If you were a frequent Canadian traveler then you must have heard of or used Bank of Montreal’s Mosaik MasterCard. It was one of the best deals available for Air Miles collectors before it was shut down by the bank due to abuse. This credit card was especially good because it offered exceptional value; the reward return of the card was also higher than its competitors at 2.92%. Many people abused the system by applying for it, using the Air Miles and then canceling or downgrading to avoid paying the annual fee, among other things. While it may no longer be available, there are many alternatives to the Mosaik MasterCard, some of which are presented below.
The Bank of Montreal now offers two types of Air Miles credit cards. The standard card has zero annual fees, an interest rate of 19.5% or 12.9% and a reward of 1 mile for every $20 spent. While it is a good deal for many, it offers absolutely no signup bonus at all and a relatively low rate of return. Its insurance package is also suspiciously missing medical, rental car and travel insurance.
Their Gold card, meanwhile, offers a better deal, depending on how you plan to use it. Its $99 annual fee gets you better rates: 1 mile for every $15 spent, 25% discount off for flights booked using Air Miles and occasional signup bonuses of up to 100 miles. Despite all this, it still offers a mediocre rate of return and its insurance package could be better for a premium card.
An alternative to BMO are the American Express credit cards. The standard offering has zero annual fees and an interest rate of 19.99%, along with rewards of 1 mile for every $20 spent. There is not much to say about this other than the fact that it is very similar to BMO’s offerings. In fact, it offers lower rate of return compared to BMO’s cards and has an even poorer insurance package that has very limited travel insurance. Their platinum card is a better offering. For a $50 annual fee you get higher earning rate of 1 mile for every $15 spent, free supplementary cards, a decent insurance package and other benefits.
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It all boils down to what you need. Both BMO and American Express are reliable providers and it is up to you to decide which company you align yourself with. Both of their similar offerings and rates make this a hard decision to make.
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