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BMO CashBack MasterCard Review
11 Oct 2018

BMO CashBack MasterCard | Credit Card Review

Credit card rewards are great, but sometimes it can be a little annoying to be stuck using them on whatever is in the points catalogue. Cash back cards solve this problem, and the BMO CashBack MasterCard is a great one to try out.

Get 1% cash back on whatever you buy with this no-fee card from BMO.


General Information

You Are Interested If You want a cash back card you can get fairly easily and won’t pay a monthly fee to use.
Brief Description The BMO CashBack MasterCard is a cash back credit card that gives you modest cash rewards while mostly keeping the typical credit card structure intact.
Main Requirements You’ll need decent credit and not too low an income, but there are no specific guidelines.

Card Details

Network Mastercard.
Provider BMO.
Card Type This is one of those highly sought-after cash back cards, with no other rewards available.

Fees and Interest

Purchase Interest Rate Cardholders will pay 19.99% interest on anything they purchase with this card.
Cash Advance Withdrawing cash in advance incurs an interest rate of 22.99% on the withdrawn funds.
Balance Transfer These charges also incur an interest rate of 22.99%.


Income Requirements There is no stated income requirement, but applicants become eligible for higher-tier cards starting at $60,000 per year in income – thus, you can count on being approved for this one at much lower income levels.
Household Income Requirements See above.
Annual Fee There is no annual fee associated with the BMO CashBack MasterCard – it’s free!


Welcome Bonus If you sign up for this card before November 29, 2018, you’ll receive 4% cash back on all purchases made with this card for the first 4 months or until you hit $3,125 in spending in that period. You’ll also pay just 1.99% interest on balance transfers for 9 months.
How To Earn Points After the introductory bonus, you’ll get 1% cash back on anything you buy with this card, with no special adjustments or exclusions.
Benefits As a bonus, this card will get you extended warranties on the things you buy with it, purchase protection, and discounts of up to 25% for car rentals at participating retailers.

About BMO CashBack MasterCard

Main Features

The BMO CashBack MasterCard is meant to be an easy access point for customers to try out cash back rewards programs, and it’s perfect for these purposes. With no annual fee, there’s no risk involved with having it, and the rates charged on your balance are not exorbitant at all. It doesn’t require an ambitiously high income to get, either, most prospective applicants could probably be approved for it if they applied. This isn’t always the case with cash back cards, so it’s definitely worth noting.

With the BMO CashBack MasterCard, you’ll earn 1% cash back on everything you buy with your card, no matter what it is. You could choose to use it to purchase necessities like food and gas, like many people do, or save it for luxury purchases and special occasions – it’s entirely up to you, and as long as the final dollar amounts are the same you’ll get the same amount of money back. Most people would get the most utility out of the first option, as their spending in non-discretionary categories is usually higher than that of discretionary categories. You can even use your card to pay some of your recurring monthly bills automatically, making things easier on you and giving you a completely effortless way to accrue more cash back rewards.

This 1% reward rate is a low rate for a cash back card – many will provide double or even triple this rate, at least on select purchases. However, most of those cards require you to pay an annual fee to have them, and this one does not. This means that you don’t have to worry about spending enough on your BMO CashBack MasterCard to recoup that fee and can consider any cash back rewards that you earn to be pure profit for you. This lower barrier to entry and simpler overall process make this an attractive card for many, especially those who have never had the chance to try a cash back card before.

The more you use your card, the more you’ll get back from it by the end of the year. As BMO advertises on their website, it only takes $750 a month of spending to get $90 back over the course of the year. That might be a bit too high of a spending goal for some people, particularly when they’ve just gotten the card, but you can adjust the numbers downward and still see a fairly good end reward total; spending a little more than $415 every month will get you $50 in total by the year’s end. This number is much more attainable and can be reached in as little as a few trips to the grocery store. Just remember to use your card at every opportunity and pay it back by the end of the month, and you’ll find yourself with a nice little bonus in December. Whether you use that money to treat yourself to a nice dinner, buy an extra Christmas present, get your hair done, or pick up the latest video game, you’ll be able to do something for yourself without being limited to just what you can find in a reward catalogue.

Lastly, like almost all credit cards, the BMO CashBack MasterCard grants you purchase protection to easily dispute or reverse charges made to your card and extended warranties to make your products last even longer without further expense. Even though these are extremely common benefits, they’re still as useful in a pinch as they ever were. This particular card also includes fairly large discounts on car rentals from National Car Rental and Alamo Rent A Car outlets – up to 25% in some conditions. While most people don’t need to rent a car that often, many people do it occasionally, and it’s nice to be able to save a little on this expense just for having a particular credit card.


The BMO CashBack MasterCard is a pleasant alternative to typical rewards cards, doing all of the same things they do but in a cash back reward structure. The cash rewards are small but should add up enough over time to make a little bit of positive difference in your life. The lack of restrictions on what you can buy to earn rewards is arguably the most significant upside to this program, making it as easy as possible to accrue rewards. While you might eventually want to find a card with better reward rates, you should be able to get a feel for whether or not you enjoy cash reward programs with this card alone.

About BMO

The Bank of Montreal, popularly known as BMO, is a familiar name to all Canadians. As one of the top banks in the country, they enjoy excellent brand recognition and are very well trusted by the general public. While some of this is due to their sheer longevity (they’ve been around for over 150 years and counting!), their stellar performance record is what really keeps them in the limelight. They managed to consistently pay dividends to investors and keep customer satisfaction high for nearly 100 years in a row. Many of the buildings from which they operate have been designated as sites with historic importance by the Canadian government, making this company a custodian of a big part of our collective history. Few financial companies are so well-entrenched in the history of our country as this one it, and you can trust them to give you the service and reliability you need.

What We Think

The BMO CashBack MasterCard offers the most coveted reward structure of all, the cash back bonus. Even if it isn’t as generous as some other cards can be, it also requires less commitment from you. It costs nothing to obtain or keep the card and the interest rates it offers are in line with or superior to the market averages for this kind of product. Even if you aren’t sure how you feel about this card, at the very least it won’t cost you anything extra to have it.

The best thing about the BMO CashBack MasterCard is how easily it slots into your life. It doesn’t force you to spend on certain things in order to get the cash back percentage, and even the fact that it doesn’t offer bonuses for certain categories can be seen as a positive in that it doesn’t encourage you to change the way you spend. All you have to do is use your card while living your normal day-to-day life and enjoy reaping the small benefits of that by the end of the year. There’s no beating that kind of convenience and ease of use, so we’re happy to give this card our approval.