BMO CashBack Mastercard Review
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).
Purchase Interest Rate
|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|
|Minimum Credit Limit||$500|
- 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.
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.
- 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 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.
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