BMO CashBack® MasterCard®* review

Mar 10, 2025

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Overall rating

First year value

$526

Get this card if you:

  • want to earn cash back on everyday purchases
  • value the flexibility to redeem cash back at any time
  • value a great welcome offer

Scores by category

No Annual Fee 4.0

Cash Back 3.0

Rewards 2.6

At a glance

The BMO CashBack® Mastercard®* is a no-annual-fee credit card that allows cardholders to earn cash back on everyday purchases, with elevated rates for categories such as groceries and recurring bill payments. It offers flexible redemption options and includes benefits like purchase protection and extended warranty.

Highlights

$526

First year value

5% cash back

Welcome bonus

Interest Rates

21.99%

Purchase APR

23.99%

Balance transfer APR

23.99%

23.99%

Cash advance APR

21.99% for Quebec residents

Eligibility

Good

Recommended credit score

$15,000

Required annual personal income

Quick overview of the BMO CashBack Mastercard

A credit card that has no annual fee and yet offers generous cash back for everyday purchases is a rare find on the Canadian credit card landscape. That’s why BMO CashBack® MasterCard®* has always been a coveted piece of plastic among Canadian consumers looking for a no-fee card with easy cash back earnings.

BMO has recently made a few changes to this popular cash back card. There are some adjustments to the earn rates (mostly positive), as well as modifications to the way cardholders can redeem cash back earnings. Here’s a look at the changes and at what stays the same (spoiler alert: BMO’s CashBack MasterCard remains a solid choice for your wallet).

Who's it for?

  • Budget-conscious Canadians looking for rewards without annual fees
  • Regular grocery shoppers who can maximize the 3% cash back on groceries
  • Those new to credit cards or building credit, as it has more accessible income requirements
  • Canadians who prefer straightforward cash back rewards over complex point systems
  • People who frequently make recurring bill payments and want to earn rewards on these transactions

  • High spenders who could earn more rewards with a premium card
  • Frequent travelers looking for travel-specific perks and rewards
  • Those who spend heavily in categories other than groceries and recurring payments
  • Canadians seeking a low-interest credit card for carrying balances  

Pros and cons

Pros

Pros

  • No Annual Fee: A rare find in Canada for a cash back card

  • A generous 3% cash back on groceries (up to $500 monthly)

  • Easily redeem from $1, set up automatic redemptions, or use as a statement credit

  • Additional perks include discounts on rentals, free supplementary cards and show discounts

Cons

Cons

  • Outside of groceries and recurring payments, the standard earn rate drops to 0.5%

  • Monthly caps on top earn rates for groceries and recurring payments

  • A 2% balance transfer fee applies

  • The interest rate on the remaining balance transfer amount increases after the introductory period

BMO CashBack welcome offer

The BMO CashBack Mastercard comes with a pretty impressive welcome bonus for new accounts:

  • Get up to 5% cash back in your first 3 months and a 0.99% introductory interest rate on Balance Transfers for 9 months with a 2% transfer fee.†

How to earn cash back with the BMO CashBack Mastercard

The card earns very impressive rewards given the lack of an annual fee:

  • Earn 3% (up to a monthly max of $500) cash back on groceries.
  • Earn 1% (up to $500 per month) on any recurring bill payments*.
  • Cardholders can earn 0.5% (no monthly max) on all other eligible purchases*

This cash back structure is tiered but a lot more appealing than the BMO CashBack's previous flat-rate 1% cash back on all purchases —especially if you spend a lot on groceries or make numerous recurring payments.

Additional savings on the road

The BMO CashBack also comes with a selection of impressive fuel and travel perks designed to save you money on the move:

  • Up to seven cents off per litre on Shell fuel®
  • 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 BMO's Car Rental Booking tool.

How to redeem cash back with the BMO CashBack Card

Redemption option
Minimum amount
Description
Statement Credit
$1
Apply your cash back directly to your credit card balance.
Direct Deposit
$1
Transfer your cash back to your BMO chequing account.
BMO Investorline
$1
Invest your cash back in your BMO Investorline account.
Automatic Redemption
$25
Set it and forget it! Choose when you want your cash back automatically redeemed.

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.

Key benefits of the CashBack Mastercard from BMO

No annual fee

One feature that continues to make the BMO CashBack® MasterCard® offers stand out from many other no-fee—and even premium—cash back cards, is the ability to earn up to 3% on groceries with $0 annual fee.

Flexible redemptions

Whether you want to reduce your credit card balance, boost your chequing account, or grow your investments, BMO has you covered. The ability to deposit directly into an Investorline account is a unique feature that can help you grow your rewards even further.

For those who prefer a "set it and forget it" approach, the automatic redemption feature is a game-changer. You can set a threshold (minimum $25) and have your cash back automatically redeemed when you reach that amount.

BMO CashBack Mastercard insurance coverage

Protection
Coverage
Extended warranty
When you charge an item to the card, this coverage automatically extends the original manufacturer's warranty by 1 year.
Purchase protection
All items you charge to the card receive 90 days of insurance against damage and theft.

