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BMO CashBack MasterCard Review 2023

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The BMO CashBack MasterCard offers a tiered reward system so you collect points on a wide variety of eligible purchases. With a generous welcome bonus, attractive cash back rates, insurance, and warranty extension, it’s easy to see how the BMO CashBack Mastercard could have a place in your wallet.

BMO CashBack Mastercard

BMO CashBack Mastercard

Rated 4.1/5 stars.

Our Review

  • Welcome Offer Up to 5% cash back in first 3 months
  • Annual Fees $0
  • Interest Rates Purchases: 20.99%, Cash Advances: 22.99%
  • Recommended Credit 670 - 724

Features of the BMO CashBack MasterCard

The BMO CashBack Mastercard boasts a cashback rate of 3% on groceries, 1% on recurring payments like bills and such, and 0.5% on all other transactions.

It has no annual fee, which is a fantastic benefit for people trying to find a great credit card and save money. Not to mention the introductory balance transfer rate of 0%. That bonus is available for the first 9 months after you’re approved.

The card also includes an extension of the manufacturer’s warranty for a maximum of 1 year, and purchase protection, which guards your purchases against theft or damage for 90 days.

Rewards for the BMO CashBack MasterCard

Cardholders of the BMO CashBack Mastercard can receive cash back benefits for all their transactions, but the main category is groceries, where you get 3% cash back up to $500 per month.

Moving down from there, you may get 1% cash back when using your card to pay recurring bills like subscriptions, streaming services, gym memberships, or utilities on a regular basis. This is also capped at $500 per month

After that, users receive 0.5% cash back on all other transactions, including those made outside of Canada. At this level, there is no limit to your cash back potential.

Most credit cards that offer cash back rewards only allow you to use those rewards on their own online store or against your monthly statement. With this card, you can also arrange for your rewards to be deposited into your bank account or transferred into your investments.

The minimum redemption amount is $50, which is not a hard number to reach.

How to earn rewards with the BMO CashBack MasterCard

By using your BMO CashBack Mastercard to make purchases, you can accumulate cashback benefits.

  • 3% cashback on all eligible grocery purchases made with your BMO CashBack Mastercard, whether they are made at a supermarket, a grocery shop, or a specialised food retailer.
  • 1% cashback on qualifying recurring bill payments, such as subscriptions to streaming services, gym memberships, and monthly energy bills, are available when using your card.
  • 5% cashback on all other purchases even those made internationally.

Welcome bonus for the BMO CashBack MasterCard

The current welcome offer from BMO increases the cash back percentage to a maximum of 5% for your first 3 months, capped at $125 of cash back rewards. The card also offers an additional $50 bonus.

How to redeem rewards for the BMO CashBack Mastercard

You can redeem your cash back rewards with the BMO CashBack Mastercard by following these steps:

  1. Log in to your BMO online banking account.
  2. Click on your credit card account.
  3. Click on the “Redeem Rewards” button.
  4. Select the cash back redemption option you prefer, such as a statement credit or deposit into your BMO chequing or savings account.
  5. Choose the amount of cash back rewards you want to redeem. The minimum redemption amount is $50.
  6. Confirm your redemption and submit your request.
  7. Your cash back rewards will be applied to your credit card account or deposited into your designated bank account within a few business days.

Pros and cons of the BMO CashBack Mastercard


  • Cash back rewards: The BMO CashBack Mastercard allows you to earn cash back rewards on your purchases, which can be a great way to save money on your everyday expenses.
  • No annual fee: The card has no annual fee, which means you can enjoy the benefits of the card without having to pay for the privilege. One additional card is also available at no charge.
  • Easy redemption: You can redeem your cash back rewards for a statement credit or deposit into your BMO chequing or savings account.
  • Flexible earning: You can earn cash back rewards on a variety of purchases, including groceries, recurring bill payments, and all other eligible purchases inside and outside of Canada.
  • Basic insurance offerings: Cardholders receive a discount on car rentals, extended warranty, and 90-day purchase protection.


  • Limited earning rate: While the card offers cash back rewards, the earning rate is limited to 3% on groceries, 1% on recurring bill payments, and 0.5% on all other purchases.
  • Foreign transaction fees: The card charges a 2.5% fee on foreign currency transactions, which can add up if you frequently travel outside of Canada or make purchases from foreign merchants.
  • High interest rate: The card has a relatively high interest rate, so it's important to pay off your balance in full each month to avoid interest charges.

Insurance with the BMO CashBack Mastercard

Let’s take a closer look at what kind of insurance you get. The BMO CashBack Mastercard offers some basic insurance benefits to help protect you and your purchases, including purchase security up to a limit of $60,000 per account per year. Your purchases made with the card are protected against loss, damage, or theft for up to 90 days.

The extended warranty doubles the manufacturer’s warranty up to a maximum of one year.

Eligibility for the BMO CashBack Mastercard

To be eligible for the BMO CashBack Mastercard you need:

  • To be the age of majority in your province or territory; either 18 or 19 years old, depending where you live
  • To be a Canadian citizen
  • To have a strong credit score with consistent, reliable income
  • To have a minimum personal annual income of $15,000

It’s important to remember that satisfying the qualifying conditions does not guarantee acceptance for this credit card. BMO will look at your credit history, income, and other variables to see if you qualify for the card and what credit limit you will be given if you are accepted.

Is the BMO Cashback MasterCard right for me?

To properly determine if this credit card is a good fit for you, you’ll need to understand how its benefits and drawbacks align with your financial health and spending habits.

For instance, do you spend a large portion of your monthly budget at the grocery store? Do you carry a balance from month to month? Is travel insurance a low priority for you? Is your credit score good? Can you reliably pay your credit card bill?

If you answered yes to all or most of these questions, then the BMO Cashback Mastercard is likely a great fit for you. It offers a great cash back incentive for spending on groceries and no cap on most other spending categories, even if the reward percentage is 0.5%. You won’t find many cash back cards with these perks and no annual fee.

Frequently Asked Questions

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