Get up to 4% cash back on every purchase in your first 4 months!‡‡ No annual fee.
1. Sign in to BMO Online Banking using your BMO debit or credit card number (or follow the simple steps to register your card).
2. Select your Mastercard account.
Once you receive it in the mail, please visit bmo.com/activate and enter your card number.
If you are the primary cardholder, you may request an increase or decrease to the credit limit on your BMO Mastercard, follow these steps:
1. Sign in to BMO Online Banking.
2. Select your Mastercard account.
3. Follow the prompts from the top toolbar option "Credit Limit Change"
You can pay bills automatically with your BMO Mastercard. It's safe, secure and a great way to earn rewards on payments you're making anyway. Visit bmo.com/mastercard-pay-my-bills.
To add an additional cardholder to a BMO Credit Card account, the primary cardholder may sign into BMO Online Banking and submit a request to add an authorized user with the secure form provided.
To add an additional cardholder to your BMO Prepaid Travel Mastercard account, please visit your nearest BMO branch to complete the request.
You can change your credit card PIN at any BMO Bank of MontrealÂ® ATM. We recommend that you choose a PIN that cannot be easily guessed by others. You should change your PIN periodically for extra security.
Get cash advances at any BMO Bank of Montreal branch or at more than 1 million Automated Teller Machines (ATMs) worldwide24
The BMO Preferred Rate Mastercard gives you our biggest savings with a low annual fee and a lower interest rate than other BMO credit cards at 11.9%.
Protect yourself and your family in case of unexpected events by protecting the balance on your BMO Mastercard (up to $15,000*) with BMO Credit Card Balance Protection**. This coverage also helps maintain your credit rating. Costs $0.94 per $100 (plus applicable taxes) of your total average daily balance.
*Benefits reduce at the age of 70.
**Not available with BMO U.S. Dollar Mastercard
Yes. BMO offers a simple and convenient mobile solution for purchases. BMO PayPass Mobile Tag lets you shop on the go, simply by tapping your mobile device for your purchases. Learn more.
A dispute occurs when a customer has done business with a merchant or transacted at an ATM but questions the validity, value or lack of service of a specific transaction on their account. Learn more.
A "Chargeback" is a reimbursement to you for the amount of a credit card charge pending the outcome of your dispute case. Learn more.
An unauthorized charge on your credit card where you have not provided your credit card number or PIN (when applicable) by telephone, online or in person is considered a potential fraudulent transaction. Learn more.
A pre-authorized payment is a recurring or automatic payment that takes the guess work out of figuring out when your bill payments are due and the amount owing. When you authorize a biller through PowerSwitchÂ® to setup pre-authorized payments, the biller will deduct the amount owing on a recurring basis from your BMO Mastercard or chequing account. You avoid late fees or penalties for missed payments, and keep your account in good standing.
BMOÂ® PowerSwitch is a free service provided by Davis & Henderson (D+H) that helps customers transfer their Pre-Authorized Payments from a different financial institution as well as set up new Pre-Authorized Payments from their new BMO chequing account and credit card. D+H notifies your Pre-Authorized Billers of the switch so you donâ€™t have to.
Plus, when you add automatic payments to your BMO CashBack or AirMiles Mastercard, you can also collect additional rewards just for paying your bills.
Please note some billers, including financial institutions, do not accept the use of PowerSwitch service for transfers, including pay cheques. D+H will notify you if this happens. Financial institutions that do accept PowerSwitch may request confirmation of the transfer from you.
Once you have received and activated your replacement BMO Mastercard, use PowerSwitch to quickly update your existing pre-authorized payments. Weâ€™ll notify your billers.
To set up PowerSwitch, sign on to BMO Online Banking with your credit or debit card and:
PowerSwitch is also available through your BMO branch or you can call a BMO Customer Contact Associate at 1-800-263-2263.
Of course you can. Use PowerSwitch to change a pre-authorized payment to a BMO Mastercard from your BMO bank account. You can also transfer a pre-authorized payment to a BMO bank account from a BMO Mastercard if you have an existing pre-authorized debit agreement with the biller.
PowerSwitch is free! There are no additional fees to use PowerSwitch to setup, transfer or update your pre-authorized payments.
Provide PowerSwitch with your name, address, debit or credit card number and expiry date, and biller account numbers and weâ€™ll contact the biller to update their records.
