BMO CashBack Mastercard review

Our verdict

Our verdict

Earn cash back at a standard rate of 3% on groceries, 1% on recurring bill payments and 0.5% on all other eligible purchases. Plus, take advantage of an introductory balance transfer offer, no annual fee and flexible cash back redemption options.

Best for: Those looking for a basic cash back credit card.

Pros

• No annual fee
• Get 5% cash back on all eligible purchases in the first three months (up to a maximum spend of $2,500).
• Earn up to 3 cash back
• Introductory balance transfer offer

Cons

• You'll earn a lower cash back rate than other cash back cards on the market
• Fewer benefits than other BMO credit cards

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Purchase Interest Rate

20.99%

Cash Advance Rate

22.99%

Balance Transfer Rate

0.99% for the first 9 months

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BMO CashBack Mastercard

Learn more on BMO's secure site

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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 (up to a maximum spend of $2,500).
  
• 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 0.99% introductory interest rate with a 2% 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 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.

BMO CashBack Mastercard interest rates

What should I know before I apply

• Eligibility requirements

  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)

• You will also need to provide the following documents and information:

  • Your name, residential status and contact information.
  • Your social insurance number (SIN) and date of birth.
  • Your email address and phone number.

How to apply for the BMO CashBack Mastercard

1. Click Go to site above or on this secure link here 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.

BMO CashBack Mastercard FAQs

• Does the BMO CashBack MasterCard have a welcome offer?

  Yes, depending on when you signup. Get 5% cash back on all eligible purchases in the first three months (up to a maximum spend of $2,500).
  

• Can I apply for the BMO CashBack MasterCard online?

  Yes, you can apply online. Click "Go to Site" in the table above or on this secure link to be redirected safely to the BMO CashBack Mastercard application.

Pictures: bmo.com/ca