The BMO SPC Cash Back Mastercard Review

Annual Fee
Sign Up Cash Value
Sign Up Bonus Points
Purchase Interest Rate
Min Personal Income Required
Recommended Credit Score
740 850 670 739 580 669 0 579
Get 4% cash back in your first 4 months* for accounts opened by October 31, 2018.
Then get 1% CashBack on ALL card purchases*.
*Terms and conditions apply.

Students who want to get more value for their money will enjoy the BMO SPC Cash Back Mastercard, a card designed to be accessible to students while providing significant cash back rewards. Cardholders immersed in their studies do not have the bandwidth to keep track of which purchases are eligible for rewards and which are not, and in this regard, the card has absolutely no limits on which purchases earn cash back.

A solid 1% comes from everything charged to the BMO SPC Cash Back Mastercard, quickly amounting to significant savings for any cardholder.

At a Glance:

  • No annual fee
  • Card intended primarily for students
  • Chance to win a year of free tuition and books (seriously)
  • $60 cash bonus promotion
  • 1% cash back on all purchases, no limits
  • Student discount of 10% – 15% at eligible stores
  • Extended warranty and protection for purchases
  • Access to BMO Extra Deals catalogue

Aside from the flexibility, there are a lot of other reasons to love the SPC Cash Back card. For no annual fee, new applicants also get access to a promotion that puts $60 directly into their account with a single initial purchase. This can be as small as a pack of gum or as large as a new television, and cardholders will appreciate that the latter variety of major purchases are covered by the card’s thorough insurance. New items are protected with 90 days of coverage for damage and theft, and purchases can have their warranties extended by up to one additional year.

Finally, because this card is primarily for students, BMO has gathered a wide range of partners who will grant a discount of 10% to 15% for those cardholders who show their BMO SPC Cash Back Mastercard at the register. These locations include many places that students will appreciate, such as Applebee’s, Burger King, Church’s Chicken, Bath & Body Works, Clinique, GNC and more.

Why We Like It:

  1. Limited-Time Tuition and Books Contest: It’s easy to rack up a lot of debt while studying, the bulk of which often comes from tuition. BMO SPC Cash Back cardholders are eligible to win one year of tuition and books (up to C$10,000!), which can take a major burden off your shoulders. Students can enter the contest until October 31st, 2017.
  2. No-Fee Card: The lack of an annual fee makes this card even more accessible to students, who usually need to save every extra cent they can. While cash back cards with similar bonuses sometimes cost as much as $50 per year, BMO’s decision to eliminate the annual fee reflects a strong understanding of their customer base.
  3. Introductory Promotion: For a limited time, new cardholders have access to a cash back promotion from BMO that puts money directly into the cardholder’s account. With just a single initial purchase, cardholders earn a $60 credit. This purchase can be as negligible as a piece of candy, and earns as much cash back as would come from $6,000 of regular spending.
  4. No-Limit Cash Back: There are no restrictions on which purchases earn cash back, or where cash back purchases can be applied. Cash accumulates quickly and easily for cardholders wherever they go, representing an effortless way to save over time.
  5. Student Discounts: Many of Canada’s most frequented stores, shops, outfitters and restaurants greet individuals holding the BMO SPC Cash Back Mastercard with open arms – and a significant discount. Places that students can appreciate, such as cheap eats, makeup shops, fashion brands and more, offer 10% to 15% off at the register.
  6. Purchase Protections: There is nothing worse than buying a new computer or other kind of electronic and damaging it right after purchasing. Thankfully, the card extends existing product warranties by up to another year. What’s more, new items bought with the card enjoy 90 days of complete protection against damage and theft.
  7. BMO Deals: Being a BMO cardholder grants some extra privileges, such as discounts on items in the BMO Extra Deals catalogue. These include fun events and activities,, and more.

Is It Worth It?

For any student that wants to increase their options when it comes to purchasing and saving, the BMO SPC Cash Back Mastercard is a great choice. Its freedom from fees, extra protection for new purchases and substantial student discounts are just a bonus alongside an impressive cash back ecosystem, which has no limits whatsoever. For a credit card newcomer interested in utilizing rewards credit cards, there are few reasons not to add this excellent option to one’s wallet or purse.

Article comments