It only takes a few minutes for you to set up PowerSwitch. All your billers will be notified the next business day. Depending on the billing cycle, it may take several days for the new or updated pre-authorized payment to take effect.
If a biller canâ€™t complete the PowerSwitch process, theyâ€™ll contact D+H and let them know what the issue is (e.g. wrong biller account number or closed account). D+H will contact you to let you know the concern.
To cancel any existing pre-authorized payments you will have to contact your billers directly.
You can earn reward miles on your lead account* when you have one of the following Bank Plans: AIR MILES, Premium, Employee and Platinum. Simply ask us to add your AIR MILES Collector Number if you have not already done so.
Only debit purchases made from your lead account* in a qualifying Bank Plan will be eligible to earn AIR MILES reward miles. AIR MILES Plan customers earn at a rate of 1 AIR MILES reward mile for every $30 spent for the AIR MILES Plan. Premium Plan customers are eligible to earn 1 AIR MILES reward mile for every $40 spent.
If you are unsure which account is the lead account, review your BMO bank statement, visit your local branch or call 1-800-363-9992.
If your two accounts are in separate qualifying Banking Plans and each is the lead account in the Banking Plan you will earn reward miles on both accounts for your debit purchases.
Earning reward miles on your debit purchases is not meant to replace purchases you would have normally used your BMO AIR MILES World Mastercard for. In order to maximize the reward miles you can earn, we encourage you to continue using your Mastercard. For situations where you would not normally use your Mastercard or for purchases at merchants that do not accept credit cards, your debit card is available for you to use as an alternative so that you can get rewards for all purchases at no additional cost to you.
The Premium Plan offers benefits and advantages over and above those of the no fee Senior Plan including, the ability to earn AIR MILES rewards on purchases made with your BMO Debit Card. As a Senior, you can choose the Premium Plan and pay a discounted monthly fee. Learn more.
If you love to collect AIR MILES reward miles another way to supplement your earnings is with the no fee BMO AIR MILES Mastercard. You'll earn AIR MILES at a faster rate of 1 AIR MILES reward mile for every $20 spent.
No, only debit purchases qualify.
Discontinued Plans do not qualify to earn AIR MILES reward miles for debit purchases. You can earn reward miles only on your lead account* with one of the following Everyday Banking Plans: AIR MILES, Premium, Employee or Platinum Banking.
Your Everyday Banking statement(s) will include an AIR MILES Summary for AIR MILES collectors. The AIR MILES Summary will display the amount of reward miles earned on debit purchases for the stated time period. The AIR MILES Summary will not include AIR MILES reward miles earned from bonus or promotional offers.
Your BMO AIR MILES Mastercard monthly statement will also display the number of AIR MILES reward miles earned in the same statement period.
All rewards, including promotional offers, can be viewed on your AIR MILES Collector Summary statement and/or through airmiles.ca.
If you have questions about the reward miles you have earned from BMO you can also visit your local branch or call 1-800-363-9992.
Yes. All the purchases you make using your debit card (to a maximum of $1,600) will contribute to your overall monthly spend, regardless of where you use it. It is not limited to purchases made at other AIR MILES Sponsors. Refer to question #1 above to see how you can qualify.
Your monthly reward miles are based on your total debit purchases less your total debit returns for the month. Refer to question #1 above to see how you can qualify.
Yes, if you present your AIR MILES Collector Card to the merchant at the time of purchase, you will qualify to earn reward miles from the Sponsor and your debit purchase will be part of your monthly total BMO debit spend that will qualify to earn rewards. Refer to question #1 above to see how you can qualify.
The reward miles you earn from BMO are ongoing and the program applies to existing and new customers. You will continue to earn reward miles on a monthly basis and depending on the amount of purchases you make and other products you have, you can quickly surpass the value of the competitor offers. The other banks' reward offers are typically a one-time only offer for new customers, and there is no ongoing benefit to you. Depending on the program, there may also be set up requirements and conditions like pre-authorized debits or pre-authorized credits. In addition, with AIR MILES reward miles you have the benefit of redeeming your reward miles for more than 800 items, giving you the opportunity to redeem for something you really value.
