Our Verdict
We have given the BMO Cashback Mastercard an overall rating of 7.8 out of 10. This card provides a solid balance between costs and rewards for most Canadians. With positives such as no annual fee and 5% cashback in the first five months it is a solid option for regular spenders however we would have liked to see some better rewards to balance out some of the lower cashback rates compared to other cards on the market.
Our Score
7.8 / 10
Pros
- No annual fee
- Get up to 5% cashback in your first 3 months
- 0.5%–3% regular cash back rate
- Special balance transfer offer
- Discounted car rentals & experiences
Cons
- Low cash back rates
- Limited perks
Requirements
- Be a resident of Canada
- Have a Canadian address (if you don’t, apply in person at a local BMO branch)
- No bankruptcies in the past seven years
- Be at least the age of majority in your province or territory (18 or 19 years old)
- Have an income of $0 or higher (recommended)
- Have a credit score of 660 or higher (recommended)
Additional Details
- Balance Transfer APR: 23.99% (21.99% for Quebec residents)
- Currency Conversion Fee: 2.5%
- Minimum Credit Score: 660+
- Minimum Deposit to Open: $0
Categories: Cashback, Instant Approval, Temporary Residents, Featured, Rewards, BMO
