BMO ranks last in Canada's bank loyalty programs
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- BMO Rewards ranked last among the six major programs, requiring 150 points per travel dollar (0.67 CPP) and offering no transfer or retail partners to boost point value.
- National Bank À la carte Rewards came in second-worst, with 12,000 points equalling $100 for travel or RRSP/TFSA contributions (0.83 CPP), and the author noted it 'flies under the radar outside Quebec.'
- TD Rewards landed in the middle at 0.50 CPP, distinguished by an annual birthday bonus of up to 10,000 points (10% of the prior year's earnings) plus Starbucks and Uber partnerships.
- CIBC Aventura earned strong marks for its Airline Rewards Chart, which can deliver up to 2.29 CPP — for example, a round-trip flight to the continental U.S. costs 35,000 points with a maximum $800 base fare.
- Scotiabank Scene+ cracked the top three thanks to a sprawling coalition network spanning Empire grocery stores (Sobeys, Safeway, IGA), Cineplex, Shell, Home Hardware, and Recipe Unlimited restaurants like Harvey's and Swiss Chalet.
- RBC Avion took second place overall, buoyed by transfer partnerships with British Airways Executive Club, Cathay Pacific Asia Miles, American Airlines AAdvantage, and WestJet Rewards.
Why it matters: Canadian rewards-cardholders face a value gap of more than 3x between programs — from 0.67 CPP at BMO to 2.29 CPP achievable through CIBC's airline chart — meaning the choice of loyalty program can dramatically alter real returns on everyday spending, and consumers locked into lower-value programs like BMO are effectively leaving money on the table on every purchase.
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