The best BMO credit cards in Canada for 2024
February 20, 2024
Explore the best variety of BMO credit cards, tailored to meet your unique needs. Compare, choose, and apply today for a card that matches your purchasing habits.
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Compare Canada’s best BMO credit cards
The best BMO credit cards in Canada
Bank of Montreal (BMO), one of Canada’s big five banks, offers over a dozen personal credit cards with a wide range of benefits.
Whether your financial priorities are earning cash back, saving points towards travel, or a low interest rate, it’s easy to find a card that’s suited to your personal needs and spending habits. Below, we break down our picks of the best BMO credit cards for 2024.
Best BMO credit card for cash back
Best for Everyday spending
based on spending $2,200/mo after $120 annual fee
- Earn rewards
1% – 10% / dollar spent
- Annual fee
$120
Perks of the BMO CashBack® World Elite®* MasterCard®*
| Perks | Details | |
|---|---|---|
| Lounge access | Not included | You’ll gain complimentary passes to airport lounges. The number of passes and lounges you have access to will vary. |
| Waived foreign transaction fees | Not included | A surcharge that credit card holders pay for purchases made in a foreign currency (typically 2.5%). |
| Travel accident insurance | Included | If you suffer a loss as a result of an accidental bodily injury sustained while occupying a common carrier, you are eligible for this coverage. |
| Travel emergency medical | Up to $5,000,000 per person (under 65) | If you require urgent medical care while on a trip outside of your home province, you will be covered for any eligible medical expenses incurred. |
| Car rental insurance | MSRP up to $65,000 for 48 days | Credit card rental car insurance usually covers theft, loss and damage to your rental car in the case of an accidental collision. |
| Trip cancellation | Not included | If you have to cancel your trip before it’s even started, your prepaid travel costs will be covered up to a maximum amount if the cause of cancellation is eligible for the insurance. |
| Trip interruption | Not included | If your trip has to be cut short or is delayed after the scheduled departure date, you will be covered up to a maximum amount for an eligible cause of interruption or delay. |
| Flight delay insurance | Up to $500 per occurrence | If your flight departure is delayed by a certain number of hours, you’ll be reimbursed a certain amount for necessary and reasonable expenses. |
| Baggage loss insurance | Up to $1,000 per occurrence | If your checked bag cannot be located by a common carrier, you’ll be reimbursed for a portion of the replacement cost of lost personal property. |
| Baggage delay insurance | Up to $1,000 per occurrence | If your checked bag is not delivered within a specified time upon your arrival, you’ll be reimbursed for the cost to replace essential items. |
| Hotel/motel burglary | Included | Provides protection, while you’re checked in, for your personal belongings when left unattended in your room up to a certain dollar amount. |
| Mobile insurance | Not included | Reimburses a portion of your cell phone in the event it’s damaged or lost. Device coverage is limited to a certain period of time after purchasing with your credit card. |
| Purchase assurance | 90 days | Automatically protects new purchases by insuring them for 90 days from the date of purchase in the event of loss, theft or damage. |
| Extended warranty | One additional year | Either doubles the length of the item’s manufacturer’s warranty coverage or extends it by 1 year, whichever is less. |
| Price protection | Included | If, within a certain amount of time of purchasing an item, its price drops or you find an identical item offered for a lower retail price than what you paid, you will be reimbursed for the difference. |
Other perks
- Welcome offer: Get up to 10% cash back in your first 3 months and the $120 annual fee waived in your first anniversary*
- Earn more cash back on the categories that mean the most:
– 5% on groceries*
– 4% on transit including ride sharing, taxis and public transportation*
– 3% on gas and electric vehicle charging*
– 2% on recurring bill payments like your monthly phone bill or favourite streaming service*
– 1% unlimited cashback on all other purchases* - Get the highest cash back earn rate on groceries in Canada.*
- Get valuable benefits and offers for digital everyday services from a variety of on-demand apps and subscription services
- Extended Warranty Plus*
- Purchase ProtectionPlus*
- Complimentary membership in Mastercard Airport Experiences provided by LoungeKey*
- Access over 1 million Wi-Fi hotspots around the world – all at no added cost, and no added fees or roaming charges*
- Complimentary Roadside Assistance Program*
- BMO CashBack World Elite Travel and Medical Protection*
- Unlock Mastercard Travel Rewards cashback offers when you travel and shop outside of Canada
- 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
- Cash Advance Interest 23.99% (21.99% for Quebec residents)
- The offer may vary in Quebec
Ratehub’s take
The BMO Cashback World Elite Mastercard is a great pick if you want easily accessible and unlimited cash back rewards. The card does come with some extra features, too, which are not usually typical for cash back credit cards, although they are not the most competitive perks on the market.
