on BMO’s website
BMO has introduced the BMO CashBack MasterCard as part of their line of cashback cards designed specifically for Canadian residents. The difference between this card and other credit cards where you earn rewards for purchasing specific services, is that the BMO card rewards you with straight cash.
When you sign up, you’ll get a welcome bonus of 5% cash back on the first $2,000 in purchases over the first three months, and a 1.99% introductory interest rate on balance transfers for the first 9 months.
Annual Fee: $0
Min. Income Required: $15,000 annual personal income
Interest Rates: 19.99% (21.99% for Quebec residents, Cash advance 22.99%)
CashBack Rate: Get 3% cash back on grocery purchases, 1% cash back on recurring bill payments, 0.5% cash back on all other purchases.
Additional Card: Free
The BMO CashBack MasterCard is a solid choice for earning CashBack rewards on everyday and recurring purchases. You can redeem your CashBack rewards via direct deposit into a BMO chequing or savings account, or it can be applied back to your card to help pay down your balance faster.
- 5% CashBack on balance transfers and purchases for the first 3 months
- No caps or limits on CashBack rewards
- Extended warranty coverage to double the manufacturer’s warranty
- 25% off rentals at National Car Rental and Alamo Rent A Car
- Free purchase protection on most merchandise against theft or damage
- Easy CashBack redemption process with the option of to have earnings automatically added to your statement each month.
- Earn additional BMO Reward points for purchases charged to additional cardholders.
The BMO CashBack MasterCard makes sense for consumers who are looking to earn cash rewards on recurring or everyday purchases, with the added benefit of extended warranty and purchase protection.
The card’s easy eligibility requirements make this charge card a good choice for those who want a no annual fee credit card or younger consumers looking to build up their credit profile.