New BMO eclipse rise Visa Credit Card Helps Gen Z and Millennials Build Good Financial Habits

• New no-annual fee credit card offers accelerated rewards earning opportunities and redemption flexibility.
• Customers are rewarded with bonus points for good financial habits and get access to one free BMO PaySmart plan with, no fees and interest, every two years.

TORONTO, Dec. 13, 2023 /CNW/ - BMO today announced the launch of its new BMO eclipse rise Visa card – a new, no-annual-fee credit card with no minimum income requirement that is ideal for Gen Z and Millennials as they look to build their financial literacy. The new card also rewards cardholders for establishing good financial habits, helping young Canadians make real financial progress as their financial needs and priorities evolve. 

BMO ecplise rise Visa credit card (CNW Group/BMO Financial Group)

According to the BMO Real Financial Progress Index, Gen Z (ages 18 to 24) (93 per cent) and younger Millennials (ages 25 to 34) (88 per cent) are the most interested in learning more about personal finance topics including saving and investing, budgeting, credit scores and homebuying – more than any other generation.

"As young Canadians embark on their financial journey and begin managing their finances for the first time, they benefit from convenient tools that will help them navigate responsible spending and credit building, improve their financial literacy and establish good financial habits," said Andras Lazar, Vice-President, Product, Partnerships & Innovation – Credit Cards, BMO. "We've reimagined what a no-annual-fee rewards credit card can look like for Millennials and Gen Z. The new BMO eclipse rise Visa card offers a flexible, personalized card that encourages good financial habits with tailored rewards, enabling customers to make progress toward their financial goals."

The new BMO eclipse rise Visa card offers additional benefits including:

• Welcome Offer: New applicants can earn up to 25,000 BMO Rewards points in the first year, including 20,000 welcome points for spending $1,500 in the first three months. In addition, they can earn up to 5,000 bonus points annually when demonstrating good financial habits:
  • Earn 2,500 bonus points when cardholders redeem at least 12,000 points towards their credit card statement each year
  • An additional 2,500 bonus points when the full credit card balance is paid on time every month.
• Accelerated Rewards Earning Opportunities: Cardholders get 5 points for every $2 spent on everyday categories including dining and take-out, groceries and recurring bill payments, and one point for every $2 spent on all other purchases.
• BMO PaySmart: Customers will also receive one Free BMO PaySmart installment plan, with no fees and interest, every two years on a purchase of their choice.
• Mobile Device Insurance: Cardholders will also benefit from Mobile Device Insurance, which provides coverage of up to $1,000.

To learn more about the new BMO eclipse rise Visa card and other BMO eclipse Visa credit cards, please visit: www.bmo.com/rise.

To learn more about how BMO helps customers make financial progress, visit www.bmo.com/main/personal.

About BMO Financial Group

BMO Financial Group is the eighth largest bank in North America by assets, with total assets of $1.3 trillion as of October 31, 2023. Serving customers for 200 years and counting, BMO is a diverse team of highly engaged employees providing a broad range of personal and commercial banking, wealth management, global markets and investment banking products and services to 13 million customers across Canada, the United States, and in select markets globally. Driven by a single purpose, to Boldly Grow the Good in business and life, BMO is committed to driving positive change in the world, and making progress for a thriving economy, sustainable future, and inclusive society.

SOURCE BMO Financial Group

Media Contact: Anke Suwanda, Toronto, [email protected], [phone]