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BMO

new account promo starting June 1st-upto $400 CASH BACK--Updated

  • Last Updated:
  • Apr 14th, 2017 6:15 pm
Deal Addict
Jul 15, 2009
3654 posts
3054 upvotes
akalic wrote: So if you sign up for the world elite mc then you get 300 travel reward dollars, 300 from fulfilling the chequing criteria, as well as fyf for the mc? Seems extremely good...
How do you get FYF?

And how hard is it to use the travel rewards? You have to book through BMOs travel agency, don't you?
Deal Addict
Jan 14, 2011
1151 posts
340 upvotes
The direct deposit requirement kills it for me. As far as know BMO is the only bank to not have an OR option.
Member
Sep 12, 2007
208 posts
25 upvotes
Coquitlam
G0DKING wrote: No, I know that. But he said $300 travel rewards dollars and "$300 from fulfilling the chequing criteria" and you agreed with him.
I misread the promo. It is for the world elite cashback card so just $300 bonus + $50 sign up..
Deal Addict
May 28, 2007
1851 posts
1300 upvotes
Do they actually verify that your income is $70,000 or more when applying for the world elite cashback card? How would they, or any other bank, go about doing that?
Deal Addict
Mar 11, 2007
4391 posts
1505 upvotes
QC
RCML27 wrote: Do they actually verify that your income is $70,000 or more when applying for the world elite cashback card? How would they, or any other bank, go about doing that?
They can request a pay slip I guess
Sr. Member
User avatar
Dec 13, 2006
567 posts
99 upvotes
I did that TD deal and then the CIBC deal... Now I will take advantage of BMO deal this week.

No different than credit card deals. Signed up and then switched !!!
Deal Addict
Jul 15, 2009
3654 posts
3054 upvotes
bernier26 wrote: I did that TD deal and then the CIBC deal... Now I will take advantage of BMO deal this week.
Is there any reason not to wait until the end of August?
Deal Addict
May 28, 2007
1851 posts
1300 upvotes
Once you meet all the requirements and get your money, how would you go about closing your account? Switch all your money out first online to Tangerine for example and call their 1-800 # to cancel in a few days, or at the branch teller to withdraw your $5350+ in cash?
Deal Fanatic
User avatar
Dec 11, 2005
9870 posts
1915 upvotes
TO
KMKM wrote: All those deals are better than this.
The NBC deal seems harder then this BMO offer.
"You can't soar with the eagles if you're hanging with the turkeys - Gary Kent
Sr. Member
Dec 22, 2013
930 posts
223 upvotes
EDMONTON
If you're going to go for the premium plan, would it not be a better idea to sign up for the World Elite Travel card than the Cashback? The fee should be waived either way, so might as well get the regular $300 bonus instead the lower bonus on the Cashback card.
Deal Addict
May 28, 2007
1851 posts
1300 upvotes
tsimpson76 wrote: If you're going to go for the premium plan, would it not be a better idea to sign up for the World Elite Travel card than the Cashback? The fee should be waived either way, so might as well get the regular $300 bonus instead the lower bonus on the Cashback card.
The $300 bonus is good if you're the type to travel. Not everyone is.
Plus, according to the terms and conditions, only the cash back cards apply to the premium plan.
But if someone is planning to just open the premium account for the $350 and then close it after, is it really worth it to take a credit hit to gain $50 for the card and either pay $120/year to keep it or close it completely?

Credit Card Offer
To qualify for the Credit Card Offer (additional $50.00 cash bonus),
you must:
1. Meet all the requirements listed above in the Chequing Account
Offer;
AND
2. Apply and be approved for a new BMO CashBack MasterCard or
BMO CashBack World Elite MasterCard1 card (each an “Eligible
Credit Card”) from May 1, 2016 – August 31, 2016.
Deal Addict
Dec 13, 2010
2506 posts
1280 upvotes
ON
I'm with you... why sign up for the CC just for $50 bonus?
I will wait till August and then do the $350 for the premium chq acct only.
Sr. Member
Dec 22, 2013
930 posts
223 upvotes
EDMONTON
RCML27 wrote: The $300 bonus is good if you're the type to travel. Not everyone is.
Plus, according to the terms and conditions, only the cash back cards apply to the premium plan.
But if someone is planning to just open the premium account for the $350 and then close it after, is it really worth it to take a credit hit to gain $50 for the card and either pay $120/year to keep it or close it completely?

