Platinum Rewards Mastercard® from BMO Harris Bank Review

Navigating the myriad of credit cards available on the market can be overwhelming. However, if you are looking for a card with robust rewards for everyday expenses like gas and groceries, the Platinum Rewards Mastercard® from BMO Harris Bank may be a suitable option. This review will delve deep into the card’s features, benefits, and drawbacks, providing you with comprehensive insights to help you make an informed decision.

Platinum Rewards Mastercard® from BMO Harris Bank Key Takeaways

Before diving into the detailed analysis, here are some key takeaways about the Platinum Rewards Mastercard®:
– Reward Structure: Earn 2x points per $1 spent on eligible gas and groceries, up to $2,500 in combined spend each calendar quarter. Earn 1x point per $1 spent on all other eligible purchases.
– Bonus Points: Receive 25,000 bonus points when you spend $2,000 within the first 3 months of opening your account.
– Annual Fee: $0
– Introductory APR for Balance Transfers: 0% for 12 months from the date of first transfer, when transfers are completed within 90 days of account opening.
– Purchase APR: 21.24% – 28.24% Variable
– Balance Transfer APR: 21.24% – 28.24% Variable
– Cash Advance APR: 32.49% Variable
– Credit Score Requirement: Good to Excellent (670-799)

Platinum Rewards Mastercard® from BMO Harris Bank Pros and Cons

Pros

1. No Annual Fee: One of the standout features of this card is the $0 annual fee, making it an accessible option for budget-conscious consumers.
2. Attractive Intro APR for Balance Transfers: The 0% introductory APR for balance transfers for 12 months can be a significant advantage if you need to consolidate debt.
3. Generous Bonus Points: The 25,000 bonus points after spending $2,000 in the first three months is a substantial incentive for new cardholders.
4. Flexible Reward Points: The points earned can be redeemed for a variety of rewards, including travel, merchandise, and gift cards.
5. Payment Flexibility: The card provides flexibility in terms of payment, which can be beneficial for managing your finances.

Cons

1. High Regular APR: The variable APR of 21.24% – 28.24% is on the higher side, which can be a disadvantage if you plan to carry a balance.
2. Foreign Transaction Fee: This card charges a fee for foreign transactions, making it less ideal for international travel.
3. Limited Elevated Rewards Cap: The 2x points on gas and groceries are capped at $2,500 per quarter, which may be limiting for heavy spenders in these categories.
4. High Cash Advance APR: The cash advance APR is quite high at 32.49%, which can lead to significant interest charges if not paid off quickly.

Platinum Rewards Mastercard® from BMO Harris Bank Benefits

Reward Structure

The reward structure of the Platinum Rewards Mastercard® is designed to benefit cardholders who frequently spend on gas and groceries. You earn:
– 2x Points per $1 spent on eligible gas and groceries, up to $2,500 in combined spend each calendar quarter.
– 1x Point per $1 spent on all other eligible purchases.
This structure makes the card particularly appealing for individuals or families who spend a significant portion of their budget on these everyday essentials.

Bonus Points

New cardholders can earn a substantial welcome bonus of 25,000 points after spending $2,000 within the first three months of account opening. This can provide a significant head start in accumulating points, especially if you have some planned expenses that can help you meet the spending requirement.

No Annual Fee

The absence of an annual fee makes this card an attractive option, as it allows you to reap the benefits of the rewards program without the burden of an ongoing cost. This feature is particularly beneficial for those who are cautious about accruing additional fees and are looking to maximize their rewards.

Introductory APR for Balance Transfers

The 0% introductory APR for balance transfers for the first 12 months is a valuable feature for those looking to consolidate debt. This can provide a significant period of relief from interest charges, allowing you to pay down your balance more effectively.

Payment Flexibility and Fraud Protection

The Platinum Rewards Mastercard® offers payment flexibility, making it easier to manage your finances and avoid late fees. Additionally, the card comes with robust fraud protection features, ensuring that your transactions are secure and that you are protected against unauthorized charges.

Purchase and Extended Warranty Protection

The card also includes purchase protection and extended warranty protection, which can provide peace of mind when making significant purchases. These features can offer additional coverage beyond the manufacturer’s warranty, safeguarding your investments in case of damage or defects.

Good to Excellent Credit Requirement

The card is designed for individuals with good to excellent credit (670-799). If you fall within this credit score range, you are more likely to be approved and can benefit from the competitive features and rewards offered by this card.

Rate and Fee Information

Understanding the rate and fee structure is crucial when evaluating a credit card. Here’s a detailed look at the rates and fees associated with the Platinum Rewards Mastercard®:

Purchase APR

The purchase APR ranges from 21.24% to 28.24% variable. This is relatively high, so it’s essential to pay off your balance in full each month to avoid interest charges.

Balance Transfer APR

The same variable APR of 21.24% to 28.24% applies to balance transfers after the introductory period. The 0% introductory APR for the first 12 months can be a valuable feature if you need to transfer and pay down existing debt.

Cash Advance APR

The cash advance APR is a steep 32.49% variable. It’s advisable to avoid cash advances due to the high-interest rate and the immediate accrual of interest charges from the transaction date.

Fees

– Annual Fee: $0
– Balance Transfer Fee: Either $10 or 4% of the amount of each balance transfer, whichever is greater.
– Cash Advance Fee: Either $10 or 5% of the amount of each cash advance, whichever is greater.
– Return Payment Fee: Up to $39
– Late Payment Fee: Up to $39

How to Maximize Your Rewards

To get the most out of your Platinum Rewards Mastercard®, consider the following strategies:

Focus on Gas and Groceries

Maximize your rewards by using the card for gas and grocery purchases up to the $2,500 quarterly cap. This will help you earn 2x points on these essential expenses.

Take Advantage of the Welcome Bonus

Plan your spending to meet the $2,000 requirement within the first three months to earn the 25,000 bonus points. This can significantly boost your points balance early on.

Avoid Carrying a Balance

Given the high variable APR, it’s crucial to pay off your balance in full each month to avoid interest charges. This will help you maintain the value of the rewards you earn.

Utilize the 0% Introductory APR for Balance Transfers

If you have existing debt on other credit cards, consider transferring the balances to take advantage of the 0% introductory APR for 12 months. This can help you pay down your debt more efficiently.

Redeem Points Wisely

Explore the various redemption options available and choose the ones that provide the most value. Whether it’s travel, merchandise, or gift cards, ensure you are getting the best possible return on your points.

Conclusion

The Platinum Rewards Mastercard® from BMO Harris Bank offers a compelling rewards program for those who frequently spend on gas and groceries. With no annual fee, a generous welcome bonus, and a 0% introductory APR for balance transfers, it presents a strong case for consideration. However, the high regular APR and cash advance APR are important factors to keep in mind.
For individuals with good to excellent credit who can pay off their balance each month, this card provides an excellent opportunity to earn rewards on everyday purchases. By strategically using the card and taking advantage of its benefits, you can maximize the value and enjoy a rewarding experience.
In summary, the Platinum Rewards Mastercard® is a solid choice for those who prioritize rewards on gas and grocery spending, seek flexibility in payments, and want to avoid annual fees. Carefully consider your spending habits and financial goals to determine if this card aligns with your needs.