Credit Cards

BMO CashBack® Mastercard® credit card full review

BMO CashBack® Mastercard® credit card offers more than just a generous cash back reward. Keep reading to know all about it!

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by Aline Augusto

Published on 11/22/2021

No annual fee with BMO CashBack® Mastercard® credit card 

Learn more about the BMO CashBack® Mastercard® card review. Source: BMO.
Learn more about the BMO CashBack® Mastercard® card review. Source: BMO.

If you think the BMO CashBack® Mastercard® credit card offers you only a good and flexible reward program, you are mistaken. Its rates and fees are just as good as other features. So, if you are searching for cash back on your favorite grocery stores in Canada without paying any annual fees, take a minute to read our BMO CashBack® Mastercard® card review!

Credit ScoreFair – Good – Excellent
Annual Fee$0
Regular APRFrom 19.99% to 22.99%
Welcome bonusUp to 5% cash back in the first 3 months
RewardsFrom 0.5% to 3% cash back

How to apply for a BMO CashBack® Mastercard® card?

BMO CashBack® Mastercard® credit card features cash back, welcome bonus, and more. See how to apply for one now and enjoy its benefits!

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All you need to know about the BMO CashBack® credit card

This cash back rewarding card has earned some prizes in 2021 due to its fees and reward program. 

If you are searching for good offerings from a credit card without expensive fees and rates, you should take a look at this BMO CashBack® Mastercard®.

You can earn cash back on your everyday purchases in grocery stores, streaming services, and more. See below:

  • 3% cash back on grocery stores up to $500 spent per statement cycle period;
  • 1% cash back on recurring payments, like streaming services (terms apply);
  • 0.5% on all other purchases.

Also, the cash back redemption is flexible, with no expiration date and no minimum amount.

Plus, this Mastercard® offers an Intro APR of 1.99% on balances for nine months. As an intro bonus, you can earn up to 5% cash back in the first three months.

Finally, all of that with a $0 annual fee. 

But, to apply for this credit card, it is recommended that you have a good credit score with a $15,000 minimum income.

Moreover, it lacks some perks like travel insurance.

BMO CashBack® Mastercard® card benefits and drawbacks

See what are the benefits of BMO CashBack® Mastercard® credit card. Source: Pixabay.
See what are the benefits of BMO CashBack® Mastercard® credit card. Source: Pixabay.

Although this card offers a welcome bonus, cash back on all purchases, with no annual fee, the base reward is quite low: 0.5% cash back.

Also, there aren’t many insurance options like other cards.

Plus, it requires minimum income and a good credit score for the application.

On the other hand, this Mastercard® features flexibility and convenience on the reward program. And, it provides you with an extended warranty.

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Pros

  • No annual fee
  • Welcome bonus and intro offer
  • Cash back reward program
  • Extended Warranty

Cons

  • It requires a good credit score and a minimum income
  • It doesn’t offer travel insurance 
  • Low rate on the base reward

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Credit score recommended for the application 

It is recommended that you have a good credit score for the application, as well as present a minimum income of $15,000.

Learn how to apply for a BMO CashBack® Mastercard® 

If you fulfill the requirements for the application, you can learn how to apply for a BMO CashBack® Mastercard® credit card. Then, check out our next post!

How to apply for a BMO CashBack® Mastercard® card?

BMO CashBack® Mastercard® credit card features cash back, welcome bonus, and more. See how to apply for one now and enjoy its benefits!

About the author

Aline Augusto

My name is Aline Mesquita; I'm a writer here on the blog, where I write about finance in general and other subjects. I have been working with content creation for ten years. Also, I'm post-graduated in Project Management, with expertise in SEO practices. Currently, I am studying finance, market trends, and cryptocurrencies.

Reviewed by

Aline Barbosa

Senior Editor

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