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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 up to 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).19.99%
Purchase Interest Rate
$0
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 up to 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% |
| Balance Transfer Rate | 1.99% for the first 9 months (then 22.99%) |
| Interest Free Period | Up to 21 days |
| Go to site 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 3% cash back on groceries, 1% on recurring bill payments and 0.5% on all other eligible purchases.
- Welcome bonus. Get up to 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).
- 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
- 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.
Frequently asked questions about the BMO CashBack Mastercard
Pictures: bmo.com/ca