BMO CashBack® Mastercard® (Student)
Earn up to 5% cash back in your first 3 months and 3% on groceries after. No annual fee. Perfect for students building credit and maximizing rewards.
Introducing the BMO CashBack® Mastercard® (Student)
The BMO CashBack® Mastercard® for Students is a rewarding option, offering up to 5% cash back during the first three months of opening your account. After the intro period, cardholders get 3% back on groceries, which is one of the highest rates in Canada for a no-fee card. Additionally, you get 1% back on recurring bill payments and 0.5% unlimited cash back on other purchases. There is no annual fee, and the standard purchase interest rate is 21.99% (23.99% for cash advances, 21.99% in Quebec). As a bonus, the card comes with extended warranty and purchase protection benefits.
How to Apply for the BMO CashBack® Mastercard® (Student)
1. Prepare your personal and financial information, including identification and proof of income or student status for eligibility.
2. Visit the BMO or Mastercard website and complete the online application form.
3. Submit any requested documentation electronically if prompted during the process.
4. Review the terms and conditions to ensure you understand the card’s fees and rates before final submission.
5. Submit the application and wait for a decision. If approved, you’ll receive your card by mail.
Pros of the BMO CashBack® Mastercard® (Student)
Enjoy one of the highest grocery cash back rates in Canada with no annual fee, making it a standout choice for everyday spending. Redeem your cash back at any time as a direct deposit, statement credit, or even into a BMO InvestorLine account.
Build a solid credit history early. Students benefit from security features, purchase protection, and access to extra savings like car rental discounts.
Cons of the BMO CashBack® Mastercard® (Student)
The regular interest rate, while standard, is not low. Carrying a balance will incur significant interest charges. There is also no introductory 0% APR for purchases or balance transfers, so it’s best for those who pay in full each month.
The highest cash back rates apply only to groceries and for a limited time as a welcome offer. Other purchase categories earn lower rates.
Veredicto final
The BMO CashBack® Mastercard® for Students is an excellent no-fee choice for students looking to maximize cash back on groceries. With the ability to build credit and flexible redemption options, it stands out for everyday spenders wishing to avoid annual fees. However, always strive to pay your balance monthly to avoid higher interest costs.
