistently ranked as one of the top credit cards in Canada and is one of the  best BMO credit cards , but I’ve listed a few others for your reference.

BMO Ascend World Elite™* Mastercard®*

• $150 Annual fee – First year free*
• Get 45,000 BMO Rewards points when you spend $4,500 in the first 3 months, and 3,750 points for each subsequent month in which you make at least $2,500 in purchases on your card, for 12 months
• Earn 5 BMO Rewards points per $1 spent on travel
• Earn 3 BMO Rewards points per $1 spent on dining, entertainment, and recurring bills
• Earn 1 BMO Rewards point per $1 spent on all other purchases
• Complimentary membership in Mastercard Travel Pass provided by DragonPass, plus 4 annual passes

The  BMO Ascend World Elite™* Mastercard®*  has long been known as one of the  best travel credit cards in Canada  due to its generous signup bonus and benefits. The earn rate of 3 bonus points for every $1 spent on travel, entertainment and dining purchases; and 2 points per $1 spent on all other purchases is incredible.

There’s no denying that the Mastercard LoungeKey membership and 4 free annual airport lounge visits are appealing since the actual value of this benefit is more than $250. One little-known fact about the BMO Ascend World Elite Mastercard is that you only need to charge a portion of your travel expenses (as in any amount over 0%) for your card to qualify for the included  travel insurance .

BMO eclipse Visa Infinite* Card

• $120 annual fee – Waived in the first year
• Earn 30,000 points when you spend $3,000 in the first 3 months, and 2,500 points for each subsequent month in which you make at least $2,000 in purchases on your card, for 12 months
• $50 anniversary lifestyle credit
• 5 BMO Rewards points per $1 spent on dining, groceries, gas, and transit purchases
• 1 BMO Reward point on all other purchases
• Earn 10% more points when adding an authorized user to your account

The  BMO eclipse Visa Infinite* Card  is appealing due to the generous welcome offer and increased earn rates. While there’s no denying that earning more points is always good, you need to factor in the actual value of your points. 5 BMO Rewards points per $1 spent on eligible dining, groceries, gas, and transit purchases have a real value of 3.35 cents. That’s still incredible, but you could argue that the  Amex Cobalt  card is better.

It’s worth noting that the BMO eclipse Visa Infinite* Card has a better redemption value when using your points to pay compared to the standard BMO Rewards rate. You can claim 200 points for $1 in redemptions, a value of .50 cents per point. Note that there’s a higher-tier version of this card in the BMO Eclipse Visa Infinite Privilege card.

BMO Rewards® Mastercard

• No annual fee
• Up to 10,000 BMO Rewards points sign up bonus
• Earn 1 BMO Rewards point for every $1 spent
• Earn 2 BMO Rewards points at participating National and Alamo car rental locations

If you don’t qualify for the BMO World Elite™* Mastercard®* or you don’t like paying an annual fee, then the BMO Rewards® Mastercard is a good option. The sign up bonus is worth up to 10,000 BMO Rewards points. Your earn rate is a straight 1 point per $1 spent, but you earn 2X that at participating National Car Rental and Alamo Rent A Car locations. The included purchase protection and extended warranty are a nice touch considering this is a  credit card with no annual fee .

Final thoughts

My BMO Rewards review is positive, even though it ranks last on my list of  Canada’s bank travel rewards programs . It may not be the best travel rewards program from a major bank in Canada, but you can quickly earn points with the BMO World Elite Mastercard. Redeeming your points is also easy since there are no blackout dates and no minimum points required to redeem an award.

About Barry Choi

Barry Choi is a Toronto-based personal finance and travel expert who frequently makes media appearances. His blog Money We Have is one of Canada’s most trusted sources when it comes to money and travel. You can find him on Twitter: @barrychoi

Does BMO Elite have a cash reward instead of points?

This is what you’re looking for

https://www.moneywehave.com/bmo-cashback-world-elite-mastercard-review/

Hello Friend!

A little update is required here. I was just about to redeem my points and I see the redemption is getting a bit worse! Here is the table for most gift cards making the value more like 0.4-0.45 sadly.

BMO Points Dollar $ Received 6,250 $25 11,750 $50 23,000 $100 112,500 $500 168,500 $750 224,500 $1000

Same for merchants. Now need more points to redeem.

Thanks for your great work.

Thanks for the tip. I admittedly haven’t collected BMO Rewards points ever since they started to devalue things. Clearly they’ve done it again.

I have both cards and would like to know how to redeem my points into cash, please guide me step by step Thank you Louise Dalbec

I just redeemed 250,000 BMO reward points. The issues I have identified that I hadn’t accounted for when collecting points under this program. The points don’t get you the booking, they make the booking for you and then credit your credit card. This is a problem when using points for travel outside of Canada. You are expected to pay at the hotel with your BMO credit card. The problem is that now I am subjected to a fluctuating exchange rate. I booked when I did, because of the strength of the Canadian dollar to the US dollar, but more concerning is the 2.5% foreign exchange fee. By applying this fee they are reducing the value of their points.

Please make this apparent in this cards summary. It is an important factor when collecting points in Canada as many of us vacation out of Country.

How do I find out how many points I have? AND How do I access the list of rewards ?

Go to bmorewards.com, log in, and you’ll see all your options.

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BMO Rewards: Ultimate Guide

Earn points

Bank of Montreal (BMO ) offers five credit cards for the BMO Rewards program.

BMO eclipse Visa Infinite* Card

When you sign up for our exclusive offer on the BMO eclipse Visa Infinite* Card , you can earn up to 70,000 BMO Rewards points as well as a $120 annual fee waiver for the first year :

• 40,000 points after $3,000 in purchases in the first three months
• 30,000 points at annual renewal if you have made $25,000 in purchases with the card in the first 12 months

What’s more, you’ll receive a $50 anniversary credit to use as you wish!

With the BMO eclipse Visa Infinite* Card , you can earn 5 BMO Rewards points per dollar spent on:

• Food delivery

And 1 BMO Rewards point for every $1 spent on everything else. Plus, if you add an authorized user to your account, you’ll earn 10% more points.

You can use BMO Rewards points for all travel purchases made through the agency or website of your choice (flights, hotels, car rentals, all-inclusive resorts, Airbnb, etc.) or for rewards and gift cards on the BMO Rewards platform.

The New BMO eclipse Visa Infinite Privilege* Card

The BMO eclipse Visa Infinite Privilege* Card is a premium metal card! With this card, you can earn up to 120,000 BMO Rewards points:

• 50,000 points when you spend $6,000 in the first 3 months
• 30,000 points after $30,000 in card purchases in the first six months
• 40,000 points at annual card renewal if you have made $75,000 in card purchases in the first 12 months

Plus, you’ll receive a $200 anniversary credit to use as you wish!

As well as a Visa Airport Companion membership with 6 complimentary airport lounge visits per year .

With this Card, you earn 5 BMO Rewards points per dollar of purchases for:

• travel purchases

And 1 BMO Rewards point for every $1 spent on everything else.

