Bank of Montreal (BMO) has launched the BMO Air Miles bank plan
– a new current account that aims to boost the number of reward air
miles that can be earned on household spending and everyday
banking.

According to the Canadian lender, BMO is one of the only major
financial institutions to offer customers the ability to earn
loyalty rewards on an everyday banking account.

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The plan allows customers to earn one ‘air miles reward mile’
for every $30 they spend on the debit card.

Vice-president for payment products at BMO, David Heatherly,
said 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”.

BMO customers can, reportedly, earn up to 600 bonus reward miles
each year when they maintain a minimum monthly balance of $3,000
and 300 bonus reward miles annually 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 can add up to ways of rewarding
themselves – whether they use their BMO debit or credit card.

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According to a BMO survey, at least 70% of Canadians reported
that they belong to at least one loyalty rewards program, and 42%
plan to redeem their points within the next five years, with one in
10 saying that they will redeem their points during the next few
months.

Heatherly said that in “the current economic environment,
Canadian households are looking for value more than ever” and have
been spending “more cautiously”. He also mentioned that the new
bank plan is part of a suite of BMO products “designed to provide
added value” for customers.