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BMO CashBack Mastercard For Students Review
The no-fee BMO Cashback Mastercard for Students 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 $2,500, and earn 3% cash back on groceries, 1% on recurring bill payments and 0.5% on all other eligible purchases thereafter).
Consider the BMO Cashback Mastercard for Students 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.
Finder Award winner for Best Cash Back Credit Card.
Money can be tight when you’re a student, so a basic no annual fee credit card, like the BMO Cashback Mastercard for Students, can help you build a credit history and get rewarded for your everyday spending with cash back.
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 $2,500, 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.
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.
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 with the BMO Cashback Mastercard for Students
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.
BMO CashBack Mastercard For Students interest rates
Purchase interest rate
Cash advance rate
Standard balance transfer rate
What should I know before I apply
To apply for a BMO CashBack Mastercard, you’ll need to meet the following criteria:
Be a Canadian citizen or a permanent resident.
Be at least 18 years old (19 in some provinces).
Your name, residential status, permanent address and contact information.
Your social insurance number (SIN) and date of birth.
Your email address and phone number.
How to apply
Click the green Go to site button to be directed to your secure BMO CashBack Mastercard application.
Read through the Disclosure Statement details and click Accept & Continue.
Fill in the application with details that include your name, email address, phone number, permanent address, social insurance number and birth date.
Review and submit your application.
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—and award-winning 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
Ineligible purchases typically include using your card at an ATM to withdraw cash, as well as gambling purchases, buying gift cards and paying for foreign currency or traveller's cheques with your credit card.
Yes, depending on when you signup. Get up to 5% cash back in the first three months (up to a maximum spend of $2,500, and earn 3% cash back on groceries, 1% on recurring bill payments and 0.5% on all other eligible purchases thereafter).
The short answer is no – as long as you keep your BMO account open and in good standing, your cash back won't expire.
Yes, you can apply online. Just go to the BMO website or click the "Go to Site" button in the table above to be redirected to the secure application.
Emma Balmforth is a producer at Finder. She is passionate about helping people make financial decisions that will benefit them now and in the future. She has written for a variety of publications including World Nomads, Trek Effect and Uncharted. Emma has a degree in Business and Psychology from the University of Waterloo. She enjoys backpacking, reading and taking long hikes and road trips with her adventurous dog.
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