Pros
- Access cash back at any time: Unlike some other cards which require you to redeem only once per year or set a higher minimum redemption, this card allows you to redeem cashback rewards at any time at a minimum of $1
- Strong earn rates: The 5% cash back on groceries is one of the highest in the market
- Unlimited cash back: 1% cash back on all purchases is not subject to any limits or maximums like with other cards
Cons
- Bonus rewards are limited: For bonus categories including groceries, transit and bill payments, you can only earn rewards on the first $300-$500 spent each month, then you’ll earn at the base rate (1%)
- Insurance package: The travel medical coverage only applies for the first 8 days of your trip, which isn’t the most competitive package on the market, plus, the card doesn’t include mobile device insurance
Eligibility requirements
Minimum credit score: 760
Minimum income: $80,000/yr
Interest rates
Purchase interest: 20.99%
Cash advance: 23.99%
Balance transfer: 23.99%
Ratehub.ca's take
The BMO Cash Back World Elite Mastercard offers a flat cash back rate of 1% on all credit card purchases and you can earn even more on bonus categories such as 5% cash back on groceries (up to $500 per billing cycle), 4% cash back on transit (taxis, ride share and public transit), 3% cash back on gas and 2% on recurring bills.
Pros:
- Welcome offer -earn up to 10% cash back in your first 3 months and the $120 annual fee waived in your first anniversary
- Top of the line card flexibility as there's no limit on how much cash back you can earn and you're free to redeem your rewards in increments as little as one dollar
- Complimentary roadside assistance with free basic members of the Dominion Automobile Association
- Complimentary membership in Mastercard Airport Experiences provided by LoungeKey
- Strong travel insurance coverage including trip interruption, cancellation or delay, and emergency travel medical
Best BMO no-fee credit card
Best for Groceries
based on spending $2,200/mo after $0 annual fee
- Earn rewards
0.5% – 3% / dollar spent
- Anniversary bonus
$50
- Annual fee
$0
Perks of the BMO CashBack® MasterCard®*
| Perks | Details | |
|---|---|---|
| Lounge access | Not included | You’ll gain complimentary passes to airport lounges. The number of passes and lounges you have access to will vary. |
| Waived foreign transaction fees | Not included | A surcharge that credit card holders pay for purchases made in a foreign currency (typically 2.5%). |
| Travel accident insurance | Not included | If you suffer a loss as a result of an accidental bodily injury sustained while occupying a common carrier, you are eligible for this coverage. |
| Travel emergency medical | Not included | If you require urgent medical care while on a trip outside of your home province, you will be covered for any eligible medical expenses incurred. |
| Car rental insurance | Not included | Credit card rental car insurance usually covers theft, loss and damage to your rental car in the case of an accidental collision. |
| Trip cancellation | Not included | If you have to cancel your trip before it’s even started, your prepaid travel costs will be covered up to a maximum amount if the cause of cancellation is eligible for the insurance. |
| Trip interruption | Not included | If your trip has to be cut short or is delayed after the scheduled departure date, you will be covered up to a maximum amount for an eligible cause of interruption or delay. |
| Flight delay insurance | Not included | If your flight departure is delayed by a certain number of hours, you’ll be reimbursed a certain amount for necessary and reasonable expenses. |
| Baggage loss insurance | Not included | If your checked bag cannot be located by a common carrier, you’ll be reimbursed for a portion of the replacement cost of lost personal property. |
| Baggage delay insurance | Not included | If your checked bag is not delivered within a specified time upon your arrival, you’ll be reimbursed for the cost to replace essential items. |