BMO eclipse rise Visa* Card

The new BMO eclipse rise Visa* Card is a no-annual-fee travel rewards credit card with no minimum income required .

With this offer, you can earn up to 25,000 points as a welcome bonus:

• 20,000 points after $1,500 in purchases in the first 3 months
• 2,500 bonus points for redeeming at least 12,000 points annually towards your statement balance with Pay with points
• 2,500 bonus points for paying your full credit card balance on time for 12 consecutive months

Moreover, you can get a 0.99% introductory interest rate on Balance Transfers for 9 months (a 2% fee applies to balance amounts transferred).

With the new BMO eclipse rise Visa* Card , you get :

• 5 points for every two dollars spent on recurring bill payments
• 5 points for every two dollars spent at the grocery store
• 5 points for every two dollars in dining and takeout purchases
• 1 point per two dollars spent on everything else

The new BMO eclipse rise Visa* Card also offers:

• Mobile Device Insurance
• Purchase Protection
• Extended warranty insurance

BMO Ascend World Elite Mastercard

The BMO Ascend World Elite Mastercard is one of the best World Elite Mastercard credit cards with travel points in Canada. With our exclusive offer, you can get up to 100,000 bonus points :

• 55,000 points after $4,500 in Card purchases in the first 3 months
• 3,750 points per month after $2,500 in monthly purchases from the 4th to the 15th month (up to 45,000 points )

Plus, the annual fee is waived in the first year for both the primary cardholder and authorized users.

With the BMO Ascend World Elite Mastercard , a premium credit card from BMO, you get:

• 5 points per dollar on travel purchases
• 3 points per dollar on dining purchases
• 3 points per dollar for entertainment purchases
• 3 points per dollar on recurring bill payments

And 1 point for every $1 spent everywhere else, including at Costco. You can use BMO Rewards points for all travel purchases made through the agency or website of your choice (flights, hotels, car rentals, all-inclusive resorts, Airbnb, etc.) or for rewards and gift cards on the BMO Rewards platform.

The BMO Ascend World Elite Mastercard also offers:

• Four annual complimentary passes to airport VIP lounges
• Excellent Premium insurance for your travels or purchases
• a premium concierge service

BMO Rewards ® World Elite ® * Business Mastercard ® *

The BMO World Elite®* Business Mastercard®* is one of Canada’s best travel points Mastercard for Business credit cards. You can earn up to 70,000 points as a welcome bonus:

• 50,000 points after you spend $5,000 in the first 3 months
• 20,000 points after you spend $35,000 in the first twelve months

Plus, there is no annual fee for the first year! And you get 2 free visits a year to DragonPass airport lounges.

You can also enjoy a 0% introductory interest rate on balance transfers for nine months (with a 3% transfer fee).

With the BMO World Elite®* Business Mastercard®*, you earn 4 points per dollar spent on:

• gas purchases
• office supply purchases
• cell phone/internet payments

And 1.5 points for every dollar you spend, including at Costco or for significant purchases at home improvement stores .

You can also combine the points you earn with the other two BMO Rewards cards to save even more on your travels.

With the BMO World Elite®* Business Mastercard®*, you get many travel insurance coverages :

• Collision Damage Waiver
• Car Rental Personal Effects & Business Property
• Car Rental Accidental Death & Dismemberment
• Baggage & Personal Effects
• Baggage insurance in case of delay
• Flight Cancellation
• Trip Interruption/Trip Delay
• Flight delay
• Common Carrier Insurance

And for your purchases :

• Extended Warranty

Great cards for Costco!

Both BMO Mastercard credit cards are accepted for all your Costco purchases, so you can earn BMO Rewards points!

Redeem points

Redeem your bmo rewards points for travel.

The most significant advantage of BMO Rewards points: there are no blackout periods.

You can redeem your BMO Rewards points anytime.

Unlike a loyalty program like Aeroplan or AIR MILES, you can redeem anytime for flights, hotels, cruises and vacation packages.

BMO Rewards points can be used for various types of travel booked with your BMO credit card at the travel agency or website of your choice :

• Car rentals
• Vacation packages

To redeem your BMO Rewards points, you’ll need to use the BMO Rewards website .

In all of these cases, the value of your BMO Rewards points will be 15,000 points = $100 (or 0.67¢/point) . And that’s the most value you can get out of them !

If you decide to cancel your car rental, BMO will make a statement credit on your credit card account (rather than a BMO Rewards points credit). An excellent way to redeem your BMO points for cash!

BMO Rewards Price Guarantee

You can call BMO Rewards if you can’t find what you want on the online portal.

But it is also possible to claim a price match guarantee !

Several rules are governing this price guarantee. BMO will match the price for most Canadian travel providers:

• Vacation Packages: Sunquest Vacations, ALBATours, TransatVacations, Nolitours, Signature Vacations, Air Canada Vacations , Sunwing and WestJet Vacations
• Airfare: Air Canada or WestJet

Redeem BMO Rewards points for investments/statement credit

After travel, the second-best BMO Rewards points redemption is through a BMO investment account . Not yet a BMO banking customer? Get a welcome offer with one of these BMO Banking Packages .

Here, 15,000 points = $100 (or $0.67/point).

On the other hand, we will totally advise you not to use your points as a statement credit: the rate is far from advantageous: 15,000 points = $50 (or $0.33 /point).

Redeem BMO Rewards points for Gift cards

Another option to redeem your BMO Rewards points is for gift cards.

Here, BMO Rewards points value is variable:

On average, here 10,000 points = $54 (or $0.54/point).

Products with BMO Rewards Points

Like any loyalty program, you can redeem your BMO Rewards points for products .

But, as we say in travel hacking:

You don’t buy a toaster with your points!

Here, we made the comparison on a product, the “Four Smart Oven Air Breville” sold for 90,000 BMO Rewards points.

This same oven costs $599 plus taxes on Best Buy / Amazon , or $688.70 in Quebec. This makes a valuation of 10,000 points = $76.52 (or 0.765 ¢).

Surprisingly, you find more value in buying this item than through travel! The exception confirming the rule?

After several valuation tests, we found that the value varies greatly from product to product (between 0.30 and 0.80 ¢!).

It will be up to you to test for your desired products!

Redeem BMO Rewards Points for experiences

Finally, you can redeem your BMO Rewards points for experiences!

This option applies to only a few cities in Canada. When writing this post, the only one in Quebec is in Mont-Tremblant.

64,500 BMO Rewards points for a getaway for two at Le Grand Lodge Mont-Tremblant:

• One night for 2 in a suite
• Breakfast for 2
• Bottle of wine
• Welcome cocktail

Compared to the rates spotted on the web, this values 10,000 points = $62 (or 0.62 ¢ per point).

Here is a table of your various options:

As you can see, the value of your BMO Rewards points can vary greatly.

One thing is for sure: do not use them for a statement credit; it is the worst possible redemption!

