BMO Cashback Mastercard
A smart, no annual fee card with up to $100,000 credit limit, competitive 20.99% interest, and strong cashback benefits on groceries and everyday spending.
About the BMO Cashback Mastercard
The BMO Cashback Mastercard stands out for Canadians seeking a high spending limit with practicality. Cardholders can enjoy a credit limit of up to $100,000. The card features a 20.99% interest rate and charges no annual fee, making it accessible for a wide variety of income ranges. Its cashback program rewards users on groceries, bill payments, and all other spending.
Eligibility generally requires an average or better credit score. Approval amounts and final credit limits are determined individually according to your income, credit profile, and debt obligations. BMO’s assessment process is straightforward and transparent, helping applicants understand their options clearly.
Certain welcome promotions boost your earn rate, with up to 5% cashback in the first three months and low balance transfer rates. You are also offered key purchase and warranty protection for added value when shopping.
While the high credit limit is a key benefit for qualified Canadians, the lack of an annual fee means you get exceptional value for your everyday purchases without ongoing costs. Flexible redemption options allow you to use your cashback for statement credits, BMO savings, or investments.
This card suits budget-conscious spenders and those who like simple, straightforward rewards, with the reassurance of strong support from a major Canadian bank.
Step-by-Step Application Guide
Start by gathering your proof of income, credit details, and identification. Visit the official BMO website or app.
Complete the application form with your personal and financial information. Make sure to review all details for accuracy.
BMO will assess your eligibility based on credit score, income, and existing debts. Most approvals happen within minutes online.
If approved, you’ll receive your new card by mail. Activate it online or by phone and set your preferred PIN.
Link your card to your BMO account for seamless cashback redemptions and manage your spending easily through the BMO app or online banking.
Key Benefits of the BMO Cashback Mastercard
No annual fee, allowing cardholders to access a high credit limit without extra costs over time.
Attractive cashback on groceries (up to 3%), recurring bill payments (1%), and 0.5% on other purchases for consistent rewards on everyday spending.
Purchase protection and extended warranty coverage for peace of mind on your new purchases.
Travel benefits, including car rental discounts and special promotions for entertainment and travel.
Easy-to-use mobile app for reward tracking, payments, and complete spending control. Cashback is redeemable flexibly as statement credit or direct to BMO accounts.
Cons and Considerations
Standard interest rate of 20.99% on purchases can be high if you carry a balance, so paying off each month is essential to avoid costly interest.
Balance transfer fees and introductory offers are limited-time, so benefits taper once the promotion ends. Not ideal for frequent travellers requiring premium insurance or advanced travel perks.
Cashback rates outside groceries and bill payments are modest. Large spenders may want a premium card to maximize all-category rewards.
Some applicants with lower income or average credit may initially receive a smaller credit limit than the $100,000 maximum, depending on profile.
International purchases incur foreign exchange fees. If you travel frequently outside Canada, another card with no foreign transaction fees may be more suitable.
Verdict: Is the BMO Cashback Mastercard Right for You?
The BMO Cashback Mastercard is a highly practical choice for Canadians prioritizing a high limit, no annual fee, and solid cashback on everyday categories. It’s especially compelling for families or individuals who spend heavily on groceries and bill payments.
If you’re disciplined about paying in full and want a reliable cashback solution, this is an excellent option. However, for luxury travel perks or enhanced insurance, a more premium card may be preferable.
