BMO CashBack Mastercard review

BMO CashBack Mastercard perks

• No annual fee. Save money every year with a $0 annual fee.
• Earn cash back. Earn cash back at a standard rate of 3% on the first $500 spent on groceries, earn 1% on the first $500 spent on recurring bill payments and earn 0.5% on all other eligible purchases (unlimited).
• Welcome bonus. Get 5% cash back on all eligible purchases in the first three months of card membership (up to max. spend of $2,500). Plus, get a rate of 0.99% on balance transfers for 9 months. A 2% fee applies to transferred balances.
• Flexible redemption. Redeem your cash back anytime through direct deposit, as a credit on your statement or into your BMO InvestorLine account.
• Car rental discounts. Save up to 20% on National Car Rental and Alamo and up to 5% on Enterprise locations worldwide.
• Discounted experiences. Save 20% on Cirque du Soleil shows in Canada and 15% off resident shows in Las Vegas. Get up to 7% off Booking.com prepaid hotel or property rental bookings.
• Zero-liability coverage. Rest easy knowing that your card is protected from unauthorized use with zero-liability coverage, provided you’ve met your responsibilities.
• Purchase protection. Most types of card purchases are eligible for purchase protection and extended warranty coverage.
• Optional balance protection. Purchase optional balance protection for events like death, total disability and job loss. Coverage costs for $1 per $100 of your total statement balance (plus applicable provincial taxes).

What to watch out for

• Limited benefits. You won’t rewards points, complimentary travel insurance or discounted airport lounge access. To get more benefits, check out rewards credit cards with annual fees.
• Low cash back. The BMO CashBack Mastercard doesn’t offer the highest cash back rates on the market. Browse more cash back cards here.
• Minimum income and credit score requirements. You’ll have a decent chance of getting approved for this card if you earn at least $15,000 per year and have a 660+ credit score.

BMO CashBack Mastercard interest rates

What should I know before I apply for the BMO CashBack Mastercard?

Here’s what you need to know before applying for the BMO CashBack card in Canada.

Eligibility requirements

• Be a resident of Canada
• Have a Canadian address (if you don’t, apply in person at a local BMO branch)
• No bankruptcies in the past seven years
• Be at least the age of majority in your province or territory (18 or 19 years old)
• Have an income of $15,000 or higher (recommended)
• Have a credit score of 660 or higher (recommended)

Required documents and information

You don’t need many documents if you apply online, but if you apply in person at a local BMO branch, be prepared to provide two pieces of valid ID like a passport and driver’s licence. Your Social Insurance Number (SIN) is optional but can help speed up the application process, because it helps BMO verify your identity.

• Personal information like your name, contact details, birth date and housing details.
• Employment and financial information like your employment status, income (including sources), industry and company name and phone number.
• Your SIN (optional)

How to apply for the BMO CashBack Mastercard

It takes less than 10 minutes to apply for the BMO CashBack card online. Here’s a step-by-step breakdown of the process:

1. Visit BMO's website and select Apply now.
2. If you already have a BMO account, sign in to online banking. If not, begin an application as a new customer.
3. Review and agree to the terms.
4. Provide personal information like your name, birth date, SIN (optional), contact and housing details.
5. Provide employment information like your employment status, industry, company name, position, work phone number and how much you earn. You’ll have the option to enter income from non-traditional sources like gifts, investments, pensions and social assistance.
6. Indicate if you want to add another cardholder and whether you want optional balance protection (for a fee).
7. Submit your application.
8. If approved, it could take several weeks to receive your new BMO CashBack Mastercard in the mail. Activate it online to begin spending.

How safe is the BMO CashBack Card?

The Bank of Montreal is a major, established bank in Canada. It’s regulated by the Office of the Superintendent of Financial Institutions Canada and is registered as a Money Services Business with FINTRAC (the Financial Transactions and Reports Analysis Centre of Canada).

BMO has a dedicated Financial Crimes Unit (FCU) for identifying and preventing threats all day, every day. Other safety measures include encryption, firewalls and email security software.

You can also install optional software from BMO’s trusted partners, including IBM Trusteer Rapport (for desktop security), OnGuard (for online identity protection) and Interac verification service (for verifying your identity when signing up for new services).