If you don’t redeem your points for travel, use it for investments, experiences or even gift cards.

What are BMO Rewards points?

BMO Rewards is Bank of Montreal’s (BMO) loyalty program. Points earned are called BMO Rewards points. These BMO Rewards points can be redeemed for travel, merchandise or gift cards through the BMO Rewards portal.

How do I earn BMO Rewards points?

There are five BMO Rewards Credit Cards , including one business credit card .

According to offers, each one gives you some welcome bonus points. You’ll earn points depending on your purchases charged to the credit card. Depending on your buyer profile, some cards will be more suitable than others.

For example, the BMO eclipse Visa Infinite* Card offers 5 points for every dollar spent on purchases:

Finally, other BMO Rewards credit cards are Mastercard , so it’s a good idea to use them at Costco . Take the time to read through the benefits of each card to match your needs.

How much is a BMO Rewards point worth?

Each BMO Rewards point is worth approximately 0.7 cents . So if you have 50,000 points, it’s a $350 value.

What are BMO Rewards points used for?

You can redeem BMO Rewards points in 5 different ways:

• Investments
• Experiences
• Statement credit

However, the best use is for travel. Here’s the approximate value of 10,000 BMO Rewards points based on the type of redemption:

Can BMO Rewards points be transferred to another program?

BMO Rewards points cannot be transferred to another program.

Do BMO Rewards points expire?

As long as a BMO Rewards credit card is open, the points are valid. After the account is closed, you have 90 days to use them.

What is the Best Price Guarantee at BMO Rewards?

BMO has a best price guarantee for most Canadian travel suppliers: Vacation Packages: Sunquest Vacations, ALBATours, Transat Holidays, Nolitours, Signature Vacations, Air Canada Vacations , Sunwing Vacations, and WestJet Vacations. And airline tickets: Air Canada or WestJet.

Is there an annual fee for BMO Rewards credit cards?

Some BMO Rewards credit cards have no annual fee, some are waiving the first-year annual fee and some not.

What’s more, there are minimum annual income requirements to apply for some cards (BMO Ascend World Elite Mastercard ), while others are available to all, such as the ® Rewards ® Mastercard ® *” href=”https://milesopedia.com/en/go/bmo-rewards-mastercard/” rel=”nofollow sponsored”>BMO Rewards Mastercard .

What are the other benefits of BMO Rewards credit cards besides points?

With select BMO Rewards Credit Cards , you get great insurance for travel or purchases, as well as extended warranties depending on the credit card you choose. You can also get free access to airport VIP lounges .

How do I apply for a BMO Rewards credit card?

As with most Canadian credit cards, Milesopedia is affiliated with Bank of Montreal (BMO). You can filter your search in the Credit Card Comparison Page , or go to the BMO Credit Cards page.

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BMO Harris Bank Credit Cards & Rewards Program [2023]

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Table of Contents

What is bmo harris rewards, bmo harris bank rewards credit cards, how to redeem bmo harris rewards, final thoughts.

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BMO Harris Bank is one of the oldest banks in the U.S., dating back to 1882 when it was known as N.W. Harris & Co.

Headquartered in Chicago, this major bank is a member of the Federal Reserve System and has branches in 9 U.S. states.

One lesser-known fact is that BMO Harris Bank is actually owned by the Bank of Montreal, a Canadian financial institution.

North America’s eighth-largest bank by assets also offers a suite of credit card products for consumers to choose from. Let’s take a look at the offerings and discuss whether they’re a good fit for your wallet.

BMO Harris Bank’s points program is referred to as BMO Harris Rewards . The points you earn and redeem are called BMO Harris Rewards points .

BMO Harris Bank uses Mastercard as its credit card payment network, and points do not expire as long as you have an active account in good standing and it has not been closed for any reason.

If your account has been closed for any reason, you have 90 days to redeem your BMO Harris Rewards points, at which point your rewards will all expire.

In total, BMO Harris Bank offers 4 major rewards credit cards that accrue BMO Harris Rewards points — 2 are consumer products, 1 is a business product, and 1 is a wealth management product.

In this next section, we’ll show you the pros and cons of each option.

BMO Harris Bank Premium Rewards Mastercard ®

BMO Harris Bank’s flagship credit card is the BMO Harris Bank Premium Rewards card, which offers the best rewards, benefits, and more.

To start, you’ll usually find a substantial welcome bonus as an introductory offer on the card. You’ll usually also enjoy a 0% introductory APR promotion on balance transfers (all balance transfers must be done within 90 days of account opening ).

Beyond that, you’ll earn according to the following structure:

• 3 points per $1 spent on eligible dining , hotels , and airfare , up to $2,500 in combined spend each calendar quarter
• 1 point per $1 spent on all other eligible purchases

Plus, you’ll get a 15% bonus on points earned every anniversary year , which will give you a welcome boost each year you renew your card.

With this card, you’ll also enjoy a Priority Pass Select membership with 2 complimentary visits to participating lounges every year, access to exclusive experiences through Priceless Cities, and no foreign transaction fees .

Other important benefits include mobile phone protection for up to $600 at no additional cost, extended warranty , and lost or damaged luggage insurance .

Security features include theft protection identity monitoring and resolution services, zero liability protection, and more.

The annual fee is $79 , which is waived the first year.

BMO Harris Bank Platinum Rewards Mastercard ®

The BMO Harris Bank Platinum Rewards card is a step below the BMO Harris Bank Premium Rewards card, though it offers most of the same rewards and benefits — all without an annual fee.

First, you’ll still enjoy a solid welcome bonus, though it won’t be as high as the premium card’s bonus.

Additionally, you’ll earn according to this structure:

• 2 points per $1 spent on eligible gas and groceries , up to $2,500 in combined spend each calendar quarter

You’ll get a 10% points bonus every year on purchases made in the calendar year since your anniversary date.

This card offers access to Priceless Cities, all the standard Mastercard security features, roadside assistance , MasterRental car rental coverage, and extended warranty.

The BMO Harris Bank Platinum Rewards card has no annual fee .

BMO Harris Bank Business Platinum Rewards Mastercard ®

As the only business credit card earning BMO Harris Rewards points, the BMO Harris Bank Business Platinum card allows you to get rewarded for your everyday business purchases.

When you open this card, you’ll earn a solid welcome bonus, as well as an introductory APR promotion for purchases and balance transfers .

Then, you’ll earn:

• 5x points per $1 on internet and phone services  (on up to $750 in spend per quarter)
• 4x points per $1 on office supplies and printing  (on up to $750 in spend per quarter)
• 3x points per $1 on gas  (on up to $750 in spend per quarter)
• 2x points per $1 on dining  (on up to $750 in spend per quarter)
• 1x point per $1 on all other purchases

Other benefits include up to 20 additional employee cards for no added fee, discounts on QuickBooks and TurboTax, and Mastercard Easy Savings for gas, meals, office supplies, hotels, and more.

You’ll also get all of the standard Mastercard protections, extended warranty, rental car coverage , roadside assistance, travel assistance, Priceless Cities access, and more.

