BMO
Enjoy up to 5% cash back on your first 3 months, $0 annual fee, and manage flexibility with BMO CashBack Mastercard. Easy approval, simple rewards.
The BMO CashBack Mastercard offers Canadian residents a no-fee option to earn consistent cash rewards on everyday purchases. New applicants can enjoy up to 5% cash back for the first three months, making this card an attractive choice for budget-conscious users. It also features a 0.99% introductory interest rate on balance transfers for nine months, with a 2% transfer fee, helping you manage other credit card balances more affordably. The ongoing interest rate is 21.99% for purchases and 23.99% for cash advances, while Quebec residents benefit from a slightly lower cash advance rate.
The annual fee is $0, which makes the BMO CashBack Mastercard accessible to many Canadians, including students and newcomers. The credit limit offered will depend on individual financial circumstances and the bank’s approval criteria.
How to Apply for the BMO CashBack Mastercard
- Visit the BMO credit card application page online
- Complete the secure application form with your personal information
- Submit necessary documents to verify your identity and income
- Review the terms carefully and confirm your application
- Receive a decision – often within minutes
Advantages of the BMO CashBack Mastercard
One of the major advantages is the $0 annual fee, which means you get rewarded for your spending without worrying about offsets from yearly costs. Furthermore, the simple redemption process allows users to withdraw cash back to their BMO account or as a statement credit.
This card is also an excellent pick for those new to credit or looking to keep things simple, as eligibility requirements are accessible and account management through BMO mobile and online banking is user-friendly.
Drawbacks to Consider
There is a 21.99% interest rate on purchases, which can quickly eliminate rewards if you carry a balance month-to-month. The cash advance rate is even higher, adding to overall costs if you use this feature frequently.
Additionally, only the primary cardholder can redeem cash back, so family cardholders need to coordinate for redemptions.
Our Verdict
The BMO CashBack Mastercard is a strong contender for Canadians seeking easy rewards with no annual fee obligations. Its high introductory cash back offer and broad accessibility make it an appealing option for both new and experienced cardholders. As always, pay your full balance monthly to reap the most benefits.
