Reviews

BMO CashBack Mastercard credit card full review

The BMO Cashback Mastercard is a unique credit card that provides users with cash back rewards on all their purchases. In this full review, you will discover how the card works and if it is the right choice for your wallet.

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by Aline Barbosa

Published on 04/10/2022

BMO CashBack Mastercard credit card: a great product for anyone looking for rewards and benefits.

BMO CashBack card
BMO CashBack Mastercard credit card full review. Source: Stealth Capitalist.

Do you like getting paid for the things you already buy? If so, you’ll love the BMO CashBack MasterCard. It rewards you with a percentage of your purchase back in cash, just for using the card. Plus, there are no annual fees and it comes with a host of other benefits. So, if you’re looking for a credit card that will help you save money on all your purchases, the BMO CashBack MasterCard is definitely worth considering. Keep reading our BMO CashBack Mastercard review to find out if it’s the right fit for you.

Credit ScoreGood – Excellent
Annual Fee$0
Regular APR19.99% – 22.99%
Welcome bonus5% cash back in your first 3 months, plus a $50 cash back bonus by spending $6,000 in your first year
Rewards3% cash back on groceries;
1% cash back on bills;
0,5% cash back on all other purchases.
BMO CashBack cards

How to apply for a BMO CashBack Mastercard Card?

See how to apply for a BMO CashBack Mastercard Credit Card and start earning rewards on everyday purchases!

How does the BMO CashBack Mastercard work?

Do you want to earn cash back on your everyday purchases? The BMO CashBack Mastercard is a great option for those looking for an easy way to get rewarded for their spending. This card offers 3% back on groceries, 1% back on bills and 0.5% cash back in all other purchases.

Plus, there is no annual fee! And, if you need to carry a balance, the APR intro of 1.99% for 9 months is hard to beat. Just be sure to stay within the spending caps, or you’ll forfeit some of your rewards. So, if you’re looking for a great way to earn cash back on your everyday purchases, the BMO CashBack Mastercard is a card worth considering.

BMO CashBack Mastercard Credit Card benefits: pros and cons

groceries
What are the pros and cons of this card? Source: Adobe Stock.

The BMO CashBack Mastercard is a great no-annual fee card that offers a high rate of cash back on grocery purchases. You’ll get 3% cash back on all grocery store purchases, up to $6,000 annually. 

The card also offers 1% cash back on bills, and a 0,5% rate back with no cap. This makes it a great option for everyday spending. You’ll also enjoy a 9 month introductory APR of only 1.99% with a 1% transfer fee. 

The BMO CashBack Mastercard is a great option for those looking for an easy-to-use and affordable card with no annual fee and high cash back rates. 

However, if you’re looking to maximize your rewards, you may want to consider a card with a higher spending cap. That is because the maximum cap for the 3% and 1% categories are $500 per statement period. 

Does my credit score need to be good?

If you are considering applying for the BMO CashBack Mastercard credit card, your credit score should be good to excellent. This is because this is a reward credit card, and as such, comes with a higher than average interest rate. If you do not have a good credit score, you may want to consider a different option.

Want to apply for the BMO CashBack Mastercard credit card?

Applying for the BMO CashBack Mastercard credit card is easy. You can apply online or in the branch, and the process only takes a few minutes. To be approved, you will need to meet the eligibility requirements, which are:

  • Be at least 18 years old;
  • Have a good to excellent credit score;
  • Be a Canadian resident
  • Have a minimum income of $15,000 a year

If you need more information about the application process or want to know if you are eligible, be sure to follow the recommended link below.

BMO CashBack cards

How to apply for a BMO CashBack Mastercard Card?

See how to apply for a BMO CashBack Mastercard Credit Card and start earning rewards on everyday purchases!

About the author

Aline Barbosa

Aline Barbosa is an editor, writer and learning-enthusiast. Passionate about music, books and human behavior. Curious about the unknown. Believer that learning is a life-long process.

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