BMO CashBack^® Mastercard^®*

As a welcome bonus, the BMO CashBack® Mastercard®* offers 5% cash back on $2,500 spent within the first three months, up to a total of $125 in cash back rewards.†

The breakdown of the welcome bonus cash back offer is as follows:

• 5% cash back on up to $500 spent on groceries in the first three months†
• 5% cash back on up to $500 spent on recurring bill payments in the first three months†
• 5% cash back up on to $1,500 spent on all other qualifying purchases in the first three months†

The card has no annual fee, making it a great choice to keep around as a free primary or backup credit card, all while supporting the longevity of your credit history. You could also downgrade to this card after collecting the bonus on a higher-tier BMO CashBack® credit card to preserve your account history.

It's also free to add authorized users.

Get a 0.99% introductory interest rate on Balance Transfers for 9 months, 2% fee applies to balance amounts transferred*

The BMO CashBack® Mastercard®* earns cash back at the following rates:

• 3% cash back on groceries
• 1% cash back on recurring bill payments
• 0.5% cash back on all other purchases.

A 3% return on groceries is a ridiculously high rate for a no-fee card, and even higher than many premium cards out there. The 1% cash back on recurring payments is also a fairly competitive rate for a no-fee product.

However, you’ll only get the bonus rates on your first $500 spent per month. The card isn’t great for high spenders, but if you’re in the market for a card with no annual fee, you’re probably pretty budget-conscious to begin with.

The 0.5% cash back rate for uncategorized purchases is rather uninspiring, but it isn’t too far off of the value of the rewards on BMO’s other no-fee cards. All other things being equal, cash back is certainly a more versatile rewards currency, and a strong grocery category only sweetens the deal.

There are three ways to redeem your cash back on the BMO CashBack® Mastercard®*:

• Deposit into a BMO chequing or savings account
• Deposit into a BMO InvestorLine account
• Redeem as a credit against your credit card's statement

Any of these three options can be requested at any time when you've earned at least $1 of cash back. You can also set up automatic payments, which will automatically trigger one of the above three redemption options every time you reach $25 of cash back.

BMO's cash back redemption options are relatively flexible compared to its peers, many of which only allow you to claim your cash back earnings once a year.

As a no-fee card, the BMO CashBack® Mastercard®* comes with relatively few perks.

Save up to 20% on National Car Rental®†† and Alamo Rent A Car®†† and up to 5% on Enterprise Rent-A-Car®†† at locations worldwide using the Car Rental Booking tool partners.rentalcar.com/bmo.

Insurance benefits on the BMO CashBack® Mastercard®* are also limited.

The card does not offer any types of travel insurance; instead, its coverage is limited to extended warranty (doubling the manufacturer's standard warranty, up to one additional year) and purchase protection (against accidental damage or theft within 90 days).