BMO CashBack Mastercard Review

  • 3 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 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’s Cashback MasterCard and BMO’s Cashback World Elite Mastercard.

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.