BMO CashBack Mastercard Review

Annual Fee
Purchase Interest Rate
Recommended Credit Score
740 850 670 739 580 669 0 579
Min Personal Income Required
Supplementary Cards
Get up to 4% cash back on every purchase in your first 4 months (up to $125 cash back) and a 1.99% introductory interest rate on Balance Transfers for 9 months*.
Get 1% cash back on all other card purchases with no restrictions*.
*Terms and conditions apply.

While there are several Canadian cash back cards that offer an annual fee waiver or rebate in the first year, there are relatively few that waive the annual fee year after year. If you want to earn on everything you buy, without having to pay for the privilege, you might consider the BMO CashBack Mastercard.

The 4% intro rate is capped at $3,125 spent/$125 in cash back. Cardholders who spend $2,000 per month will accrue $334 dollars in cash back in their first year, factoring in the card’s promotional cash back rate.

Regular Cash Back Structure

Cardholders earn at a regular cash back rate of 1% on every purchase after the four month promotional period ends, or after the promotional cash back maximum is reached.

Notable Perks

  • 25% discount on National and Alamo car rentals
  • Free supplementary cards for a spouse or other relative of the primary cardholder.
  • Identity/credit monitoring, identity theft assistance, balance protection and roadside assistance available for purchase

Additionally, all purchases made with the BMO CashBack Mastercard enjoy 90 days of insurance against damage and theft, as well as warranties that can be extended for up to another year on top of what the manufacturer provides.

Who’s the Card For?

The BMO CashBack Mastercard’s cash back structure is quite basic: its welcome bonus is competitive, but it offers no lifestyle-tailored, accelerated cash back categories after the welcome period ends. Though it’s a solid offer for those who are new to cash back cards, there are other, more lucrative cards out there for potential cardholders who are willing to pay more for wider benefits and supplemental insurance options, and who have the credit score and minimum income necessary to do so.

Cash Back Card Comparison

Credit Card Name

Annual Fee


Regular Cash Back Rate

BMO Cash Back Mastercard$04% cash back1%
TD Cash Back Visa Infinite®$1206% cash back + first year annual fee rebate3% groceries, gas, recurring bills. 1% everything else.
Scotia Momentum Visa Infinite$995% cash back + first year annual fee waiver 4% on gas and groceries. 2% on drug stores and recurring bills. 1% everything else.
SimplyCash Preferred Card$995% cash back2% on all spend

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