If you’re not interested in the best travel credit cards, then the odds are you’re looking for something that offers cash back. These cards are highly lucrative since you don’t need to worry about what your points. Instead, you’re earning a fixed percentage in cash back on all your purchases which is easy to understand. As you can imagine, every major bank offers one of these cards so read my BMO CashBack Mastercard review and find out if it’s one of the best cash back cards in Canada.

BMO cashback mastercard review

BMO CashBack Mastercard benefits

  • No annual fee
  • 5% cash back (up to $100) on all purchases made in the first three months
  • 1% cash back on all purchases after promotional period ends
  • 1.99% interest rate on balance transfers for 9 months (1% fee applies)
  • Up to 25% off rat participating National and Alamo Rent A Car locations
  • Extended warranty on purchases

The BMO CashBack Mastercard is BMO’s no fee cash back credit card. Think of this as an entry level card which is why you don’t get many benefits. That being said, this card quite often has promotions where you can earn additional cash back for the first three months. Right now, if you apply before November 30, 2019 you’ll earn 5% cash back on all purchases up to $100 ($2,000 spend). Once your promotional period ends, you’ll earn 1% cash back on all purchases.

Another interesting BMO CashBack Mastercard benefit is the balance transfer option where you’ll have a 1.99% interest rate for 9 months. Although there’s a 1% fee on the amount you’re transferring, that’s a small price to pay to get such a low interest rate for 9 months. For perspective, most credit cards charge an average interest rate of 19.99% so you could save a fair amount of money as long as you pay off your entire balance before the promotional period ends.

The discount on car rentals at National and Alamo as well as the extended warranty are nice extra benefits, but it’s nothing to get too excited about.

How the BMO CashBack Mastercard compares to others

The BMO CashBack Mastercard definitely doesn’t fall into the list of the best cash back credit cards in Canada, but for a no fee card, it’s okay. However, there are a few other cards that are arguably better.

First, there’s the Tangerine Money-Back card that gives you 2% cash back on up to three categories of your choice. All other categories earn you 0.5% cash back. This card is incredibly popular since it’s the only credit card out there that allows you to pick your categories with an accelerated earn rate. There’s is no fee for this card.

The Rogers World Elite Mastercard also has no annual fee and it gives you back 1.75% in cash back on all purchases. Heck, purchases made in a foreign currency earn you 4% cash back which is why this card is one of the best credit cards without foreign transaction fees.

Final thoughts

My BMO CashBack Mastercard review is negative. Even though this is a no fee cash back card, there are simply better options out there. There’s no reason why you should earn less cash back when you don’t have to. However, if you’re a loyal BMO customer and don’t want to apply for a card with someone else, I suppose this card is an okay option.

Apply Now for the BMO Cashback Mastercard


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