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BMO Student CashBack Mastercard review

BMO CashBack® Mastercard®* for students review

Tyler Wade

Jan 17, 2025

While we adhere to strict editorial guidelines, partners on this page may provide us earnings.

Overall rating

First year value

$326

Get this card if you:

  • are a student who wants to earn rewards on everyday spending
  • want to avoid paying an annual fee
  • value purchase protection and extended warranty coverage

Highlights

$326

First year value

5% cash back

Welcome bonus

Interest Rates

21.99%

Purchase APR

23.99%

Balance transfer APR

23.99%

Cash advance APR

21.99% for Quebec residents

Eligibility

Good

Recommended credit score

Quick overview of the BMO CashBack® Mastercard®* for students

The BMO CashBack® Mastercard®* for students is a popular choice for college and university students looking to build their credit history and earn rewards on their everyday purchases. The card is a good option for the following types of student: 

With $0 annual fee and a competitive cash back rate on various categories, it’s a cost-effective way for students who want to explore the land of credit cards. While the BMO student cash back card regularly makes the list of best student credit cards, to get direct deposits, you’ll need a BMO chequing, savings or InvestorLine account.

Who is the Student BMO CashBack® Mastercard®* best suited for?

This card is ideal for students who are new to credit cards and want to build their credit score. It’s a great card if you prefer simplicity and value, with a straightforward cash back program and no fee. The card is a good option for the following types of student: 

  • International students: While the BMO CashBack Student Card doesn't waive foreign transaction fees, the no income requirement makes it accessible for those studying abroad in Canada.
  • The credit-builder: The card is ideal if you're looking to establish a solid credit history thanks to no income requirements and a student-focused approach that reduces the application threshold. 
  • The budgeter: The BMO Student CashBack is ideal for the student looking to make their money stretch further. Beyond no annual fee, the card makes sabing money on school (and dorm) essentials, with cash back on groceries. Even better, since it's a Mastercard, the card works at Costco, making it an exciting option for students looking to save (and buy in bulk)

How does the BMO CashBack Mastercard for students work?

The BMO Student CashBack Mastercard is a cash back credit card that allows you to earn rewards with every purchase. Combined with it's welcome bonus, the cash back with this card is impressive. How impressive? Here's our estimates for the ongoing value of the card:

Time
Estimated value
First-year value
$326
Annual value
$276
Estimated 5-year value
$1,430

Our methodology places a first-year value of $326 on the card thanks to the welcome bonus, while the ongoing annual value is $276.   

Pros and cons of Student BMO CashBack® Mastercard®*

Pros

Pros

  • No annual fee: this makes it cost-effective for students looking to build credit without incurring additional expenses.

  • Earn cash back on everyday purchases, including up to 5% cash back on every purchase in your first three months.

  • Credit building: If you’re responsible, you can build a positive credit history, which helps you get better credit cards and more

Cons

Cons

  • Higher interest rates: If you can’t pay off your balance in full, opt for a low interest credit card

  • Limited additional benefits: While there are some benefits, it’s not the full suite of perks, but then again, there’s no annual fee.

Student BMO CashBack® Mastercard® welcome offer

  • Earn up to 5% cash back on every purchase for the first three months. On a qualified spend of up to $2,500, you can earn a maximum $125 cash back. 

How to earn cash back with the Student BMO CashBack® Mastercard®

With everyday use, the student-version of the BMO CashBack Mastercard earns the following rewards on purchases:

  • Earn 3% cash back on groceries up to the first $500 per statement cycle period
  • Earn 1% cash back on recurring bill payments like your mobile phone, streaming and subscription services up to the first $500 per statement cycle period
  • Earn 0.5% cash back on all other purchases

How to redeem cash back rewards

Redeeming cash back with the BMO CashBack Mastercard for students is straightforward. You can redeem cash back for:

  • Statement credits: Applied as a statement credit to your BMO card account.
  • Direct deposits: Have your rewards deposited into a BMO chequing account.
  • IverstorLine: Add funds to o your BMO InvestorLine account.

You can redeem whenever you want. Your cash back never expires as long as your account is open and in good standing. Alternatively, you can set up recurring redemptions for as little as $25.

Estimated cash back value

Redemption option
Estimated value*
Statement credit
$243
Direct deposit
$243
InvestorLine
$243

* Estimated value based average monthly spend. See our methodology for more info.

Student top tip: Set it and forget it

Bills don't pay themselves. But with 1% cash back on recurring payments, you can at least soften the blow. Set up your phone bill, streaming services, and other regular expenses on this card. It's like getting a small rebate on life's necessities.

Key benefits

  • Earn cash back on all purchases, but top student categories like groceries and recurring bills. 
  • $0 annual fee. 
  • Extended warranty and purchase protection insurance. 

