The news: BMO launched the BMO Escape Credit Card, a Mastercard credit card geared for travelers, per a press release. 

• The Escape Credit Card will pack a $150 annual fee.
• New signees are eligible to earn up to 45,000 points after spending $5,000 within the first three months of their account opening.

Rewards breakdown:

• The card has no foreign transaction fees, a huge travel perk.
• Cardholders receive up to $240 in hotel credit statements annually.
• Users can earn 4x points on up to $3,000 in dining and airfare spend per calendar quarter.
• They get 3x points on up to $3,000 in hotel, cruise, and tour spend per calendar quarter.
• Cardholders earn 2x points on up to $3,000 in car rental, taxi, and rideshare spend per calendar quarter.
• All other purchases earn unlimited 1x points.

All points can be redeemed for travel, gift cards, shopping, or cash credit.

Our first take: BMO is seizing on lucrative travel spend, following other cards like Booking.com’s Genius Rewards Signature Visa that target Gen Z and millennial middle-class travelers who aren’t tied to a hotel or airline loyalty programs but still want to save on travel. 

While premium cards jockey to snag wealthy customers’ luxury and travel spend, offerings like the Escape Credit Card could bolster more modest bookings in back-of-cabin airfare tickets and mid-range hotels.

This is our immediate perspective. We’re actively developing this story throughout the day with more research and data from the EMARKETER database. Our in-depth analysis will be included in our client-only Briefings. Non-clients can click here to get a demo of our full platform and coverage.

Check out other EMARKETER content related to this story: 

• Booking.com’s new co-brand credit card could attract value-conscious Gen Zers
• Southwest overhauls co-brand credit cards, hiking fees and diversifying perks
• United Airlines revamps credit card portfolio amid weakened travel demand
• Travelers want to cash in points for ready-made vacation packages