Credit Card News
BMO Introduces New Escape Travel Rewards Credit Card
BMO has unveiled a new travel rewards credit card called Escape.
About the BMO Escape Credit Card:
A new travel rewards card that mixes benefits and rewards has arrived. BMO has officially launched the Escape Credit Card, which carries a $150 annual fee.
Starting with rewards, the Escape card earns 4 points per dollar spent on dining as well as 4x on airfare. The card also earns 3x on eligible hotel purchases, 3x on cruise line purchases, 3x on tours, and 3x at travel agencies. Additionally, cardholders can earn 2x points on car rentals, taxi rides, and rideshare purchases. However, all of these categories have a quarterly spending cap of $3,000. For example, cardholders will earn 4x on up to $3,000 per quarter in combined dining and airfare purchases and earn 3x on up to $3,000 per quarter in combined hotel, cruise line, tour, and travel agency purchases, etc. All other purchases including those above these caps will earn 1 point per dollar spent.
As for benefits, cardholders can earn up to $240 per year in credits toward hotel stays. This credit is capped at $20 per month and is triggered by hotel bookings of $200 or more.
The Escape card is also launching with a special welcome offer. New cardholders can earn 45,000 bonus points after spending $5,000 within three months of account opening. Another key perk involves Priority Pass Select, as Escape customers can enjoy two free Priority Pass lounge visits per year. Additionally, cardholders can claim a credit of up to $100 toward Global Entry, TSA Precheck, or NEXUS application fees. This credit is valid every four years.
Currently, those interested in applying for the BMO Escape card will need to visit a BMO branch location.
What They’re Saying:
Announcing the new card, BMO’s Head of North American Retail and Small Business Payments Jennifer Douglas said, “Our customers who travel frequently are looking for a card that provides world-class rewards and benefits, so we are proud to offer the BMO Escape Credit Card, in partnership with Mastercard. With the ability to earn multiplying rewards that can be redeemed in the ways they prefer; this card is designed to help travelers make real financial progress.”
My Thoughts:
I have mixed feelings on this card. Starting with the bad, the fact that the hotel credit is divided into $20 monthly increments and requires spending $200 makes it far less interesting than if it was an annual credit. Furthermore, the caps on the top categories are surprisingly low — and the fact that they even cap the 2x rate is pretty laughable.
As for the good, the two lounge visits per year aren’t bad for a $150 annual fee card. Additionally, aside from the caps, the 4x and 3x categories are pretty good otherwise.
Overall, I don’t think that this card is particularly interesting and, thus, isn’t really worth the trip to a BMO branch to apply.
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