There are over 800 products and services you can redeem your reward miles for. They range from travel to gift cards, to merchandise, leisure and entertainment items. For full details of all the reward options, AIR MILES Collectors can visit airmiles.ca or call 1-888-AIR-MILES.
You can earn :
* You will earn points on net purchases only. See the BMO Rewards Agreement for more details.
To see your points balance log in to www.bmorewards.com and view your online points statement.
The primary collector number is the individual who first signs up for a BMO® World Elite Mastercard®** or BMO® Rewards™ Mastercard®**. The primary collector is the only person who is automatically authorized to redeem BMO Rewards points. To add another individual, the primary collector can fill out the Primary Cardholder Authorization Form, available on www.bmorewards.com under the My Profile tab. This form must be completed and signed and is to be returned to the BMO Rewards Centre by fax at 416 207-5267 or 1 866 991-8411 or by PDF via e-mail at email@example.com. Requests will be processed within 2 business days.
BMO Rewards points can be redeemed two ways, online or through our expert travel professionals. Use our online search tool under the Travel section to help you find your special retreat. Or you can call 1-866-991-2835 to reach our BMO Rewards Centre travel professionals who will help you book your next vacation, flight, car rental, cruise, hotel and more.
We can handle all your travel needs, from flights to hotels, cruises, car rentals to vacation packages and more. You can search and book online 24/7 or you can call the BMO Rewards Centre at 1-866-991-2835 during regular business hours to speak to a travel professional.
We want you to get where you want to be. To make it easier, you can use some, all, or none of your points to pay for your travel plans. Just charge the difference (no minimum amount of points required), or the entire trip, to your BMO Rewards credit card.
If you are unable to book your flight/hotel/vacation package online for any reason please call 1-866-991-2835 and a BMO Rewards agent will be able to assist with your booking. Where online travel requests may not be completed, the agent booking fee of $29.95 plus applicable taxes will apply.
You can use your points to cover the booking fees. There is no online booking fee. A fee of $29.95, plus applicable taxes, will be charged per phone booking. A $25 change/cancellation fee applies for each change or cancellation to your travel arrangements. Supplier change/cancellations fees can also apply and will be displayed at time of booking based on your specific travel reservation. Booking fees, change/cancellations fees are non-refundable.
How to earn and redeem your points
The BMO Rewards program awards you:
To see your points balance log in to www.bmorewards.com and view your online points statement.
* Points are earned on net purchases only. See the BMO Rewards Agreement for more details.
** Gift cards are not eligible for points top up. Points top-up can only be purchased with your BMO Rewards credit card. Points top-up only applies to merchandise redemptions.
On-line redemptions for merchandise rewards (including gift cards), financial rewards or charity donations are free of charge. A charge of $10.00 plus applicable taxes will be applied to phone orders for merchandise rewards (including gift cards) and financial rewards.
BMO Perks is a new program BMO is introducing that presents you money-saving opportunities. BMO will send you emails containing bonus reward offers or cash rebate discounts that are relevant to you based on your shopping history. This program is free for eligible BMO Mastercard customers; all you have to do is make a purchase with your BMO Mastercard that meets the criteria in your BMO Perks offer.
If you have consented to receive emails about promotions, announcements, events and offers from BMO, have a personal BMO Mastercard card, and previously provided us with your email address, you automatically qualify to receive BMO Perks offers. If you're not sure of the email address we have on file for you, you can call our Customer Contact Centre at 1-800-263-2263 (BMO World Elite Cardholders can call 1-866-991-4769) or TTY 1-866-859-2089. To check on your consent to market you may contact us through the numbers provided or visit the Subscription Centre. You can easily opt in or out of the program at any time by going to the Subscription Centre.
When you receive an email from firstname.lastname@example.org with your offers, you simply use your BMO Mastercard to make the required purchase at the merchant in your offer. There's no need to print and/or present any email or coupons. The redemption credits will appear on your next BMO Mastercard statement and AIR MILES reward miles will appear within 30 days of the qualifying transaction.
With BMO Perks, your personal and financial information always remain secure. For more information on how we protect your information please visit Our Privacy Code. The emails you receive from email@example.com will never ask you to provide personal or account information. For more information and tips on how to protect yourself online, read Protecting Yourself.
Your AIR MILES reward miles and/or cash rebate discount will be posted to your account within 30 days of the qualifying transaction.
