BMO and Mastercard Launch New Travel Rewards Card

BMO has launched a new travel rewards card with Mastercard, saying the card meets frequent travelers’ demands for rewards and benefits.

The new BMO Escape Credit Card features accelerated rewards on travel-related spending, no foreign transaction fees and additional traveler benefits, the companies said in a Monday (Aug. 18) press release.

The card offers 4x points per dollar spent on eligible dining and airfare; 3x points on eligible hotels, cruise lines, tours and travel agencies; 2x points on eligible car rentals, taxi and rideshare purchases; and 1x points on other eligible purchases, according to the release.

Its additional travel benefits include up to $240 in hotel statement credits annually, Priority Pass airport lounge membership, and rebates on fees for Global Entry, TSA PreCheck or Nexus Services, per the release.

“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,” Jennifer Douglas, head of North American retail and small business payments at BMO, said in the release.

Julie Schanzer, executive vice president of financial institutions in the U.S. at Mastercard, said in the release: “Every time someone uses this card, they’re not only unlocking great benefits—they’re gaining peace of mind knowing our cardholder protection services are working behind the scenes. It’s about making every journey more memorable, more secure and more rewarding.”

The PYMNTS Intelligence report “How Consumers Decide Which Credit Card to Pay With” found that consumers hold multiple cards and strategically rotate them to maximize rewards, offers and other benefits.

For financial institutions facing the challenge of ensuring their card is the one chosen at the point of purchase, this means the strategic design and deployment of card-linked offers represent a powerful avenue to drive usage, engagement and loyalty, according to the report.

Mastercard, BMO and Porter Airlines said in January that they launched a rewards program for Canadian travelers. The BMO VIPorter Mastercard suite offers enhanced travel benefits, meaningful value and rewards, and trust and security, Diane Miquelon, senior vice president for financial institutions at Mastercard, Canada, said at the time in a press release.

The post BMO and Mastercard Launch New Travel Rewards Card appeared first on PYMNTS.com.