Choosing the right credit card can make a significant difference in how you manage your finances as a student. For those looking to balance their everyday expenses with exciting rewards, the Student BMO AIR MILES®† Mastercard® offers a unique opportunity to earn AIR MILES while building credit responsibly.
This card is designed specifically for students, with no annual fee and a range of benefits that cater to their lifestyle. Whether you’re looking to save on daily purchases or plan your next big trip, this card helps you make the most of every dollar you spend.
Key information about the credit card
How does the annual fee work?
One of the standout features of the Student BMO AIR MILES®† Mastercard® is its $0 annual fee. This benefit is especially appealing to students, as it eliminates any upfront cost for card ownership. With no yearly charge, you can focus on earning rewards without worrying about additional expenses. A credit card with no annual fee is not just economical; it’s an ideal way to start building financial independence as a student while keeping costs low.
How is the credit limit determined?
The credit limit for the Student BMO AIR MILES®† Mastercard® is determined based on an assessment of your financial situation. For conventional credit cards like this one, the bank evaluates factors such as your income, credit history, and repayment ability. Students may need to demonstrate stable income, whether from part-time work, scholarships, or family support. By considering these elements, BMO ensures that your credit limit is manageable and aligned with your financial capacity, promoting responsible spending habits.
Advantages of the credit card
- No annual fee: Save money with a card that has no yearly cost, making it easier for students to focus on earning rewards.
- AIR MILES rewards: Earn 3 Miles for every $25 spent at participating AIR MILES Partners and 2 Miles at eligible grocery stores. These rewards can be redeemed for travel, merchandise, or cash-back-style savings.
- Dual reward potential: Use your AIR MILES Card in conjunction with your credit card at participating partners to double your rewards.
- Digital features: The card comes with online and mobile banking tools to help you track spending, manage your credit score, and keep your finances under control.
- Safety and security: Features like card locking, detailed transaction views, and extended warranties provide peace of mind.
Standout advantage
One of the most notable advantages of the Student BMO AIR MILES®† Mastercard® is the ability to earn rewards in multiple categories, especially at participating AIR MILES Partners. By offering 3 Miles for every $25 spent in these locations, the card maximizes the potential for students to build up rewards quickly, whether they are shopping for essentials or treating themselves to something special. This dual-earning opportunity sets it apart from many student credit cards in the market.
Disadvantages
- Higher interest rates: The card carries a 20.99% interest rate on purchases, which can be costly if balances are not paid in full each month.
- Limited international rewards: While AIR MILES Partners are plentiful in Canada, international reward opportunities may be more limited.
- No introductory low-interest offers: Unlike some cards, this one does not offer promotional rates for new cardholders.
A standout disadvantage
The primary drawback of the Student BMO AIR MILES®† Mastercard® is its relatively high interest rate. At 20.99% for purchases, students who carry a balance could quickly see their debt grow. It’s important to manage the card responsibly by paying off balances in full to avoid these charges, which can negate the benefits of earning rewards.
Who can apply for this card?
To apply for the Student BMO AIR MILES®† Mastercard®, you must meet specific eligibility criteria designed to ensure the card is tailored to the needs of post-secondary students. Applicants are required to be between 18 and 24 years old and enrolled in a recognized post-secondary institution, such as a college, university, or vocational school.
Additionally, you must be a Canadian citizen or permanent resident and provide proof of income from valid sources like part-time employment, scholarships, or family allowances to demonstrate your financial stability. It’s important to note that applicants must also meet the age of majority in their province or territory of residence, which is 18 in most provinces but 19 in places like British Columbia, Nova Scotia, and Newfoundland and Labrador.
How to apply for the Student BMO AIR MILES®† Mastercard®
Applying for the Student BMO AIR MILES®† Mastercard® is a straightforward process, with options available online, via the BMO mobile app, or at a physical branch. Each method ensures that students can choose the application route that suits them best.
For the website
To apply online, visit the official BMO website and navigate to the Student BMO AIR MILES®† Mastercard® page. Click the “Apply Now” button to start the process. You’ll need to provide personal information such as your name, date of birth, address, and proof of income. The site guides you through the steps, ensuring you understand the terms and conditions before submitting your application. Most applicants receive a decision within 60 seconds, making it a quick and convenient option.
Through the app
If you prefer using your mobile device, the BMO mobile banking app offers a seamless way to apply. Download the app from the Google Play Store or Apple App Store, log in or create an account, and follow the instructions to apply for the Student BMO AIR MILES®† Mastercard®. The app allows you to upload required documents directly, providing a secure and efficient application experience. Notifications keep you updated on the status of your application, ensuring you’re informed at every step.
At the branch
For those who prefer a face-to-face interaction, you can visit a local BMO branch to apply. Bring necessary documents such as proof of enrollment, identification, and income details. A BMO representative will guide you through the application, answering any questions you might have. This in-person approach is ideal for students who want personalized assistance or need help understanding the card’s features and benefits.