This card has no annual fee .

BMO Wealth Management Premium Rewards Mastercard ®

We included this last credit card product because it does earn BMO Harris Rewards points. However, the twist is you need at least CAD 1 million (just over $788,000) in investable assets to apply for this card .

You’ll enjoy an elevated welcome bonus, as well as a 0% introductory balance transfer offer.

Additionally, you’ll earn points according to the same rewards structure as the BMO Harris Bank Premium Rewards card, only without the quarterly earnings cap:

• 3 points per $1 spent on eligible airfare, dining, and hotel purchases
• 1 point per $1 spent on all other purchases

You’ll also earn a 20% anniversary points bonus every year at your anniversary.

This card offers a complimentary Priority Pass Select membership with 4 complimentary lounge visits per year, no foreign transaction fees, roadside service, rental car coverage, lost or damaged luggage insurance, and extended warranty.

The annual fee is $175 , which is waived for the first year.

There is an abundance of ways you can use your BMO Harris Rewards points. Unfortunately, it’s impossible to tell in advance how much your points are worth without first having a credit card.

However, we called the issuer directly and discovered that your points are worth a flat 1 cent per point, regardless of how you redeem your points.

With your points, you can:

• Book travel
• Redeem for gift cards
• Buy merchandise
• Donate to charity
• Get a statement credit

All you need to do is visit the BMO Harris Rewards website and log into your account. From time to time, you may get a bonus of 10% to 20% on your rewards redemptions, depending on how you’re redeeming these points.

Overall, the BMO Harris Rewards program isn’t terribly exciting.

There aren’t a whole lot of products offering BMO Harris Rewards points, and these products don’t offer state-of-the-art travel perks or rewards.

Additionally, the redemption options are exceedingly simple with no opportunity to make use of travel partners or the like.

The information regarding the BMO Harris Bank Premium Rewards Mastercard ® , BMO Harris Bank Platinum Rewards Mastercard ® , BMO Harris Bank Business Platinum Rewards Mastercard ® , and BMO Wealth Management Premium Rewards Mastercard ® was independently collected by Upgraded Points and not provided nor reviewed by the issuer. 

Frequently Asked Questions

What are bmo harris rewards points worth.

In the U.S., BMO Harris Rewards points are worth a flat 1 cent per point, regardless of how you redeem them. Whether you’re booking travel, buying gift cards, or earning statement credits, points are worth 1 cent each.

How do BMO Harris Rewards points work?

BMO Harris Rewards points are earned through credit card spending on any of BMO Harris Bank’s eligible credit cards. Furthermore, you can redeem your points once you’ve earned them in a variety of ways.

What can you get with BMO Harris Rewards?

You can get solid value with your points, but nowhere near what other issuers like Chase , Amex , and Citi can offer. You can book travel, buy gift cards, donate to charity, or get cash-back at a value of 1 cent per point.

Do BMO Harris Rewards points expire?

No, BMO Harris Rewards points do not expire as long as your account is open. If your account is closed for any reason, you have 90 days to use your points before they expire.

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BMO Rewards: Redeem Points for Travel at 0.67cpp Permanently

BMO Rewards has made a favourable permanent change to its program: no longer will you need to redeem points through the BMO travel portal; instead, you’ll be able to book any travel using your BMO Rewards credit card and apply points to it at the optimal ratio of 0.67 cents per point (cpp).

Redeem BMO Rewards at 0.67cpp Permanently 

BMO is one of the banks whose reward program we’ve been critical of in the past, particularly due to unpopular moves like reducing the travel redemption rate from 0.71cpp down to 0.67cpp .

To add insult to injury, the resulting ideal redemption rate of 150 BMO Rewards points = $1 in value was exclusively available on the BMO Rewards Travel Portal, which can often be quite buggy.

Prior to this year, if you wished to redeem BMO Rewards for any other type of purchase not made on their web portal, then you’d have to accept a frankly pathetic rate of 200 BMO Rewards Points = $1 . This amounts to an uninspiring 0.5cpp.

Now, BMO has at least recognized that they may need to experiment with the inflexibility of their redemption model and offer consumers a little bit more punch for points redemptions.

That’s why going forward, you’ll be able redeem your BMO Rewards points on all travel purchases anywhere at the aforementioned ideal rate of 150 points per $1, or 0.67cpp.

As long as your BMO Rewards credit card purchase codes as flights, hotels, car rentals, cruises, buses, trains, or any other type of travel, you’ll be good to go when it comes time to burn your BMO Rewards points.

To redeem, simply sign into bmorewards.com , select the “Pay with Points” tab, and use as many points as you desire to offset your qualifying purchase.

Why Should You Pay Using BMO Rewards Points?

This permanent change is ideal, because it not only allows you to redeem your points however you want, but it also lets you avoid the bank’s in-house travel agency (if and when it ever reopens). Oh, didn’t I mention that there’s trouble in paradise?

At the moment BMO Rewards’s own internal travel portal isn’t functioning at all, and the issuer has indicated no timeline of when it might reopen. Therefore, this option to redeem on travel your own way is the only way to extract maximum value from the BMO Rewards program.

Normally, flying on itineraries booked with an internal travel agency such as BMO’s can prevent you from earning rewards, such as Aeroplan points or Alaska miles . Booking hotels would similarly preclude you from earning sweet rewards, such as World of Hyatt points or Marriott Bonvoy elite qualifying nights.

Likewise, you wouldn’t be able to garner benefits such as suite upgrades or free breakfast that you might earn as a result of being a hotel elite member. Furthermore, you also wouldn’t be able to employ the “Latitude Attitude” and use eUpgrades to instantly transform your cheap economy seat into a business class one .

This new option of redeeming on travel “as you go” provides a much more competitive experience: you can book any travel directly with the provider, entitling you to all of the points, nights, and benefits offered by your chosen loyalty program, and then retroactively use BMO Rewards points to offset the charge.

Effectively, BMO Rewards is now on par with HSBC Rewards and Scotiabank’s Scene+ as one Canada’s more flexible travel rewards currencies.

Now if only the rest of the Big 5 banks would catch up – I’m looking at you, CIBC Aventura and TD Rewards…

Best BMO Credit Cards for Earning BMO Rewards

The most basic BMO Rewards product, the aptly-named BMO Rewards Mastercard, is barely worth mentioning due its low welcome bonus of 10,000 points, which is equivalent to $67 in travel. That’s barely even a Megabus ticket.

At the other end of the spectrum is the BMO eclipse Visa Infinite Privilege . This card has a hefty $499 annual fee, but it offers a $200 annual credit to offset the cost, as well as a welcome bonus of 50,000 BMO Rewards Points after spending $6,000 in the first three months of holding the card. It also includes six DragonPass lounge passes.

These points would be worth $365 toward travel going forward. Therefore, after paying the high annual fee, your profit would only be $66, plus some lounge visits.