Extra features of the BMO CashBack Mastercard

Many more of the BMO CashBack® MasterCard®*’s attractive extras are staying the same. These include:

  • Receive a discount on 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.*
  • You also have the option to purchase identity/credit monitoring, identity theft assistance and balance protection.*

Reddit users have mixed opinions about BMO credit cards, including the CashBack Mastercard family. While some users find value in these cards, others express frustration with various aspects of BMO's credit card offerings.

The biggest complaints used to revolve around the card's basic 1% cash back rate on all purchases. Of course, this is no longer the case as the card now earns impressive bonus cash back on several key categories. 

Those changes make the card something else - a versatile earner that has quite a few Redditors confused as to why the card doesn't get more publicity and fanfare. "I mean it's a miniscule $50/year but it's also almost zero effort. If your spending is low it seems like a decent specialized card," stated u/Spyrothedragon9972.

If you're monthly spending on groceries is really low, this seems like the best card available...Even if you're spending $1,200/month on groceries, it still seems worth it to me.

/u/Spyrothedragon9972

How the BMO CashBack® MasterCard®* compares

$484

First Year Value

$0

Annual Value

The Tangerine’s Money-Back card’s top earn rate is only 2%, there are no category caps and categories are also customizable, so it’s definitely smart doing a comparison of the BMO CashBack® MasterCard®* and the Tangerine Money Back card before deciding what’s best for you.  

BMO CashBack Mastercard Tangerine Money Back Card
Annual fee:
$0
Annual fee:
$0
Welcome bonus:
Get up to 5% cash back in your first 3 months and a 0.99% introductory interest rate on Balance Transfers for 9 months with a 2% transfer fee.†
Welcome bonus:
Get a Tangerine Savings account and add a third 2% cash back category.
Rewards:
Earn 3% (up to a monthly max of $500) cash back on groceries.
Earn 1% (up to $500 per month) on any recurring bill payments*.
Earn 0.50% cash back on all other purchases.
Rewards:
Earn 2% cash back on two categories of your choice (e.g. groceries, recurring bills, gas, drug stores, etc.)
Earn 0.50% on all your other everyday purchases.
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 BMO's Car Rental Booking tool.
Up to seven cents off per litre on Shell fuel®
Basic insurance
Perks:
Basic insurance
- Read Review

up to 10% cash back†

Welcome Bonus

$0

First Year Value

$0

Annual Value

Welcome Bonus: Earn up to 10% cash back† for your first 3 months up to $1,000 eligible spend.

Learn More Apply Now On CIBC's Secure Site

If you're fond of dining at restaurants and bars and you're looking for a no-fee cash back credit card, the Simplii Financial Cash Back Visa card is a better option. With this card, you can enjoy 4% cash back on bars and restaurants, 1.5% on eligible gas, groceries, drugstore purchases, and pre-authorized payments (up to $ per year† - 0.5% on all other credit card purchases with no limit on how much you can earn†. 

BMO CashBack Mastercard Simplii Financial™ Cash Back Visa* Card
Annual fee:
$0
Annual fee:
$0.00
Welcome bonus:
Get up to 5% cash back in your first 3 months and a 0.99% introductory interest rate on Balance Transfers for 9 months with a 2% transfer fee.†
Welcome bonus:
Earn up to 10% cash back† for your first 3 months up to $1,000 eligible spend.
Rewards:
Earn 3% (up to a monthly max of $500) cash back on groceries.
Earn 1% (up to $500 per month) on any recurring bill payments*.
Earn 0.50% cash back on all other purchases.
Rewards:
Earn 4 % on eligible restaurant, bar and coffee shop purchases, up to $5,000 per year†
Earn 1.5% on eligible gas, groceries, drugstore purchases and pre-authorized payments, up to $15,000 per year†
Earn 0.5% on all other credit card purchases with no limit on how much you can earn†
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 BMO's Car Rental Booking tool.
Up to seven cents off per litre on Shell fuel®
Basic insurance
Perks:
Up to 3 additional cardholders for no annual fee
- Apply Now

Disclosures:

  • †Terms and conditions apply. Click ‘Apply Now’ for complete details. This offer is not available for residents of Quebec

    "Purchase" means any Transaction other than a Cash Advance, Balance Transfer or Convenience Cheque. "Cash" means a Cash Advance, Balance Transfer and Convenience Cheque. Interest rates may change from time to time.

  • Simplii FinancialTM" is a trademark and division of CIBC. Banking services are not available in Quebec.

Is it worth it?

The BMO CashBack® MasterCard®* is definitely worth it for those look for a no annual fee credit card with low income requirements. Whether you're a student or someone with a modest annual income and you desire cash back rewards, this card merits serious consideration.

BMO CashBack MasterCard eligibility

The following are the eligibility requirements for the BMO CashBack Mastercard:

  • A Good credit score
  • $15,000required personal income

Disclosures

  • *Terms and conditions apply
  • †Statement based on a comparison of the non-promotional grocery rewards earn rate on Canadian cash back credit cards as of January 4, 2023.
  • BMO is not responsible for maintaining the content on this site. Please click on the Apply now link for the most up to date information.
Sandra MacGregor Freelance Contributor

Sandra MacGregor has been writing about finance and travel for nearly a decade. Her work has appeared in a variety of publications like the New York Times, the UK Telegraph, the Washington Post, Forbes.com and the Toronto Star.

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†Terms and Conditions apply.