BMO Perks offers are selected for you based on your BMO Mastercard spending history. To make your rewards as relevant as possible the BMO Perks program uses anonymized transaction data that is associated with your BMO Mastercard to determine the best offers for you.
There are a wide variety of national, regional, and local retailers across a variety of categories participating in the program.
If the BMO Mastercard connected to your email address is part of the AIR MILES program then you will receive AIR MILES offers when AIR MILES merchants match up with your purchasing habits.
Each individual offer will have an expiry date included in the offer details.
Participating retailers have a variety of return policies that should be consulted before returning any item.
BMO Perks are not transferrable and can only be redeemed on the BMO Mastercard linked to the email address that received the offer.
You may unsubscribe from BMO Perks at any time using the unsubscribe link included in the offer email or by visiting the Subscription Centre and clicking on the BMO Perks email type. You can also call the Customer Contact Centre at 1-800-263-2263 (BMO World Elite Cardholders can call 1-866-991-4769) or TTY 1-866-859-2089.
If you make the required purchase on any of the BMO Mastercards linked to your email address it will qualify you to receive the redemption credit or AIR MILES reward miles.
Thereâ€™s no need to enrol. Once you have received and activated your card you will begin to earn CashBack.
To begin, go to www.bmocashback.com. To register you will need your BMOÂ® MastercardÂ®* card number, date of birth and postal code.
Please note: The CashBack redemption website is only available to the primary BMOÂ® MastercardÂ®* cardholder.
Your email is required in order to send you important information such as CashBack redemption confirmation emails, and password reset emails.
Emails change from time to time and we would like to ensure we are communicating with you at your preferred email address.
If the email on file with BMO does not match the email provided to register on the CashBack redemption site, we will send emails to both accounts in order to ensure that the actions taken were indeed requested by you, the primary cardholder.
Simply opt-in to receive marketing material from BMO by clicking the box found beneath your email. This can be completed upon initial registration or any time after.
There are two quick and easy ways to track your CashBack balance:
To keep you informed of your CashBack activity, your Online Statement will include a record of your balance up to the billing date. Any CashBack earned after the billing date will be included in your next monthâ€™s statement.
With your BMO CashBack Mastercard, you will earn CashBack on all your purchases*. The CashBack earn rate depends on the BMO CashBack Mastercard you were approved for.
* You will earn CashBack on net purchases only. See the CashBack Terms & Conditions for more details.
The primary cardholder is the individual who first signs up for a BMOÂ® MastercardÂ®*. The primary collector is the only person who is authorized to redeem accumulated CashBack.
No, the CashBack earned must be directed to an account in the primary cardholderâ€™s name.
Your choice of CashBack redemption options include:
Note: CashBack can only be directed to the aforementioned BMO accounts. Depositing into other institutions is not available.
Choose your CashBack redemption frequency:
Redemption program eligibility:
You will need to open at least one of these account types in order to be able to deposit your CashBack.
This can be done by visiting a BMO branch, booking an appointment on bmo.com, or by completing an online application at bmo.com.
No, you can still conduct a one-time payout to your statement if you have met the minimum $50 threshold or if you have met the self-selected dollar amount threshold throughout the year.
Most information can be found in the BMO CashBack Terms and Conditions you received with your card. Select the Terms and Conditions link at bmocashback.com.
Yes, our customerâ€™s information is safeguarded and governed by both our privacy practices. For more information on privacy, please view the link found on bmo.com or bmocashback.com.
If you are registered for Online Banking, you will find the information by clicking on the account you would like to deposit into, and then clicking on the Account Details tab. Here you will find the 7-digit account number (Chequing, Savings or InvestorLine), as well as the 5-digit transit number required. Enter this information on the BMO CashBack redemption site to begin redeeming.
The exclusions are U.S. Dollar CashBack Mastercard and Small Business CashBack Mastercard cards.
Marketing materials include details on product improvements, enhancements and changes. Special offers are limited-time campaigns.
No action is required on your part. You can continue to log in with the Username and Password you have set up.
Yes, as long as your Primary address on our system is your address in the United States.
When using the website, we recommend using the following browsers: Firefox, Chrome, Internet Explorer 10 or later (for Windows 7 or later), Microsoft Edge for Windows 10, and Safari.
