BMO CashBack Mastercard
Earn up to 5% cash back for three months, no annual fee, and access to a 0.99% introductory rate on balance transfers for nine months. Suitable for most Canadians seeking rewards.
If you’re looking to maximize your everyday spending, the BMO CashBack Mastercard is worth a serious look. The card’s highlight is the generous welcome offer: up to 5% cash back for your first three months. With zero annual fees, it’s an attractive deal for those who want rewards with no extra cost. Regular interest rates are 21.99% for purchases and 23.99% for cash advances (21.99% for Quebec residents), making it comparable to other no-fee cards in Canada.
The BMO CashBack Mastercard has a 0.99% introductory interest rate on balance transfers for nine months, with a 2% transfer fee. This makes transferring high-interest balances from other cards an affordable option. Credit card limits and other conditions depend on your creditworthiness at the time of application. There are no annual income requirements to qualify for this card, making it accessible to most Canadians.
How to Apply for the BMO CashBack Mastercard
- Go to the BMO website and find the CashBack Mastercard page
- Click on “Apply now” and complete the online application form
- Submit required details including personal, contact, and employment information
- Consent to a credit check
- Wait for your approval decision and card in the mail
Pros of the BMO CashBack Mastercard
One major advantage of this card is the easy-to-redeem cash back that can be deposited into your bank account or used as a statement credit. Additionally, no annual fee means you won’t lose value to maintenance costs over time.
Cons of the BMO CashBack Mastercard
On the downside, the cash back earning rate drops after the promotional period. The standard rate may not be quite as high as some premium cards. The balance transfer offer also comes with a 2% fee.
Verdict: Is It Right for You?
In summary, the BMO CashBack Mastercard offers solid value for most Canadians, especially if you want a no-fee card with appreciable rewards. The strong intro offer is a great incentive to sign up and try it.