| Hotel/motel burglary | Not included | Provides protection, while you’re checked in, for your personal belongings when left unattended in your room up to a certain dollar amount. |
| Mobile insurance | Not included | Reimburses a portion of your cell phone in the event it’s damaged or lost. Device coverage is limited to a certain period of time after purchasing with your credit card. |
| Purchase assurance | Included | Automatically protects new purchases by insuring them for 90 days from the date of purchase in the event of loss, theft or damage. |
| Extended warranty | Included | Either doubles the length of the item’s manufacturer’s warranty coverage or extends it by 1 year, whichever is less. |
| Price protection | Not included | If, within a certain amount of time of purchasing an item, its price drops or you find an identical item offered for a lower retail price than what you paid, you will be reimbursed for the difference. |
Other perks
- Welcome offer: Get up to 5% cash back in your first 3 months. Plus, a $50 cash back bonus – that’s up to $175 in cash back in your first anniversary*
- Then get 3% cash back on grocery purchases, 1% cash back on recurring bill payments and 0.5% unlimited cash back on all other purchases!*
- Now earn the highest cash back on groceries in Canada without paying an annual fee!†
- Get a 0.99% introductory interest rate on Balance Transfers for 9 months, 2% fee applies to balance amounts transferred*
- No Annual fee*
- Want to get your cash back ASAP? Now you can redeem your cash back anytime through direct deposit, as a credit on your statement or into your BMO InvestorLine account*
- Extended Warranty*
- Purchase Protection*
- Receive a discount on car rentals*
- 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
- *Terms and conditions apply
- †Based on a comparison of the non-promotional grocery rewards earn rate on cash back credit cards with no annual fee as of January 4, 2023.
Ratehub’s take
The BMO CashBack Mastercard is a great choice for those looking to earn cash back on daily purchases such as groceries, making it easy for rewards to add up quickly.
Pros
- Competitive earn rate for groceries: Earn 3% cash back on groceries – a very competitive earn rate for groceries for a no-fee card in Canada
- Flexible cash back redemption: Redeem cash back for as little as $1 and set up automatic deposit for reward totals of $25 or more. Cash back redemption options include putting it towards your card statement or investing with BMO’s InvestorLine
- Balance transfer offer: If you’re looking to consolidate debt and pay it off faster, this card offers a 0.99% promotional annual interest rate for 9 months with a 2% balance transfer fee. Conditions apply
- No annual fee
Cons
- Low earn rate for everyday spending: Low earn rate of 0.5% for purchases outside of bonus categories
- Rewards are capped monthly: Higher earn rates on groceries and bill payments only apply to the first $500 spent each month. This limits your overall cash back earnings, too
- Minimal insurance coverage: The insurance package included is limited and only includes extended warranty and purchase protection coverage
Eligibility requirements
Minimum credit score: 660
Minimum income: $15,000/yr
Interest rates
Purchase interest: 20.99%
Cash advance: 22.99%
Balance transfer: 0.99% for the first 9 months. 22.99% after promo.
Ratehub.ca's take
For those looking to save big at the supermarket checkout, BMO’s entry-level rewards card, the BMO CashBack Mastercard, has no annual fee or income requirements – letting you consolidate your past debts and pay them off faster while earning cash back for buying food and essentials at your favourite grocery chain.
Their current welcome offer allows you to earn earn up to 5% cash back in your first 3 months. . After that, you'll still get an impressive 3% cash back on grocery purchases, making this an ideal card to use for your weekly food shopping.
