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Lucrative Faces of the BMO Cashback Mastercard
10 Jun 2019

The Many Lucrative Faces of the BMO Cashback Mastercard

People searching for a cash back credit card from BMO have more options than they might think. There’s the basic BMO Cashback Mastercard, of course, but there are also several other cards available from this provider that give you cash back rewards as well. There’s one for every potential customer and everyone has the potential to earn some side money with one of these cards in their pocket. We’ll cover what all four of them have to offer you and what your financial profile needs to look like in order to get them so you can choose which one is best for you.

A Good Basic Version To Start Things Off

When you begin looking at cash back cards from this provider, the first one you’re likely to come across is the BMO Cashback Mastercard. This is the entry-level option available in this line, but it’s pretty good for being the most basic card there is here. With it, you’ll get 1% cash back on everything you buy, and you won’t pay any annual fee to have it in your wallet. There are no real benefits attached to it, but that’s the thing that most consumers will miss the least when compared to other cards. This is one of the better basic ones available from any provider, period – but because it’s free and the reward rates on it are not very far off from what you’d get with the upgraded cards, it’s also a solid option for people who are mainly concerned with getting a lot of reward value over anything else. It’s easy to get and you won’t feel like you’re missing out on much when you choose it, even if you could potentially qualify for something better. That makes it an excellent starting point for BMO to build off of with their other cash back offerings.

Several Upgrades Available

As good as the BMO Cashback Mastercard is, some people will still want to get something a bit better if they can. The BMO Cashback World Mastercard is the first option for that crowd, assuming you can qualify to get it. You’ll need to make at least $60,000 a year on your own or $100,000 in combination with your partner for your application to be considered, and even then, you’re not guaranteed to be approved. Those who do get it will enjoy a slightly higher cash back rate of 1.25% on all purchases but will be asked to pay a $79 annual fee as well, largely cancelling out the impact of that increase. That’s not a bad thing, though, because in return you’ll get a benefits package that is more than worth the extra expense. It includes a set of comprehensive travel insurance, a complimentary Roadside Assistance membership to help with any car trouble, and the chance to earn a full 3% cash back on Shell products (including gas).

That still won’t be enough for some, but for them, the BMO Cashback World Elite Mastercard might be a better fit. It gets you 1.5% cash back on all purchases and all the benefits that were included in the World version, plus 8 days of free emergency travel medical insurance. This insurance can help you to cover the costs of being treated for a sudden illness or injury if something happens to you while you are away form home, and it also covers your spouse and any dependents you might have with you too. Even with the $120 annual fee factored in, that’s an impressive credit card. The only trouble is that is isn’t at all easy to get. You’ll need an even higher income than what the World version asks for, though, which will be a tall order for many people – nothing short of at least $80,000 a year on your own and $150,000 as a household will do, and good credit is a must. For those few who can qualify and spend a reasonable amount of time away from home, though, this is undeniably the best card here and worth at least thinking about.

A Special Offer Just For Students

The cards described so far are all for general audiences, but this next one is restricted only to a certain group of people, and the criteria for that has nothing to do with your finances. You actually have to be a current secondary or post-secondary student in order to get the BMO SPC Cashback Mastercard – if you’re not, you’re out of luck. As for what the card actually is, the best way to describe it is that it’s a clone of the basic BMO Cashback Mastercard that comes bundled with a useful and valuable SPC membership for free.

The SPC program’s name stands for Student Price Card, and you can probably guess what it does from that alone. In case you didn’t, though, you should know that it entitles members to considerable discounts when they shop at certain retailers. You can get lower prices on clothing, services, and especially food, all of which helps a lot with making your typical limited student budget go even further. This membership would normally cost $10, but it comes free with this card and you don’t have to worry about applying for it separately, which is also nice. It’s also free to use, so if you have active student status and were interested in the basic card, there’s no reason not to go for this one instead.

Get Your BMO Cashback Mastercard Today

Now that you know more about all four options and what makes each of them special, you may have decided that you’d like to go ahead and get one for your own use. Getting Bonsai Finance’s help with this task is the easiest way to get the job done. Whether it’s the simple BMO Cashback Mastercard you want or one of the other three options on the table, you can have an application filled out in minutes and then go on with the rest of your day while you wait to hear what the final decision will be. There’s no hassle and no fuss, and if you’re unsuccessful, you can try again whenever you’re ready; what’s not to like about that?