Premium Rewards Mastercard® from BMO Harris Bank Review: An In-Depth Look at a Versatile Credit Card

In today’s financial landscape, credit cards have become more than just a tool for making purchases—they are gateways to rewards, travel perks, and financial flexibility. Among the myriad of options available, the Premium Rewards Mastercard® from BMO Harris Bank stands out as a versatile and rewarding choice for savvy consumers. This review will delve deeply into the card’s features, benefits, and potential drawbacks, providing you with a comprehensive guide to help you decide if it’s the right card for you.

Premium Rewards Mastercard® from BMO Harris Bank Review

The Premium Rewards Mastercard® from BMO Harris Bank is designed for individuals who seek substantial rewards, particularly in the categories of dining, hotels, and airfare. This card offers an attractive points system that can significantly benefit those who frequently spend in these areas. Additionally, the card comes with a suite of travel benefits that can enhance your travel experience, making it a compelling option for frequent travelers.

Key Features

– 3x Points per $1 spent on eligible dining, hotels, and airfare, up to $2,500 in combined spend each calendar quarter.
– 1x Point per $1 spent on all other eligible purchases.
– 35,000 Bonus points when you spend $5,000 within 3 months of opening your account.
– $0 Annual Fee for the first year, $79 thereafter.
– No Foreign Transaction Fees.
– Variable APR ranging from 20.24% to 28.24% for purchases and balance transfers.
– 0% Introductory APR for 12 months on balance transfers made within 90 days of account opening.
– Priority Pass Select access to over 850 airport VIP lounges worldwide with 2 complimentary visits.
– Priceless® Cities experiences.
– Lost or Damaged Luggage Insurance.

Premium Rewards Mastercard® Key Takeaways

The BMO Harris Bank Premium Rewards Mastercard® is a well-rounded credit card offering a variety of rewards and benefits, particularly for those who spend significantly on dining, travel, and hotel stays. Here are the key takeaways:
– High Rewards Rate for Dining and Travel: Earning 3x points on dining, hotels, and airfare can be very lucrative for frequent travelers and food enthusiasts.
– Generous Welcome Bonus: The 35,000 bonus points offer can be a great incentive, especially if you have upcoming big purchases.
– Travel Perks: Access to Priority Pass lounges and Priceless® Cities experiences can make your travel more comfortable and enjoyable.
– No Foreign Transaction Fees: Ideal for international travelers who want to avoid extra fees on their purchases abroad.
– Annual Fee: The $0 annual fee for the first year makes it easy to try out the card, but the $79 fee thereafter is a consideration.

Premium Rewards Mastercard® Pros and Cons

Pros:

1. High Rewards Rate on Key Categories:
The card offers an impressive 3x points on dining, hotels, and airfare, which can add up quickly for frequent travelers and diners.
2. Generous Signup Bonus:
New cardholders can earn 35,000 bonus points by spending $5,000 within the first three months, providing a significant boost to your rewards balance.
3. Travel Benefits:
With access to Priority Pass lounges and Priceless® Cities experiences, the card offers valuable perks that can enhance your travel experience.
4. No Foreign Transaction Fees:
This feature makes the card ideal for international travelers who want to avoid the extra cost of foreign transaction fees.
5. First-Year Annual Fee Waiver:
The $0 annual fee for the first year allows you to test out the card without any upfront cost, with a $79 fee thereafter.
6. Lost or Damaged Luggage Insurance:
This benefit provides peace of mind by reimbursing you for the cost of repairing or replacing lost or damaged luggage.

Cons:

1. Annual Fee After the First Year:
While the first year is free, the $79 annual fee in subsequent years may be a deterrent for some users.
2. Spending Cap on Bonus Categories:
The 3x points are capped at $2,500 in combined spending on dining, hotels, and airfare each calendar quarter, which may limit earnings for big spenders.
3. Variable APR:
The card’s APR ranges from 20.24% to 28.24%, which can be high for those who carry a balance.
4. Balance Transfer Fee:
The card charges either $10 or 4% of the amount of each balance transfer, whichever is greater, which can add up for large transfers.
5. Limited Lounge Visits:
The Priority Pass Select membership includes only 2 complimentary visits, after which you’ll need to pay for access.

