BMO to reward debit card users with Air Miles

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By: Wise Marketer Staff |

Posted on June 4, 2007

BMO to reward debit card users with Air Miles

BMO Bank of Montreal has launched a comprehensive new debit card-based loyalty programme for its customers in Canada, rewarding cardholders with Air Miles for using their debit cards in an effort to lure Air Miles collectors from competitors.

According to BMO, the new programme aims to capture the personal banking business of the 9 million Canadian Air Miles collectors (who represent approximately two-thirds of the country's households).

Earning miles Starting from June 2007, BMO's personal banking customers can collect Air Miles reward miles whenever and wherever they make purchases using their BMO Bank of Montreal debit card.

In addition, customers who have a Mosaik MasterCard with an Air Miles reward option can also increase their monthly rewards by as much as 30% by doing more business with BMO. For example, BMO will increase the value of rewards earned each month by a multiple of 10%, 20% or 30%, depending upon how many BMO banking products and services customers have in their portfolio of bank business.

Stronger relationships sought "Our number one priority is to attract new customers and build lasting relationships with them," explained Lynne Kilpatrick, senior vice president of personal banking for BMO Bank of Montreal.

According to Statistics Canada, the country's households spent approximately Can$2,500 per month (Can$30,000 per year) in 2005 on basic household requirements such as groceries, fuel, entertainment, clothing, and transportation. Given that Canadian consumers use debit cards to make approximately 34% of their purchases, Air Miles collectors stand to gain a significant number of extra reward miles over the course of a year.

BMO has been an Air Miles partner since the loyalty programme's introduction to Canada in 1992.

For additional information: ·  Visit BMO at http://www.bmo.com ·  Visit Air Miles at http://www.airmiles.ca