Pros:
- Earn 3% cash back on groceries - a very competitive earn rate for groceries for a no-fee card in Canada
- Flexible cash back redemption options including putting it towards your card statement or investing with BMO's InvestorLine
- Redeem cash back for as little as $1 and you can can set up automatic deposit for reward totals of $25 or more
Best BMO travel credit card
Best for Travel perks
based on spending $2,200/mo after $150 annual fee
- Earn rewards
1pt – 5pts / dollar spent
- Welcome bonus
100,000 points (a $667 value)
- Annual fee
$150
Perks of the BMO Ascend™ World Elite®* Mastercard®*
| Perks | Details | |
|---|---|---|
| Lounge access | Includes 4 visits per year | You’ll gain complimentary passes to airport lounges. The number of passes and lounges you have access to will vary. |
| Waived foreign transaction fees | Not included | A surcharge that credit card holders pay for purchases made in a foreign currency (typically 2.5%). |
| Travel accident insurance | $500,000 per person | If you suffer a loss as a result of an accidental bodily injury sustained while occupying a common carrier, you are eligible for this coverage. |
| Travel emergency medical | $5,000,000 for first 21 days (under 65) | If you require urgent medical care while on a trip outside of your home province, you will be covered for any eligible medical expenses incurred. |
| Car rental insurance | MSRP of up to $65,000, for 48 days | Credit card rental car insurance usually covers theft, loss and damage to your rental car in the case of an accidental collision. |
| Trip cancellation | Up to $1,500 per person | If you have to cancel your trip before it’s even started, your prepaid travel costs will be covered up to a maximum amount if the cause of cancellation is eligible for the insurance. |
| Trip interruption | Up to $2,000 per person | If your trip has to be cut short or is delayed after the scheduled departure date, you will be covered up to a maximum amount for an eligible cause of interruption or delay. |
| Flight delay insurance | Up to $2,000 per person | If your flight departure is delayed by a certain number of hours, you’ll be reimbursed a certain amount for necessary and reasonable expenses. |
| Baggage loss insurance | $500; delays 6 hours or more | If your checked bag cannot be located by a common carrier, you’ll be reimbursed for a portion of the replacement cost of lost personal property. |
| Baggage delay insurance | $500; delays 6 hours or more | If your checked bag is not delivered within a specified time upon your arrival, you’ll be reimbursed for the cost to replace essential items. |
| Hotel/motel burglary | Not included | Provides protection, while you’re checked in, for your personal belongings when left unattended in your room up to a certain dollar amount. |
| Mobile insurance | Not included | Reimburses a portion of your cell phone in the event it’s damaged or lost. Device coverage is limited to a certain period of time after purchasing with your credit card. |
| Purchase assurance | Covered for 90 days | Automatically protects new purchases by insuring them for 90 days from the date of purchase in the event of loss, theft or damage. |
| Extended warranty | Up to one additional year | Either doubles the length of the item’s manufacturer’s warranty coverage or extends it by 1 year, whichever is less. |
| Price protection | Included | If, within a certain amount of time of purchasing an item, its price drops or you find an identical item offered for a lower retail price than what you paid, you will be reimbursed for the difference. |
Other perks
- Welcome offer: Get up to 100,000 points and the annual fee waived in your first anniversary for both the primary cardholder and authorized users.*
- 5x the points for every $1 spent on eligible travel purchases,* 3x the points for every $1 spent on eligible dining and entertainment purchases and recurring bill payments,* 1 point for every $1 spent everywhere else.*
- Unforgettable travel experiences start with our premium flexible travel credit card!
- Complimentary membership in Mastercard Travel Pass provided by DragonPass,* with four annual complimentary passes.
- Access over 1 million Wi-Fi hotspots around the world – all at no added cost, and no added fees or roaming charges*
- Get valuable benefits and offers for digital everyday services from a variety of on-demand apps and subscription services
- Points you can use to cover all flight charges & taxes*
- Fly on any airline, with no blackout dates*
- Best-in-class travel and medical insurance (unlimited trips per year)*
- Unlock Mastercard Travel Rewards cashback offers when you travel and shop outside of Canada
- 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
- *Terms and conditions apply
- †Statement based on a comparison of the redeemable value of the non-promotional travel rewards points earned on premium flexible Canadian credit cards as of May 3, 2022. “Flexible” is defined as points earned when you purchase travel anywhere and “premium” refers to cards with an annual fee of ≤ $150 or has an income requirement of ≤ $150,000 annual individual income.
Ratehub’s take
The BMO Ascend World Elite Mastercard is a top choice among seasoned travellers, particularly those who prefer a Mastercard, and who like to frequently fly and dine out. This card offers a suite of perks that cater to travel enthusiasts.