This will depend on the option you have selected:
No, you cannot change an existing scheduled recurring redemption. You will need to cancel it and set up a new one.
Yes, you can complete a one-time redemption even if a recurring redemption is scheduled. If the one-time request reduces your CashBack reward total and your reward balance will not cover your scheduled recurring redemption, the recurring redemption will be processed when your reward balance is sufficient to cover it.
The default will always be a credit on your BMO Mastercard statement. If you have selected a recurring redemption, your CashBack rewards will be paid out as you requested: Direct Deposit into your Chequing, Savings or InvestorLine account, InvestorLine or credit on your BMO Mastercard statement.
Yes, the timeout will occur after 15 minutes.
BMO Credit Card Alerts makes it easy to keep track of your credit card account activity and to monitor your account for suspicious transactions.
BMO Credit Card Alerts are delivered to you through email or text message.
Receive an alert, based on your preference, 1 to 10 days before your minimum payment is due if you have a balance owing, or if you have not made your minimum payment yet.
Receive an alert when a payment is posted on your account.
Approaching Credit Limit
Set an amount below your credit limit and receive an alert any time your available credit approaches this threshold.
Receive an alert when a transaction is made for a specific threshold amount. (e.g. I want to receive an alert anytime a purchase over $75 is made on my BMO credit card)
Itâ€™s easy. Simply sign into BMO Online Banking using your BMO debit card or credit card. Click the â€śMy Alertsâ€ť link under the â€śMy Profile & eDocuments tabâ€ť.
Once you have set-up your preferences you can change them at any time.
BMO credit card alerts is a complimentary service for our valued customers. Refer to your wireless service plan to determine if any charges from your mobile carrier apply when receiving text messages.
Sign into BMO Online Banking using your BMO credit card. Click the â€śMy Alertsâ€ť link under the â€śMy Profile & eDocuments tabâ€ť and simply update your new contact details.
Pending transactions are transactions made on your credit card that have been authorized but not yet been posted to your account. The value of these transactions is adjusted against your available credit but will not be reflected in your current balance until these transactions are posted to your account.
Posted transactions are completed transactions that appear on your account and are reflected in your current balance.
The value of a pending transaction is adjusted against your available credit but will not be reflected in your current balance until the transaction is posted to your account.
Transaction amounts displayed for pending transactions may differ from actual purchase amounts. This is common with merchants such as hotels, gas stations or car rental companies who charge a pre-authorized amount (hold) against your credit until the actual amount is known. The final purchase amount will display when the transaction is posted to your account, usually within 3-5 business days.
It may take up to five business days for a pending transaction to post to your account. Once posted, the transaction will be removed from pending and will appear in your transaction history under posted transactions.
Sometimes a transaction may appear as both pending and posted transaction while it is being processed. It does not necessarily mean that you will be charged twice. It can take up to 5 business days for a transaction to disappear from pending transaction history. You will only be charged for the amount of the posted transaction.
A pending transaction may never post to your account if the transaction is cancelled or if the merchant does not complete the transaction or process it in time.
Pending transactions cannot be disputed until they are posted as these transactions might change or get cancelled while being processed.
You can dispute a transaction once it appears in your Transaction History or on your statement as a posted transaction.
You have the right to dispute any credit card transaction that you feel was charged to your account fraudulently or in error. If there is a transaction posted to your account that you don't recognize or want to dispute, sign in to BMO Online Banking and make an online disputed transaction request or call 1-866-991-4769 within 30 days of the statement date and we will investigate on your behalf.
If the transaction is pending, you need to wait for it to be posted in your Transaction History as a posted transaction before submitting a disputed transaction request.
Some transactions may only appear as posted transactions.Â For example, transactions such as interest fees are posted directly to your account.
This capability is currently not available on our Small Business Mastercard.
Purchases made in a currency other than Canadian Dollars will appear in Canadian dollars as a pending transaction. The Canadian amount, including the exchange rate, will appear when the transaction is posted.
No, only posted transactions will be shown.
Understand your credit score and credit report.Credit score vs. credit report
A credit score is a numeric representation of your creditworthiness, while a credit report details your credit history. Think of your credit score as being a snapshot of how financially responsible you are when it comes to paying back your debt and paying bills on time.
What is a good credit score?
