BMO SPC MasterCard Credit Card Review

Sign Up Bonus Points
Sign Up Cash Value
Annual Fees
Purchase Interest Rate
Min Personal Income Required
Recommended Credit Score
740 850 670 739 580 669 0 579
Limited time: Earn a $60 Cash Back welcome bonus. Also, apply now and be entered into a contest for a chance to win free tuition and books for a year

Whether you’re looking to establish a credit history, earn outstanding rewards, access the convenience of plastic, or protect your purchases, the right student credit card can pay off in spades.

The BMO SPC MasterfFard wins on all counts, and then some. Here’s why.

The BMO SPC Masterfard is available to ALL Canadian students by applying online – no credit history or income required. It comes with no annual fee, a $60 sign-up bonus, 1% cashback, and FREE membership into SPC’s student discount program, saving you 10%-15% at hundreds of Canadian merchants – the best student discount program in the country by far.

BMO SPC Mastercard Review:

  1. Limited Time Sign-up Offer: The no fee BMO SPC Mastercard comes with an unprecedented limited time welcome bonus offer of either $60 cashback or 500 Air Miles rewards. You get $30 on activation, plus an additional $30 if you spend $1,000 in the first 90 days. Whether you get $30 or $60, it’s free, found money for a no fee credit card.
  2. FREE Enrollment in SPC: There’s no need to buy an SPC Card each year to get discounts of 10-15% at hundreds of retailers and restaurants across Canada. Get the credit card and you’re automatically enrolled in the SPC student discount program, without having to pay the $10 annual fee (that’s $40 savings over 4 years of college)! The 10-15% discounts alone blows away any other credit card rewards program by a mile.
  3. 1% CashBack Everywhere, No Limits, No Tiers: Not only will you get 10-15% discounts at hundreds of Canadian retailers, you’ll ALSO get 1% cash back on every credit card purchase with absolutely no limits, tiers or shenanigans. That’s not up to 1% cashback like the Scotia L’Earn Student card, which really gives you .25% on your first $500 of spend, .5% on your next $500 and 1% thereafter. Or the CIBC Student Dividend Visa card which gives you .5% on your first $6,000 of spend and 1% thereafter. The BMO SPC credit card gives you 1% everywhere, all the time – no small print.
  4. FREE Access to BMO Extra Deals: Sweetening the pot even more, SPC and BMO have recently put together a series of deals exclusively reserved for BMO SPC Mastercard members. All you have to do is download the mobile App and you’ll get exclusive deals to concerts, fashion, movies, sports and more!
  5. No Annual Fee: There is no annual fee for the BMO SPC Mastercard, and getting the credit card means your automatically enrolled in the SPC loyalty program and the annual fee is waived there as well!
  6. FREE Extended Warranty: Double the manufacturers warranty on all purchases made with your card. That means you never have to buy those expensive extended warranties you get up-sold at Best Buy, Walmart, Staples and elsewhere when buying electronics and the like.
  7. Free Purchase Protection: This feature is not so common, underused, and really, really special. Credit card purchases are insured against theft or damage for 90 days. Buy new sunglasses, they get stolen or damaged in the first 90 days, you’re protected – grata, no extra cost.
  8. No Credit History or Part-Time Income Required: Believe it or not, some student cards require proof of part-time income. Not so with this card. Basically, if you’re a Canadian student, and you don’t have a bad credit history, you’ll get approved and start building your credit history right away. No deposit or proof of income required.

BMO SPC Mastercard Opinion

In our analysis, the BMO SPC Mastercard is the best credit card option for  students. It has a GREAT welcome bonus, with no annual fee. A superb, transparent, 1% cashback rewards program. And it ties into perhaps the richest rewards program in Canada offering 10-15% discounts at the country’s top merchants – Gap, American Eagle, Forever 21, GNC, Levi’s, Joe Fresh and more. Not to mention you’ll also get access to the new BMO extra deals program exclusively for BMO/SPC cardholders.

It’s also a great student credit card because it’s easy to get approved. Unlike some other Canadian student cards, it doesn’t require any part-time income or proof of income and you can apply online without having to go in branch (yes some banks ask students to have an income)!

In our opinion, the BMO SPC Mastercard is the best option for Canadian students looking to build a credit history and earn the richest credit card rewards in the marketplace right now. If anyone see better options let us know.


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