BMO CashBack MasterCard Review
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 Name | BMO CashBack MasterCard |
|---|---|
| Reward | Earn 1% cash back on all other purchases. No caps, no limit. |
| Welcome Offer | Get 5% cash back with minimum spend of $2,000 in the first three months of card membership. Ends 30 November 2019. |
| 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 |
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
- 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