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BMO CashBack Mastercard Review

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

Get 5% cash back on all eligible purchases in the first three months of card membership (up to a maximum spend of $2,000, after which standard cash back rates apply).

19.99%

Purchase Interest Rate

$0

Annual Fee

Details

Product NameBMO CashBack Mastercard
RewardEarn 3% cash back on groceries, 1% on recurring bill payments and 0.5% on all other eligible purchases.
Welcome OfferGet 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 3% cash back on groceries, 1% on recurring bill payments and 0.5% on all other eligible purchases thereafter). Plus, get a rate of 1.99% on balance transfers with a 1% balance transfer fee for nine months.
Purchase Interest Rate19.99%
Cash Advance Rate22.99% (21.99% for Quebec residents)
Balance Transfer Rate1.99% for the first 9 months (then 22.99%)
Interest Free Period Up to 21 days
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More Info

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. Earn cash back at a standard rate of 3% on groceries, 1% on recurring bill payments and 0.5% on all other eligible purchases.
  • Welcome bonus. Get 5% cash back on all eligible purchases in the first three months of card membership (up to a maximum spend of $2,000, after which standard cash back rates apply).
  • Flexible redemption. Redeem your cash back anytime through direct deposit, as a credit on your statement or into your BMO InvestorLine account.
  • 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 (0.5%) 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

How to apply

  1. Click Go to site to be directed to your BMO CashBack Mastercard application.
  2. Read through the Disclosure Statement details and click Accept & Continue.
  3. Complete the application with details that include your name, email address, social insurance number and birth date.
  4. 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.

Frequently asked questions about the BMO CashBack Mastercard

Pictures: bmo.com/ca

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