BMO Preferred Rate Mastercard® vs BMO VIPorter World Elite Mastercard®∗: Which one is better?

No rewards earned on this card

• Earn 3 VIPorter points for every $1 spent on eligible Porter purchases via flyporter.com (up to $20,000 in spending annually)
• Earn 2 VIPorter point for every $1 spent on eligible gas and transportation purchases (up to $5,000 in spending annually combined)
• Earn 2 VIPorter point for every $1 spent on eligible groceries and dining purchases (up to $10,000 in spending annually combined)
• Earn 2 VIPorter point for every $1 spent on eligible hotel accommodation purchases (up to $5,000 in spending annually)
• Earn 1 VIPorter point for every $1 spent everywhere else
• Primary cardholders will receive an annual companion pass after spending a minimum of $50,000 (less refunds and excluding cash advances, cash-like transactions, interest charges, fees, credit or debit adjustments) within the first 365 days after the account open date. On the anniversary date of your card, the calculation of the purchases will reset to zero and primary cardholders must qualify again for the new annual period.

• Low interest rate
• Nice welcome offer for balance transfer

• No annual fee in the first year!
• A massive welcome bonus with a value that easily exceeds $1,000, especially with the one companion pass
• Points can be redeemed across Porter's expanding North American network, as well as Porter's growing list of global airline partners, currently featuring flights operated by Air Transat and Alaska Airlines sold on flyporter.com.
• 2x points on common everyday purchases such as groceries, dining, gas, transportation, etc. where points are valued at 1.5 cents per point on average

• Annual fee while there are similar cards that don't have that fee with them
• No benefits other than the most basic purchase protection and extended warranty

• Annual fee of $199 is definitely on the higher side for an airline loyalty card
• Having to spend $50,000 in the first year just to qualify for the annual companion pass
• Points can only be redeemed towards flights currently
• Spending caps on common categories like groceries and dining for earning 2x multiplier may be low for large families