The news: BMO launched the BMO Escape travel credit card with Mastercard, per a press release. 

The Escape 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.
• Escape cardholders get a free PriorityPass membership and two free lounge visits. 
• The card offers $100 every four years for Global Entry, TSA PreCheck, or NEXUS.
• 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.

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

Competing with BNPL: The Escape card will also offer BMO PaySmart Installment Plans.