However, I think it’s BMO’s middle-of-the-road cards that offer the best value under the current promotion.

While the BMO Ascend World Elite Mastercard is second-rate by comparison, it still offers a decent sign-up bonus of 30,000 points after spending $3,000 in the first three months, as well as a waiver of the $150 annual fee.

$200 in travel for free isn’t insignificant, and the card also comes with four complimentary DragonPass lounge visits per year.

On the other hand, you have the BMO eclipse Visa Infinite , which in my opinion is the clear winner. Its $120 annual fee is waived in the first year, and you instantly receive a $50 per calendar year in lifestyle credit.

Furthermore, its welcome bonus of 30,000 BMO Rewards points after spending $3,000 in the first three months puts it on par with the BMO Ascend World Elite Mastercard, and it earns 5x the points on eats, drinks, and groceries. 

When it comes to the Bank of Montreal, I often have mixed feelings. Their constant devaluations of signature products leave a poor taste in the consumer’s mouth, and I’ve felt in recent years as if the company hasn’t kept pace at all with their competitors.

As a result, it’s good to see this financial institution finally make a proactive choice by attempting to refresh their beleaguered in-house BMO Rewards program by making it possible to redeem points against any travel at the optimal value of 0.67cpp.

Still, if BMO is to become a serious contender, this is but a preliminary step to rebuilding customer goodwill and competitive advantage. Due to the recent pattern of devaluations, it’s almost certainly better to keep on redeeming BMO Rewards quickly, instead of trying to build them into a stash. 

Until next time, don’t use in-house online travel agencies.

• Earn 80,000 MR points upon spending $15,000 in the first three months
• Plus, earn  40,000 MR points  upon making a purchase in months 14–17 as a cardholder
• And, earn 1.25x MR points on all purchases
• Also, receive a $200 annual travel credit
• Transfer MR points to Aeroplan and other frequent flyer programs for premium flights
• Unlimited airport lounge access for you and one guest at Priority Pass, Plaza Premium, Centurion, and other lounges
• Credits and rebates for business expenses throughout the year with Amex Offers
• Bonus MR points for referring family and friends
• Qualify for the card as a sole proprietor
• Annual fee: $799

Thank you, Kirin, for your analysis of the BMO credit card and point rewards.

I try to maximize my CIBC Visa Infinite Priviledge Aeroplan hoping to obtain AC 50k status this year

I recently switch one mortgage from CIBC to BMO. I was offered the BMO Visa Eclipse with the $120 waived and $50 bonus.

I’m still trying to figure out when to use each of them.

Does the hotel trick work with BMO reward points? Thanks

Hi Kirin, If you transfer the points into a BMO savings account, is there any minimum holding period before you can withdraw it? Can I transfer to the Smart Saver and then cash it out within the week and effectively cash out the points?

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By Keph Senett  and  Luca Tatulli on May 3, 2024 Estimated reading time: 6 minutes

BMO Ascend World Elite Mastercard review

Everything you need to know about BMO Ascend World Elite, from what travel rewards are included to whether it’s worth the annual fee.

If you’re itching to travel again, BMO has a card designed to help you get there. With an attractive insurance package and perks like airport lounge access, the BMO Ascend World Elite Mastercard seeks to tempt users into the BMO Rewards program. But here’s the big question: Is the card good enough to justify the $150 annual fee? We delve into what the card offers and show you exactly how it stacks up against other travel reward cards.

BMO Ascend World Elite Mastercard

• Annual fee: $150
• Earn rates: 5 points per $1 spent on eligible travel purchases; 3 points per $1 on dining, entertainment, and recurring bill payments; 1 point per $1 on everything else
• Welcome bonus: You can earn up to 100,000 points and the annual fee waived in the first year for both the primary cardholder and authorized users.
• Annual income requirement: Personal income of $80,000 or household income of $150,000
• Points values: 1 BMO Rewards point = $0.0067 when redeemed for travel
• Interest rates: 20.99% on purchases, 23.99% on cash advances, 23.99% on balance transfers

5 things you need to know about the BMO Ascend World Elite Mastercard

• The card lets you collect BMO travel rewards The BMO Rewards program allows you to earn BMO Points on your credit card purchases, redeemable for travel expenses such as flights (including all taxes), hotels, cruises and vacation packages. With the BMO Ascend World Elite Mastercard, you earn 5 points per dollar on travel, 3 points per dollar on dining and entertainment and 1 point per dollar on everything else—a competitive offering.
• The card has a generous sign-up bonus New members can earn up to 100,000 points and the annual fee waived in the first year for both the primary cardholder and authorized users.
• You’ll get airport lounge access Cardholders of the BMO Ascend World Elite Mastercard receive complimentary membership to Mastercard Travel Pass by DragonPass which entitles them to VIP access and four annual complimentary passes, good at 1,000 airport lounges across the globe.
• It comes with great travel insurance The BMO Ascend World Elite Total Travel and Medical Protection package is a tempting and valuable perk, providing out-of-province/out-of-country emergency medical protection up to $5 million, plus coverage for flight delay or cancellation, lost or delayed baggage (including personal effects insurance), and car rental collision damage coverage. Purchased separately, this coverage could cost around $120 per trip, but cardholders get it for an unlimited number of journeys of up to 21 days each.
• It’s widely accepted  While most main credit card processors enjoy extensive international coverage, Mastercard has an edge as the only brand accepted at Costco .

How do I redeem my BMO Rewards?

With BMO Rewards, the redemption process is as simple as logging in to your account. To redeem for rewards, you can avail yourself of the full-service online travel agency or shop from their catalogue. You can book with any airline without blackout dates or seat restrictions, and BMO also offers price matching, so you can be sure you’re getting the very best deal.

What are BMO Rewards Points worth?

Points redeemed for travel come in at a value of 140:$ 1 ($0.007 per point), m eaning that you’ll need 35,000 points for $250 towards travel expenses. Importantly, you don’t have to redeem a minimum number of points, or any, to book travel—and you can pay whatever your points don’t cover by charging that amount to your card. Redemptions for gift cards and merchandise are just as simple (you select from an online catalogue), but you’ll typically get less value from your points compared to travel. Finally, you can redeem your points for financial products, but this option comes at a steep reduction in value. For 7,000 points you can get $50 in a BMO investment account (which is about $0.007 per point) , or for 15,000 points you’ll receive $50 towards your credit card bill (about $0.003 per point). With all these redemption options, the BMO Rewards program is extremely flexible—this is one of the main reasons it’s so popular—but for the very best point-to-dollar ratio, travel rewards are the way to go.

Does BMO Ascend World Elite Mastercard have trip cancellation insurance?

The BMO Ascend World Elite Mastercard has a strong travel coverage package, the card offers both trip cancellation and trip interruption insurance. The card has got you covered for up to $1,500 for the non-refundable and non-transferable portion of your canceled trip. As for trip interruption, BMO has also got your back , as it will cover up to $2,000 for the cost of one-way airfare departure and any unused non-refundable prepaid arrangements. 

