The BMO Cashback Mastercard is an award-winning credit card that has all the features and benefits you’re looking for. It has no annual fee and a cashback plan that’ll get you excited. If you want to know more about the welcome offer or how it compares to other credit cards, then keep on reading.
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BMO Cashback Mastercard
- Annual Fee: $0
- Eligibility: Canadian resident, age of majority
Special Offer
If you get the BMO Cashback Mastercard today, then you can take advantage of the welcome offer. The BMO Cashback Mastercard offers a 3% cashback normally, but with this welcome offer, you get bumped up to 5% cashback for the first three months.
If you have balances in other credit cards, they’ll have a higher interest around 19 to 20%. If you choose to get the BMO Cashback Mastercard today, you’ll be able to transfer that balance over to your new BMO credit card and get an introductory interest rate of only 1.99% for 9 months. A 1% transfer fee will apply.
Apply today to take advantage of this welcome offer! Conditions Apply.
Features and Benefits
Finding a new credit card can be confusing with all the options available to you. You’ll be happy with the BMO Cashback Mastercard and its many features and benefits that help it stand out from the rest of the cards.
CashBack on Groceries
The BMO Cashback Mastercard offers cashback on your everyday purchases. The best part about this card is that it offers a higher 3% cashback on your groceries.
Let’s face it – even if you are single, your grocery bill is probably a large portion of your expenses. The BMO Cashback Mastercard understands this. That’s why they offer the highest cashback on your biggest expense.
With the welcome offer, you get bumped to a cashback rate of 5% for your grocery expenses. This means more cash in your pocket.
Flexible Redemption
The BMO Cashback Mastercard offers cashback on your everyday purchases. The best part about this card is that it offers a higher 3% cashback on your groceries.
Let’s face it – even if you are single, your grocery bill is probably a large portion of your expenses. The BMO Cashback Mastercard understands this. That’s why they offer the highest cashback on your biggest expense.
With the welcome offer, you get bumped to a cashback rate of 5% for your grocery expenses. This means more cash in your pocket.
No Annual Fee Plus Free Supplementary Cards
The BMO Cashback Mastercard does not have an annual fee. Instead of taking money from you, this credit card gives back in the form of cashback.
You can even get additional cards for your family for free. By adding more family members, you can earn more cashback.
Discount on Car Rentals and Shows
If you’re looking to book your staycation as a road trip or you’re travelling and looking to rent a car, the BMO Cashback Mastercard will get you set up. You can save 25% off rentals at participating National Car Rental and Alamo Rent-a-car locations.
You can also get 15% off admission to Cirque du Soleil shows touring Canada. If you’re thinking about travelling to Las Vegas, you’ll be able to save 20% off the resident shows in Las Vegas.
Mastercard Zero Liability
When you use your BMO Cashback Mastercard, you are protected against fraud. You have zero liability for purchases made online, in the store, or on your phone if you used reasonable care to protect your pin and reported the unknown transaction immediately.
Mastercard Identity Check
Mastercard Identity Check is an added layer of protection for your online purchases. It’s seamless protection because it works with your existing credit card and doesn’t require additional downloads or registrations.
Option to Purchase Additional Features
You can also add additional features like InfoProtector 360 for $9.99 a month that protects all your important cards, documents, and devices.
You can also get enhanced credit card balance protection during unexpected events like disability, job loss, or death.
An additional $69 a month can get you 24/7 BMO roadside assistance when you’re travelling. Remember that you get cashback on your travel expenses, but you don’t get travel insurance on this card. If you’re looking for travel insurance, you can use Insurdinary to compare travel insurance rates and get the cheapest plan.
Rates and Fees
Remember that there is no annual fee on the BMO Cashback Mastercard for you and any supplementary cards.
The regular interest rate on this credit card is 19.99% and a cash advance rate of 22.99%.
The BMO Cashback Mastercard credit limit has a minimum limit of $500, but like any other card, your upper limit depends on your financial status.
How to Get the BMO Cashback Mastercard
It’s really easy to apply for the BMO Cashback Mastercard. If you have all the information ready, you just can input that information and get an approved credit card in your mail.
To get the BMO Cashback Mastercard you need to apply online. To open an account, you’ll need some information including:
- Name
- Address
- Date of birth
- Social Insurance Number
- Employment status
- Income source
- Rent or mortgage amount
Once you add all this information, you can submit your application and wait for the approval. Your financial health information will get your application approved faster.
Eligibility Requirements
To be eligible for the BMO Cashback Mastercard, you need to be a Canadian resident and the age of majority in your province.
You also need to confirm that you haven’t declared bankruptcy in the last 7 years.
The credit card has a low minimum income requirement of $15,000 annually.
How to Earn Points and Redeem Points
The best feature of the BMO Cashback Mastercard is the cashback feature. Keep reading to learn more about how to earn and redeem your cashback.
When you spent $500 per month on groceries, you can end up getting $188 in cashback at the end of the year. This includes the 5% cashback for the first three months.