Credit scores are typically broken down in the following way:
If youâ€™re wondering what makes a good credit score, a solid benchmark is 700 or above. The higher your credit score, the better. In other words, the higher your credit score, the more likely youâ€™ll be approved for lending products such as credit cards, a mortgage, etc.
How do I check my credit score and credit report?
In Canada, there are two credit bureaus: EquifaxÂ®* and TransUnionÂ®â€ . These credit bureaus can administer a free credit report, which is a comprehensive report that illustrates how much you owe and when you opened accounts, as well as your personal information such as name, date of birth and social insurance number. If youâ€™d like to know how to check your credit score, you can get it from the same credit bureaus as your credit report.
Why should I check my credit score?
Before you apply for a credit card, mortgage or any other type of loan, youâ€™ll want to check your credit report to make sure everything is correct.
Checking your own credit score and credit report does not affect your credit. Thatâ€™s a myth. Checking your own credit report is considered a "soft hit". However, a "hard hit" does affect your credit â€“ these credit checks could be from credit card applications, rental applications, and more.
How is my credit score calculated?
The main factors that contribute to your credit score calculation include:
Who can check my credit score and credit report?
You may be surprised by how often your credit is checked and used by others to determine if you are creditworthy.
According to the The Financial Consumer Agency of Canada, lenders, landlords and employers can use your credit report with your consent. In some cases, your credit report may be used if you are applying for insurance, or even a job.
How do I establish credit history?
Establishing your credit history can be tricky. You need to get approved for a loan or credit card to establish credit â€“ but how can you get approved if your credit score is low or non-existent?
You could apply for a student credit card or a secured credit. Credit cards typically have limits, but with a secured card, the limit is set by how much money you put down as a deposit. Speak to a BMO advisor to find out which credit card is right for you.
The key for secured and unsecured credit cards (or any other type of loan or financial payment) is to pay on time. Paying on time, 100 per cent of the time, illustrates that you are financially responsible and can pay back what you borrowed.
How do I improve my credit score?
Curious about how to improve your credit score? Consider the following:
What BMO credit cards can I apply for?
BMO offers a variety of cards. Now that you have information about credit scores, you can browse BMO Mastercards here.
Your credit limit is the maximum amount you can charge to your credit card. For example, imagine you have a credit card limit of $6,000. You shouldnâ€™t hold more than $6,000 in purchases (i.e. your balance) at any given time.
Tip: To help improve your credit score, the Financial Consumer Agency of Canada recommends using less than 35 per cent of your credit limit. So if you have a credit limit of $6,000, you may want to keep your balance under $2,000 at any given time.
How is my credit limit determined for my credit card?
Your credit limit is generally based on three things: your income, your existing debt, and your credit history.
If you have a good credit history, youâ€™re more likely to receive a higher credit limit. Thatâ€™s why itâ€™s important to pay down debt, pay your bills on time, and always keep your balance under the approved limit.Can I go over my credit card limit?
You may make purchases and cash advances up to your credit card's pre-set credit limit.
If you go over your limit, a penalty may apply. Itâ€™s also important to remember that exceeding your limit can affect your credit score. If you require a higher credit limit, you may want to request a credit limit increase.
Note: As you use your card, you are continually borrowing against your credit limit and packing it back. So on any given day, your available credit will change depending on your current outstanding balance.
How do I request a credit limit increase?
If youâ€™re looking for a credit limit increase or decrease, you may request one online if you are a primary account holder. Simply:
If you prefer to chat, you can give us a ring at 1-800-263-2263 (TTY 1-866-259-2089). In either case, you may be asked to provide details on your income, assets and/or credit obligations, depending on your request.
Why wasnâ€™t I approved for a higher credit limit?
Your credit limit will depend on your income, existing debt and credit history.
Simply being approved for a credit card may help you start to strengthen you credit history, as long as you use your credit responsibly. Creditors will see youâ€™ve been approved, are making regular payments, and are able to pay back what youâ€™ve borrowed. Over time, this can help you improve your credit score and, in turn, make it possible to request a credit limit increase in the future.
Iâ€™m starting to build up my credit history. Which card is right for me?
You may want to apply for a student credit card, a low-fee credit card, or a card that offers rewards that are important to you (whether thatâ€™s cash back in your account, AIR MILES reward miles, or other perks).
