BMO CashBack Mastercard Review

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Written by Enoch Omololu

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Looking for a top-notch cash-back credit card in Canada? Look no further than the BMO CashBack Mastercard. We explore its features, benefits, and downsides in this BMO CashBack Mastercard review.

BMO CashBack Mastercard – Summary

BMO Air Miles Mastercard

Rewards: Earn up to 2% unlimited cash back in up to 3 spending categories and 0.50% on all other purchases.

Welcome offer: Get 800 bonus Air Miles plus a 0.99% introductory interest rate on balance transfers for 9 months with a 2% transfer fee.

Interest rates: 20.99% for purchases, 22.99% for cash advances.

Annual fee: $0

Recommended credit score:
660
900

Good to Excellent

BMO Air Miles Mastercard

On BMO’s website

  • Earn 3x Air Miles for every $25 spent at participating Air Miles partners.
  • Earn 2x Air Miles for every $25 spent on groceries (up to $500 monthly).
  • Earn Air Miles twice at participating partners when you show your Air Miles card in addition to this one.
  • Instantly use your Air Miles towards travel or at participating Cash Reward partners.
  • Extended warranty and purchase protection insurance are included.
  • Save up to 25% on car rentals at Alamo and National car rental locations.
  • Get 15% to 20% off Cirque du Soliel shows touring Canada and Las Vegas.

No annual fee

Earn an accelerated amount of Air Miles on groceries

0.99% introductory balance transfer interest rate

You don’t earn Air Miles on everyday purchases; only groceries

$500 monthly spend cap for earning 2x Air Miles on groceries

No travel benefits or insurance included

The BMO Air Miles Mastercard is for those who want to get rewarded for their grocery shopping with Air Miles, as you earn 2 Air Miles for every $25 spent. For no annual fee, you can shop, save up the Miles, and redeem them at any time for travel or cash rewards.

Benefits of the BMO CashBack Mastercard

The BMO CashBack Mastercard comes with a range of standard benefits that make it an attractive option for cash-back enthusiasts. Earn cash back on your everyday purchases and enjoy the following advantages:

Cash Back Rewards

Earn up to 3% cash back on groceries, 1% on recurring bill payments, and 0.5% cash back on all other purchases. It has one of the highest cash back rate for groceries in Canada without paying an annual fee.

Easy Redemption

You can get cash back for as little as $1 at any time with your BMO MasterCard. You can also set up automatic cash back deposits into a BMO account (such as a checking, savings, or BMO InvestorLine account) once your cash back amount reaches $25.

You can even use your cash back rewards as statement credit.

No Annual Fee

Enjoy the benefits of the BMO CashBack Mastercard without worrying about annual fees.

Additional Perks

Free Supplementary Card for a spouse or relative as well as discounts on car rentals.

Downsides of the BMO CashBack Mastercard

While the BMO CashBack Mastercard has numerous advantages, it’s essential to consider its potential downsides, including:

Low base rate: Purchases other than groceries and recurring payments have a cash back earn rate of only 0.5%.

Capping on earn rates: a purchase limit of $500 per cycle period is applied to earn rates for groceries and recurring bill payments. Once you exceed this amount, earn rates revert to 0.5% within the same billing cycle.

How to Apply for the BMO CashBack Mastercard

Applying for the BMO CashBack Mastercard is a simple process. To be eligible, you must meet the following requirements:

  • You must be at least the age of majority in the province where you live.
  • You must not have declared bankruptcy in the last 7 years.
  • Earns a minimum yearly income of $15,000.

You can apply for the card online or visit your nearest BMO branch. Existing BMO customers can log in to the BMO CashBack Mastercard website using their username and password.

BMO CashBack Mastercard Alternatives

If you’re considering alternatives to the BMO CashBack Mastercard, here are a few noteworthy options to explore:

Tangerine Money-Back Credit Card

Tangerine Money-Back Credit Card

Rewards: Earn 2% unlimited cash back in up to 3 categories of your choice plus 0.50% on all other purchases.

Welcome offer: Get an additional 10% cash back after spending $1,000 in the first 2 months ($100 value).

