BMO eclipse rise Visa Card Review 2024: A Starter Credit Card That Rewards Good Financial Habits

• No annual fee.
• Welcome bonus of 20,000 BMO Rewards points (20,000 points when you spend $1,500 in the first three months).
• Earn 5,000 bonus points every year (2,500 bonus points for paying your full credit card balance on time for 12 consecutive months and another 2,500 bonus points for.redeeming at least 12,000 points annually towards your statement balance with Pay with Points)
• Introductory balance transfer offer of 0.99% for nine months with a 2% transfer fee.
• Earn 5 BMO Rewards points per two dollars spent on groceries, recurring bill payments, restaurants and takeout (up to $5,000 annually per category, earn 1 point per two dollars after that).
• Earn 1 BMO Rewards point per dollar on everything else.
• Mobile device insurance up to $1,000.
• Extended warranty insurance up to one year.
• Purchase protection insurance for up to 90 days.

This card is meant to be a starter credit card, as it has no annual fee and a low barrier to entry. That said, it has plenty to offer, including decent rewards-earning potential and features that reward good spending habits. It comes with a decent welcome bonus of 20,000 points and a solid balance transfer offer of 0.99% interest for the first nine months with a 2% transfer fee. What’s more, cardholders can earn 5,000 extra points each year for maintaining good habits, like paying off their credit card in full for 12 months and putting at least 12,000 points toward their credit card balance using Pay with Points. Beyond earning points, these good habits, in turn, help improve your credit score.

• No annual fee
• Earns 5 BMO Rewards points per $2 on groceries, recurring bills, restaurant and takeout
• Cardholders can earn an additional 5,000 points per year by paying off their credit card in full for 12 months and redeeming 12,000 points toward their balance

Earning Rewards

This card earns rewards on all your spending, and at an accelerated rate in some high-spend categories. Cardholders will earn five BMO Rewards points per $2 on groceries, recurring bills, restaurant and takeout and one BMO Rewards point per dollar on everything else. That said, there is a $5,000 annual cap on accelerated rewards categories, so once you reach that, you’ll only earn rewards at a rate of one point for $2, which is below the base rate.

Aside from the welcome bonus, cardholders can also earn an additional 5,000 BMO Rewards points each year: they’ll receive 2,500 points when they pay off their credit card in full for 12 months and get another 2,500 when they use Pay with Points to redeem 12,000 points toward their credit card balance.

Redeeming Rewards

This card racks up rewards points in some good spending categories, like groceries and bills. It also earns points at restaurants and on takeout—which includes food delivery. These rewards can add up and you can redeem BMO Rewards points for over 150 different gift cards and e-gift cards, travel, saving and investing, and using Pay with Points to cover the cost of your purchases.

Rewards Potential

Forbes Advisor estimates that based on average Canadian spending, you could earn $245.62 worth of rewards with this card. While that’s far less than some of the more premium BMO cards on the market, it’s still quite a lot considering this card has no annual fee.

• Earns 5 BMO Rewards points per $2 on grocery, recurring bills, restaurants and food delivery
• BMO Rewards points can be redeemed for a variety of perks including travel and gift cards and be used toward your credit card balance

Interest Rates

• Regular APR Min: 20.99%
• Cash Advance APR: 23.99%
• Balance Transfer APR: 0.99% for the first nine months (20% after, but subject to change)

Fees

• Cash Advance Fee: Not specified
• Balance Transfer Fee: 2%
• Foreign Transaction Fee: 2.5%
• Annual Fee: $0
• Any Other Fees: N/A

BMO eclipse rise Visa Card vs. SimplyCash from American Express

These two cards both boast no annual fee, but there’s a few key differences between them. The SimplyCash from American Express offers a few Amex perks, travel accident coverage and earns cash back at a rate of 2% on groceries and gas, and 1.25% across all other purchases. We estimate that SimplyCash earns about $489.37 in cash back per year based on average Canadian spending—nearly double the $245.62 earned by the BMO eclipse rise Visa Card. However, the SimplyCash card does have a higher credit score requirement of good/excellent, so it’s not attainable to those with lower scores. In this case, the SimplyCash is the better card, if you can qualify for it.

BMO eclipse rise Visa Card vs. Simplii Financial Cash Back Visa

Like the BMO rise eclipse Visa, the Simplii Financial Cash Back Visa is a no-annual-fee card, with no travel insurance and an impressive earn rate at restaurants. The Simplii Cash Back Visa earns 4% cash back at restaurants, bars and cafes, 1.5% on gas, groceries, at drugstores and on pre-authorized payments and 0.5% cash back on everything else. Overall, the Simplii card earns an estimated $369.70 per year in cash back, outranking the BMO eclipse rise Visa’s $245.62, but has a good/excellent credit requirement, which may keep it out of the running for some potential cardholders.

BMO eclipse rise Visa Card vs. BMO CashBack Mastercard

The BMO CashBack Mastercard also carries no annual fee and no travel insurance. Both cards have the same intro balance transfer offer of 0.99% interest for the first nine months with a 2% transfer fee. The BMO CashBack Mastercard earns 3% cash back on groceries, 1% on recurring bills and 0.5% cash back on everything else. This totals an estimated $289.24 per year, which slightly trumps the BMO eclipse rise Visa Card’s $245.62. That said, the BMO CashBack Mastercard does have a good/excellent credit score requirement, so if you’re trying to improve your score, the BMO eclipse rise Visa could be the more attainable choice.

When determining a rating for individual credit cards, the Forbes Advisor Canada editorial team factors in an exhaustive list of data points. With this card, the scoring model used takes into account factors such as, but not limited to, rewards rates and categories, fees, welcome bonuses and other benefits and features. Keep in mind, what may be best for some people might not be right for you. Conduct informed research before deciding which cards will best help you achieve your financial goals.

If you’re looking to improve your credit history (and thereby your credit score), this card could be right for you. It is easier to qualify for than most no annual fee cards, requiring only a fair/good credit score. It also rewards good spending habits, allowing cardholders to earn up to 5,000 bonus points per year for paying off their balance and using their points toward their statement. It also has a decent balance transfer offer. Unlike many credit cards for bad credit, it still earns rewards, including a pretty decent rate on groceries, recurring bills, restaurants and food delivery. Overall, there are better cards that have no annual fee out there, but if you have a fair credit score, this could be a good choice for you.