Credit Cards

Upcoming changes on multiple BMO products (effective May 5th 2021)

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  • Mar 2nd, 2021 2:26 pm
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[OP]
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Apr 24, 2017
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Upcoming changes on multiple BMO products (effective May 5th 2021)

BMO Rewards:
82A5FF13-08CB-45A9-ACA4-5DA14B62209D.jpeg
Thanks @e909

The current $1 in travel = 140 points will be increased to 150 points.

Credit card return after devaluation:
- BMO WEMC: 2.14% 2% on travel, dining & entertainment, 1.43% 1.33% on everything else.
- BMO Eclipse Visa Infinite (Privileges): 3.57% 3.33% on groceries, dining, gas & local transit (or travel for Visa Infinite Privilege), 0.71% 0.67% on everything else.
- BMO Eclipse Visa Infinite (10% supplementary card bonus): 3.93% 3.67% on groceries, dining, gas & local transit, 0.79% 0.73% on everything else.
- BMO Eclipse Visa Infinite Privilege (25% supplementary card bonus): 4.46% 4.16% on groceries, dining, gas & local transit, 0.89% 0.83% on everything else.


Bank Unlimited Plan: (grandfathered, original deal link on RFD: free-unlimited-bank-account-new-customers-only-2085669/)
I just confirmed this sad news from a BMO supervisor. See below:
- BankUP will be switched to the Performance plan.
- Credit card rebate will be reduced to maximum $40 per year.
- Rebate is for MC only (BMO Eclipse Visa Infinite is one of the eligible cards under the current Performance plan, so we don't know if this is true or not).
- Letter of changes will be mailed out in March.


BMO Cash Back WEMC: https://www.bmo.com/main/personal/credi ... C1-SJBMO14
1.5% CB on everything becomes:
- 5% on groceries (up to $500/month)
- 4% on transit, including ride sharing, taxis and public transit (up to $300/month)
- 3% on gas and electric vehicle charging (up to $300/month)
- 2% on recurring bill payments (up to $500/month)
- 1% unlimited cashback on all other purchases


BMO Air Miles WEMC: https://www.bmo.com/main/personal/credi ... C4-SJBMO16
1 AM per 10$ changes to:
- 3 Miles for every $12 spent at participating AIR MILES Partners
- 1 Mile for every $12 spent everywhere else
- The two annual complementary passes will no longer be provided.

Any thoughts, RFDers? Are you going to cancel your BMO VISA/MC/BankUP? To be honest, I have never seen a big bank devaluing products that frequently. What will be your strategy moving forward if you decide to cancel?
Last edited by EdisonL299 on Feb 8th, 2021 4:41 pm, edited 7 times in total.
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Deal Addict
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Jan 16, 2007
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I recently cleaned up open cards and credit lines, and could find no reason to keep my BMO one. I wave them farewell and don't see giving them any business in the future in any regard, unless things substantially change.
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Markham
They are begging for churning. Just give them what they want
Deal Addict
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IMHO BMO cards were already barely worth churning and now even less so.
Deal Addict
Feb 10, 2018
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Going to keep my BMO WE through BankUP plan just because it is free.

I only use it for travel + "everything else" category only when I am not churning.
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These cards are junk now :facepalm:
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Garbage cards. Was going to sign up for one of them as it looks like I'll be going with them for my mortgage, but they're not really giving me much reason to do so.
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Oct 28, 2004
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EdisonL299 wrote: 82A5FF13-08CB-45A9-ACA4-5DA14B62209D.jpeg

Thanks @e909

$1 in travel = 150 points (Before: 140 points).

