BMO® CashBack® Mastercard® review

Compare Compare  
Advertiser Disclosure

Interest Rate: Purchases
19.99%
Balance Transfer
22.99% (1.99% for the first 9 months)
Rewards
0.5 - 3% cashback
Signup Bonus
-


9.6/10
Informr score
The BMO® CashBack® Mastercard® currently has an Informr score of 9.6 out of 10. This score is based on our evaluation of 5 sources including reviews from users and the web's most trusted critics.

Am I eligible?


BMO® CashBack® Mastercard® is typically available to those with good credit scores (650 or greater).
To get this card, you must also:
Yes Be at least 18 years of age (AB, MB, ON, PE, QA, SK). 19 in all other provinces.
Yes Be a permanent or temporary resident of Canada
Yes Have a minimum personal income of $15000.

Note: This information is only intended as a guide. The final decision is up to the bank and your application could still be rejected even if you can answer 'Yes' to all the minimum criteria above. Always consider your options and your financial situation before you apply for a credit card.

What the Critics Are Saying...


Young and Thrifty

It’s hard to go wrong with a no-fee cash-back card, especially one with an outstanding 3% cash-back on grocery purchases. And you’ll undoubtedly appreciate the flexibility in redeeming your cash back. Yes, the caps for the grocery and recurring payment categories are annoying, but they’re not dealbr...

- Sandra MacGregor, Young and Thrifty
Money We Have

My BMO CashBack Mastercard review is negative. Even though this is a no fee cash back card, there are simply better options out there. There’s no reason why you should earn less cash back when you don’t have to. However, if you’re a loyal BMO customer and don’t want to apply for a card with someone...

- Barry Choi, Money We Have
creditcardGenius

If you're someone who wants to be able to access your cash back rewards when it suits you – and not once a year when the bank decides – the BMO CashBack Mastercard could be the card for you.

- creditcardGenius
GreedyRates.ca

Though it’s a solid offer for those who are new to cash back cards, there are other, more lucrative cards out there for potential cardholders who are willing to pay more for wider benefits and supplemental insurance options, and who have the credit score and minimum income necessary to do so.

- GreedyRates.ca
Wallet Savvy

This card is great for those who aren't particularly interested in travel rewards but would much rather earn cash back to use as they please. We give this card two thumbs up as it offers unlimited cash back reward at constant rate of 1% with minimal fine print.

- Wallet Savvy

Details


Interest Rates
Regular APR Interest Rate 19.99%
Balance Transfer Interest Rate 22.99% (1.99% for the first 9 months)
Cash Advance Interest Rate 22.99%
Rates & Fees
Annual Fee $0.00
Balance Transfer Fee 3%

- Maximum

- 1% introductory fee

Cash Advance Fee $3.50

$5.00 fee charged at a financial institution/ATM outside Canada.

Foreign Transaction Fee 2.5%

Transactions made in a foreign currency will be converted and posted to your account in Canadian currency.


Over Limit Fee $29.00
Late Payment Fee $0.00
Promotions
Sign up bonus

Get up to 5% cash back on every credit card purchase in your first 3 months, up to a maximum of $2,000 ($100 cash back) in spendings.

Rewards
All Purchases 0.5% cash back
Restaurants No
Gas No
Groceries 3% cash back

Up to a maximum of $500 spent per statement cycle period

Hotels No
Travel No
Pharmacy No
Bills 1% cash back

- On recurring bill payments

- Up to a maximum of $500 spent per statement cycle period

Additional Details


Features & Benefits
Additional Card Holders Yes
Travel Accident Insurance No
Car Rental Insurance No
Car Rental Discount Yes
Extended Warranty Yes
Purchase Protection Yes
Zero Liability Yes
No Foreign Transaction Fees No
Emergency Assistance No
Concierge Service No
Price Protection No
Fraud Protection Yes
Free Credit Scores No
Wireless Payments Apple Pay
Virtual Cards No
Additional Benefits


Eligibility
Minimum Security Deposit $0
Minimum Age

18 years in AB, MB, ON, PE, QA, SK. 19 years in all other provinces.

Minimum Personal Income $15,000 per year


Temporary Residents No
More
Additional comments
Terms & Conditions Official Terms & Conditions
Suggest a correction

Disclaimer: All products, logos, images and trademarks are the property of their respective owners. Content is not provided or commissioned by any company mentioned. Any views, analyses, or recommendations expressed here are those of the author's alone, and may not have been reviewed, approved or otherwise endorsed by any company mentioned.

Information in this article is believed to be accurate at the time it was written, but terms and conditions may change at any time. All information is presented without warranty or guarantee. Please verify all terms and conditions of any credit card prior to applying.

Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.

The Informr is an independent, advertising supported website and may receive compensation for sponsorships or when you click on certain affiliated links.

Use this card?

Help inform others by sharing your experience with BMO® CashBack® Mastercard®

Rate It: