BMO CashBack MasterCard
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The BMO CashBack Mastercard offers up to 3% cash back on groceries, making it a great option for everyday spending without any annual fee. It’s designed for those who want to maximize their cash back on specific categories such as groceries and recurring bill payments.
Welcome Offer
- Earn up to 5% cash back in your first three months.
- $50 cash back bonus when you spend $6,000 in your first year.
Summary
This credit card comes with no annual fee, making it a cost-effective choice. Purchases have an interest rate of 19.99%, while cash advances come with a higher rate of 22.99%. For balance transfers, enjoy a special rate of 0.99% for the first 9 months, though there is a 2% transfer fee. This can be a great option for consolidating and paying down debt.
Rewards
This credit card offers fantastic cashback rewards to help you save. Earn 3% cashback on groceries, up to $500 per month. For recurring bill payments, enjoy 1% cashback, also up to $500 per month. On all other purchases, you’ll get 0.5% cashback. These rewards make it easy to get money back on your everyday spending.
Benefits
This credit card comes with no annual fee, making it an affordable choice. Enjoy discounts on car rentals and Cirque du Soleil shows in Canada and Las Vegas, adding extra value to your entertainment and travel experiences. You can also get free supplementary cards for family members. When it comes to redeeming your rewards, you have flexible options like statement credits and automatic deposits into BMO accounts, giving you convenient ways to use your cashback.
Insurance
- Purchase Protection: 90 days of coverage against damage and theft
- Extended Warranty: Extends the manufacturer’s warranty by one year
Editor’s Review
BMO CashBack Mastercard Review
The BMO CashBack Mastercard offers a no-annual-fee option with a competitive cashback program, especially beneficial for those who spend heavily on groceries and recurring bill payments. Here’s an in-depth look at the card’s features, benefits, and suitability.
Key Features and Benefits
- Interest Rates:
- Purchase Rate: 19.99%
- Cash Advances: 22.99%
- Balance Transfers: 0.99% for the first 9 months (with a 2% transfer fee)
- Rewards Program:
- 3% cashback on groceries (up to $500 monthly)
- 1% cashback on recurring bill payments (up to $500 monthly)
- 0.5% cashback on all other purchases
- Fees:
- Annual Fee: None
- Benefits:
- Purchase protection for 90 days against damage or theft
- Extended warranty that doubles the manufacturer’s warranty up to an additional year
- Discounts on car rentals from National and Alamo
- Free supplementary cards
- Discounts on Cirque du Soleil shows in Canada and Las Vegas
Pros and Cons
Pros:
- No annual fee
- High cashback rate on groceries
- Flexible redemption options starting at $1
- Balance transfer offer with a low introductory rate
Cons:
- Low cashback rate (0.5%) on general purchases
- Monthly cap on higher cashback categories
- Limited additional perks and travel insurance
Who is this card for?
The BMO CashBack Mastercard is perfect for those who want to maximize their grocery spending rewards without paying an annual fee. It’s also suitable for those who have recurring bill payments and want to benefit from a straightforward cashback system. Given its low cashback rate on other purchases, it pairs well with another no-fee card that offers higher rewards on general spending .
Comparison Table
| Feature | BMO CashBack Mastercard | Tangerine Money-Back Mastercard | SimplyCash Card from American Express |
|---|---|---|---|
| Annual Fee | None | None | $99 |
| Purchase APR | 19.99% | 19.95% | 19.99% |
| Balance Transfer Rate | 0.99% for 9 months (2% fee) | 1.95% for 6 months | N/A |
| Cashback | 3% on groceries, 1% recurring bills, 0.5% others | 2% in up to 3 categories, 0.5% others | 5% on all purchases for 6 months, 2% afterwards |
| Purchase Protection | 90 days | No | Yes |
| Extended Warranty | Yes | No | Yes |
| Travel Insurance | No | No | Yes |
| Minimum Income Requirement | None | $12,000 | None |
Final Verdict
The BMO CashBack Mastercard scores an 8/10. It offers significant value with no annual fee and high cashback on groceries, making it an excellent choice for families and individuals who prioritize grocery spending. The flexible redemption options and the low introductory balance transfer rate add to its appeal. However, the lower cashback rate on general purchases and the caps on higher cashback categories are limitations. For those who frequently spend outside grocery categories, pairing this card with another no-fee card like the Tangerine Money-Back Mastercard could maximize overall rewards.
View other BMO credit cards.
View other Cashback Credit Cards.
Disclaimer: Refer to the official credit card web page for the latest rates, terms, and conditions. Nothing in the Site constitutes professional and/or financial advice, nor does any information on the Site constitute professional and/or financial advice.
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