Pros
- Earn points: Earn three points per $1 spent on restaurant, entertainment purchases, and recurring bills, and one point per $1 spent on everything else
- Comprehensive insurance package: Recognized for one of the best insurance packages in the market, including $5 million in out-of-country insurance, exceeding the standard $1 million in coverage offered by most other cards
- 24/7 concierge services: Enjoy around-the-clock concierge services for your travel needs
- Airport lounge access: Receive complimentary membership in Mastercard Travel Pass, including four annual complimentary passes
- Redemption flexibility: Enhanced flexibility to redeem points for flights on virtually any airline with no blackout dates (points can be used to cover taxes and fees as well)
Cons
- Income requirements: The card’s minimum personal income of $80,000 may limit accessibility for some users
- Lower point value: While BMO points are flexible, they are worth less than other travel rewards programs (usually around 1 cent per point) at 0.67 cents per point
Eligibility requirements
Minimum credit score: 760
Minimum income: $80,000/yr
Interest rates
Purchase interest: 20.99%
Cash advance: 23.99%
Balance transfer: 23.99%
Ratehub.ca's take
The BMO Ascend World Elite Mastercard is a popular card for frequent travellers seeking a Mastercard and tend to spend big on going out and airfare. With this card, you’ll get airport lounge access, full suite of travel insurance, perks and flexibility in redemption. BMO Points can be redeemed for flights, as well as hotels, vacation packages, and car rentals at a rate of 150 points for $1 (or about 0.67% per point).
Pros
- Welcome bonus: earn up to 100,000 points
- Earn three points per dollar on restaurant, entertainment purchases, and recurring bills, and one point per dollar on everything else
- Considered to have one of the best insurance packages on the market; full suite of insurance including $5 million in out-of-country emergency medical insurance (versus the standard $1 million in coverage offered by most other cards)
- 24/7 concierge services and complimentary membership in Mastercard Travel Pass with four annual complimentary passes
- Great flexibility offering cardholders the ability to redeem points for flights on virtually any airline with no blackout dates (points can be used to cover taxes and fees as well)
Cons
- Minimum personal income of $80,00 and annual fee of $150 may be prohibitive to some users
Best BMO low interest credit card
Purchase interest rate
- Pay $6/mo
Based on a credit balance of $500
- Annual fee
$29
Perks of the BMO® Preferred Rate MasterCard®
| Perks | Details | |
|---|---|---|
| Purchase assurance | Included | Automatically protects new purchases by insuring them for 90 days from the date of purchase in the event of loss, theft or damage. |
| Extended warranty | Included | Either doubles the length of the item’s manufacturer’s warranty coverage or extends it by 1 year, whichever is less. |
Other perks
- Welcome Offer: Get a 0.99% introductory interest rate on Balance Transfers for 9 months with a 2% transfer fee and we’ll waive the $29 annual fee for your first anniversary*
- Enjoy our lowest interest rate of 13.99% on purchases*
- Free extended warranty and purchase protection*
- Zero Dollar Liability: protects you from unauthorized use of your credit card*
- Worldwide acceptance at over 30 million locations*
- 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
- *Terms and conditions apply
Ratehub’s take
The BMO Preferred Rate Mastercard stands out as an excellent choice for those looking for a balance transfer credit card with a low interest rate and added benefits. Despite charging an annual fee, the competitive 13.99% interest rate, along with other features, make it a compelling option.
Pros
- Annual fee rebate: The $29 annual fee is rebated for the first year
- Additional cardholder protection: The Zero Dollar Liability provides protecting against against unauthorized purchases.This card also includes free extended warranty which doubles the manufacturer’s warranty up to one year and purchase protection
Cons
- Higher promotional balance transfer rate: This card has a higher promotional rate for balance transfers compared to other balance transfer credit cards
Eligibility requirements
Minimum credit score: 660
Minimum income: N/A
Interest rates
Purchase interest: 13.99%
Cash advance: 15.99%
Balance transfer: 0.99% for the first 9 months. 15.99% after promo.
