If you have no credit history as a newcomer to Canada, or if you are looking to rebuild your financial standing after past credit difficulties, a secured credit card is an excellent tool. The Bank of Montreal (BMO) does not offer a standalone "secured card" product; instead, they allow you to obtain almost any of their standard credit cards—such as the BMO CashBack Mastercard or BMO AIR MILES Mastercard—by providing an upfront cash security deposit.
This deposit acts as collateral, effectively setting your credit limit and eliminating the bank's risk. Because it functions exactly like a standard unsecured credit card, your monthly payments are reported to the major Canadian credit bureaus (Equifax and TransUnion), helping you build a positive credit history. Once your account is established, you can manage it entirely through BMO's digital banking ecosystem.
| Category | Details |
|---|---|
| Available Cards | BMO CashBack, AIR MILES, or standard Mastercards. |
| Minimum Deposit | Typically $500 (locked in a GIC or BMO savings account). |
| Interest Rate | Standard 20.99% on purchases (varies by card choice). |
| Credit Bureau Reporting | Reports to both Equifax Canada and TransUnion Canada. |
Step-by-Step Guide to Getting a BMO Secured Card
- Book an Appointment: Secured credit card setups require manual processing. Use the BMO website to book an in-person appointment at your local branch.
- Provide Documentation: Bring two pieces of valid government-issued ID, proof of address, and your Social Insurance Number (SIN) to the appointment. BMO typically requires branch appointment, though some cards may allow remote setup.
- Place the Deposit: Provide your cash security deposit (typically a minimum of $500). BMO will lock this money into a Guaranteed Investment Certificate (GIC) or a frozen savings account as collateral.
- Register Online: Once your physical credit card arrives in the mail, download the BMO Mobile Banking app. Enter your Client ID or 16-digit card number to create your digital banking profile and manage your new account.
Pro-Tip: Set up an automatic payment from your everyday checking account for the minimum amount due each month. This ensures you never miss a payment deadline, which is the most critical factor in rebuilding your Canadian credit score.
Troubleshooting Common Digital Pain Points
- MFA Verification Issues: When setting up your digital profile, BMO requires Multi-Factor Authentication (MFA). If you cannot receive SMS texts, request the code via email, or call the branch to ensure your representative inputted your correct phone number during onboarding.
- Browser Errors During Login: If you attempt to access your credit card dashboard on BMO's desktop website and the page loops or crashes, clear your browser cookies and disable your VPN, as BMO's security protocols block anonymized traffic.
- Locked Digital ID: If you enter your password incorrectly three times, your online access will automatically lock. You must call the number on the back of your credit card to verify your identity to an agent and reset your credentials.
Efficiency Hack for Rebuilding Credit Faster
The best way to rebuild credit is to keep your "credit utilization ratio" below 30%. Because secured cards often have low limits (e.g., $500), a $400 purchase will make your card look maxed out to the credit bureaus. To fix this, use the BMO Mobile App to make multiple manual payments throughout the month. Paying off your balance before the official statement prints ensures a low utilization rate is reported, maximizing the positive impact on your credit score.
Frequently Asked Questions
When do I get my security deposit back from BMO?
Your deposit remains locked as long as the card is secured. After 12 to 18 months of responsible, on-time payments, you can contact BMO to request an account review. If you "graduate" to an unsecured card, your original deposit will be released back to you.
Does a BMO secured credit card earn rewards?
Yes. Because BMO allows you to secure their standard rewards cards, you can still earn CashBack or AIR MILES on your everyday purchases, enjoying the exact same benefits as an unsecured cardholder.
Can I increase my credit limit later?
Yes. To increase your credit limit while the card is still secured, you will need to visit a BMO branch and add more funds to your locked security deposit account to match the newly requested limit.
