BMO Boost Secured Credit Card
Make real financial progress with our simple solution that helps you establish, strengthen, and grow your credit.Footnote 1
Use your card for everyday purchases- Boost your credit by making regular, on-time payments
- Monitor your financial progress with our credit management tool
Ready to apply? Visit your nearest branch to get started.
What’s a secured credit card?
A secured credit card functions similarly to a traditional credit card, with the main difference that it is secured by funds in a deposit account. This acts as collateral for your credit card. This is a great option for those looking to build or rebuild their credit.
By using your secured card responsibly and making regular payments, you can establish a positive credit history. Over time, this can help improve your credit score and potentially open up more opportunities for even better financial options.
Boost your credit in 4 steps
Give your credit a Boost with the BMO Boost Secured Credit Card.
Apply for the BMO Boost Secured Credit Card
Open a Secured Credit Card Savings Account
Qualify for and get approved for a Secured Credit Card Savings account and deposit a minimum of $300.Footnote 2
Experience the Boost
Activate and start using your credit card account for everyday purchases and make regular, on-time payments to help Boost your credit.Footnote 1
Track your Boost
Monitor your real financial progress with BMO CreditViewFootnote 3, our tool to help you stay on track towards achieving your financial goals.
Track your Boost with CreditViewFootnote 3
- Instant access to your full credit report
- Learn how your financial choices affect your credit score before you make them with ScoreSimulator®
- Get credit building tips to help improve credit
Your rates at a glance
| Annual fee* | Standard purchase APR* | Balance transfer APR* |
|---|---|---|
26.49%, variable rate. | 26.49%, variable rate. |
*Access the Summary of Credit Terms to learn more about rates and fees.
Additional features
- Tap & Go® Contactless Payments offers you a convenient way to check out quickly, safely, and securely.
- BMO Card Monitor lets you customize the types of transactions you want to be notified about and receive real-time alerts.
- Online Account Management. All your banking in one app.
- BMO Total Look gives you a consolidated view of your financial information with a personalized command center.
- Mastercard Zero Liability covers you for any unauthorized purchases.Footnote 4
- Cell Phone ProtectionFootnote 5 means that you receive up to $400 in coverage when using your BMO Boost Secured Credit Card to pay your monthly cell phone bill.
- Extended WarrantyFootnote 6 will double the original manufacturer’s (or U.S. store brand’s) warranty for up to 12 months on most new items.
- MasterRental®Footnote 6 offers you coverage on rental vehicle damage due to collision, theft, accidental fire, and vandalism when you use your Secured Credit Card to pay for the entire rental transaction.
- MasterTrip® Travel AssistanceFootnote 7 provides benefits designed to assist you or your travel companions when you’re traveling 50 miles or more from home.
FAQs
The main difference between the two types of cards is that secured credit card is secured by funds in a deposit account. This acts as collateral for your credit card.
With a secured card, you’ll need to put down a deposit that will act as collateral. If approved for the BMO Boost Secured Credit Card, your savings account deposit secures your credit card account in an amount equal to the credit limit on your credit card. It’s also ideal if you’re looking to build or rebuild your credit. For an unsecured card, an initial savings account deposit is not required to secure the credit limit.
When it comes to secured credit cards, security interest serves as collateral.
Payments on a secured credit card work just like any other credit card. You will receive a monthly statement outlining your purchases and the minimum payment due. By making on-time payments each month, you will build a payment history that can help boost your credit. With BMO Digital Banking, you can keep your account current by enrolling in Autopay to automatically make your payments on-time each month.
Have questions? That’s what we’re here for.
Let's meet
Stop by your nearest branch to chat about credit card options.
Footnote 1 details Impact on your credit may vary. On-time payment history can have a positive impact on your credit score. Late payment may negatively impact your credit score.
Footnote 2 details Minimum opening deposit must be at least equal to the credit limit on your BMO Boost Secured Credit Card. Account will be pledged, and a hold will be placed on your savings account, to secure your Secured Credit Card in an amount equal to the approved credit limit. Funds deposited in excess of the amount of the hold will be available for withdrawal in accordance with the terms of the Deposit Account Agreement for Personal and Business Accounts.
Footnote 3 details CreditView and its features, Score Simulator and Credit Education, are provided by TransUnion for educational purposes only. You should consult with your own financial team for more information about credit score.
Footnote 4 details Pay only for purchases that you have authorized on your Mastercard card. Unauthorized purchases are not your responsibility. Conditions and exceptions apply. Learn more: http://www.mastercard.us/zero-liability.html.
Footnote 5 details Coverage provided under a group insurance policy issued by New Hampshire Insurance Company, an AIG company. Policy provides secondary coverage only. Coverage for a stolen or damaged eligible cellular wireless telephone is subject to terms, conditions, exclusions, and limits of liability of this benefit. The maximum liability is $400 per claim for Secured Credit Card, and $600 per covered card per 12-month period. Each claim is subject to a $50 deductible. Coverage is limited to two (2) claims per covered card per 12-month period. The monthly bill associated with the phone must be paid with the eligible card for coverage to be effective. Refer to the Mastercard Guide to Benefits for more information.
Footnote 6 details Certain terms, conditions, and exclusions apply. Extended Warranty and MasterRental® are underwritten by New Hampshire Insurance Company, an AIG company. For complete coverage terms and conditions call 1-800-MASTERCARD (1-800-627-8372) for assistance. Refer to the Guide to Benefits at bmo.com/en-us/pdf/credit/consumermcgtb.pdf for more information.
Footnote 7 details See the Guide to Benefits at bmo.com/en-us/pdf/credit/consumermcgtb.pdf for full program details.
Mastercard, MasterRental, Tap & Go and MasterTrip are registered trademarks of Mastercard International Incorporated.
Accounts are subject to approval and are provided in the United States by BMO Bank N.A. Member FDIC.