BMO CashBack Mastercard review
![BMO CashBack Mastercard](https://www.finder.com/niche-builder/66350653d6958.png)
- Welcome Offer
- 5% cash back
- Rewards
- Up to 3% cash back
- Annual Fee
- $0
- Purchase Interest Rate
- 20.99%
- Cash Advance Rate
- 22.99%
Our verdict
Get money back with this no annual fee cash back credit card and take advantage of an introductory low interest rate.
Earn cash back at a standard rate of 3% on groceries, 1% on recurring bill payments and 0.5% on all other eligible purchases. Plus, take advantage of an introductory balance transfer offer, no annual fee and flexible cash back redemption options.
Best for: Those looking for a basic cash back credit card.
Pros
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No annual fee
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Get 5% cash back on all eligible purchases in the first three months (up to a maximum spend of $2,500).
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Earn up to 3% cash back
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Introductory balance transfer offer
Cons
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You'll earn a lower cash back rate than other cash back cards on the market
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Fewer benefits than other BMO credit cards
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 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 (up to a maximum spend of $2,500).
- 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 0.99% introductory interest rate with a 2% 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. Save up to 20% on National Car Rental and Alamo Rent A Car, and up to 5% on Enterprise Rent-A-Car at locations worldwide using the Car Rental Booking tool.
- 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.
BMO CashBack Mastercard interest rates
Interest Type | Interest Rate |
---|---|
Purchase interest rate | 20.99% |
Cash advance rate | 22.99% |
Standard balance transfer rate | 22.99% |
What should I know before I apply
How to apply for the BMO CashBack Mastercard
- Click Go to site above or on this secure link here 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.
Pictures: bmo.com/ca