The Bank of Montreal (BMO) is offering up to 1,900 Air Miles bonus if you open a new Air Miles Bank Plan before
October 31, 2015 and take advantage of the entire offer.
You will earn the first 1,000 Air Miles when you open your account initially. The you can continually earn the following points as you keep the account active:
- Earn 1,000 Air Miles for opening the account
- Earn 50 Air Miles each month when you maintain a balance of $3,000
- Earn 25 Air Miles each month just for being a BMO Air Miles World MasterCard cardholder
- Earn 1 Air Mile for every $30 you spend with your BMO Debit Card (up to 50 reward miles per month)
The bonus Air Miles breaks down as follows: 1,000 sign up + (50 x 12) + (25 x 12) = 1,900
That being said, if you have the BMO Air Miles World MasterCard, then I would use that credit card instead of the debit card, because the MasterCard has a better earning ratio, where you earn 1 point for every $15 that you spend, which is twice as fast as the debit card earning ratio of 1 point for every $30.
There is one major catch though, you need to pay a $14.95 monthly fee to keep your account open, in addition to the $99 annual fee for the BMO Air Miles World MasterCard. That is a total of 12 x $14.95 + $99 = $278.40 annually, which is fairly steep.
Personally, I would not purposely open a BMO Bank Plan just to earn the points. But if you happen to need a new bank account anyway, and plan to pay these fees anyway, then be sure to take full advantage of all the offers.