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BMO CashBack MasterCard Review 2023

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BMO CashBack Mastercard

BMO CashBack Mastercard

Rated 3.3/5 stars.

  • 5% Get up to 5% back for the first 3 months with a maximum of $125 in cash back.
  • 3% Receive 3% back on groceries.
  • 1% Receive 1% back on recurring bills and streaming services.
  • .5% Receive 0.5% back on everything else.

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.

In this review, we cover the details of the BMO CashBack Mastercard to help you decide if it’s a good fit for you.

BMO CashBack MasterCard: an overview

The BMO CashBack Mastercard is relatively easy to qualify for and has no annual fee, making it an accessible way to earn cash back.

With a high-earning welcome offer and practical earning categories on essential purchases, the card rewards you for completing basic tasks, like buying groceries and paying your bills on time.

The card also offers insurance protection and savings you might not expect.

While there is a minimum income requirement to be eligible, it’s modest enough for those with lower salaries.

BMO CashBack MasterCard rewards

By using your BMO CashBack Mastercard to make purchases, you can accumulate cash back benefits, like:

  • 3% cash back on all eligible grocery purchases made with your BMO CashBack Mastercard, whether they are made at a supermarket, a grocery shop, or a specialized food retailer.
  • 1% cash back on qualifying recurring bill payments, such as subscriptions to streaming services, gym memberships, and monthly energy bills, are available when using your card.
  • 0.5% cash back on all other purchases, even those made internationally.

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.

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

  1. Log in to your BMO online banking account or BMO mobile banking app.
  2. Navigate to your BMO CashBack Mastercard account.
  3. Look for a section that displays your current cash back balance. This may be labelled as “Rewards,” “CashBack,” or “Points.”
  4. If you do not see your cash back balance displayed, look for a link or button to access your rewards summary or statement. This should provide a breakdown of your earned cash back for each transaction and any redemption options.

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.

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.

BMO CashBack Mastercard eligibility

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.

The recommended credit score for this card is 660+.

BMO CashBack Mastercard interest rates and fees


  • Annual fee: $0
  • Foreign transaction fee: 2.5%
  • Extra card fee: $0

Interest rates

  • Purchases: 20.99%
  • Cash advances: 22.99%
  • Cash advances (Quebec): 21.99%

Plus, benefit from an introductory balance transfer rate of 0.99% and transfer fee of 2%. The bonus is available for the first 9 months after you’re approved.

BMO CashBack Mastercard perks

  • Purchase protection and extended warranty

    Protect yourself and your purchases with 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.

  • Save 25% on car rentals

    When renting from participating National Car Rental or Alamo Rent a Car locations, enjoy 25% off.

  • Save up to 20% on entertainment

    Get 15% off on Cirque du Soleil tickets in Canada and 20% off resident show tickets in Las Vegas.

  • Additional card cash back

    Earn cash back when you add an extra cardholder to your account for free.

Compare BMO CashBack Mastercard alternatives

BMO CashBack Mastercard

BMO CashBack Mastercard

  • Welcome Offer Up to 5% cash back in first 3 months
  • Annual Rewards $270
  • Annual Fee $0
  • Minimum Income Required $15,000
Our Pick
Tangerine Money-Back Credit Card

Tangerine Money-Back Credit Card

  • Welcome Offer 10% cash back on up to $1,000 in purchases in first 2 months
  • Annual Rewards $282
  • Annual Fee $0
  • Minimum Income Required None
Image of the HSBC cash rewards credit card

HSBC Cash Rewards Mastercard

  • Welcome Offer None
  • Annual Rewards $186
  • Annual Fee $0
  • Minimum Income Required None

Our final thoughts

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.

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