TORONTO, ONTARIO--(Marketwire - Aug. 2, 2012) - BMO Bank of Montreal has launched the BMO AIR MILES® bank plan - a new, enhanced chequing account that significantly boosts the number of AIR MILES reward miles that can be earned on household spending and everyday banking. BMO is one of the only major financial institutions to offer customers the ability to earn loyalty rewards on an everyday banking account.
The plan allows customers to earn one AIR MILES reward mile for every $30 they spend on their debit card - a payment method which, according to industry figures, continues to gain in popularity each year.
"Canadians continue to place high value on the ability to make everyday transactions using a debit card," said David Heatherly, Vice-President, Payment Products, BMO Bank of Montreal. "With the introduction of the BMO AIR MILES bank plan, customers can now significantly enhance the value they are getting from this payment method by accelerating the rate of earning reward miles and ultimately spending smarter."
Additionally, with the new BMO AIR MILES bank plan, BMO customers can further accelerate their AIR MILES reward miles earning potential:
- Up to 600 bonus AIR MILES reward miles each year when they maintain a minimum monthly balance of $3000
- 300 bonus AIR MILES reward miles each year when they also carry a BMO Gold AIR MILES MasterCard
Customers can use the BMO AIR MILES calculator to find out how much their everyday spending, whether they use their BMO debit or credit card, can add up to hundreds of ways to reward themselves.
According to a BMO survey, at least 70 per cent of Canadians report that they belong to at least one loyalty rewards program, and 42 per cent plan to redeem their points within the next five years, with one in 10 saying that they will redeem their points during the summer months.
Mr. Heatherly noted that in the current economic environment, Canadian households are looking for value more than ever.
"Canadians have been spending more cautiously in light of the economic climate, and are looking for ways to squeeze more out of every dollar they spend. The new BMO AIR MILES bank plan is part of a suite of BMO products designed to provide added value for our customers, regardless of which payment method they choose," said Mr. Heatherly.
Andy Wright, President of the AIR MILES Reward Program, says initiatives that leverage Canadians' growing interest in rewards, such as BMO's new AIR MILES bank plan, speak to the sensibilities of today's consumers who are looking for ways to bolster their spending power. "AIR MILES is thrilled to enhance our ongoing partnership with BMO and empower Canadians to stretch their dollar even further by receiving even more value by earning AIR MILES reward miles on the everyday purchases they make," said Mr. Wright.
For more information on the BMO AIR MILES bank plan, please visit a local BMO branch or www.bmo.com/home/personal/banking/bank-accounts.
About BMO Financial Group
Established in 1817 as Bank of Montreal, BMO Financial Group is a highly-diversified North American financial services organization. With total assets of $525 billion as at April 30, 2012, and more than 46,000 employees, BMO Financial Group provides a broad range of retail banking, wealth management and investment banking products and solutions.