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About BMO Cashback
6 Dec 2018

About BMO Cashback MasterCard

Introduction to BMO Cashback

BMO Cashback MasterCard is one of the outstanding cash back cards with which you can earn on everything you purchase without having to pay for it.

What is BMO Cashback Mastercard?

BMO Cashback MasterCard is a credit card which offers cash back rewards to individuals whose credit score is above the average. The card involves no restrictions on your purchases, where the cardholders get from 1% up to 5% cash back. The card also has added features such as protection on credit card balance, options for travel insurance, protection against identity theft, roadside assistance and credit defense. The additional features, however, cost additional charges. The cards are offered as part of cash back rewards by the Bank of Montreal  (BMO), the first and one of the largest banks in Canada.

Qualification for the BMO Card

The most important qualification requirement for this card is the credit rating. For you to qualify, you need a credit rating that is above the average. This means a credit rate ranging from 650 and above. However, not everyone with such a credit rating can fully benefit from this cash back card. Those who use other BMO products enjoy more benefits from this card. The users also need to be careful about how they use the card and should always remember to pay their monthly balance.

How to redeem cash back rewards

The BMO card does not restrict you on when to redeem the cash reward. Therefore, you make the decision on when to redeem the rewards. The card allows you to redeem the cash back monthly, annually, after hitting a specified amount of cash back, or even after your money has accumulated into a large sum. The cash back reward may be deposited into your chequing account, your BMO savings or your investment account. You may also decide to use the cash back reward to pay off your credit card balances.

Why is this credit card so different?

This master card has one unique feature that makes it very special. With the other cash back cards, an individual only gets the rewards in form of credit statement once every year. Even with the monthly earnings, the money is kept by the bank. With the BMO card, there are no such restrictions. You decide when to get your rewards.

Where can you use the credit card?

The BMO card can be used at any payment terminal or business as long as it accepts MasterCard. These businesses always have master card signs to indicate that they do accept the master card payments.

Features of the cashback MasterCard

The BMO card comes with a number of advantages. These advantages are as follows:

  1. The BMO Cash Back Credit Card does not involve any annual fees.
  2. You get a 1% cash back on anything you purchase using the BMO MasterCard.
  3. You have the freedom to use the rewarded amount in any way you wish.
  4. Signing up for a new account gives you a chance to get a great sign up bonus. The bonus goes up to $ 75 in which you are given in two phases. You get the first $ 25 upon signing up then followed by a $50 bonus when you spend up to $1500 on purchases using this card. These purchases must be done within the first 3 months after opening the account.
  5. The card attracts different interest rates depending on different services as follows:19.99% annual interest rate for purchases, 22.99% interest rate for balance transfers from other credit issuers. For cash advances, you will be charged 21% as an annual interest
  6. A discount of up to 25% is offered to individuals when renting cars from such locations as Alamo and National Car Rentals. There may however be variations on these discounts depend on the date, the kind of car as well as the location itself.

The Benefits of having the BMO card

The BMO card comes with a number of benefits hence a good reason to consider taking the card. Below are just a few of the benefits:

  1. Warranty extensions. With the BMO credit card, you are able to get automatic warranty extensions. Anything that you purchase using the card and has its warranty, gets a one-year extension on the warranty.
  2. Protection on purchases. Another advantage that the cardholders are able to enjoy is the purchases protection. This protects you from such cases as theft. The card offers maximum protection from use by unauthorized persons. It has a microchip that has a secret pin for accessibility. This also protects you from unauthorized online purchasing.  You may as well have additional protection options with this card. These options include:
    • Total travel and medical protection, which gives you medical protection during your travel. Also gives medical protection for your family in which you can get benefits such as ambulance for emergencies, coverage on visits by a private nurse, or air ambulance.
    • Roadside assistance, which covers such issues as changing of flat tires, boosting of batteries, lockout as well as towing. You can also add the Roadassist which covers your roadside assistance only when you need it. It is also referred to as pay as you go program.
  3. Free additional cards. When you become a BMO cardholder, you are not charged in case you want to add supplementary cards. You can benefit from the rewards earned on each additional card.

The BMO Cashback MasterCard is one of the best options one can have. It has the most favorable rewarding plan and which does not require a signup or registration fee.  As already seen the card has an array of benefits and just a few restrictions as compared to other cards. If you are looking for an easy and convenient way to use a cash back credit card, we at Bonsai Finance will help you with the application of the BMO card as long as your credit score is above average.