Bank of Montreal is the leader in credit card approvals.
Bank of Montreal is a highly respected institution among Canadians, and offers many beneficial financial products including loans, mortgages, investments and of course – credit cards. Established in the early 19th century, it’s now one of the ‘Big Five’ banks in Canada. The bank provides credit cards to suit the lifestyles of nearly every cardholder profile, including different spending habits, income and credit levels, and reward types.
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BMO Credit Cards
The BMO CashBack Mastercard is the best BMO credit card with no annual fee.
The card earns 3% cash back on groceries, a ridiculously high rate for a no-fee card and even higher than many premium cards. You’ll also earn 1% back on recurring payments.
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 cash back rate for all other purchases is only 0.5%, and there aren’t any other bonus categories. But this 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.
For those carrying debt, this card offers a low 1.99% interest rate on balance transfers for a full 9 months (a 1% balance transfer fee applies).
Annual fee: $0
Interest rates: purchases 20.99%, cash advances 22.99%, balance transfers 22.99%.
Earn rate: 3% cash back on groceries; 1% on recurring bills; 0.5% on everything else.
Welcome bonus: Get up to 5% cash back for the first 3 months. Plus earn a $50 cash back bonus after you spend over $6,000 on purchases in your first year of having the card. It also features a 1.99% introductory interest rate on balance transfers for 9 months with a 1% transfer fee.
Our favourite perk: Anytime cash back redemption in increments of just $1.
Additional benefits: Purchase protection and extended warranty; discounts at Avis and National Car Rentals and Cirque du Soleil; free to add authorized cardholders.
Get up to 5% cash back in your first 3 months, plus a $50 cash back bonus (when you spend $6,000) in your first year – that’s up to $175 cash back in your first year!
Drawbacks of the BMO CashBack MasterCard
The standard earn rate for purchases outside of groceries and recurring payments goes down to 0.5%*
The top earn rates for groceries and recurring payments have a monthly cap,
Welcome Offer
Get up to 5% cash back in your first 3 months*, plus a $50 cash back bonus (when you spend $6,000) in your first year.
Cash Back Structure
As of May, cardholders will earn 3% (up to a monthly max of $500) cash back on groceries, 1% (up to $500 per month) on any recurring bill payments and 0.5% (no monthly max) on all other eligible purchases*.
This new cash back structure is now tiered but a lot more appealing—especially if you spend a lot on groceries or make numerous recurring payments.
Redeeming Cash Back
BMO made it even easier to redeem your cash back rewards. You can get your cash back from BMO MasterCard at any time from as little as $1. You can also set up automatic cash back redemptions into a BMO account (like a chequing, savings or BMO InvestorLine account) every time your cash back amount reaches $25.
You can even choose to use your cash back rewards as a statement credit. This card’s varied methods of redemption offer incredible flexibility, especially compared with cash back cards that only let you redeem your points once a year or only once you reach a set minimum reward amount.
Other Notable Perks
Many more of the BMO CashBack® MasterCard®*’s attractive extras are staying the same. These include:
Cardholders get a 25% discount on National and Alamo car rentals. Free supplementary cards for a spouse or other relative of the primary cardholder.
Enjoy 15% off admission to Cirque du Soleil shows in Canada and 20% off shows in Las Vegas.
Additionally, all purchases made with the BMO CashBack MasterCard enjoy purchase protection and warranty extension. That means that items you charge to the card get 90 days of insurance against damage and theft, and warranties are extended for up to one additional year on top of what the manufacturer provides.
You also have the option to purchase identity/credit monitoring, identity theft assistance and balance protection.
That’s a lot of benefits, isn’t it? To request one, click on the button below.