Interest rates: 19.95% for purchases, balance transfers, and cash advances.

Annual fee: $0

Recommended credit score:
600
900

Fair to Excellent

tangerinemoneyback-cc-img

On Tangerine’s website

  • Earn 2% unlimited cash back on 2 categories of your choice, including groceries, restaurants, entertainment, and recurring bill payments.
  • Unlock an additional 2% cash back category when you deposit your money back into a Tangerine Savings Account.
  • Earn 0.5% unlimited cash back on all other purchases.
  • Cash back is earned automatically on everyday purchases and paid monthly.
  • 1.95% promotional balance transfer interest rate for 6 months.
  • Purchase assurance and extended warranty are included.
  • Track and categorize your spending with the Tangerine mobile app.
  • To qualify, you must make a minimum of $12,000 per year.

Earn unlimited 2% cash back in up to 3 categories

No annual fee

1.95% balance transfer interest rate for 6 months

No travel benefits or insurance

No physical bank branches as it is an online-only bank

The Tangerine Money-Back Credit Card has no annual fees and earns you 2% cash back on up to 3 categories. You choose the categories in which you spend the most to maximize your rewards.

This card has no annual fee and allows you to earn up to 2% unlimited cash back in up to two categories and 0.5% cash back on everything else.

You can also earn extra rewards by getting your rewards deposited into your Tangerine Savings Account and get a third 2% money-back category.

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Neo Credit Card

Neo Financial Mastercard

Rewards: Earn up to 15% cash back at Neo partners and never fall below 0.5% average cash back.

Welcome offer: Get an extra 15% cash back on your first purchases at many Neo partners.

Interest rates: 19.99% to 26.99% for purchases, 22.99% to 28.99% for cash advances.

Annual fee: $0

Recommended credit score:
600
900

Fair to Excellent

neosecuredmastercard cc-img

On Neo’s website

  • Earn up to 15% cash back on your first purchases at many Neo partners.
  • Get an average of 5% instant cash back at over 8,000 Neo partners.
  • Never fall below 0.5% average cash back – if you do, Neo will top it up.
  • Cash back is instantly rewarded.
  • Use the Neo app to view cash back offers near you and view insights on your spending.
  • Instantly use the digital Neo card after signing up.
  • Optionally subscribe to Bundles for more cash back on certain spending categories.
  • No annual fees or income requirements.

No annual fee or income requirements

Earn up to 15% cash back

Neo mobile app shows you cash back offers near you

Only earn 15% cash back once at each Neo partner

You need to subscribe to Neo Bundles for more cash back

No insurance coverage

The Neo Card is an all-in-one cash back credit card and mobile app that earns you cash back on all purchases. Shop at Neo partners and earn up to 15% cash back, rewarded instantly.

This no-fee card offers extra perks like an instant $25 bonus on approval and average 5% cash back at thousands of locations.

BMO CashBack World Elite Mastercard

BMO CashBack World Elite Mastercard

Rewards: Earn up to 5% cash back on groceries, 4% on transit, 3% on gas, 2% on recurring bills, and 1% on everything else.

Welcome offer: Get an extra 10% cash back in the first 3 months (up to $2,600), plus the first-year annual fee waived.

Interest rates: 20.99% for purchases, 23.99% for cash advances.

Annual fee: $120

Recommended credit score:
660
900

Good to Excellent

BMO CashBack World Elite Mastercard

On BMO’s website

  • Earn 5% cash back on grocery purchases (up to $500 monthly).
  • Earn 4% cash back on transit (up to $300 monthly).
  • Earn 3% cash back on gas and EV charging (up to $300 monthly).
  • Earn 2% cash back on recurring bill payments (up to $500 monthly).
  • Earn unlimited 1% cash back on everything else.
  • Cash back can be redeemed for as little as $1, any time you like.
  • Deposit your cash back into a BMO chequing or savings account, use it as a statement credit, or put it in your BMO Investorline account.
  • Access free wifi hotspots with Boingo Wi-Fi for Mastercard.
  • Get a complimentary membership to Mastercard Travel Pass by DragonPass.
  • Access a variety of on-demand apps and subscription services.
  • Discover Mastercard Travel Rewards.
  • Enjoy 24/7 concierge service.
  • Extended warranty and purchase protection are included.
  • Save up to 25% at select Alamo and National car rental locations in the US and Canada.
  • A minimum personal annual income of $80,000 or houshold income of $150,000 is required to be eligible.

