BMO Canada - Personal Banking, Credit Cards, Loans & Investing (2024)

FAQs

What credit score is needed for a BMO credit card? ›

Plus, you only need a fair credit score to qualify (in the 575-649 range). However, if you've declared bankruptcy within the last seven years, your application will be denied.

Welcome offer

You deserve to be rewarded! Get up to 60,000 points and the $120 annual fee waived in the first year. Already a BMO customer? Minimum $60,000 (individual) or $100,000 (household) annual income required OR minimum $15,000 declared current annual spend.

If you have any questions and would like to speak to a lending specialist immediately, please call us at 1-877-CALL-BMO (1-877-225-5266) or the TTY Service (1 866 889-0889). If you would prefer to speak with someone at your local branch, please contact them directly to book an appointment.

One of our lending representatives will contact you within one business day to complete your line of credit application over the phone, or schedule a convenient time for you. Once your application is complete, it will take approximately two business days to process.

The U.S. Bank Altitude Go Visa Secured Card is the best option if you have limited/poor credit and are looking for a high credit limit. You can deposit anywhere from $300 to $5,000, making your maximum credit limit available $5,000.

If your credit score lands around 500 or lower, your chances of getting the credit card of your choice is significantly reduced. You may want to consider improving your score so you can have better chances of getting the card of your choice.

BMO credit cards are a good option for people with good-to-excellent credit scores who want annual fees as low as $0, rewards in the form of cash back or points, or a 0% introductory APR for an extended period of time. BMO also issues the Diners Club credit cards for culinary enthusiasts.

Broadly speaking, there is no minimum income requirement to get approved for a credit card, as long as your income could easily cover the minimum payments on a relatively small credit line.

Once your application is complete, you usually receive an email confirmation. Following the compliance with all required information and successful application, your BMO credit card will typically arrive within 7 to 10 business days.

A group of more than 140 Bank of Montreal customers from across the country plan to file a class-action lawsuit against the bank, after they say they collectively lost more than $1.5 million in fraudulent e-transfers.

What is BMO current lending rate? ›

BMO Prime Rate. The prime rate is the lending rate Canada's banks and financial institutions use to set interest rates for variable loans and lines of credit, including mortgages. Bank of Montreal's prime rate today, June 17, 2024, is currently 6.95%.

It is the U.S. subsidiary of the Toronto-based multinational investment bank and financial services company Bank of Montreal, which owns it through the holding company BMO Financial Corporation (formerly Bankmont Financial Corporation, then Harris Financial Corporation).

What credit score do you need for the BMO Cash Back Credit Card? You'll have the best approval odds if you apply for the BMO Cash Back Credit Card with a good to excellent credit score (a FICO score of 670 or higher, or a VantageScore of 661 or higher).

Lenders often have higher credit score requirements for lines of credit compared to personal loans. For example, borrowers should aim to have a minimum credit score of 670 when applying for a line of credit. However, there are personal loans available that only require scores of at least 580.

To qualify for a personal loan, borrowers generally need a minimum credit score of at least 580 — though certain lenders have even lower requirements than that. However, your chances of getting a low interest personal loan rate are much higher if you have a “very good” or “excellent” credit score of 740 and above.

BMO (Bank of Montreal), Scotiabank, National Bank, HSBC, and Tangerine may pull from either Equifax or TransUnion.

Yes, many cards are available to people with a 600 credit score. While you probably won't get approved for a top-tier card, you can almost certainly get a modest, unsecured credit card.

Is my BMO credit score accurate? In most cases, the credit score you receive from BMO will accurately reflect how your credit stands. BMO's credit check service is provided through TransUnion, one of the leading credit bureaus in Canada and is considered to be reputable.

Credit scores that fall between 580 and 669 are considered to be fair. While this isn't technically bad, there's plenty of room for improvement. With a 650 credit score, you'll still have the ability to get a credit card.