Ratehub.ca's take
The BMO Preferred Rate Mastercard is another great credit card option for those looking for a credit card with a low interest rate and additional benefits. The card has a $29 annual fee, but it offers a competitive interest rate on purchases and balance transfers (13.99). Additionally, the card comes with extended warranty and purchase protection, which can provide peace of mind when making purchases.
One of the standout features of the BMO Preferred Rate Mastercard is its special welcome offer, which can provide additional value for new cardholders. The card also offers Zero Dollar Liability, which protects you from unauthorized purchases made with the credit card.
Overall, the BMO Preferred Rate Mastercard is a good option for those looking for a credit card with a low interest rate and additional benefits.
Pros:
- Welcome offer - get a 0.99% introductory interest rate on balance transfers for 9 months with a 2% transfer fee
- Includes Zero Dollar Liability protecting cardholders against unauthorized purchases
- Purchase interest rate of 13.99 is among the lowest in Canada and also applied to balance transfers as well
- The balance transfer promotional period is also longer than those offered by most other credit cards (nine months versus the typical six months), giving you more time to pay down any outstanding debt
- Includes free extended warranty which doubles the manufacturer’s warranty up to one year and purchase protection
Cons:
- Has a higher promotional rate for balance transfers, but the offer lasts for a longer period of time
Best BMO student credit card
Best for Groceries
based on spending $2,200/mo after $0 annual fee
- Earn rewards
0.5% – 3% / dollar spent
- Annual fee
$0
Perks of the BMO® CashBack® Mastercard® - Student
| Perks | Details | |
|---|---|---|
| Lounge access | Not included | You’ll gain complimentary passes to airport lounges. The number of passes and lounges you have access to will vary. |
| Waived foreign transaction fees | Not included | A surcharge that credit card holders pay for purchases made in a foreign currency (typically 2.5%). |
| Travel accident insurance | Not included | If you suffer a loss as a result of an accidental bodily injury sustained while occupying a common carrier, you are eligible for this coverage. |
| Travel emergency medical | Not included | If you require urgent medical care while on a trip outside of your home province, you will be covered for any eligible medical expenses incurred. |
| Car rental insurance | Not included | Credit card rental car insurance usually covers theft, loss and damage to your rental car in the case of an accidental collision. |
| Trip cancellation | Not included | If you have to cancel your trip before it’s even started, your prepaid travel costs will be covered up to a maximum amount if the cause of cancellation is eligible for the insurance. |
| Trip interruption | Not included | If your trip has to be cut short or is delayed after the scheduled departure date, you will be covered up to a maximum amount for an eligible cause of interruption or delay. |
| Flight delay insurance | Not included | If your flight departure is delayed by a certain number of hours, you’ll be reimbursed a certain amount for necessary and reasonable expenses. |
| Baggage loss insurance | Not included | If your checked bag cannot be located by a common carrier, you’ll be reimbursed for a portion of the replacement cost of lost personal property. |
| Baggage delay insurance | Not included | If your checked bag is not delivered within a specified time upon your arrival, you’ll be reimbursed for the cost to replace essential items. |
| Hotel/motel burglary | Not included | Provides protection, while you’re checked in, for your personal belongings when left unattended in your room up to a certain dollar amount. |
| Mobile insurance | Not included | Reimburses a portion of your cell phone in the event it’s damaged or lost. Device coverage is limited to a certain period of time after purchasing with your credit card. |
| Purchase assurance | Covered for 90 days | Automatically protects new purchases by insuring them for 90 days from the date of purchase in the event of loss, theft or damage. |
| Extended warranty | Up to one additional year | Either doubles the length of the item’s manufacturer’s warranty coverage or extends it by 1 year, whichever is less. |
| Price protection | Included | If, within a certain amount of time of purchasing an item, its price drops or you find an identical item offered for a lower retail price than what you paid, you will be reimbursed for the difference. |
Other perks
- Ratehub.ca’s 2023 Award Winner – Best Student Credit Card
- Welcome offer: Get 5% cash back in your first 3 months*
- Then get 3% cash back on grocery purchases, 1% cash back on recurring bill payments and 0.5% unlimited cash back on all other purchases!*
- Now earn the highest cash back on groceries in Canada without paying an annual fee!†
- Get cash back every time you spend, plus start building a healthy credit history
- Best BMO CashBack Mastercard for Students
- Want to get your cash back ASAP? Now you can redeem your cash back anytime through direct deposit, as a credit on your statement or into your BMO InvestorLine account*
- No Annual fee*
- Extended Warranty*
- Purchase Protection*
- Receive a discount on car rentals*
- 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
- Cash Advance Interest 22.99% (21.99% for Quebec residents)
- The offer may vary in Quebec.
