BMO CashBack Mastercard Details & Review

Last updated on August 7, 2019 | Written by

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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 $4,000 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% (Cash advance 22.99%)

CashBack Rate: 1% on all purchases

Additional Card: Free

CashBack Rewards

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
  • 1% CashBack on all purchases after 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

Solid Credit Card

The BMO CashBack MasterCard is a solid credit card with good rewards earnings potential and an industry standard interest rate. The 5% introductory rate is nice, but after three months, you go back to the 1% rate which is decent for a card that has no annual fee and no additional card fee.

  • Spend $750 monthly on card purchases and earn $90 cash back annually.
  • Unlimited CashBack with no caps, tiers, or categories, and no limit on the amount of CashBack you can earn.
  • 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.

Conclusion

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.

Click here to learn more and apply.