BMO SPC MasterCard Credit Card Review

Sign Up Cash Value
Annual Fee
Purchase Interest Rate
Min Personal Income Required
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.

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 Masterfard is available to ALL Canadian students by applying online – no credit history or income required. It comes with no annual fee, a 4% cashback structure during the first 4 months, and 1% cash back after that.

BMO SPC CashBack Mastercard Review:

  1. Limited Time Sign-Up Offer: 4% cash back is a very, very high promotional rate for a student credit card
  2. 1% CashBack Everywhere, No Limits, No Tiers: This is 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.
  3. 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!
  4. No Annual Fee: There is no annual fee for the BMO SPC Mastercard, which is unusual for any card that offers meaningful cash back levels.
  5. 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.
  6. Free Purchase Protection: This feature is not so common, underused, and really, really special for a student card. 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.
  7. 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, plus a simple and transparent 1% cashback rate. 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.

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 (yes some banks ask students to have an income!) or proof of income and you can apply online without having to go into a branch.

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.

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