BMO CashBack Mastercard Review

Last updated: 10 February 2020

Get money back with this no annual fee cash back credit card and take advantage of an introductory low interest rate.

Get up to 5% cash back on all eligible purchases in the first three months of card membership (up to a maximum spend of $2,000, and earn 1% cash back thereafter). Apply by April 30, 2020. Plus, get a rate of 1.99% on balance transfers with a 1% balance transfer fee for nine months.

19.99%

Purchase Interest Rate

Annual Fee

1.99% for the first 9 months (then 22.99%)

Balance Transfer Rate

Details

Product Name	BMO CashBack Mastercard
Reward	Get 1% cash back on all eligible purchases.
Welcome Offer	Get up to 5% cash back on all eligible purchases in the first three months of card membership (up to a maximum spend of $2,000, and earn 1% cash back thereafter). Apply by April 30, 2020. Plus, get a rate of 1.99% on balance transfers with a 1% balance transfer fee for nine months.
Purchase Interest Rate	19.99%
Cash Advance Rate	22.99%
Balance Transfer Rate	1.99% for the first 9 months (then 22.99%)
Interest Free Period	Up to 21 days
	Go to site More Info

Annual Fee	$0
Monthly Service Fee	N/A
Over Credit Line Fee	$29
Balance Transfer Fee	1%
Penalty APR	24.99%
Dishonoured Payment Fee	$48
Foreign Currency Conversion Fee	2.5%
Cash Advance Minimum Fee	$5
Late Payment Fee	N/A
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Credit Rating	Good
Minimum Age	Age of majority in the province/territory of residence.
Minimum Income	$15,000
Household Income	N/A
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Claire Horwood

Claire Horwood graduated with a Bachelor of Arts from the University of Victoria, and became a freelance writer in 2017. She has traveled extensively (24 countries and counting) and enjoys working remotely for clients all over the world. In her spare time, Claire loves rock climbing, drinking inordinate amounts of coffee and reading the epic graphic novel series, SAGA.

30-second take

Consider this card if you want a low balance transfer rate and no annual fee.

Choose something else if you’d rather accumulate points or want a low-interest card.

This card does not have minimum annual income requirements.

The basics

If you want a basic fee-free card that rewards you for everyday purchases, you might benefit from theBMO CashBack Mastercard.

No annual fee. Save money every year with no annual fee.
Earn cash back. Get 1% cash back on all eligible purchases.
Welcome bonus. Get up to 5% cash back on all eligible purchases in the first three months of card membership (up to a maximum spend of $2,000, and earn 1% cash back thereafter). Apply by April 30, 2020. Plus, get a rate of 1.99% on balance transfers with a 1% balance transfer fee for nine months.
Flexible redemption. Redeem cash back by paying off your credit card balance, bank balance or investment portfolio (through BMO InvestorLine).
Introductory balance transfer offer. For the first 9 months, new customers can get a 1.99% introductory interest rate with a 1% fee on balance transfers from non-BMO credit cards. After that, balance transfers are subject to a 22.99% cash advance interest rate.
Product coverage. Get purchase protection and extended warranty coverage on most products you buy with your card.

The perks

Car rental discounts.Get up to a 25% discount at participating National Car Rental® and Alamo Rent A Car® locations.
Magnetic chip. Protect your purchases with a PIN-protected microchip.
Enhanced security. Use your Mastercard SecureCode to protect your purchases online.
Zero-liability coverage. Rest easy knowing that your card is protected from unauthorized use with zero-liability coverage.
24/7 support. Feel free to get in touch with BMO on their 24/7 customer service line if you run into any issues with your account.
Easy to qualify. There are no annual income requirements, but you’ll need to be a resident of Canada to apply.
Optional benefits. Pay an additional fee to get roadside assistance, balance protection or credit card alerts added on.

What to watch out for

Low return. You’ll earn less cash back on this card (1%) than you will for similar no-fee cards on the market.
Fewer benefits. You’ll receive fewer benefits than with premium cards offered by BMO.

What should I know before I apply

To apply for a BMO CashBack Mastercard, you will need to meet the following criteria:
- Be a Canadian citizen or permanent resident who is at least 18 years old (19 in some provinces)
- Your name, residential status and contact information.
- Your social insurance number and date of birth.
- Your email address and phone number.

How to apply

Click Go to site to be directed to your BMO CashBack Mastercard application.
Read through the Disclosure Statement details and click Accept & Continue.
Complete the application with details that include your name, email address, social insurance number and birth date.
Review and submit your application.

Bottom line

The BMO CashBack Mastercard is a basic fee-card that allows you to put the cash you earn towards your investment portfolio or your outstanding bank or credit card balance. It comes with a welcome bonus offer and a low introductory balance rate as well as benefits such as purchase protection and zero liability insurance.