Cash back credit card rewards are extremely appealing to most Canadians because they carry almost no limitations. You can spend your rewards on whatever you want, so cards that fit into this category tend to be very sought-after. The BMO Cashback Mastercard is an option for almost any credit user who wants to dip their toes into the world of cash back credit cards, and with no annual fee and some appealing welcome bonuses, it’s a solid choice that will rarely disappoint.
What You’ll Get With This Card
The BMO Cashback Mastercard is the first and easiest to get in BMO’s line of cash back cards. It charges users the same interest rates they would expect to find elsewhere for this type of card – 19.99% interest on purchases and 22.99% on cash advances or balance transfers (unless you’re still covered by the promotional offer, which we’ll talk about in more detail below). Where it gets good, though, is when you start looking at its rewards. Making purchases with this card gets you 1% cash back at every retailer and on everything you buy, and there is no limit to how much you can earn. You can also get a boosted 5% cash back for your first 3 months, but there is a limit this time; you can only earn at this rate until you’ve received $100 in cash back. That’s still a generous ceiling that allows you to earn at that elevated rate for up to $2,000 in spending, which is more than many users at this level will manage to spend anyway.
That’s not all, though. For a limited time, you’ll also be eligible to pay jsust 1.99% interest on balance transfers for your first 9 months, making it easy to pivot over to this card from another one if you were interested in making the switch. There’s one less excuse to hold off on getting this card! You can also get free cards for extra cardholders, which is great if you have a partner or children who you would like to also have access to this line of credit (their use of it will help you build more rewards, too).
Moving Up the BMO Cash Back Ladder
This card is great to help get you started on building credit and enjoying cash back rewards, but there are even better BMO cash back cards out there. The only catch is that they require better credit or more income to obtain (and may also charge an annual fee). In exchange, they come with better base rates as well as extra benefits including things like auto rental coverage or travel medical coverage. You’ll get more rewards and enjoy bonus perks that this card does not have, leaving you with an undeniably better experience.
The BMO Cashback Mastercard can make a great stepping stone toward those better cards if you’re aiming to hold one some day. Having one for a while and using it responsibly helps to boost your credit score and should allow it to get high enough to qualify for the higher cash back cards in time. This is an even better idea than building your credit with a card from a different provider because BMO will have access to all the details of your credit behaviour if you are a current customer of theirs. You’ll achieve the same credit results with this card as you would with any other one, and once you’ve cut your teeth on this card under BMO’s watchful eye, they will be able to see just how credit-worthy a candidate you really are. At that point, applying for a better BMO cash back card is the natural next step in your financial evolution. You stand a good chance of being approved, and you know you’ll be getting a card you’re sure to enjoy.
What Do Real Users Think?
The BMO Cashback Mastercard isn’t the most flashy card out there, and as a result, there isn’t always much discussion about it. The higher-tier versions of this card (especially the luxury World Elite card) are singled out in best-of lists far more often than this somewhat generic lower-end iteration. That’s only natural, though – it’s undeniable that they have more to offer you if you can manage to get them. As we mentioned above, they outperform this card in terms of both rewards and benefits.
This card instead has the edge of being easy to get, so it’s accessible to far more people while still having the same core appeal of good rewards. It will still get you plenty of cash, and in fact, light spenders tend to do better with this low-ranked version (they may struggle to earn enough to balance out the applicable fees). The fact that people probably want to upgrade from the BMO Cashback Mastercard as soon as they can do so doesn’t make it a bad card, just a good one to start out with. There’s nothing wrong with moving on when you outgrow it. Because of this, we can reasonably assume that most people have positive feelings toward this card even if it isn’t discussed very often on its own.
Is It Worth a Second Look?
The BMO Cashback Mastercard is a great card when you’re looking for something low-level and easy to get. You’ll earn a fair amount of cash back rewards, and with no variable reward rates to worry about, you don’t have to adjust your spending just to try and get more. Many people will be able to qualify for something even better with a little extra work on their credit, but for a card you can get with pretty much any credit score that isn’t outright bad, this one is definitely one of the better options on the market.