Does the BMO Ascend World Elite Mastercard come with lounge access? 

With the BMO Ascend World Elite Mastercard, you get a free membership to Mastercard Travel Pass, which gives you four annual airport lounge visits that can be used at 1,000 airport lounges worldwide.

What are the best ways to benefit from this card?

Even though the BMO Rewards program offers numerous redemption possibilities, travel rewards give you the very best value—with no seat restrictions or blackouts. Add to that the card’s airport lounge access , and travel and medical insurance, and you’ve got a very competitive product for travellers.

Are there any drawbacks to the BMO Ascend World Elite Mastercard?

Despite a very strong showing in many respects, there are a few drawbacks you should be aware of. The first is that the BMO Ascend World Elite Mastercard commands an income threshold of $80,000 per year for an individual (or $150,000 per household) an d an annual fee of $ 150 (most travel cards come in around the $120 mark). An extra $30 per year may not matter much to high-earners, but the fee may give you pause, especially when you consider that some cards offer more lucrative bonus categories. The Scotiabank Gold American Express , for example, offers 5 Scotia Points on restaurants and groceries. Finally, the BMO Rewards website could use some work, given that it’s the portal through which users must make redemptions. Improvements to site speed would go a long way to keeping customers happy, and would help cement the brand’s reputation as a top-tier provider. The $ 150 annual fee on the BMO Ascend World Elite Mastercard is nothing to sneeze at, but for frequent flyers, the travel rewards more than make up the expense. If you’re interested in BMO cards, but don’t want to collect travel rewards, check out our list of BMO’s best credit cards .

Is the BMO Ascend World Elite Mastercard worth the annual fee?

The answer to whether the BMO Ascend World Elite Mastercard is worth the high annual fee of $150 will depend on a variety of factors. If you’re a frequent flyer and traveler and earn more than the card’s income requirement, the answer is yes. The annual fee would most likely be canceled out by the free lounge access and travel insurance, if you’d be paying for those two services out of pocket each time you travel. On the other hand, the card’s high-income requirement and annual fee may be a barrier for some and a reason to choose another card instead. And, if you’re a fan of earning cash back instead of points then may not be the best choice since there is no such offering with the card. 

More on  credit cards :

• Canada’s best credit cards for gas
• Canada’s best credit cards for grocery purchases
• Best cash back credit cards
• Tangerine credit card review: Is it really the best no-fee credit card in Canada?

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Club Rewards

Where will your journey take you.

You'll be on your way to earning Club Rewards points on all of your purchases with your Diners Club Card. Buy what you need, earn points toward what you want. It's that easy!

Diners Club invented the first card-based rewards program, and even after 20 years, it's easy to see why Club Rewards is so highly acclaimed.

• At a Glance
• Personalized Rewards
• Tailored Travel
• Catalog  
• Check Your Balance
• Earn one Club Rewards point for every eligible dollar charged. ($1 USD charged = 1 Club Rewards point) 1
• Grocery stores/supermarket
• Drug store/pharmacy
• Automobile fuel service stations - pay at the pump only
• No limit to the amount of points you can earn.

Enhance your life journey with Club Rewards. Turn your everyday purchases into unique, tailored rewards and memorable experiences. 2

• World-class merchandise: Select from hundreds of brand-name merchandise options, from electronics and home essentials to sports and outdoors.
• Gift Certificates-eGift Certificates: Choose from a selection of retail, dining, hotel, car rental and gas certificates from national establishments.
• Self-Booking Travel Tool: Use Club Rewards' new Self-Booking Travel tool to search and book your flights or car rentals.
• Tailored Travel Credit: Fly on virtually any airline, at anytime, with no blackout dates and no restrictions on the number of seats available, or use your points for hotel stays, car rentals and cruises.
• Frequent Flyer Miles: Redeem Club Rewards points for miles with numerous frequent flyer programs.
• Frequent Guest Points: Use your points in participating hotel frequent guest programs. You must be enrolled in the frequent guest program in order to redeem your points.
• Personalized Rewards: Cardmembers with 50,000+ points can design their own reward. Whatever the wish... whatever the dream... we'll help make it come true.

For more information or to redeem your points, visit the Club Rewards website at clubrewardsus.com or call 1-800-234-4034 (Monday – Sunday 9 a.m. – 9 p.m. (ET). Closed all national holidays.)

• Club Rewards ® points are earned on all purchases less credits. One Club Rewards point is awarded per eligible dollar charged on all Diners Club ® Card products, except for (i) the Professional Diners Club Credit Card that awards one Club Rewards point for every two dollars charged, (ii) the Diners Club Card Elite earns three Club Rewards points for every eligible dollar charged at grocery stores, supermarkets, drug stores, pharmacies and automobile fuel service stations when you pay at the pump; and (iii) certain centrally billed Corporate Card accounts that earn at different ratios. Transactions not eligible for Club Rewards points include, but are not limited to, card fees, additional card fees, payments, cash advances, foreign conversion charges and insurance charges. There are circumstances where Club Rewards points may be forfeited.
• You must be a current Cardmember with an open account in good standing to earn and redeem Club Rewards points.

Dream It. Do It

Skydiving in Vegas, lift tickets in Aspen or dinner al fresco in Rome — make your dreams come true with Personalized Rewards.

Personalized Rewards is a unique service offering members with 50,000+ Club Reward points the privilege of obtaining rewards beyond what we feature in the catalog. Simply dream your reward, and let Club Rewards make it happen!

When you are ready to redeem for your very own Personalized Reward, simply call Club Rewards at 1-800-234-4034 (Monday – Sunday 9 a.m. – 9 p.m. (ET) except U.S. banking holidays.) A consultant will research your request and let you know the number of points required. Super simple. Super brilliant.

Some examples of Personalized Rewards

• Orthodontia: Nothing's cheerier than your child's bright smile. Bring a smile to your face too!
• Purchase of land: A spread in Texas; a ranch in New Mexico? Your dream can come true.
• Down payment on a car: Drive away with an easy deal. Getting into your dream car is easier than you think.
• Condo rental for two months: Escape to a luxury condo on the beach — your home away from home.
• Personal wine cellar: Have you always wanted a custom wine cellar? Or, perhaps help selecting your own private collection? Now you can have it. Choose a premium wine rack system for 200 to 2,000 bottles or secure the services of a wine connoisseur.

Dream. Then call 1-800-234-4034.

With our Tailored Travel program, you decide where, when and how you travel. Fly on virtually any airline, anytime, stay at the hotel of your choice, rent the car you'd prefer or take a cruise when you want — all with no blackout dates and no restrictions. Simply book with your preferred travel provider and charge it to your Diners Club Card then pay for it with your Club Rewards points.

For more information, visit clubrewardsus.com or call our Club Rewards Call Center at 1-800-234-4034 .

Club Rewards members have exclusive access to a wide range of premium rewards. Select from hundreds of brand-name merchandise options including electronics, home goods, sports gear and even gourmet food and wine, to name just a few. Or choose from a variety of gift cards from leading retailers, restaurants, hotels and entertainment venues.