Student BMO CashBack® Mastercard® insurance coverage

  • Purchase protection: Hard goods (laptops, cameras, etc.) purchases you make with the card that are lost, damaged are stolen within 90 days of purchase 
  • Extended warranty: Get an automatic 1-year manufacturer’s warranty extension when you buy an item with your card. 

While these protections are nice to have, especially for a student card with no annual fee, the insurance coverage isn't exactly mind-blowing. You're not getting any travel insurance perks like trip cancellation or medical coverage. But let's be real, as a student, you're probably more worried about protecting your textbooks and tech than jetting off to exotic locales. Plus, keep in mind that the insurance offered is pretty standard for a no-fee student card.

Extras

  • 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.
  • Add another cardholder for free.
  • Strong security features and alerts that warn  you about fraudulent activities.
  • BMO PaySmart™ Installment Plans allows you to make a major purchase and pay it off in instalments.

Student top tip: Building credit

While you're earning cash back with the BMO CashBack Mastercard for students, you're also building your credit history. Just remember – always pay your balance in full and on time. Future you will thank present you when it's time to rent an apartment, purchase a home or finance that dream car.

How the BMO CashBack® Mastercard®* for students compares

RBC ION+ Visa

3.7

Winner: Best Student

14,000 Welcome Pts

Welcome Bonus

$571

First Year Value

$471

Annual Value

Welcome Bonus: Get 14,000 Avion points upon approval ($100 value in gift cards). Apply by May 7, 2025. Expires May 07, 2025

Learn More Apply Now On RBC's Secure Site

RBC Ion+ Visa -🏆 Winner, best student card in the Money.ca Credit Card Awards

The BMO CashBack Mastercard for students is like that reliable study buddy who's always got your back. It offers a sweet 3% cash back on groceries, which is music to any student's ears (or stomach). Plus, with no income requirement, it's accessible even if your part-time job is more "part" than "time".

On the other hand, the RBC Ion+ Visa is like that cool friend who's always up for anything. It offers a flat 1.5% cash back on all purchases, no categories to worry about. It's simple, straightforward, and doesn't make you do mental gymnastics while you're trying to remember if toothpaste counts as a grocery item.

Where the Ion+ shines is the the student-friendly perks like mobile device insurance. Students with the Ion+ enjoy $1,000 of mobile device coverage - something not found with the BMO student credit card.

BMO CashBack Mastercard RBC Ion+ Visa
Annual fee:$0 Annual fee:$0
Welcome bonus:
5% cash back (first 3 months, up to $100) 		Welcome bonus:
N/A
Rewards:
3% on groceries, 1% on recurring bills, 0.5% on others 		Rewards:
1.5% on all purchases, 3% on Amazon.ca and Whole Foods
Perks:
Purchase protection, extended warranty, car rental discounts 		Perks:
Mobile device insurance
Apply Now Apply Now

Disclosures:

  • Refer to RBC page for up to date offer terms and conditions.

    This post contains affiliate links. Please read disclaimer for more info.

    Disclaimer: Money.ca may engage in affiliate marketing, which is done by embedding tracking links into Money.ca. If you click on a link for an affiliate partnership, a cookie will be placed on your browser to track any sales for purposes of commissions.

CIBC Aventura® Visa* Card for Students

3.7

up to 10k pts

Welcome Bonus

$355

First Year Value

$305

Annual Value

Welcome Bonus: Get up to 10,000 Aventura Points (up to $100 in travel value)†

Both great student cards, just tailored for different interests. Specifically, cash back vs. travel. 

The no-annual fee CIBC Aventura® Visa* Card for Students allows you to earn Aventura points on every purchase, which can be redeemed for flights, merchandise and more. 

You earn 1 point on eligible gas, EV charging, groceries and drug stores†, 1 point on travel through the CIBC Rewards Centre†, and 1 point for every $2 spent on all other purchases†

Specifically for travel, BMO Rewards points are worth about 0.67 cents whereas one CIBC Rewards point is worth 1 cent (these can fluctuate depending on distance travelled). 

If travel is your goal, CIBC also gives you rental car insurance and accident insurance while travelling (and the purchase security and extended warranty insurance the BMO offers). As for bundles, you can get the CIBC bank account and pay no monthly fees with its CIBC Smart™ Start account, but there’s no advantage to bundling this account with the Aventura. However, you do get $50 for every student friend you refer to the account (up to $500).

It's odd to say, but as Canadians, we tend to stick with our banks for a long time. Carefully consider which program you like, and your goals from a credit card and choose the one that, for now, suits you best. That said, you might also try the CIBC Aeroplan® Visa* Card for Students if you like Aeroplan points.

