Apply for the Students – BMO AIR MILES® Mastercard®

For Canadian students embarking on their financial journey, establishing credit and earning rewards can seem like a daunting task.

The BMO AIR MILES®† Mastercard®* for Students emerges as an ideal entry-level credit card, specifically tailored to meet the needs of those in post-secondary education.

It offers a practical way to build a credit history responsibly while simultaneously accumulating valuable AIR MILES Reward Miles.

Advantages of the BMO AIR MILES®† Mastercard® for Students*

The BMO AIR MILES®† Mastercard® for Students* offers significant value.

Firstly, it has no annual fee, making it a cost-effective way for students on tight budgets to earn rewards.

Secondly, it’s excellent for building responsible credit history, a crucial step for future financial goals by encouraging on-time payments and low balances.

Thirdly, cardholders earn 1 AIR MILES per $20 spent on everyday purchases, allowing consistent mile accumulation without complex categories.

New student cardholders often receive an attractive welcome bonus, boosting their mileage balance quickly.

The flexibility of AIR MILES redemptions is a major draw, allowing miles to be used for travel, merchandise, gift cards, or AIR MILES Cash, providing practical value.

Finally, as a Mastercard, it offers wide global acceptance and includes standard Mastercard benefits like Zero Liability Protection and purchase protection, ensuring security and convenience.

How Long Does the Application Analysis Take?

The BMO AIR MILES®† Mastercard®* for Students application review time varies. Instant decisions are common for students with clear credit histories and stable income.

However, if a more in-depth review is needed (due to limited credit history or requiring data verification), it can take a few to 7-10 business days.

The speed depends on your application’s accuracy and profile complexity.

What to Do if Your Application is Denied

A credit card denial can be frustrating, especially for students eager to build credit. However, it’s a valuable learning opportunity.

BMO, like all reputable lenders in Canada, is legally and ethically obligated to provide you with specific reasons for your denial.

Firstly, await the formal notification from BMO.

This will typically come in a letter or email, meticulously outlining the precise factors that led to their decision.

Common reasons for denial for student credit cards can include:

• Insufficient or unverified income: Even if part-time, consistent income helps.
• No credit history (thin file): While a student card is for building credit, sometimes lenders need some indication of financial responsibility.
• Past negative credit events (if applicable): Though less common for students, any missed payments on phone bills or student loans can impact.
• Incomplete or inaccurate application information.
• Too many recent credit applications: Applying for multiple credit products in a short period can raise red flags.

How to Apply for the BMO AIR MILES®† Mastercard® for Students*

Applying for the BMO AIR MILES®† Mastercard®* for Students is typically a straightforward online process.

1. Visit the Official BMO Canada Website: Go to BMO’s official website and navigate to the dedicated product page for the BMO AIR MILES®† Mastercard®* for Students. This page will have the most current information regarding features, benefits, and any ongoing welcome offers specific to students.
2. Review Eligibility Requirements: Before starting, carefully read the eligibility criteria. These generally include being a Canadian resident, being the age of majority in your province/territory, and being enrolled in a recognized post-secondary institution. There might also be a stated income requirement, though it’s typically lower for student cards.
3. Click “Apply Now”: Once you’ve confirmed your eligibility, click the “Apply Now” or similar button to begin the online application form.
4. Complete the Application Form Accurately: Fill out all required sections of the application form precisely. This will include personal details (full name, date of birth, current address, contact information), details about your enrollment in a post-secondary institution, your employment status (even if part-time), declared income, and information about any existing financial obligations.
5. Provide Necessary Identification: While you might not upload them directly during the initial online application, have your Social Insurance Number (SIN) and a valid government-issued ID (e.g., driver’s license, passport) readily accessible. These will be crucial for verification.
6. Review and Submit: Before finalizing, take a moment to meticulously review all the information you’ve entered for any typos or inaccuracies. Errors can delay the process. Once satisfied, submit your application.
7. Await Decision: As mentioned, you may receive an instant decision. If not, BMO will contact you within a few business days regarding their decision or to request additional information.

How to Unlock/Activate the Card

Once your new BMO AIR MILES®† Mastercard®* for Students arrives in the mail, it’s essential to activate it before use for security reasons.

1. Online Activation: The most convenient method is usually through BMO’s online card activation portal. The URL for this portal is typically provided in the card package you receive, or you can find it on the official BMO website. You will likely need to enter your card number, expiry date, and some personal identification details.
2. Phone Activation: Alternatively, you can activate your card by calling the dedicated activation phone number. This number is usually printed on a sticker on your new card or within the accompanying cardholder agreement. An automated system will guide you through the process, requiring you to input your card details and answer security questions.
3. Through BMO Online Banking/Mobile App: If you already have a BMO bank account and use their online banking or mobile application, you might be able to activate your new credit card directly through your existing account. After successful activation, remember to sign the back of your card immediately to further protect it against unauthorized use.

Disadvantages of the BMO AIR MILES®† Mastercard® for Students*

While the BMO AIR MILES®† Mastercard®* for Students is beneficial, it has certain limitations.

Its earning rate of 1 AIR MILES per $20 spent is modest, which might feel slow for high-spending students or those seeking rapid rewards.

Maximizing miles often requires significant long-term spending.

The value of AIR MILES varies by redemption.

Travel redemptions offer the best value ($0.10-$0.15 per mile), but merchandise or gift cards yield less, requiring strategic redemption to maximize value.

Like most Canadian cards, it includes a 2.5% foreign transaction fee. For students studying or traveling abroad, these fees can quickly accumulate, diminishing the value of earned miles.

A no-foreign-transaction-fee card would be better for frequent international use.

Finally, the card lacks premium travel benefits such as complimentary lounge access, comprehensive travel insurance, or concierge services.

These perks are typically found on higher-tier cards, meaning students prioritizing such luxuries might need to consider other options later in their financial journey.

The BMO AIR MILES®† Mastercard®* for Students is an excellent starting point for Canadian students looking to responsibly build credit and earn valuable rewards.

Its no annual fee structure makes it highly accessible and risk-free for those managing a student budget.

While its earning rate is modest and it lacks premium travel perks or foreign transaction fee waivers, its simplicity, flexibility in redemptions, and the opportunity to establish a strong credit foundation make it a highly recommendable choice.

By using this card responsibly and understanding its nuances, students can embark on a rewarding financial journey, setting themselves up for future financial success while enjoying the benefits of AIR MILES.