BMO CashBack® Mastercard®*

Last updated: May 3, 2024
  • 5% Cash back
  • $25 First-year value
Signup bonus:
5% cash back in the first three months, up to $25 total cash back for spending $500
Annual fee:
Earning rate:
3% cash back on groceries
1% cash back on recurring payments
0.5% cash back on all other purchases

The BMO CashBack® Mastercard®* is a solid choice for anyone who prefers cash back and spends a fair amount every month at grocery stores. Its 3% return on groceries is outstanding for a no-fee card, and the flexibility of BMO’s cash back redemption options also counts in its favour.

However, the excellent 3% earning rate only applies on the first $500 in groceries per month, so you may wish to compare this card against other options if your spending volume is higher.

Bonuses & Fees

As a welcome bonus, the BMO CashBack® Mastercard®* offers 5% cash back on the first $500 spent within the first three months, up to a total of $25 in cash back rewards.

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*

Earning Rewards

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.

Redeeming Rewards

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.

Perks & Benefits

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

Insurance Coverage

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).

Legal Disclaimers

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As a basic no-fee product, this credit card has no minimum income requirement.

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