The BMO CashBack® Mastercard® is a great chance for people of Canada to get cash back with their regular purchases while having no annual fee. This card shines by offering the highest cash back earning rate on groceries among no-annual-fee cards in Canada, so the card is suitable for families and individuals wanting to get the most reward out of their spending.

In this article, the author will discuss in detail the BMO CashBack® Mastercard® including its main selling points and the possibilities of using it, determine how the annual fee of the card is charged, describe how credit limits are set, as well as point out the strengths and weaknesses of the card. You will also learn the basic qualifications of the card and find a step by step guide on how to apply for this credit card online.

Key information about the BMO CashBack® Mastercard®

The BMO CashBack® Mastercard® has the following features that serve as major selling points of the cash back credit cards. There is a cash rebate offer for grocery buys at 3%, cable/telephone billed at 1%, and all other purchases at 0.

On all other purchases, it is required that consumers should provide the tax amount calculated as follows: Credit card purchase – 1%, debit card purchase – 2% and for all other purchases, a 5% tax amount is required to be paid. Unlike some of the other cash back categories, the rewards never expire as long as the account is open and active and can be redeemed at any time the minimum of $1.

How does the annual fee work?

Another feature worthy of attention is that the BMO CashBack® Mastercard® has no annual fees. This makes it possible for the cardholders to get all the merits of the card without having to part with other yearly charges.

Saying that, there is no annual fee which makes it a financially more effective card for those who would like to receive the most cash back from the card without having to offset their loses through the annual fee.

How is the credit limit determined?

Their credit limit in the BMO CashBack® Mastercard® depends on the applicant’s credit worthiness. While approving the credit card, BMO assesses the applicant’s credit history, earning capability and other factors that define the credit limit. This specific plan makes it possible for the cardholders to be provided with the proper credit limits that they can afford to meet without compromising their outstanding scores.

Credit card benefits 

• Unlimited 3% Cash Back on groceries: Earn more on your grocery shopping, with no annual fee to worry about.
• 1% Cash Back on recurring bill payments: Get rewarded for paying your monthly bills, such as utilities and subscriptions.
• 0.5% Cash Back on all other purchases: Earn cash back on everything else you buy.
• Flexible Cash Back redemption: Redeem your cash back at any time for as little as $1, and choose how you want to receive it—statement credit, direct deposit to a BMO chequing or savings account, or into a BMO InvestorLine account.
• No annual fee: Enjoy all these benefits without paying an annual fee.
• Special welcome offer: Earn up to 5% cash back in your first 3 months and take advantage of a 0.99% introductory interest rate on balance transfers for 9 months.

High Cash Back on groceries

Without a doubt, the most attractive reward of the BMO CashBack® Mastercard® is 3% cash back on grocery bill. This rate is one of the highest for the no-annual-fee cards in Canada, thus it is very appealing especially for those who spend a lot of their money on groceries. As you’ll see, this card allows you to earn rewards on the things you need with no annual caps or other restrictions.

Disadvantages

• Low Cash Back rate on other purchases: The 0.5% cash back rate on non-grocery purchases is relatively low compared to other cash back cards.
• Balance transfer fee: A 2% fee applies to balance transfers during the introductory period.
• High APR on purchases and cash advances: After the introductory period, the standard APR for purchases is 20.99%, and 22.99% for cash advances, which can be high for those who carry a balance.

Low Cash Back rate on non-grocery purchases

Thus, the major disadvantage of BMO CashBack® Mastercard® is that the amount of cash back paid is low for non grocery spending. At 0. 5%, much lower than many competing cards that provide a higher percentage of earning on much more types of purchases. This makes the card less appealing to a consumer who does not have great spending on groceries and wishes to have higher rewards for other types of purchase.

Who can apply for this card?

Before the applicants of BMO CashBack® Mastercard® is issued to the applicants, then there are some requirements that have to be fulfilled. They should be above 18 years of age and possess social security number or tax identification number.

Also, a steady and verifiable income and a fair credit history are required of the applicant to get the card. As indicated earlier, this particular card is not for the bad black list credit score holders; however, those with a fair credit score may apply, especially if they have a poor credit score due to other reasons.

How to apply for the BMO CashBack® Mastercard®

By visiting the Website

More specifically, credit card applications for the BMO CashBack® Mastercard® can be found online and completed conveniently at home. Begin with the BMO website and then go to the credit cards category. Here you could find information concerning such aspects as the benefits that can be awarded with the help of this card, the rates, as well as the fees.

You will be required to complete an application form with your basic information such as your name, address, social security number, and income facts. Ensure that you fill in all the required information correctly and in the appropriate format to avoid any hold up in relation to your application.

Once you complete and submit the form, BMO will take some time to go through the application and let you know their response. After approval, if any, you will receive a new credit card in the mail within five-ten business days.

Therefore, we can conclude that BMO CashBack® Mastercard® is rather advantageous to use, providing a high cash back on groceries, having no annual fee, and a sespecially juicy welcome offer. The low cash back rate on non grocery purchases as well as the balance transfer fee may be considered as a con; however, debt creators who intend to spend responsibility on their groceries purchases will benefit a lot from the card.

This card has an especially strong focus on security measures and offered options of cash back redemption making it valuable for virtually any consumer interested in getting the maximum of rewards from their spending patterns.

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