Check your Club Rewards ® point balance

Simply log in to BMO Digital Banking to view detailed information about your point balance. Follow the steps below.

• Log in to your account*
• Select your Diners Club Card account from the Account summary page
• Click "View and Redeem" on the Account details page

Once you click on "View and Redeem," you will be taken directly into your Rewards account.

* If you have not registered for an account, you will need to enter your cardmember information to create a user ID and password.

Personal Assistant

At your service 24 hours a day, 7 days a week.

Special Cardmember Promotions

QUICK LINKS

• BMO Digital Banking App
• Find an Airport Lounge
• Currency Converter
• Need a Corporate Solution?
• Cardmember Agreements
• Diners Club ® Travel App

Banking products and services are provided by BMO Bank N.A. and are subject to credit approval. BMO and BMO are trade names used by BMO Bank N.A. Member FDIC. Diners Club ® , Diners Club International with Split Circle Device, Carte Blanche ® , Club Rewards ® , Club Cash ® , Global Vision ® and T+E Reconciler ® are registered trademarks of Diners Club International Ltd.

Mastercard and the circles design are registered trademarks of Mastercard International Incorporated.

New to Chase Ultimate Rewards? Here are 3 easy ways to redeem 75,000 points

T here's never been a better time to consider applying for one of the Chase Sapphire cards , with both cards currently offering elevated welcome bonuses for a limited time only. These are the highest bonuses we have seen on these two popular cards in over a year.

The Chase Sapphire Preferred® Card currently offers 75,000 bonus Ultimate Rewards points after you spend $4,000 on purchases in the first three months from account opening, as well as:

• 5 points per dollar spent on Lyft (through March 2025)
• 5 points per dollar spent on all travel purchased through Chase Travel℠
• 3 points per dollar spent on dining , including eligible delivery services, takeout and dining out
• 3 points per dollar spent on select streaming services
• 3 points per dollar spent on online grocery purchases (excluding Target, Walmart and wholesale clubs)
• 2 points per dollar spent on all other travel
• 1 point per dollar spent on all other purchases

The Sapphire Preferred has no foreign transaction fees and has many travel perks , including delayed baggage insurance, trip interruption/cancellation insurance and primary car rental insurance .

Meanwhile, the Chase Sapphire Reserve® currently offers 75,000 bonus Ultimate Rewards points after you spend $4,000 on purchases in the first three months from account opening and also earns:

• 10 points per dollar spent on Lyft (through March 2025)
• 10 points per dollar spent on Chase Dining booked through Ultimate Rewards
• 10 points per dollar spent on hotel and car rental purchases through Chase Travel
• 5 points per dollar spent on airline travel booked through Chase Travel
• 3 points per dollar spent on travel not booked through Chase
• 3 points per dollar spent on other dining purchases
• 1 point per dollar spent on all other eligible purchases

Other perks include an easy-to-use annual travel credit worth $300, a fee credit for Global Entry or TSA PreCheck (up to $100 once every four years) and Priority Pass Select lounge access, as well as entry to the growing list of new Sapphire lounges . Cardholders also get primary car rental coverage, trip interruption/cancellation insurance and other protections .

Chase points are really valuable because of the number of ways you can use them. We generally recommend maximizing these points by transferring them to airline and hotel partner programs but recognize this could be complex to navigate if you are a beginner.

If you are new to Chase cards and haven't earned Ultimate Rewards, you may be daunted by the plethora of redemption options — but don't fret. We are looking at easy ways a Chase Ultimate Rewards beginner can get real value from 75,000 points with minimal effort.

Related: The complete guide to Chase Ultimate Rewards

Book travel via Chase Travel

You can use your Ultimate Rewards points to easily reduce the cost of virtually any plane ticket, hotel stay, rental car or experience when you book worldwide travel through the Chase Travel portal . You don't need to worry about airline partners, alliances or award availability using your Chase points in this way.

As a Chase Sapphire Preferred cardholder, when you redeem your points for travel, each point is worth 1.25 cents. If you have the Chase Sapphire Reserve , your points are worth 1.5 cents each toward travel redemptions in the portal. This means the current 75,000-point welcome bonus would be worth $937.50 if you have the Preferred card or $1,125 if you have the Reserve card.

If you wanted to book a Main Cabin flight from New York's LaGuardia Airport (LGA) to Miami International Airport (MIA) for $129 through Chase Travel, you could choose to reduce the price to $0 by redeeming Ultimate Rewards points.

If you have the Chase Sapphire Preferred, your points would be worth 1.25 cents each, so you could use 10,320 Ultimate Rewards points to reduce the price to zero (or a mix of cash and points, if you prefer).

If you have the Chase Sapphire Reserve, your points would be worth 1.5 cents each, so you could use just 8,600 Ultimate Rewards points to reduce the price to zero. Another way of thinking about this is that the 75,000-point welcome bonus on the Sapphire Reserve would be enough to fly a family of four round trip to Florida on American Airlines for no cash if redeeming Ultimate Rewards through Chase Travel.

Get additional cash back for gas and pet purchases and charitable donations

Chase's Pay Yourself Back option allows cardholders to use points at a redemption value similar to booking travel. This won't typically give you the maximum value for your Ultimate Rewards points you can get when strategically using transfer partners; however, it could be a good choice if you're looking for a simple return or are sitting on a pile of points without immediate use.

You can redeem your Ultimate Rewards points at a rate of 1.25 cents each on the Chase Sapphire Preferred or 1.5 cents on the Chase Sapphire Reserve as statement credits for donations you make to the following charities until June 30:

• American Red Cross
• Equal Justice Initiative
• Feeding America
• Habitat for Humanity
• International Medical Corps
• International Rescue Committee
• Leadership Conference Education Fund
• Make-A-Wish America
• NAACP Legal Defense and Education Fund
• National Urban League
• Out & Equal Workplace Advocates
• Thurgood Marshall College Fund
• United Negro College Fund
• World Central Kitchen

If you have the Reserve card, you can use the Pay Yourself Back feature to redeem Ultimate Rewards points for 1.25 cents each for purchases at gas stations, pet supply stores and services, wholesale clubs and cardholder annual fees.

If you wish, you could reduce the annual fee of the Reserve card to zero in the first year by redeeming 44,000 Ultimate Rewards points while still enjoying all the perks of the Reserve card.

Requesting a credit through Chase's Pay Yourself Back program is relatively straightforward. Log in to your eligible Chase account via the mobile app or desktop and select the "Pay Yourself Back" option in the redemption menu.

Next, you'll see a list of eligible purchases to redeem points. Points can be redeemed for purchases as far back as 90 days. You can offset the full purchase amount, assuming you have enough points to cover it, or you can redeem a smaller amount if you prefer.

From there, you can confirm the redemption value and amount of points required and then choose to complete the transaction. Your statement credit should be posted within three business days.

