BMO CashBack® Mastercard®* for students Review 2023
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BMO CashBack® Mastercard®* for students
Rewards
- 3% Collect 3% back on grocery purchases, up to $500 in monthly spend.
- 1% Collect 1% back on recurring bill payments, up to $500 in monthly spend.
- 0.5% Collect 0.5% back on all other purchases.
- Welcome Offer 5% cash back on up to $2,500 in purchases made in the first three months ($125 maximum) Terms and conditions apply.
- Annual Rewards $270 Learn how we calculate this.
- Annual Fee $0
- Minimum Income Required None
Pros
- No annual fee
- Welcome bonus
- Strong cash back rate on groceries
- Flexible cash back redemptions
Cons
- Lack of additional benefits
- Low spending caps on cash back rates
- 3% cash back doesn’t apply to convenience stores, bakeries, and specialty shops
The BMO CashBack Mastercard for students is a solid credit card for students looking to earn rewards on common spending categories like groceries, streaming services, and subscriptions. With no annual fee, an attractive welcome bonus, flexible redemptions, and useful discounts, it’s well-suited for students who want to maximize cash back earnings from their daily spending.
The BMO CashBack Mastercard for students is a popular entry-level card. Often heralded as one of the best student credit cards, it offers good cash back rates on categories that align with student spending.
With practical perks and the ability to earn easy cash back on essentials needed for student life, this card is worth looking into. In this review, we’ll cover the details of the card so you can decide if it’s right for you.
BMO CashBack® Mastercard® for students: an overview
This BMO credit card for students is a no-annual-fee cash back credit card designed for students ages 18-24. It offers strong cash back rates on categories that align with student spending patterns, such as groceries and bill payments.
With no annual fee, an attractive welcome bonus, and the ability to earn rewards on essential student purchases, this card provides a practical way for students to earn cash back during their studies.
BMO CashBack® Mastercard® for students rewards
This student credit card offers cash back rewards on everyday purchases. You can earn the following cash back rates:
- 3% cash back on grocery purchases (up to $500 in monthly spending)
- 1% cash back on recurring bill payments like phone, streaming services, subscriptions, and utilities (up to $500 in monthly spending)
- 0.5% cash back on all other purchases
The welcome offer allows new cardholders to earn 5% cash back on up to $2,500 in total purchases made in the first three billing cycles, for a maximum of $125 cash back.
Your cash back rewards will never expire if your account remains open and in good standing. You can redeem these rewards anytime through the BMO website. Cash back can be redeemed anytime as statement credits or deposits into BMO accounts. To redeem, you need a minimum of $1, and you can receive the rewards in the form of a statement credit, direct deposit to a BMO account, or an InvestorLine account.
BMO CashBack® Mastercard® for students eligibility
To be eligible for this student credit card, you must:
- Be a student between the ages of 18 and 24 at a recognized post-secondary school
- Be a Canadian citizen or permanent resident
- Have reached the age of majority in your province or territory
- Have income from employment, student loans, scholarships/grants, or family allowances
It’s also recommended that you have at least a fair credit score. Most students don’t have an extensive credit history, so the expectations aren’t high in this category.
BMO CashBack® Mastercard® for students interest rates and fees
Fees
- Annual fee: $0
- Foreign exchange fee: 2.50%
- Extra card fee: $0
- Cash advance fee: 1%, or minimum $5
Interest rates
- Purchases: 20.99%
- Cash advances: 22.99%
- Cash advances (Quebec): 21.99%
BMO CashBack® Mastercard® for students perks
The BMO CashBack Mastercard for students also comes with several perks.
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Purchase and warranty protection
The BMO CashBack student credit card comes with extended warranty protection and purchase protection at no extra cost. The extended warranty protection can extend the manufacturer’s original warranty by up to one year on eligible new purchases. Purchase protection covers eligible new items for 90 days against damage or theft.
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Flexible cash back redemption
Unlike other cards, you can redeem accumulated rewards whenever you want with a $1 minimum. This provides lots of flexibility to students needing cash in a pinch. You can redeem your rewards as statement credits to help pay your monthly bills or as deposits into your BMO chequing, savings, or investment accounts.
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Exclusive discounts
This BMO student credit card gets you access to exclusive discounts with brands like National Car Rental, Alamo Rent A Car, and Cirque du Soleil. At participating locations, you can save up to 25% on car rentals, 15% off Canada-touring Cirque du Soleil shows, and 20% off Cirque du Soleil resident shows in Las Vegas.
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PaySmart purchase installment plans
Turn larger purchases into more manageable monthly payments with BMO’s PaySmart installment plans. When you make eligible purchases exceeding $100, you can convert them into fixed monthly payments over three, six, or 12 months for a fee but with no interest. PaySmart can make big expenses like computers, textbooks, or furniture more affordable.
Compare BMO CashBack® Mastercard® for students alternatives
Our final thoughts
The BMO student credit card is best suited for students looking to earn cash back on common spending categories like groceries and recurring bill payments. The welcome bonus also offers extra cash back for new applicants.
Students who want travel perks as opposed to cash back (such as international students) may prefer a different card from BMO, like the BMO Air Miles Mastercard for students.