- *Terms and conditions apply
- †Based on a comparison of the non-promotional grocery rewards earn rate on cash back credit cards with no annual fee as of January 4, 2023
Ratehub’s take
The BMO Cashback Mastercard makes a lot of sense for cash-strapped students, because your cash back rewards are available at your fingertips anytime. If you regularly use your credit card to buy groceries or pay your phone plan, you can rack up the cash back rewards to reduce your bills and expenses for the future. Keep in mind, though, that rewards are capped monthly, so if you’re a bit of a big spender this card might not be for you.
Pros
- Redeem cash back rewards anytime: You don’t have to wait to redeem your cash back rewards like you might with other cash back cards — you can apply as little as $1 to your balance anytime, or get a credit card statement
- Flexible redemption options: You can deposit your cash back rewards into a BMO savings or investment account, a fairly rare perk, or redeem them as a statement credit to cover your balance
Cons
- Cash back earnings are limited: The bonus cash back rates of 3% on groceries and 1% on bill payments are capped at a maximum of $500 in spending per month, and then the earn rate goes back to 0.5%. This can really limit your overall annual cash back earnings
- Low regular earn rate: The regular earn rate of 0.5% on everything outside of the bonus categories is minimal, so if you exceed the monthly spending caps in those areas, or prefer to spend on other things like travel, this card might not make sense for you
Eligibility requirements
Minimum credit score: 660
Minimum income: N/A
Interest rates
Purchase interest: 20.99%
Cash advance: 22.99%
Balance transfer: 22.99%
Ratehub.ca's take
The BMO CashBack Mastercard - Student is a no annual fee rewards credit card that offers particularly strong returns on everyday essentials from grocery stores and supermarkets.
This credit card has the trio of features that most appeals to students: 1. no annual fees 2. the ability to earn straightforward rewards, and 3. no income requirement.
Since this is a cash back credit card, students won’t have to think about the complexities or limitations of loyalty points programs, and can instead get an injection of cash. This can be particularly valuable for students who want to focus on saving on their everyday purchases rather than racking up points for discounted flights.
Pros:
- No annual fee
- 3% cash back on groceries makes it one of the best no fee cards to own for that spending category
- Great welcome offer - ${_rh.creditCards.bmo-cashback-mastercard-student.descriptions.badge_bonus
- No income requirement - perfect for students on a fixed income
- Cash back system is more straightforward than points
- Redeem cash back for as little as $1 at a time
- Offers purchase and extended warranty protection and discounts on rental cars from eligible National and Alamo agency locations.
Cons:
- 1% cash back rate on recurring bills and 0.5% on everything else isn’t particularly compelling
- Bonus categories each have a monthly cap of $500 (but reset monthly)
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How are CanWise Financial and Ratehub.ca connected?
We own and operate a mortgage brokerage, Ratehub.ca (formerly known as CanWise Financial), and are compensated for mortgages funded through our brokerage. Ratehub Inc. o/a Ratehub.ca & CanWise is a licensed mortgage brokerage and CMHC-approved lender. When comparing mortgage rates on Ratehub.ca, you’ll see rates from a number of lenders, including CanWise. All products are sorted according to the rates available to you and the selection criteria you’ve shared with us. Both Ratehub.ca and CanWise are owned and operated by Ratehub Inc.
We’re proud of our Ratehub.ca mortgage brokerage, which offers our users great rates, trusted advice and an award-winning team of mortgage experts. Read any of our 6,700 five-star Google and Facebook reviews and you’ll see what we mean.
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