Premium Rewards Mastercard® Benefits

The Premium Rewards Mastercard® from BMO Harris Bank offers a host of benefits that cater to frequent travelers, foodies, and those who appreciate premium perks. Here’s a detailed look at what this card has to offer:

Rewards Program

– 3x Points on Dining, Hotels, and Airfare:
Earn 3x points for every dollar spent on eligible dining, hotel stays, and airfare, up to $2,500 in combined purchases each calendar quarter. This can translate to significant rewards for those who spend heavily in these categories.
– 1x Point on All Other Purchases:
For all other eligible purchases, you’ll earn 1 point per dollar spent, ensuring that every purchase contributes to your rewards balance.
– 35,000 Bonus Points:
New cardholders can earn 35,000 bonus points by spending $5,000 within the first three months from account opening. This is a substantial bonus that can be redeemed for travel, merchandise, and more.

Travel Perks

– Priority Pass Select:
Enjoy access to over 850 airport VIP lounges worldwide, with 2 complimentary visits per year. This benefit can make your travel experience more comfortable and luxurious.
– Priceless® Cities:
Gain access to unique experiences across the globe, exclusive to Mastercard cardholders. Whether it’s dining, entertainment, or cultural experiences, Priceless® Cities offers something special for every traveler.
– No Foreign Transaction Fees:
Make purchases abroad without worrying about foreign transaction fees, saving you money on international spending.
– Lost or Damaged Luggage Insurance:
If your checked or carry-on luggage is lost or damaged, you’ll be reimbursed for the actual cost of repairing or replacing it. This benefit provides peace of mind when traveling.

Additional Benefits

– Purchase Protection:
Protect your new purchases against damage or theft for up to 90 days from the date of purchase.
– Extended Warranty Protection:
Extend the manufacturer’s warranty on eligible items purchased with your card, providing an additional layer of protection for your purchases.
– Fraud Protection:
Rest easy knowing that your card comes with advanced security features to protect against fraud.

Financial Flexibility

– 0% Introductory APR on Balance Transfers:
Enjoy a 0% introductory APR for 12 months on balance transfers made within the first 90 days of account opening. This can be a valuable tool for managing existing debt.
– Variable APR:
The card’s APR ranges from 20.24% to 28.24%, depending on your creditworthiness. While this is a high rate, paying your balance in full each month can help you avoid interest charges.

Rates and Fees

– Annual Fee:
$0 for the first year, then $79 annually. The first-year waiver makes it easy to try out the card without any initial cost.
– Balance Transfer Fee:
Either $10 or 4% of the amount of each transfer, whichever is greater.
– Cash Advance Fee:
Either $10 or 5% of the amount of each cash advance, whichever is greater.
– Late Payment Fee:
Up to $39.
– Returned Payment Fee:
Up to $39.
By understanding the full spectrum of benefits and potential drawbacks, you can make an informed decision about whether the Premium Rewards Mastercard® from BMO Harris Bank aligns with your financial needs and spending habits.

Conclusion

The Premium Rewards Mastercard® from BMO Harris Bank is a robust credit card that offers substantial rewards and benefits, particularly for those who spend heavily on dining, travel, and hotels. With a generous rewards program, valuable travel perks, and no foreign transaction fees, this card is well-suited for frequent travelers and those who enjoy dining out.
The card’s first-year annual fee waiver allows you to try it out without any upfront cost, and the 35,000 bonus points offer can provide a significant boost to your rewards balance. However, the $79 annual fee after the first year and the spending cap on bonus categories are important considerations.
Overall, if you’re looking for a versatile credit card that offers high rewards on key spending categories and valuable travel perks, the Premium Rewards Mastercard® from BMO Harris Bank is worth considering. It’s a strong contender in the competitive rewards credit card market, offering a range of features that can enhance your financial and travel experiences.
For those who can maximize the card’s rewards and benefits, and who are comfortable with the annual fee after the first year, the Premium Rewards Mastercard® can be a powerful tool in your financial arsenal. Whether you’re dining out, booking hotel stays, or traveling abroad, this card offers a host of features designed to make your spending more rewarding.
As always, it’s essential to carefully review the terms and conditions, consider your spending habits, and compare this card with other options available in the market. By doing so, you can ensure