Because who doesn’t love a good comparison table? Here’s a quick glance at how these cards stack up:

BMO CashBack Mastercard CIBC Aventura® Visa* Card for Students
Annual fee:
$0 		Annual fee:
$0
Welcome bonus:
5% cash back (first 3 months, up to $100) 		Welcome bonus:
Up to 10,000 Aventura points
Rewards:
3% on groceries, 1% on recurring bills, 0.5% on others 		Rewards:
1 point per $1 on travel, gas, groceries; 1 point per $2 on others
Perks:
Purchase protection, extended warranty 		Perks:
Free SPC membership

Disclosures:

  • †Terms and Conditions Apply. This offer is not available for residents of Quebec.
  • The information for the CIBC Aventura® Visa* Card for Students has been collected independently by Money.ca. The card details on this page have not been reviewed or provided by the card issuer.

up to 7,500 pts

Welcome Bonus

$351

First Year Value

$276

Annual Value

Welcome Bonus: up to 7,500 bonus Scene+ points within your first 3 months Expires Mar 02, 2025

Learn More Apply Now On Scotiabank's Secure Site

Both cards cater to the student crowd with no annual fees, recognizing the financial constraints many students face. This feature alone makes them attractive options for those looking to build credit without incurring additional costs.

The BMO CashBack Mastercard stands out with its cash back structure, particularly appealing to students who prioritize grocery purchases. The card's tiered rewards system offers higher returns on essential spending categories, potentially aligning well with typical student expenses.

On the other hand, the Scotiabank Scene+ Visa Card takes a different approach, focusing on lifestyle rewards. Its points system may be more attractive to students who frequently enjoy entertainment activities or shop at specific partner retailers. The flexibility of the Scene+ program allows for diverse redemption options, catering to various student interests and needs.

Both cards offer additional perks that can enhance the student experience. These include purchase protection, extended warranties, and car rental discounts.

BMO CashBack Mastercard Scotiabank Scene+ Visa Card for Students
Annual fee:
$0 		Annual fee:
$0
Welcome bonus:
5% cash back (first 3 months, up to $100) 		Welcome bonus:
5,000 Scene+ points
Rewards:
3% on groceries, 1% on recurring bills, 0.5% on others 		Rewards:
1 Scene+ point per $1 spent
Perks:
Purchase protection, extended warranty 		Perks:
Discounts on movie tickets

Disclosures:

  • Conditions apply. Visit here for the Scotiabank® Scene+™ Visa* Card to learn more. *See Card Provider's website and Card Application for complete card details, terms and current offers. Reasonable efforts are made to maintain accuracy of information.

What cardholders have to say

As Reddit user BurnOutBrighter6 puts it, having cash back rewards on a student credit card is a great perk as it can help you save money on your daily spending throughout the semester. Groceries can be costly, and having 3% cash back on daily grocery purchases through the Student BMO CashBack® Mastercard®* can be a great way to maximize your dollar value and save money for more fun experiences and school expenses.

I had a Student BMO Mastercard and loved it. The cash back is good, no fees, and very good purchase protection. I put every possible thing on it (groceries, restaurants, online purchases, travel/transit, basically anything that would accept credit).

/u/BurnOutBrighter6

Is Student BMO CashBack® Mastercard®* worth it?

Considering its no annual fee, cash back rewards program, and credit-building potential, the Student BMO CashBack® Mastercard® is a solid option for students. 

However, carefully weigh the options of other cards, and its associated banking accounts, on the market to know which is best for you. Do you want cash back or travel? Do you need a brick and mortar branch to walk into? Is there a grocery store you should shop with to maximise your earning potential?

Student BMO CashBack® Mastercard®* eligibility

To qualify for the Student BMO CashBack® Mastercard®* you must be enrolled into a school, college or university. No income is required.

Disclosures:

  • 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


FAQs

  • What is the interest rate on the Student BMO CashBack® Mastercard®*?

    +

    The interest rate is 21.99% for purchases and 23.99% for cash advances.

  • Is there an annual fee for the Student BMO CashBack® Mastercard®*?

    +

    No, the Student BMO CashBack® Mastercard®* does not have an annual fee, making it a cost-effective option for students.

  • What’s the credit limit like with the Student BMO CashBack Mastercard?

    +

    The credit limit with BMO credit cards may vary significantly. The maximum credit limit for a student credit card is $4,000 across all BMO credit cards. Most students won't receive a credit limit over $2,500.

  • Can I use this card with mobile wallets?

    +

    Yes. The BMO Student CashBack Mastercard works seamlessly with with Apple Pay, Google Pay, and Samsung Pay.

Tyler Wade Personal finance content strategist & writer

Tyler Wade has worked in personal finance for over 5 years writing for brands like Ratehub, Forbes, KOHO, and now Money.ca.

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