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The Blue Rewards Chequing Account pays up to 135,000 welcome Points, worth $900 at the program’s redemption rate, for a $17.95 monthly fee. Year one is clearly worth it. From year two, it takes roughly $2,385 in monthly debit spending to break even.
Our one-line take: an excellent first-year account, and an expensive one afterwards unless your everyday spending actually runs through the debit card. Pairing it with the BMO Blue Rewards World Elite Mastercard changes part of the math.
The offer covers two products opened together: a new Blue Rewards Chequing Account and a new BMO Savings Amplifier Account. Both are required to reach the full 135,000 Points.
At the program’s official redemption rate, 1,500 Points are worth $10 in store or towards eGift cards. The full bonus therefore represents $900 in redemption value, which matches the figure BMO advertises.
The account earns Points on debit card purchases, not just on credit. Two rates apply, each with its own monthly cap.
The account also comes with unlimited transactions, Interac e-Transfers, the BMO Family Bundle that extends no-fee everyday banking to the household, and OnGuard identity theft protection.
The $215.40 in annual fees has to be covered by the Points earned. Here is the math, at 1,500 Points for $10.
The two monthly bonuses deliver 1,000 Points a month, or 12,000 Points a year, worth $80. That leaves $135.40 to recover from spending, which works out to 20,310 Points.
Maxing out the accelerated categories at $1,000 a month adds 12,000 Points a year. The remaining 8,310 Points call for roughly $1,385 in other monthly debit purchases.
Your existing BMO chequing account earns Blue Points on debit too, without moving to the $17.95 monthly fee. The rate is 1 Point for every $2 on groceries, wholesale clubs, gas and EV charging.
The cap is what changes the math: $300 in net purchases a month, across all of those merchant categories combined. That works out to 150 Points a month at most, or about $12 a year at the rate of 1,500 Points for $10. Eligible plans are Practical, Plus, Performance, Premium and Senior.
The 500-Point monthly bonus only lands with the BMO Blue Rewards World Elite Mastercard. Over a year, those 6,000 Points are worth $40, which absorbs part of the card’s annual fee.
The no-annual-fee version, the BMO Blue Rewards Mastercard, does not trigger the bundle bonus. It still makes sense if you want to earn with program partners without paying an annual fee.
To compare every option against your own spending habits, see our roundup of the best credit cards.
Three profiles come out ahead, and one should pass.
The program itself deserves a look before you decide: the partner network, the real value of a Point and the promotions running now matter as much as the account fee.
Savings are this way:
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