BMO CashBack Mastercard Review

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

• 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 and date of birth.
  • Your email address and phone number.

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

• 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 of card membership (up to a maximum spend of $2,000, after which standard cash back rates apply).

• Can my cash back dollars expire?

  The short answer is no. So long as you keep your account open and in good standing, your cash back dollars won’t expire.

• Can I apply online?

  Yes, you can apply online. Just go to the BMO website or click “Go to Site” in the table above to be redirected to the application.

Pictures: bmo.com/ca