Credit card returns after devaluation:

- BMO WE: 2% on travel, dining & entertainment, 1.33% on everything else. (Before: 2.14%, 1.43%)

- BMO Eclipse VISA Infinite (Privileges): 3.33% on groceries, dining, gas & local transit (or travel for VISA Infinite Privilege), 0.67% on everything else. (Before: 3.57%, 0.71%)

- BMO Eclipse VISA Infinite (10% bonus from a supplementary card): 3.67% on groceries, dining, gas & local transit, 0.73% on everything else. (Before: 3.93%, 0.79%)

- BMO Eclipse VISA Infinite Privilege (25% bonus from a supplementary card): 4.16% on groceries, dining, gas & local transit, 0.83% on everything else. (Before: 4.46%, 0.89%)


Any thoughts, RFDers? Are you going to cancel your BMO VISA/MC? To be honest, I have never seen a big bank devaluing credit cards that frequently. In my opinion, the upcoming adjustment on the BMO Cash Back WE is devaluation as well, and now BMO Rewards.....
THIS! BMO seems to be constantly de-valuing its products; more so than the other banks. Classic bait and switch.
Sr. Member
Apr 23, 2017
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I agree that BMO seems to devalue cards more than any other issuer.

Not sure as to why - perhaps they overpromise with earn, then scale it back when they realize how much the program actually costs them, instead of working all this out in advance internally before marketing dept. comes out with the offers?

In some cases for legacy products they may adjust to take into account lowered merchant fees, but they just launched Eclipse cards late last year, so the merchant fees issue was well know to them before that new product launch.

The cynical side of me thinks that by marketing 5x earn on bonus categories, when points aren't worth 1 cent each (when competitors points are worth 1 cent each), and then right away lowering the value of the points even more, one is hoping that people just don't realize that 5x isn't really 5x in the way it is with competing Amex Cobalt or Scotia Gold Amex (or 4x Scotia Momentum V.I./4x CIBC Dividend V.I.). 5x is supposed to mean 5% earn, 4% is supposed to mean 4% earn. It is smoke and mirrors to devalue the points and still say 5x earn when one knows perfectly well that consumers think 5x means 5%. I guess they can't really give a percentage in ads if they keep lowering it - earn 3.57%, no, wait, now it is 3.33% - check the daily rates page that gives mortgage and savings account rates to see what the daily rate today for points earn is LOL. At least they will preserve the value of points earned before May 5th by bumping up account balances by 7% to prevent the earning devaluation from devaluing the buying power of older saved points.
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Feb 17, 2007
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Mort Réal
I thought I read the title wrong because, well, devaluating a product that already has one of the lowest value among it's close competition is... kinda nonsense.

But, I was wrong, they actually did it!

Oh, well, not a BMO cardholder, and now I've never been further from becoming one!
I can't afford to buy cheap stuff. Therefore, I'm thirsty for deals on durable goods.
Deal Addict
Jun 15, 2006
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So what are good alternative cards for earning multiplier points on groceries, restaurants (ie Uber Eats) and gas because that’s all I seem to be spending on in this COVID environment. Cobalt is iffy because Loblaws doesn’t take Amex.
Member
May 12, 2019
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HermanH wrote: I agree that BMO seems to devalue cards more than any other issuer.

Not sure as to why - perhaps they overpromise with earn, then scale it back when they realize how much the program actually costs them, instead of working all this out in advance internally before marketing dept. comes out with the offers?

In some cases for legacy products they may adjust to take into account lowered merchant fees, but they just launched Eclipse cards late last year, so the merchant fees issue was well know to them before that new product launch.

The cynical side of me thinks that by marketing 5x earn on bonus categories, when points aren't worth 1 cent each (when competitors points are worth 1 cent each), and then right away lowering the value of the points even more, one is hoping that people just don't realize that 5x isn't really 5x in the way it is with competing Amex Cobalt or Scotia Gold Amex (or 4x Scotia Momentum V.I./4x CIBC Dividend V.I.). 5x is supposed to mean 5% earn, 4% is supposed to mean 4% earn. It is smoke and mirrors to devalue the points and still say 5x earn when one knows perfectly well that consumers think 5x means 5%. I guess they can't really give a percentage in ads if they keep lowering it - earn 3.57%, no, wait, now it is 3.33% - check the daily rates page that gives mortgage and savings account rates to see what the daily rate today for points earn is LOL. At least they will preserve the value of points earned before May 5th by bumping up account balances by 7% to prevent the earning devaluation from devaluing the buying power of older saved points.
The argument could also be made - not unfairly - that this is a Visa product. So you're getting the "5x" that's really ~3.undefined% back in return for not getting the pain of "y u use amex????"

