The BMO CashBack® Mastercard® offers a convenient, accessible way for Canadians to earn cash back on everyday purchases, with special rewards tailored to frequent grocery shoppers. Recognized as one of the leading cash back cards, it provides a range of flexible benefits that suit different spending habits and financial needs, all with no annual fee.

This Mastercard® is designed to make cash rewards easy and frequent, whether for groceries, recurring bills, or other purchases. It provides a straightforward, fee-free experience that suits the needs of customers who want to maximize their earnings without added costs. Let’s explore the unique advantages and important features of this credit card.

Key information about the credit card

How does the annual fee work?

A significant feature of the BMO CashBack® Mastercard® is its no-annual-fee structure. While many credit cards charge yearly fees to access premium rewards, this card provides valuable cash back benefits without that extra cost, making it accessible for a wide range of users.

With no yearly charges, customers can enjoy the freedom to maximize their cash back without worrying about paying fees. This fee-free benefit highlights the card’s commitment to affordability and value for everyday spending.

How is the credit limit determined?

The credit limit for the BMO CashBack® Mastercard® is based on several factors, including the applicant’s income level, credit history, and financial profile. BMO reviews each application to determine a limit that aligns with the individual’s financial circumstances, providing a balance between responsible lending and sufficient purchasing power.

This personalized approach ensures that users can enjoy spending flexibility within a credit limit that matches their financial situation, creating a secure and manageable credit experience.

Advantages of the credit card

• 3% cash back on groceries: This high cash back rate on grocery purchases allows cardholders to save significantly on essential spending.
• 1% cash back on recurring bill payments: Ideal for monthly bills like utilities, streaming subscriptions, and other recurring expenses, this rate helps users earn consistently on their ongoing commitments.
• 0.5% cash back on all other purchases: Every transaction counts with this base rate, making the card versatile and rewarding across various purchase categories.
• Flexible cash back redemption: Users can redeem cash back whenever they wish, with the option to set up automatic deposits or manually redeem amounts as low as $1.
• Special offers and discounts: Cardholders can enjoy fuel discounts at Shell, savings on car rentals, and exclusive offers for entertainment events, adding value beyond cash back rewards.

Standout advantage

One standout feature of the BMO CashBack® Mastercard® is its tailored cash back structure, which offers up to 3% cash back on groceries—a critical category for most households. Unlike cards with generic rewards, this high-rate cash back on groceries allows cardholders to save more on necessary spending, reflecting a genuine commitment to customer needs.

This benefit is especially appealing for families or individuals who prioritize grocery purchases, maximizing their monthly savings with each shop.

Disadvantages

• Lower base cash back on non-grocery items: The 0.5% cash back rate on other purchases may be less appealing for those with varied spending habits.
• Limited international benefits: While the card is optimized for use in Canada, international travelers may find fewer benefits when used abroad.
• Cash back cap on grocery spending: The 3% cash back is limited to a maximum spending threshold per statement period, which could restrict rewards for high-volume grocery shoppers.

A standout disadvantage

A primary disadvantage of the BMO CashBack® Mastercard® is the spending cap on the 3% cash back for grocery purchases. Although the high cash back rate is attractive, the card limits this reward to a specific spending limit per statement period.

For users with substantial grocery expenses, this cap may reduce the potential for cash back earnings in that category, making it less ideal for those with high grocery budgets who seek unlimited rewards.

Who can apply for this card?

To apply for the BMO CashBack® Mastercard®, applicants must meet certain eligibility criteria. Typically, applicants need to be at least 18 years old, with proof of Canadian residency and a minimum income level to qualify. This card does not require a specific credit score range, although a healthy credit history will improve approval chances.

Additionally, BMO reserves the right to assess each applicant’s financial stability and repayment ability. While it offers a straightforward application process, it is recommended for individuals who maintain a good standing with credit agencies, as this can impact credit limits and approval success.

How to apply for the BMO CashBack® Mastercard®

For the website

To apply through the BMO website, start by navigating to the BMO CashBack® Mastercard® page and selecting the “Apply Now” option. This process will guide you through an application where you provide essential information, including personal identification, income details, and employment history.

Once the application is submitted, BMO aims to provide an initial decision within minutes. Successful applicants will receive a follow-up to confirm approval, and the physical card will be mailed shortly after.

Through the app

BMO’s mobile app offers a convenient way to apply for the CashBack® Mastercard® directly from your smartphone. After logging into the app, locate the credit card section and select the BMO CashBack® Mastercard® option. From there, follow the prompts to complete your application.

The app ensures a seamless, secure experience by saving progress, allowing you to finish the application at your own pace. The mobile application route is ideal for current BMO customers, as it integrates with their existing profiles for faster verification and processing.

At the branch

For those who prefer in-person assistance, BMO branches provide a way to apply for the CashBack® Mastercard® with the help of a representative. Simply visit a local branch and inform a BMO advisor about your interest in the CashBack® Mastercard®.

They will guide you through the application steps, answering any questions you may have about the process or specific card features. This method is ideal for new customers who wish to speak directly with an advisor for guidance on how the card benefits suit their financial needs.