Credit Card Offer
To qualify for the Credit Card Offer (additional $50.00 cash bonus),
you must:
1. Meet all the requirements listed above in the Chequing Account
Offer;
AND
2. Apply and be approved for a new BMO CashBack MasterCard or
BMO CashBack World Elite MasterCard1 card (each an “Eligible
Credit Card”) from May 1, 2016 – August 31, 2016.
That's kind of what I'm saying. The $50 credit card promo is pretty much useless, and is not required to get the chequing account offer. However, if you apply for the World Travel card, you'll get the regular $300 bonus. And since you'd have the premium plan, the annual fee is waived.
Deal Addict
May 28, 2007
1851 posts
1300 upvotes
tsimpson76 wrote: That's kind of what I'm saying. The $50 credit card promo is pretty much useless, and is not required to get the chequing account offer. However, if you apply for the World Travel card, you'll get the regular $300 bonus. And since you'd have the premium plan, the annual fee is waived.
But do you also plan on dropping the card after you get the bonus? Otherwise, it's $120/year or keep the premium account with $5000 in it to waive the credit card's annual fee.
Sr. Member
Dec 22, 2013
930 posts
223 upvotes
EDMONTON
RCML27 wrote: But do you also plan on dropping the card after you get the bonus? Otherwise, it's $120/year or keep the premium account with $5000 in it to waive the credit card's annual fee.
Well, I mean, ... :lol:
Deal Addict
Dec 13, 2010
2506 posts
1280 upvotes
ON
RCML27 wrote: But do you also plan on dropping the card after you get the bonus? Otherwise, it's $120/year or keep the premium account with $5000 in it to waive the credit card's annual fee.
This is their game to keep ppl hooked on their cheq acct, they are learning from the telcoms
Deal Addict
Dec 27, 2013
2147 posts
959 upvotes
I think many people are confused about the Credit Card portion of this deal because there seems to be several links stating things a bit differently.

First, the "premium plan" deal at http://www.bmo.com/main/personal/bank-accounts# states:

Limited time: Open your account with this Plan before August 31, 2016 and get $350.00
  • Unlimited transactions
  • Receive an annual fee rebate of up to $150 on a Premium Credit Card[SUP]35[/SUP]
Footnote [35] then states: "You will receive an annual credit card fee rebate up to $150 (the “Rebate”) if you are the primary cardholder of a BMO World Elite, BMO AIR MILES World Elite, BMO AIR MILES World, BMO CashBack World Elite, BMO CashBack World MasterCard card (each a “BMO Credit Card”) and an account holder of the lead account..."

There does not seem to be any discussion of the $50 bonus if one signs up for a credit card in addition to the premium account on this page.

Now, if one goes to http://www.bmo.com/main/personal/bank-accounts/smile400 (not sure what that "?icid=ba-US449EDB4-AKBMO14" portion of the link on the OP is - referral code?), then there are three steps listed (mentioning, in particular, $350 for the premium plan) followed by the statement:
"Plus, apply and be approved for either credit card below by August 31, 2016 and receive an additional $50.*
BMO CashBack World Elite MasterCard
BMO CashBack MasterCard"

Footnote [*] actually points to http://www.bmo.com/assets/main/personal ... -Ev3HR.pdf which is the file with Terms and Conditions for this "2016 Personal Banking – Smile $400 Offer" which says, in particular, that only 1) BMO CashBack World Elite MasterCard and 2) BMO CashBack MasterCard are eligible for this additional $50 offer.

Now, the page for BMO CashBack World Elite MC https://www.bmo.com/main/personal/credi ... astercard# states "Limited time: Get up to $150 in cash back Bonuses!" and then points to the footnote [**] in the offer details that states, in particular, "Bonus offer is limited to new BMO CashBack World Elite MasterCard accounts. Applications must be received between January 4, 2016, and August 31, 2016. 5,000 CashBack bonus points ($50 in CashBack rewards) are only available to new BMO CashBack World Elite MasterCard cardholders and will be applied to your account within forty-five (45) days of your first card purchase and not be awarded to current or former cardholders who reinstate a closed account, product transfer, or who open a new account. An additional 10,000 CashBack points ($100 in CashBack rewards) will be awarded when you spend $3,000 in net card purchases (less refunds and excluding cash advances, cash-like transactions, interest charges, fees, credit or debit adjustments) in the first three (3) months from the account open date and will be applied to your account within sixty (60) days after qualifying..."

