BMO CashBack Mastercard Review

  • 5 min read

Credit cards that offer cash rewards are very popular these days, as more and more customers are choosing cash back programs to truly getting the biggest bang for their buck. You’re going to spend money on certain items anyway, so why not get a little bit of that back by using a credit card product with cash rewards? The BMO CashBack® Mastercard®* is an excellent option for customers looking for a rewards credit card. You can apply online and get a response in just under a minute.

The welcome offer for this credit product is 5% cash back on all things charged within the first three months of opening the account. After that, clients are given 3% cash back on groceries, 1% on continual bill payments, and 0.5% on all other spending. There is also no annual fee. 

In addition, a 1.99% interest rate is offered on balance transfers for the first 9 months of holding the credit card, and a 1% fee is applied to balance amounts that are transferred over.

While the BMO CashBack® Mastercard®* is a solid credit card option, BMO CashBack World Elite* Mastercard* is certainly the “next step up” in terms of reaping the rewards of spending. Much like the regular CashBack Mastercard, customers can apply for their World Elite online, and get a response in under a minute. The welcome offer is very welcoming with 10% cash back rewards for all spending within the first three months the account is opened. After the three months is over, enjoy 1.5% cash back on all other charges. 

Moreover, BMO “Elite” cardholders get some pretty interesting perks. You can access over one million Wi-Fi hotspots across the globe, without having to worry about added fees, costs, or roaming charges; so you can stream to your heart’s content while traveling with your Cashback Elite Mastercard. 

Clients also gain access to the “Mastercard Airport Experiences” membership, which is offered by LoungeKey and provides you access to over 1,000 private airport lounges, worldwide, regardless of what class flight ticket you have, or who you are flying with. Mastercard’s Airport Experiences also provides a plethora of dining, retail, and spa offers. BMO Elite cardholders also have a 24/7 Concierge Service at their disposal that can help with entertainment, leisure, and dining reservations.

Note, a minimum income requirement of $150,000 (household) and $80,000 (individual) is needed for the BMO Cashback Elite Mastercard.

With that said, both credit cards offer tremendous flexibility when it comes to redeeming your rewards. Cashback earnings can either be placed against your statement account, or funds can be deposited directly to your InvestorLine or BMO savings or checking account. 

Both cards also provide travel and medical protection that includes Out-of-Province and Out-of-Country emergency medical benefits that are up to $2 million, Collision Damage Waiver protection, Unexpected Return Home coverage, and so much more.

View more information about BMO CashBack® Mastercard®* and BMO CashBack World Elite* Mastercard*.

The other five banks also offer competitive cards with cash-back options, but there are many similarities and differences. RBC Royal Bank has a no-annual-fee Cash Back Mastercard; however, it does not include a sign-up bonus. Clients can earn 2% back for purchases made on groceries, and 1% on all other spending, including recurring payments, set up on the account. Purchase Security and Extended Warranty Protection are offered on the card, too. Unlike the BMO CashBack, this Mastercard provides some added loyalty rewards. This includes 3 cents off per litre on fuel purchased at Petro Canada, as well as 20% more Petro-Points that can be collected. Additionally, there are opportunities to earn added “Be Well” points, which is Rexall’s customer loyalty program. The interest rates are 19.99% for purchases, and 22.99% for cash advances.

TD offers their no-annual-fee Cash Back Visa.  It earns clients 1% back when shopping for groceries, gas, or recurring bill payments set up on the account. All other spending on the credit card earns 0.5%. Added benefits include Extended Warranty Protection and Purchase Security, as well as a minimum 10% discount at Budget Rent A Car or Avis Rent A Car. There’s no welcome offer for the credit card or added loyalty program linked to this Cash Back Visa. The interest rates for this credit card are 19.99% for purchases, and 22.99% for cash advances.

CIBC provides its cash-back credit card option in the Dividend Visa Card. With no annual fee, clients get 2% cash back on grocery purchases, and up to 1% on all other spending. Much like the other cash-back credit cards highlighted above, Purchase Protection and Extended Warranty are available. Cardholders can also save 10 cents per litre at Ultramar, Pioneer, and Chevron gas stations. Plus, Customers can earn 0.125% cash back on every dollar when the card is used for a Global Money Transfer. No transaction fees are charged, and if customers pay off the balance of these transfers immediately, no interest is charged. There is no welcome offer on this credit card, and the interest rates are set at 19.99% for purchases, and 22.99% for cash advances.

Lastly, the No-Fee Scotia Momentum Visa Card provides an interesting sign-up bonus. Much like BMO’s CashBack Mastercard, Scotiabank clients can earn 5% on all spending within the first three months, with a cap placed at $2,000 in total. An introductory interest rate on everyday purchases is set at 7.99% for the first six months the account is open. 

After that, customers earn 1% back on purchases made at grocery and drug stores, gas stations, and recurring payments set up on the credit card. Plus, 0.5% is earned on all other spending. Clients get up to 25% off base rates when renting a car at Budget or AVIS locations across Canada and the United States. Lastly, supplementary cardholders can be added to the account at no extra cost. The interest rates for this credit card are 19.99% for purchases, and 22.99% for cash advances.

Christopher - BSc, MBA

With over two decades of combined Big 5 Banking and Agency experience, Christopher launched Underbanked® to cut through the noise and complexity of financial information. Christopher has an MBA degree from McMaster University and BSc. from Western University in Canada.