BMO eclipse VIP Overhaul: 10 Lounge Visits, No FX Fees, But a Catch

The BMO eclipse Visa Infinite Privilege Card is receiving a major product overhaul effective immediately. Importantly, the annual fee remains the same and I actually think it’s a net positive. With 10 complimentary lounge visits and the removal of foreign transaction fees, it’s a surprisingly strong card in today’s market. The main negative is which transactions qualify for the annual $200 travel credit (changed from $200 lifestyle credit).

At a Glance

• Now 10 complimentary lounge visits, up from 6
• New: no foreign transaction fees
• $200 lifestyle credit replaced with $200 travel credit, but only with a single transaction of at least $500

The full list of changes is below, with notable parts highlighted or in bold.

BMO eclipse Visa Infinite Privilege* Card – Apply Now

• Eligibility: Minimum $150,000 (individual) or $200,000 (household) annual income required.
• Annual Fee: $599
  • Purchase Interest: 21.99%
  • Cash Advance Interest: 23.99% (21.99% for Quebec residents)
• Welcome Bonus Offer: Up to 200,000 BMO Rewards points
  • 80,000 BMO Rewards welcome bonus points 110 days after the credit card account open date, when you spend a minimum of $10,000 on net card purchases within the first 110 days of account opening
    • Previously $6,000 spending requirement
  • 40,000 BMO Rewards bonus points 180 days after the credit card account opening date when you spend a minimum of $20,000 on net card purchases within the first 180 days of account opening
    • Previously $30,000 spending requirement
  • 80,000 BMO Rewards bonus points 365 days after the credit card account opening date when you spend a minimum of $40,000 on net card purchases within the first 12 months of account opening
    • Previously $75,000 spending requirement
• Earn Rate: 
  • 5 points for every $1 spent on groceries, dining, gas, travel, and health & wellness
    • Drugstore purchases have been replaced with health & wellness
  • 1  point for every $1 spent everywhere else
  • 25% more points when you add an authorized user to your account
• Additional Benefits: 
  • • $200 travel credit each annual period following a single airfare, hotel, or car rental purchase that is equal to or greater than $500 during the annual period
      • Previously: $200 lifestyle credit with a single purchase of $200 or more
    • Up to $200 Nexus Statement credit in your first year*
    • Visa Airport Companion membership and 10 complimentary airport lounge visits per year
      • Previously: 6 complimentary visits a year
    • New: Enjoy no foreign transaction fees
    • Airport experiences along with Priority Security Lane, airport parking and valet service discounts at select Canadian airports
    • Visa Infinite Dining Series and Visa Infinite Wine Country
    • Enjoy six months of Instacart+ and a $10 monthly Instacart credit when you enroll your eligible BMO Credit Card
• Insurance Coverage:
  • • • Out-of-Province/Country Emergency Medical Insurance
      • Common Carrier Insurance
      • Car Rental Collision/Loss Damage Insurance
      • Trip Cancellation/Trip Interruption Insurance
      • Flight Delay and Baggage Insurance
      • Mobile Device Insurance of up to $1,000
      • Extended Warranty
      • Purchase Protection

Analyzing the BMO eclipse Visa Infinite Privilege Changes

Big picture, it’s great to see BMO improve the card without increasing the annual fee, although there are two meaningful trade-offs. The insurance inclusions, Nexus credits, and Instacart+ membership and monthly credits remain the same. We’ll analyze the changes individually, but the overall value proposition really comes down to if you can take advantage of that travel credit.

Positive: Lounge Visits, Foreign Transaction Fees

Let’s first talk about the positives — and these are major positives. The number of lounge visits increasing from 6 to 10 is monumental and puts it on par with the most generous Visa Infinite Privilege cards out there. BMO has also confirmed authorized users will have their own allotment of 10 lounge visits, making this a fantastic lounge card. Authorized users only cost $99 and also increase the earn rate in every category by 25%.

The number of complimentary lounge visits has gone up from 6 to 10

Same situation with removing foreign transaction fees. Our stance at PMB is travel cards, especially premium cards, should not be nickel-and-diming their customers with a pesky 2.5% fee every time the card is used as intended, that is, for travelling.

Seeing both improvements without an annual fee increase is quite nice.

Neutral: Welcome Bonus, Earn Rate

The welcome bonus is the same, but the spending requirements have changed. The overall spending required to earn the entire welcome bonus has decreased from $75,000 to $40,000, but the spending required to earn the initial chunk of 80,000 points has increased from $6,000 to $10,000.