To summarize, if one applies for the premium account, deposits $5000, applies and is approved for the CashBack WorldElite MC, and then spends $3000 on this new card in the first 3 months from the account open date, then the cash back bonus is:

$350 (premium plan) + $50 (credit card bonus) + ($50+$100) (in cashback reward points on the credit card) = $400 (deposited into your new account) + $150 (in cashback reward points on your new credit card) = $550.
Deal Addict
Dec 9, 2014
2033 posts
1013 upvotes
mbmbkop wrote: I think many people are confused about the Credit Card portion of this deal because there seems to be several links stating things a bit differently.

First, the "premium plan" deal at http://www.bmo.com/main/personal/bank-accounts# states:

Limited time: Open your account with this Plan before August 31, 2016 and get $350.00
  • Unlimited transactions
  • Receive an annual fee rebate of up to $150 on a Premium Credit Card[SUP]35[/SUP]
Footnote [35] then states: "You will receive an annual credit card fee rebate up to $150 (the “Rebate”) if you are the primary cardholder of a BMO World Elite, BMO AIR MILES World Elite, BMO AIR MILES World, BMO CashBack World Elite, BMO CashBack World MasterCard card (each a “BMO Credit Card”) and an account holder of the lead account..."

There does not seem to be any discussion of the $50 bonus if one signs up for a credit card in addition to the premium account on this page.

Now, if one goes to http://www.bmo.com/main/personal/bank-accounts/smile400 (not sure what that "?icid=ba-US449EDB4-AKBMO14" portion of the link on the OP is - referral code?), then there are three steps listed (mentioning, in particular, $350 for the premium plan) followed by the statement:
"Plus, apply and be approved for either credit card below by August 31, 2016 and receive an additional $50.*
BMO CashBack World Elite MasterCard
BMO CashBack MasterCard"

Footnote
[*] actually points to http://www.bmo.com/assets/main/personal ... -Ev3HR.pdf which is the file with Terms and Conditions for this "2016 Personal Banking – Smile $400 Offer" which says, in particular, that only 1) BMO CashBack World Elite MasterCard and 2) BMO CashBack MasterCard are eligible for this additional $50 offer.

Now, the page for BMO CashBack World Elite MC https://www.bmo.com/main/personal/credi ... astercard# states "Limited time: Get up to $150 in cash back Bonuses!" and then points to the footnote [**] in the offer details that states, in particular, "Bonus offer is limited to new BMO CashBack World Elite MasterCard accounts. Applications must be received between January 4, 2016, and August 31, 2016. 5,000 CashBack bonus points ($50 in CashBack rewards) are only available to new BMO CashBack World Elite MasterCard cardholders and will be applied to your account within forty-five (45) days of your first card purchase and not be awarded to current or former cardholders who reinstate a closed account, product transfer, or who open a new account. An additional 10,000 CashBack points ($100 in CashBack rewards) will be awarded when you spend $3,000 in net card purchases (less refunds and excluding cash advances, cash-like transactions, interest charges, fees, credit or debit adjustments) in the first three (3) months from the account open date and will be applied to your account within sixty (60) days after qualifying..."

To summarize, if one applies for the premium account, deposits $5000, applies and is approved for the CashBack WorldElite MC, and then spends $3000 on this new card in the first 3 months from the account open date, then the cash back bonus is:

$350 (premium plan) + $50 (credit card bonus) + ($50+$100) (in cashback reward points on the credit card) = $400 (deposited into your new account) + $150 (in cashback reward points on your new credit card) = $550.
So the fee waiver only applies to the World and World Elite cards, and the $50 Chequing account bonus (credit-card part) only applies to the World Elite CashBack and regular CashBack (not World) cards. Thus, the only card that'll get you both the fee waived and the $50 Chequing account bonus is the CashBack World Elite card.

The "BMO World Elite" card, which is the Travel one with the $300 in travel rewards, is not part of the offer at all.

Good to know.

So basically, the card part is $200 after 3k spend in 3 months. Since you can only get the bonus for this card once in your life, anyone know if this is the best offer, historically?

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