BMO CashBack MasterCard Review

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Get cashback on everyday purchases along with a welcome bonus and a low introductory balance transfer rate.

19.99%

Purchase Interest Rate

$0

Annual Fee

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

Balance Transfer Rate

Details

Product NameBMO CashBack MasterCard
RewardEarn 1% cash back on all other purchases. No caps, no limit.
Welcome OfferGet 5% cash back with minimum spend of $2,000 in the first three months of card membership. Ends 30 November 2019.
Purchase Interest Rate19.99%
Cash Advance Rate22.99%
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

The BMO CashBack MasterCard offers a 1% return on everyday purchases in addition to a low introductory balance transfer rate. This card also comes with a limited-time welcome offer, depending on when you sign up.

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.
  • Cashback. Pay Take advantage of a 1% return on everyday purchases.
  • Welcome bonus. Earn more cashback in your first few months with a welcome bonus.
  • Flexible redemption. PayRedeem cashback by paying into your credit card, bank balance or investment portfolio (through BMO InvestorLine).
  • Low introductory balance rate. Earn a low 1.99% introductory interest rate in your first 9 months (with a 1% transfer fee).
  • Product coverage. Get purchase protection and extended warranty coverage on most products you buy with your card.

The perks

  • Car rental discounts. Get discounts on car rentals with National Car Rental and Alamo Rent A Car.
  • 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

  • No points. Even though your cashback rewards are flexible, you won’t be able to collect points or get cash in hand to pay for purchases.
  • Low return. You’ll earn less cashback on this card (1%) than you will for similar no-fee cards on the market.
  • High interest. Interest rates are about 8-12% higher than the rates you might find on a low-interest card.
  • 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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