Try using our compare credit cards tool to save time and make it easy to see whatâ€™s available.
Applying for a card and using it regularly will help you build your credit history. Keep in mind that itâ€™s important to always use your card responsibly:
A credit card is more than just a charge card. While it's great for emergencies, your card is also the start of building a good credit history. Here's what you need to know to get the credit card smarts you need to make the most of your card.Ink the deal.
Sign your card as soon as you receive it.Know your limit.
The credit limit on your card helps protect you from overspending.
While you can apply to have your limit increased, keep in control of your spending habits. If you know you won't be able to resist splurging on the latest must-have, ask to have your credit limit reduced.Be loan smart.
While getting a cash advance on your card is great for emergencies, you'll be charged interest from the moment the cash is in your hands.Pay it off.
Try to pay your entire balance every month or more than your minimum balance due. Since interest is charged on the unpaid portion of your bill, it can add up fairly quickly.Build a good history.
Start building a good credit score by paying your balance or minimum monthly payment on time. A bad credit rating can have a negative impact when you want to get a loan, buy a car or condo or even get the job you've been after.Protect your identity.
Save yourself (and your credit) from identify theft. When making online purchases, make sure the website has security features so that your information doesn't fall into criminal hands. If you're sharing your credit card information over the phone, ensure the merchant is reputable. Lastly, don't share your credit card with friends -- any slip up can put your credit at risk.Be choosey about your card.
Credit card rewards, features and benefits are incorporated into your card's annual fee. To get the best value, choose a card that lets you earn rewards without paying an annual fee.Get the right fit.
Choose a card that gives you the most bang for your buck. BMO SPC Mastercard gives you exclusive discounts at thousands of SPC Card retail locations across Canada without paying an annual fee. A BMO SPC AIR MILES Mastercard lets you earn AIR MILES reward miles without paying an annual fee. AIR MILES reward miles can be redeemed for movie tickets, the latest gadget, flights or tickets to an upcoming show. If, on the other hand, you'd rather realize annual savings, a BMO SPC CashBack Mastercard will put money back in your pocket for every purchase you make.Prevent a credit crisis.
If you find that you can't pay your minimum balance every month, or you rely on cash advances to get you through the week, have lost track of how much you owe or have no idea when you'll be out of debt, you may be headed for a credit crisis. Speak to a credit counsellor at your college or university or check the yellow pages for a not-for-profit credit-counselling agency near you.What's required
To apply for your BMO SPC Mastercard, you must:
Once you've met these requirements, your next step is to apply. How much time does the online application take?
It shouldn't take you more than five or ten minutes to complete a BMO SPC Mastercard online application.Have the following info ready:
A dispute occurs when a customer has done business with a merchant or transacted at an ATM but questions the validity, value or lack of service of a specific transaction on their account.
A "Chargeback" is a reimbursement to you for the amount of a credit card charge pending the outcome of your dispute case.
An unauthorized charge on your credit card where you have not provided your credit card number or PIN (when applicable) by telephone, online or in person is considered a potential fraudulent transaction.
Possible types of credit card disputes
There are a number of possible reasons for charges to be disputed. Depending on the nature of the dispute, it could be for the full or partial amount. Here are some common reasons a charge may be disputed:
How do I prepare for a dispute?
I have opened a dispute. Whatâ€™s next?
To assist you with your disputed credit card charge, we may send you a credit card dispute form that you will need to fill in and send back in order for us to gain additional details and authorization to speak on your behalf to the merchant. You may be asked to provide supporting documents such as receipts/contracts/invoices/emails etc. in order to proceed with your dispute case.
Once we have proceeded with opening the dispute case, you will not need to pay for the charge during the dispute process.
You will not be charged interest on the disputed transaction during the dispute process.
Once we have opened your dispute case and submitted it to the merchant, the merchant has 45 days to respond once they have been notified. If the merchant does not respond within 45 days, the case is closed in your favour. If the merchant does respond within 45 days, a specialist will contact you to review what the merchant has presented.
If the merchant responds to challenge your dispute case, a BMO representative will contact you to review the information presented by the merchant and to discuss potential options. If we are unable to proceed with the dispute on your behalf, the dispute case will be considered closed or resolved. You can still attempt to resolve your dispute with the merchant even after the dispute is closed.
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