BMO Cashback Mastercard Review

  1. Home
  2. /
  3. Credit Cards
  4. /
  5. BMO Cashback Mastercard Review
Our Most Recommended Credit Cards

What we most recommend for your next credit card.

Best No-Fee Rewards – Neo Secured Mastercard

Best for Travel Points – National Bank World Elite Mastercard

Best for Bad Credit – Neo Rewards Card

BMO Cashback Mastercard

Credit cards with annual fees that generously return cash on everyday purchases are a rare find in the Canadian credit card landscape. However, BMO Cashback Mastercard (r) is a coveted piece of plastic for Canadian consumers looking for a fee-free card with easy cashback income. This card earns 1% cashback when your credit card is invoiced every month (think mobile phone, internet bill, subscription services, etc.).

Generally, the 1% refund on recurring bills is a standout, but it matches or beats a handful of other fee-free cashback credit cards, including the Tangerine Money-Back Card and TD Cash Visa. The SimplyCash Preferred Card and American Express Standard (which receive an interest rate on each purchase) are attractive but not offer transfer bonuses. The top-earning rate of the Tangerines (2% in each category) is capped, and each category is customizable, so it would be wise to compare BMO Cashback (r), Mastercard (r) and Money Back Card (r) to decide which is best for you.

These cards are more lucrative, but you don’t have to worry about your points. However, you will receive fewer benefits than the premium credit cards offered by BMO. Premium cards have more bells and whistles, and you have to pay an annual fee.

Groceries are a big buying category for most Canadians, and BMO Cashback Mastercard offers an easy and accessible way to earn money for regular spending. However, that largesse is tempered somewhat by the $500 income cap on grocery bills during that period. Unauthorized purchases include using your card at a bank, withdrawing cash for gambling purchases, buying gift cards, paying with your credit card in foreign currency or traveller’s cheques, and so on.

The card has an interest rate of 2.99% on purchases and 2.299% on cash advances. It’s not just for those who want to earn travel rewards. Advantages of the cards include an extended warranty.

To qualify for the card, you must have a good credit rating and score, with a minimum income of $15,000. However, the Canada Amex Gold Card offers the equivalent of 1% back in all other categories. PC Financials World Elite Mastercard is a fee-free credit card that earns 3% cashback on groceries in the form of PC points and cash but requires a personal annual income of at least $80,000, while BMO Cashback Mastercard requires an annual income of up to $15,000.

The most attractive standard extras include purchase protection, extended warranty and car rental discounts. In addition, when you purchase with the BMO (r) Cash Back (R) MasterCard (r), you will enjoy up to 90 days of liability or theft insurance and a warranty that you can extend in addition to the manufacturer’s services for up to 1 year. However, apart from purchase protection and extended warranty benefits, no services are provided in car insurance, emergency, health, travel and accident insurance.

The bonus for new cardmembers on this card is perhaps the most enticing feature. New cardholders receive 5 percent cashback on their first three months, 1.99 percent interest on balance transfers for the first nine months and a modest 1 percent gain on transfers after that. If you get back five times as much as 5% in rewards in the first 3 months, the bonus is pretty sweet.

If you’re looking for a way to maximize your rewards, the BMO Cashback Mastercard is a great option that you can use as a combination or part of a 2-card strategy. For example, you can deposit your cash into your cheque account, deposit into your InvestorLine account or use it as a bank statement. The BMO CASH World Elite Mastercard offers some of the best cash rewards available on BMO’s credit card line.

BMO CashBack World Elite Mastercard tops my list of the best free cashback credit cards in Canada. Its fee alternative, BMO CashBack Mastercard, is not regarded as a travel card but offers exceptional travel benefits in addition to cash back, making the annual fee bearable. This BMO Money Back Mastercard Review discusses its advantages and disadvantages, how to redeem your money with this card, and compare it with its nearest competitors1.

Think of it as an entry-level ticket, and you won’t get many benefits. You can use it at Costco, but be aware that Costco is a discount store, not a grocery store, so you only get 0.5% of the cashback from grocery purchases.

Credit cards can be difficult to wrap around your head, but any mother will tell you she’s approved the best one for you in advance. While most rewards cards allow you to earn points and rewards for certain services, the cashback Mastercard rewards you with straight cash, and it’s not hard to cash in when it’s right.

There are 15% off Cirque du Soleil Shows in Canada and 20% off for Las Vegas residents. National Car Rental and Alamo Rent-A-Car also offer a 25% discount.

Cited Sources
EnglishFrenchChinese (Simplified)GermanSpanish