Friday, November 17, 2017

Upcoming Changes on BMO Financial Products

One of my friends told me that there will be changes on some BMO credit cards:
  • BMO Air Miles WEMC: Reduce the Air Mile Flight Redemption discount from 25% to 15%【Now I see why BMO provides 3000 Air Miles to the new applicants...】
  • BMO Air Miles World/Gold/Small Business Card: Discontinue the 25% Air Miles Flight Redemption discount
  • BMO Rewards World Elite MasterCard:BMO will add a bonus rewards earn to Travel/Dining and Entertainment purchase【this one sounds good】
  • BMO Rewards World Elite MasterCard:Waiver of annual fee for BMO Private Banking clients【not related to me anyway...】
  • BMO Rewards MasterCard:remove Common Carrier insurance
My friend told me that I may see those changes on the Nov credit card statement.

I do have the BMO Air Miles WEMC, and I don't have the BMO Rewards WEMC. So, I only see bad news here. Considering that BMO just reduced the earning rate of Cash Back WEMC from 1.75% to 1.5%, I was wondering what will happen next to other BMO products...

Updated on Oct 20, 2017A picture is worth a thousand words. I got a new version of those BMO changes...

There is a bad news for BMO Rewards WEMC: the number of points needed to redeem for $1 in travel rewards will increase from 100 to 135 BMO rewards points, effective Jan 15, 2018! This makes the return ratio decreased from 2% to 1.48%, which is even lower than the current BMO Cashback WEMC (1.5%)... The points value for gift cards/merchandise/financial contribution redemption will be improved by up to 25% (but I am not interested in those items...). I think I may move to RBC WestJet WEMC or MBNA Alaska WEMC after Jan 2018.

BTW, BMO will also make some changes to their everyday bank plan fees, effective Dec 1, 2017.

Updated on Oct 24, 2017: Just FYI, I am not a fan of fake news, and I do NOT make fake news. I did not get paid for this post, and I did not pay any other people for the information. I just posted what I heard from my friends. Up to now, I still 100% believe that these BMO changes will happen soon.

Updated on Oct 26, 2017: Just FYI, some updates from RFD.

Updated on Nov 17, 2017: now it is official...