Earn up to 5% cash back on multiple high-spend categories

Redeem cash back at any time for as low as $1

Mastercard Travel Pass membership included

No travel insurance included

Monthly spend caps on the 5%, 4%, 3%, and 2% cash back categories

High annual income requirement

For those who spend a lot on groceries, the BMO CashBack World Elite Mastercard rewards you with 5% cash back, up to $500 per month. Other notable travel perks include free wifi hotspot access, a complimentary Mastercard Travel Pass Membership, and Mastercard Travel Rewards.

This card offers a tiered earning structure where you can earn 5% cash back on groceries, up to $500 spent per month; 4% cash back on transit, up to $300 spent per month; and 3% cash back on gas and electric vehicle charging.

You can also earn 2% cash back on recurring bill payments, like your monthly phone bill or your favourite streaming service.

Credit CardAnnual FeeAPR PurchasesAPR Cash AdvancesRewards
BMO Cash Back Mastercard$020.99%22.99% (21.99% for Quebec Residents3% cash back on grocery and food purchases, 1% cash back on recurring bills, and 0.5% on all others
Neo Financial Mastercard$019.99%-26.99%22.99%-28.99%5% average cash back at 10,000 affiliated merchants across Canada
Tangerine Money-Back Credit Card$019.95%19.95%Get 2% cash back on purchases you make every day in two 2% cash-back categories of your choice.
BMO CashBack World Elite Mastercard$12020.99%23.99% (21.99% for Quebec Residents5% cash back on groceries,4% on transit,3% on gas, 2% on recurring bills and 1% on all others

Is the BMO CashBack Mastercard Worth It?

For Canadians seeking a no-fee cash-back credit card, the BMO CashBack Mastercard is definitely worth considering.

Its attractive rewards structure, coupled with the absence of annual fees, makes it an appealing choice for everyday spending.

Regular travellers will also like the savings on rental cars. There are premium cards available with more features, but they come with an annual fee.

Keep in mind the downsides mentioned earlier and check whether the card fits with your spending habits and financial goals.

FAQs

How can I redeem the cash back rewards earned with the BMO CashBack Mastercard?

You can redeem your BMO CashBack Mastercard rewards for as low as $1. You can apply it as a statement credit, deposit it into your BMO account, or contribute it to your BMO InvestorLine account.

Is there a limit to the cash back I can earn with the BMO CashBack Mastercard?

The BMO CashBack Mastercard has spending limits for earning cash back. You can earn up to 3% cash back on eligible grocery purchases and 1% on recurring bill payments for spending up to $500 per billing cycle. Earn rates will revert to 0.5% once you exceed this limit.

Related: HSBC +Rewards Mastercard Review

Bonuses & Deals for February

Free prepaid card with up to 5% cashback. No credit check & $20 bonus when you deposit $50.

Earn average of 5% unlimited cashback. No annual fees and $25 bonus.

Get a $100 cashback bonus in the first 2 months. No annual fee credit card.

No current offers for this category.

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Gravatar for Enoch Omololu

Enoch Omololu

Enoch Omololu is a personal finance expert. He has a master’s degree in Finance and Investment Management from the University of Aberdeen Business School (Scotland) and has completed several courses and certificates in finance, including the Canadian Securities Course. Enoch is passionate about helping others win with their finances and has written about money matters for over a decade. He has been featured or quoted in The Globe and Mail, CBC News, Yahoo Finance, GO Banking Rates, Financial Post, Bankrate, Forbes, Toronto Star, CTV News, and other personal finance publications. He founded Savvy New Canadians, one of Canada’s top financial education platforms.

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  • Earn 6.00% interest rate* on every dollar.
  • One of the best savings rates in Canada.
  • Access to free unlimited chequing account with $400 bonus.
*Terms and conditions apply. Limited time offer.