Save money on all purchases

Another no-fuss way to use your Ultimate Rewards is to earn statement credits on every purchase. You can redeem 1 Ultimate Rewards point to save 1 cent on any purchase you make on either card. This means 75,000 points could save you $750 on any purchase you like, even if you don't travel.

If you want to save money on the purchases you are making every day, this could be an easy way to do it. When you receive your monthly credit card statement, you can apply as many Chase points as you wish to reduce the balance owed.

Bottom line

While you'll get the most value from your Ultimate Rewards by transferring them to airline and hotel partners to redeem for premium cabin flights and luxury hotel stays, you may want a simpler way to save money on your everyday purchases.

If you are new to Ultimate Rewards, these are simple daily ways to save. Don't miss out on the elevated 75,000 Ultimate Rewards welcome bonuses available on the Chase Sapphire Preferred Card and the Chase Sapphire Reserve .

Editorial disclaimer: Opinions expressed here are the author’s alone, not those of any bank, credit card issuer, airline or hotel chain, and have not been reviewed, approved or otherwise endorsed by any of these entities.

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Federal Regulators Are Investigating Airline and Credit Card Rewards

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Are credit card rewards and airline frequent flyer programs too complicated? The Consumer Financial Protection Bureau (CFPB) thinks so. Now, the government agency is considering cracking down on these kinds of rewards programs, according to a recent report from the CFPB.

In a joint hearing Thursday with the CFPB and the U.S. Department of Transportation (DOT), a panel of representatives from small airlines, banks and consumer advocacy groups, argued that major credit card companies engage in potentially unfair or deceptive practices that might affect travelers. CFPB Director Rohit Chopra and U.S. Secretary of Transportation Pete Buttigieg moderated the panel.

Problems like vague or hidden conditions, devalued rewards, redemption issues and the loss of previously earned rewards are front and center.

“This is going to help and inform both the CFPB and DOT to take the next steps, because ultimately we want to make sure that every family is getting what’s promised and that we have a fair, transparent and competitive market,” Chopra said in prepared remarks.

Panelists were industry leaders, including representatives from smaller, low-cost airlines like Allegiant Air, Spirit Airlines, and Breeze Airways.

Representatives from the largest U.S. airlines were notably absent.

Hot topics regulators have their eyes on

“bait and switch” tactics.

The CFPB identified a trend that it calls “bait and switch" tactics, where credit card companies heavily market rewards programs, but hide the conditions in fine print.

One example is the requirement to keep an account open for a certain length of time to be able to keep the rewards earned through a sign-up bonus.

“I had to call customer service to find out that a requirement to keep the account open for 12 months was not anywhere in the glossy, colorful marketing letter … but instead no doubt buried deep in the fine print,” according to one complaint in the CFPB’s report.

Redemption challenges

Not only are customers having trouble earning rewards, but redeeming them as well. The CFPB’s report called out customer service issues, technical glitches, difficulties transferring rewards and the lack of award availability.

Morgan Harper, the Director of Policy and Advocacy at the American Economic Liberties Project — a nonprofit that advocates for corporate accountability legislation — pointed out that when loyalty programs launched, airlines generally had more available seats than they do today. That has caused airlines to either require more points for the same seat, or to not offer award availability, period.

Confusion around point values and devaluation

What is a point worth ? A NerdWallet analysis of 18 major airline loyalty programs in 2024 found that airline miles are worth anywhere from 0.6 cent (that’s for Emirates Skywards) to as much as 2.8 cents (that’s at ANA Mileage Club). But that’s just a baseline value. Actual values differ based on the comparable cash fares, class of service and route.

Credit card rewards points, meanwhile, can fluctuate in value based on how savvy a traveler is at booking rewards with transfer partners.

“I’ve found myself sometimes on a flight doing the napkin math,” Buttigieg said during Thursday’s panel. “If they are selling me a sandwich for $14, or I can get it for 11,000 points, I find myself calculating the value of points.”

Because of airlines’ opaque currency and dynamic pricing systems, customers don’t have a good sense of the value of their rewards. Programs also regularly devalue their points by raising the number of points required to book the same travel services.

Loss of rewards upon account closure

Then there’s the question around what happens to your points when you close an account . The CFPB report highlighted how rewards disappear through expiration policies or upon account closure. According to complaints submitted to the CFPB, some customers feel those policies aren’t actively communicated.

And some accounts are closed involuntarily. Issuers may close an account for many reasons, like if the customer is in default, the account is inactive or a major change has occurred, such as a significant credit score drop. Some customers have complained that unexpectedly losing rewards on top of losing credit line access is particularly painful.

Do reward programs need government regulation?

The CFPB received more than 1,200 complaints about credit card rewards in 2023. That’s a 70% increase over pre-pandemic levels, and it’s one of the reasons that CFPB is investigating the matter further.

However, many frequent travelers and tourism organizations expressed during the hearing that they don’t want the government to touch their rewards. Other travel industry experts suggest that if loyalty programs are really that bad, consumers will self-select out.

“The incentives for airlines to get it right are aligned,” said Tiffany Funk, co-founder at travel reward search platform Point.me, in an email. “Consumers don’t tend to continue to engage with companies they feel are abusing them. Airlines and consumers both benefit when earning and redeeming points is a positive experience.”

Thursday’s panel was one of the early steps in assessing whether government regulators will need to get involved to make airline and credit card rewards more transparent.

“The CFPB will be looking for ways to protect people's points, stop bait-and-switch scams, and promote a fair and competitive market for credit card rewards,” Chopra says.

How to maximize your rewards

You want a travel credit card that prioritizes what’s important to you. Here are our picks for the best travel credit cards of 2024 , including those best for:

Flexibility, point transfers and a large bonus: Chase Sapphire Preferred® Card

No annual fee: Bank of America® Travel Rewards credit card

Flat-rate travel rewards: Capital One Venture Rewards Credit Card

Bonus travel rewards and high-end perks: Chase Sapphire Reserve®

Luxury perks: The Platinum Card® from American Express

Business travelers: Ink Business Preferred® Credit Card

on Chase's website

1x-5x 5x on travel purchased through Chase Travel℠, 3x on dining, select streaming services and online groceries, 2x on all other travel purchases, 1x on all other purchases.

75,000 Earn 75,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's over $900 when you redeem through Chase Travel℠.

1.5%-5% Enjoy 5% cash back on travel purchased through Chase Travel, 3% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service, and unlimited 1.5% cash back on all other purchases.

Up to $300 Earn an additional 1.5% cash back on everything you buy (on up to $20,000 spent in the first year) - worth up to $300 cash back!

on Capital One's website

2x-5x Earn unlimited 2X miles on every purchase, every day. Earn 5X miles on hotels and rental cars booked through Capital One Travel, where you'll get Capital One's best prices on thousands of trip options.

75,000 Enjoy a one-time bonus of 75,000 miles once you spend $4,000 on purchases within 3 months from account opening, equal to $750 in travel.