I love Amex but the absolute dick behaviour of many merchants when I try to pay with it pisses me off. These people are utterly pound foolish, the ~.8% extra in interchange won't do your business in when I'm already spending ~15% more than the average customer. But they get obsessed with the number and lose it
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I'm not bothered so much by the devaluations rather than by being literally taken for an idiot, by their and other issuers' advertising of downgrades as upgrades.

And I saw it coming a long time ago. Everyone should just get a Cobalt, SimplyCash Premium, or Scotia Amex Gold, and then get a no fee MasterCard for the "everything else" category.
Last edited by Poutinesauce on Feb 8th, 2021 1:00 am, edited 1 time in total.
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Poutinesauce wrote: I'm not bothered so much by the devaluations than by being literally taken for an idiot, by their and other issuers' advertising of downgrades as upgrades.

And I saw it coming a long time ago. Everyone should just get a Cobalt, SimplyCash Premium, or Scotia Amex Gold, and then get a no fee MasterCard for the "everything else" category.
The issue is amex acceptance
[OP]
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Apr 24, 2017
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angel_wing0 wrote: The card is only god for the lounge passes.
They can even remove that benefit easily. Look at the BMO Air Miles World Elite, The two annual complementary passes will no longer be provided starting May this year.

Yes, this is BMO, and we should remember how they ruin their premium cards.
📱 Telus: $30/25GB Peace of Mind Plan + 1000 International minutes
🎁 Moola: 25% bonus on everyday essentials (Walmart, Esso and Uber Eats)
💳 Credit card combo (2.5 - 10% return): AmEx + Scotiabank + CIBC
[OP]
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Apr 24, 2017
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enigma54 wrote: So what are good alternative cards for earning multiplier points on groceries, restaurants (ie Uber Eats) and gas because that’s all I seem to be spending on in this COVID environment. Cobalt is iffy because Loblaws doesn’t take Amex.
Cobalt/Scotiabank Gold Amex (groceries, dining, gas and local transit) + PCF WE (Loblaws groceries)
Triangle WE is another option as well if you are okay with CT money.
📱 Telus: $30/25GB Peace of Mind Plan + 1000 International minutes
🎁 Moola: 25% bonus on everyday essentials (Walmart, Esso and Uber Eats)
💳 Credit card combo (2.5 - 10% return): AmEx + Scotiabank + CIBC
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Feb 4, 2019
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Cheapmaestro wrote: I love Amex but the absolute dick behaviour of many merchants when I try to pay with it pisses me off. These people are utterly pound foolish, the ~.8% extra in interchange won't do your business in when I'm already spending ~15% more than the average customer. But they get obsessed with the number and lose it
0.8% can actually be a significant difference depending on the merchant's margin. If they are operating on a 1.5% margin (typical example for grocery store), 0.8% extra in payment processing fees reduces their margin by 53%. A big grocery chain has the leverage to negotiate fees down but a small local grocer does not.
Sr. Member
Apr 23, 2017
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Poutinesauce wrote: I'm not bothered so much by the devaluations than by being literally taken for an idiot, by their and other issuers' advertising of downgrades as upgrades.

And I saw it coming a long time ago. Everyone should just get a Cobalt, SimplyCash Premium, or Scotia Amex Gold, and then get a no fee MasterCard for the "everything else" category.
It is true that in my list of highest earning cards in Canada (based on my spending pattern) the winners of the top 4 spots are the three cards you mention (1. Scotia Gold Amex, 2. Desjardins V.I.P., 3. Amex SCP, and 4. Amex Cobalt).

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