To the point
Are you hesitant? Here is a comparison of the two best credit card for AIR MILES Reward Miles enthusiasts in Canada.
In Canada, the AIR MILES loyalty program is partnered with two institutions: American Express and BMO.
Both institutions issue AIR MILES credit card that allow AIR MILES Collectors to earn Cash and/or Dream miles on every purchase.
While those institutions offer both AIR MILES credit cards for consumers and for businesses, two AIR MILES credit cards stand out as the most popular:
Let’s look at the big differences between these credit cards in regards to:
Welcome bonus
The welcome bonus offered by each of these credit cards varies according to promotions. However, there are important differences between the two cards!
With the American Express® AIR MILES®* Platinum Credit Card, you can earn 2,000 AIR MILES Bonus Miles after $1,500 in Card purchases within the first three months.
However, the fee still has to be paid for the first year ($120).
With the BMO® AIR MILES® World Elite®* Mastercard®*, you can earn 3,000 AIR MILES Bonus Miles after $3,000 in Card purchases within the first three months.
In addition, the first year is free, a savings of $120.
Advantage: BMO
The BMO® AIR MILES® World Elite®* Mastercard®* welcome bonus is more generous than the one offered by the American Express® AIR MILES®* Platinum Credit Card. Besides, the first year is free.
Earning points
With the AIR Platinum Credit Card MILESMD* American ExpressMD, you can earn 1 AIR MILES mile per $5 of purchases at grocery stores, gas stations, restaurants and bars, as well as for local transportation.
Everywhere else, you can earn 1 AIR MILES mile per $10 of purchases.
With the BMO® AIR MILES® World Elite®* Mastercard®*, you can earn 1 Mile for every $12 spent everywhere, including Costco.
Besides, you can earn 3 Miles for every $12 spent at AIR MILES partners (Sobeys, Shell, Jean Coutu, etc.).
Advantage: BMO
Slight advantage to the BMO® AIR MILES® World Elite®* Mastercard®* with 3 miles for every $12 spent at select AIR MILES Partners.
However, if you regularly shop at other grocery stores (Metro, Super C, etc.), other gas stations than Shell (Esso, Ultramar, etc.) or restaurants or local transportation, you will earn more miles with the American Express® AIR MILES®* Platinum Credit Card: 1 mile for every $5 spent.
Redeeming points
The American Express® AIR MILES®* Platinum Credit Card and the BMO® AIR MILES® World Elite®* Mastercard®* are both part of the same rewards program: AIR MILES.
Thus, in terms of using the miles, you must comply with the rules of the program:
- A fixed value for Cash miles(10.5 cents per mile – excluding promotional periods at Jean Coutu for example)
- A variable value for DREAM Rewards (8 to 40 cents per miledepending on your use)
DRAW MATCH
Both cards are quite similar on this aspect; the use rate is almost the same.
Annual fee
The American Express® AIR MILES®* Platinum Credit Card has an annual fee of $120.
Each additional card is free.
The BMO® AIR MILES® World Elite®* Mastercard®* has an annual fee of $120.
Each additional card costs $50.
Advantage: American Express
The American Express® AIR MILES®* Platinum Credit Card wins this duel, since it has no annual fee for the extra cards.
However, if you do not plan to add any additional card , either card will cost you $120 per year. Remember that the first year is free with the BMO AIR MILES World Elite MasterCard.
Minimum income
The American Express® AIR MILES®* Platinum Credit Card requires no minimum income.
The BMO® AIR MILES® World Elite®* Mastercard®* requires a minimum personal income of $80,000 or a combined income of $150,000.
Advantage: American Express
Net advantage for the American Express® AIR MILES®* Platinum Credit Card, which is accessible to more people.
Acceptance
You will be able to use the American Express® AIR MILES®* Platinum Credit Card at all stores who accept American Express, such as grocery stores like Metro, Super C, Safeway, Walmart, as well as all service stations and many restaurants or home food delivery services.
You will be able to use the BMO® AIR MILES® World Elite®* Mastercard®*d at all stores who accept Mastercard (virtually every business in Canada). You can also use it at Costco or Walmart.
Advantage: BMO
A net advantage for the BMO® AIR MILES® World Elite®* Mastercard®*: you can use it anywhere, even at Costco.
However, if you shop at Metro, Super C, Safeway or are used to going to restaurants that take American Express, the American Express® AIR MILES®* Platinum Credit Card may be best for you.
Besides, some IGA stores have begun accepting American Express credit cards.
Insurance
The American Express® AIR MILES®* Platinum Credit Card offers these insurances:
- $100,000 Travel Accident Insurance
- Car Rental Theft and Damage Insurance
- Purchase Warranty (90 days)
- Purchase Protection Warranty (1 year)
The BMO® AIR MILES® World Elite®* Mastercard®* offers these insurances:
- $500,000 Travel Accident Insurance
- Car Rental Theft and Damage Insurance
- Purchase Warranty (90 days)
- Purchase Protection Warranty (1 year)
- Out-of-province hospital insurance
- Trip Cancellation Insurance
- Trip Interruption Insurance
- Departure flight delay insurance
- Baggage insurance in case of delay
- Lost or Stolen Baggage Insurance
Advantage: BMO
From an insurance perspective, the BMO® AIR MILES® World Elite®* Mastercard®* significantly outperforms the American Express one. Especially since this card is one of the few credit cards in Canada that offer travel insurance no matter the amount paid on the card .
The Benefits
The American Express® AIR MILES®* Platinum Credit Card offers several benefits:
- an annual exchange of travel credit (up to 750 miles)
- access to American Express online promotional offers
- access to the Front Of The Line service to buy tickets for shows before the general public
The BMO® AIR MILES® World Elite®* Mastercard®*offers several benefits:
- 25% off airfare on all AIR MILES flights, once a year (up to 750 miles off)
- Free and unlimited Boingo Wi-Fi access
Advantage: BMO
The BMO® AIR MILES® Mastercard®* World Elite has a slight advantage with free Wi-Fi access. Otherwise, the discount on flights is equivalent for both card .
Conclusion
As I said in the introduction, these are the two most popular credit cards for AIR MILES members. However, they are quite different in many aspects.
If your goal is to earn more AIR MILES Reward Miles for everyday purchases outside of AIR MILES Partners, the American Express® AIR MILES®* Platinum Credit Card is the one for you.
However, if you shop regularly at AIR MILES Partners and want a card that will also be useful for your purchases at Costco or for your travels – especially because of the insurance and benefits offered – the BMO® AIR MILES® World Elite®* Mastercard®* is a great choice.
Don’t forget that applying for one card does not prevent you from applying to the other one! It’s a way to earn more AIR MILES Bonus Miles!
These are two credit cards that we recommend in several of our rankings:
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