Bank of Montreal is ending the AFM/CFM MasterCard Affinity Program. This is due to low participation rates and their program now only accepts larger organizations with a minimum of 50,000 Canadian members. Current AFM/CFM MasterCard accounts will still be active, so if you have that credit card you will continue on as a BMO client. There will be a switch from the AFM/CFM MasterCard to the BMO MasterCard. The following two changes may occur: Adjustment of interest rate and the issuing of a blank BMO MasterCard in replacement of the AFM/CFM branded card.
The product types remain the same after the transition, with the exception of the “No Fee Cashback” product which actually increases to 1% cashback reward. Meanwhile, the interest rates will increase for both Retail Purchases and Cash Advances.
|Current product||Product transfer to|
|AFM NO FEE AIR MILES||NO FEE AIR MILES|
|AFM NO FEE CASHBACK 0.5%||NO FEE CASHBACK 1%|
|AFM WORLD AIR MILES||WORLD AIR MILES|
|AFM WORLD CASHBACK||WORLD CASHBACK|
|Interest Rates for Retail Purchases||Interest Rates for Cash Advances|
|Changed from 17.5% to 19.99%||Changed from 17.5% to 22.99%|
BMO will release a letter in May to clients of the changes and all accounts will be rolled over by the end of June. For further questions, please contact BMO at 1-800-263-2263.
We are currently investigating alternative programs with other financial partners and will update you as new information is available.
Canadian Federation of Musicians
For more information please visit us at www.cfmusicians.org | CFM on Twitter|CFM on Facebook.