How to Earn Points
The first thing you need to know is that you earn more on groceries with the BMO Cashback Mastercard. You can earn 3% on groceries up to a maximum monthly spending limit of $500.
Remember that your grocery expenses should be made as a store that qualifies as a grocery store or supermarket. These are stores that sell a complete line of food products. You don’t get the 3% cashback at your favourite convenience stores, general merchandise stores, bakeries, butchers, and other specialty shops.
You can earn 1% on recurring or ongoing bill payments like your internet and cellphone bills. You should make sure that the provider allows for automatic bill payment through your credit card. For everything else, you’ll earn 0.5% cashback.
Remember that there is a $500 monthly limit for the 3% and 1% cashback reward. Any purchases over the $500 limit will be subject to the lower 0.5% rate.
Note that there is a $500 maximum monthly spending limit for the 3% and 1% cashback reward rates. Purchases in these two categories that exceed these limits earn at the 0.5% rate.
How to Redeem Points
To redeem your cashback or to check how much you’ve earned, log in to the BMO Cashback website or BMO Mobile Banking app.
You can redeem any amount of cashback whenever you want. Even if you want to redeem a $1, you have the option and the flexibility to do so.
You can also set up recurring redemptions for any amount as little as $25. This means that every time your cashback amount reaches $25, it is automatically transferred to your BMO bank account or InvestorLine account. You can also automatically have the cashback amount credited to your BMO Cashback Mastercard to pay off the balance.
How Does It Compare to Other Top Competitors?
There are a lot of credit cards out there. Before you pick your credit card of choice, you should see how it compares to the other credit cards.
BMO Cashback Mastercard
- Annual Fee: $0
- Annual interest rate: 19.99%
- Welcome offer: 5% cashback on groceries for the first 3 months
- Cashback: 3% on groceries ($500 monthly cap), 1% on recurring bills, 0.5% on everything else
SimplyCash Card from American Express
- Annual Fee: $0
- Annual interest rate: 19.99%
- Welcome offer: 4% cashback in first 4 months
- Cashback: unlimited 1.25% on everything you buy
While the 4% cashback welcome offer is great, the long-term benefits are lower because of the lower 1.25% rate on everything.
Amazon.ca Rewards Mastercard (MBNA)
- Annual Fee: $0
- Annual interest rate: 19.99%
- Welcome offer: $50 gift card, plus 5% cashback at Amazon.ca, grocery stores, and restaurants for 6 months
- Cashback: 2.5% on Amazon.ca and whole food store purchases and foreign currency transactions, 1% on everything else.
The MBNA Amazon.ca credit card has a good welcome offer if you like to shop at Amazon.
The BMO Cashback Mastercard has a strong welcome offer for 5% cashback. Unlike SimplyCash, the BMO Cashback Mastercard has a higher cashback on groceries. This card works well for those people who spend $500 on groceries.
To figure out which card is best for you, you need to compare interest rates, fees, and other features and benefits.
To make your decision, remember to compare the BMO Cashback World Elite Mastercard Benefits with its $120 annual fee to the no annual fee BMO Cashback Mastercard. You can do all that and compare other credit cards through Insurdinary.
Pros and Cons
We have gone through all of the features and benefits of the BMO Cashback Mastercard. Below we set out some of the pros and cons for you to review at a glance.
Pros
One of the best features of the BMO Cashback Mastercard is the 3% on groceries. It is a higher amount than most other credit cards offer as a cashback reward.
You also have the flexibility to redeem at any time for any amount. Even if you want to take a $1 out you can do it at any time rather than waiting for the end of the year statement.
The no annual fee also makes this a good credit card to keep around.
Cons
Remember that you have a maximum monthly spending limit of $500. If you spend more than that every month, you should consider getting a card without caps. Another con of the BMO Cashback Mastercard is that you only get 0.5% on most of your purchases.
For your other expenses, you should consider getting a second credit card with another company that offers higher cashback on those expenses.
The Reviews
The BMO Cashback Mastercard has great reviews as a coveted no-fee credit card. It’s an especially appealing card if you have a grocery bill of $500 a month. Most other credit cards will offer 2% on groceries, the 3% cashback offered by BMO Cashback Mastercard is a generous rate for groceries.
The BMO Cashback Mastercard review also talks about the flexibility of the redemption options for the cashback. Compared to other credit cards that only allow you to redeem once a year, the BMO Cashback Mastercard is seen as more flexible and simpler.
It’s also great for saving and investment purposes by allowing you to automatically redeem your cashback at $25 and transfer it into your BMO savings or investment account.
If you prefer to rent cars for your travels, then you’ll enjoy the discount offered by the BMO Cashback Mastercard. It’s also known as the top contender for the best student credit card.
Check Your Credit Score for Free
Insurdinary is your online expert on comparing credit card rates and getting the best travel insurance. If you’re considering getting a new credit card, you should get your credit score checked.
A good credit score will improve your chances of getting approved for the BMO Cashback Mastercard. You can check your credit score for free with Insurdinary.
