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BMO CashBack Mastercard Review

Claire Horwood

Last updated: Jan 7, 2021

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

Annual Fee

Details

Product Name	BMO CashBack Mastercard
Reward	Earn 3% cash back on groceries, 1% on recurring bill payments and 0.5% on all other eligible purchases.
Welcome Offer	Get 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 Rate	19.99%
Cash Advance Rate	22.99% (21.99% for Quebec residents)
Balance Transfer Rate	1.99% for the first 9 months (then 22.99%)
Interest Free Period	Up to 21 days
	Apply now 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
	Apply now More Info

Credit Score	660
Minimum Age	Age of majority in the province/territory of residence.
Minimum Income	$15,000
Household Income	N/A
	Apply now More Info

Claire Horwood

Claire Horwood is a writer at Finder, specializing in credit cards, loans and other financial products. She has a Bachelor of Arts in Gender Studies from the University of Victoria, along with an Associate's Degree in Science from Camosun College. Much of Claire's coursework has focused on writing and statistics, with a healthy dose of social and cultural analysis mixed in for good measure. She has also worked extensively in the field of "Blended Finance" with the Canadian government. In her spare time, Claire loves rock climbing, travelling and drinking inordinate amounts of coffee.

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

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.