Therefore, I’ll accept this as net neutral: if you spent $40,000 under the old scheme, you’d earn 120,000 points while you’d now earn all 200,000. But if you could comfortably spend $6,000 within 110 days and struggle with $10,000, the initial 80,000-point bonus has become harder to earn.

It’s a similar situation with the earn rate where the 5X on drugstores is replaced by 5X on health & wellness. If you frequently visit the pharmacy, you’ll now only earn 1X there, but if you spend frequently on public golf courses, massage establishments, or spas, this is a positive with new 5X earnings.

The annual category spending caps have not changed and are as follows:

These reset January 1; purchases above the caps earn the base rate.

Negative: $200 Travel Credit

The $200 credit effectively offsets about a third of the $599 annual fee, so making it harder to use is objectively a negative change. Previously, you’d get $200 statement credit for any single purchase of $200 in any category, making it as good as cash. Now, you get $200 if you spend at least $500 in a single transaction that Visa codes as airfare, hotel, or car rental.

On the surface, I would say it looks like a major downgrade and maybe you don’t value it at the full $200. However, I challenge that perspective because the best way to redeem BMO Rewards is on travel (more on this below), so you’ll naturally be charging travel to the card. In a single year on a premium travel card, I’d bet most cardholders make at least one $500+ airfare, hotel, or car rental purchase and you only need one purchase to trigger this $200. Don’t get me wrong, it’s definitely not as easy to use as before, but I don’t think it’s significantly more arduous.

Is The BMO eclipse Visa Infinite Privilege Worth It?

BMO Rewards are Worth 0.67 Cents Each

Let’s first consider what BMO Rewards are worth. We’ve written an entire article about BMO Rewards, so I won’t rehash it, but essentially BMO Rewards points are valued at ~0.67 cents (150 points = $1) each redeemed as a statement credit against eligible travel purchases charged to the card in the past 90 days. This makes it an excellent fixed points currency because you’re not locked in to using a proprietary travel portal to unlock the best rates.

BMO Rewards are worth 0.67 cents towards travel

At the 150 points = $1 valuation, here are the effective earn rates:

• 3.33% on groceries, dining, gas, travel, and health & wellness
• 0.67% on everything else

Adding an authorized user boosts these returns by 25%, giving you:

• 4.17% on groceries, dining, gas, travel, and health & wellness
• 0.83% on everything else

The welcome bonus would be distributed as follows (150 points = $1):

You’d earn a total of $1,333.33 if you meet all the spending requirements, which isn’t too shabby.

Yes, It’s Worth It

When it comes to the overall question on if the BMO eclipse Visa Infinite Privilege is worth it, I’d say it’s more worth it now than it was previously. The revamped card is more competitive among its Visa Infinite Privilege competition and even stands out as one of Canada’s strongest lounge cards with both primary and authorized users receiving 10 complimentary visits each. Throw in no foreign transaction fees and 5X earning in major categories (in Canada) and this is a strong card to use both at home and abroad.

If you are able to meet the spending requirements and also earn that $200 travel credit, it’s definitely a card worth at least trying out. The weakness lies in BMO’s Rewards program, as 0.67 cents is not an intuitive number to explain or visualize. The value is very much there, but the design makes the value harder to appreciate than it should be.

Takeaway

I’d call this refresh a net positive. With no increase to the $599 annual fee, 10 complimentary lounge visits for both primary and authorized cardholders, and no foreign transaction fees, the BMO eclipse Visa Infinite Privilege Card becomes a much stronger competitor among Canada’s premium travel cards. BMO Rewards may not be the most exciting points currency, but there’s real value here, particularly for frequent travellers who can make full use of the card’s benefits.

The new $200 travel credit is less flexible, requiring a single purchase of at least $500 at a merchant classified as airfare, hotel, or car rental. Still, I don’t think that’s an unreasonable hurdle for someone holding a premium travel card. Just remember that the 5X categories apply to merchants in Canada, so avoiding foreign transaction fees doesn’t mean you’ll also earn accelerated rewards abroad.

If you can use the credit naturally and put the lounge visits to work, this card deserves serious consideration. The lower spending requirement for the full welcome bonus helps with the appeal, but I’d choose it for benefits you’ll actually use rather than stretch your spending to chase all 200,000 points.