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Students BMO CashBack Mastercard review

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BMO CashBack Mastercard
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

The no-fee Student BMO CashBack Mastercard can help you build a credit history, while rewarding you for your everyday spending.

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. Get 5% cash back on all eligible purchases in the first three months (up to a maximum spend of $2,500).

Best for: Students looking to earn cashback and pay no annual fee.

Pros

  • No annual fee
  • Get 5% cash back on all eligible purchases in the first three months (up to a maximum spend of $2,500).
  • Earn up to 3% cash back
  • Introductory balance transfer offer

Cons

  • You'll earn a lower cash back rate than other cash back cards on the market
  • Fewer benefits than other BMO credit cards

In this guide

  • Our verdict
  • Frequently asked questions
  • Your reviews
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).

Features of the Student BMO CashBack Mastercard

FeatureDetails
Purchase interest rate20.99%
Maximum rewardsUp to 3% cash back
Signup bonusGet 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).

Annual fee$0
Minimum income$0
Contactless payment methodsGoogle Pay
Apple Pay
Minimum credit score660

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The benefits of the Student BMO CashBack Mastercard

  • No annual fee. The Student BMO CashBack Mastercard card has a $0 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

  • 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 Student CashBack Mastercard interest rates

Interest TypeInterest Rate
Purchase interest rate20.99%
Cash advance rate22.99%
Standard balance transfer rate22.99%

Am I eligible for the Student BMO CashBack Mastercard?

To apply for the BMO Student CashBack Mastercard, you need to meet the following criteria:

Eligibility requirements

To apply for a BMO CashBack Mastercard for students, 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)

You will also need to provide the following documents and information:

  • 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 for the Student BMO CashBack Mastercard

  1. Click the green Go to site button to be directed to the secure Student 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 student looking to avoid paying an annual fee and want to build up a credit history in order to graduate to a more powerful card, the BMO CashBack Mastercard might be a good fit. You’ll be rewarded for your everyday spending with cashback and can reap other perks that the Student BMO CashBack Mastercard offers, like car rental discounts.

Frequently asked questions about the BMO CashBack Mastercard for students

Frequently asked questions

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