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BMO CashBack Mastercard For Students Review

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A no annual fee cash back credit card can help you build a credit history, while rewarding you for your everyday spending.

Get up to 5% cash back in the first three months (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 for 9 months, with a 1% fee for every transferred balance.

19.99%

Purchase Interest Rate

$0

Annual Fee

Details

Product NameBMO CashBack Mastercard For Students
RewardEarn 3% cash back on groceries, 1% on recurring bill payments and 0.5% on all other eligible purchases.
Welcome OfferGet up to 5% cash back in the first three months (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 for 9 months, with a 1% fee for every transferred balance.
Purchase Interest Rate19.99%
Cash Advance Rate22.99%
Balance Transfer Rate1.99% for the first 9 months (then 22.99%)
Interest Free Period Up to 21 days
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More Info

30-second take

  • Consider this card if you want to avoid paying an annual fee and earn cash back on your spending.
  • Choose something else if you’d rather earn points or want a low-interest card.
  • This card has no annual fee.

The basics

Money can be tight when you’re a student, so a basic no annual fee credit card can help you build a credit history and get rewarded for your everyday spending with cash back. The BMO CashBack Mastercard also comes with an introductory low interest rate on balance transfers – a helpful feature if you’ve got some student debt.

  • No annual fee. This card has no annual fee.
  • 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 in the first three months (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.
  • Balance transfer offer. Get a rate of 1.99% on balance transfers for 9 months, with a 1% fee for every transferred balance.
  • Product coverage. Get purchase protection and extended warranty coverage on most products you buy with your card – a handy feature when purchasing electronics for school like a laptop, tablet or phone.

The perks

  • Basic eligibility criteria. You’ll need to meet basic age and residency requirements to be eligible for this card.
  • Car rental discounts.Get up to 25% off on car rentals with National Car Rental and Alamo Rent A Car.
  • Enhanced security. Shop online safely and with peace of mind knowing that you’re covered with Mastercard SecureCode.
  • Zero-liability coverage. Rest easy knowing that your card is protected from unauthorized use with zero-liability coverage.
  • 24/7 support. If you have any issues with your account, the BMO customer service team are available to help 24/7.
  • Optional benefits. For an additional fee, take advantage of extra benefits like roadside assistance and balance protection.

What to watch out for

  • Low cash back earn rate. Although you won’t have to pay an annual fee for this card, the earn rate is low when compared to other similar no annual fee products on the market.
  • No points. Although it’s easy to see the rewards you earn with cash back, rewards point credit cards tend to have much higher earn rates per $1 spent.
  • Fewer benefits. You’ll receive fewer benefits than with premium credit cards offered by BMO.

What should I know before I apply

How to apply

  1. Click the green Go to site button to be directed to your secure BMO CashBack Mastercard application.
  2. Read through the Disclosure Statement details and click Accept & Continue.
  3. Fill in the application with details that include your name, email address, phone number, permanent address, social insurance number and birth date.
  4. Review and submit your application.

Bottom line

If you’re looking to avoid paying an annual fee and want to build up a credit history in order to graduate to a more powerful credit card, the BMO CashBack Mastercard might meet your needs. You’ll be rewarded for your everyday spending with cash back and can reap other perks that the card offers.

Frequently asked questions about the BMO CashBack Mastercard for students

Pictures: bmo.com/ca

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