A no-fee BMO card that puts you in control and lets you choose when you receive your cash back rewards.

Annual Fee
Extra Card Fee
Card Type
Cash Advance
Balance Transfer
Balance Transfer
Transfer Term
9 months
Personal Income
Household Income
Canadian resident who has reached the provincial age of majority.
Extended Warranty 1 year
Purchase Protection 90 days

Please review your insurance certificate for details, exclusions and limitations of your coverage.

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Our Review

When it comes to rewards, it’s always nice to be in control. If you’re someone who wants to be able to access your cash back rewards when it suits you – and not once a year when the bank decides – the BMO CashBack Mastercard could be the card for you.

How to earn BMO CashBack Rewards

The BMO CashBack Mastercard lets you earn cash back on all your purchases – everywhere.

How much on your daily purchases? Here's what you'll earn:

  • 3% cash back on groceries, (up to $500 in spend per month),
  • 1% cash back on recurring bill payments, (up to $500 in spend per month), and
  • 0.5% cash back on all other purchases.

And as an added bonus, for the first 3 months, you'll get 5% cash back (up to $125 in total rewards) – not a bad way to start off your cash back earnings. Plus, it’s one of the highest sign-up bonuses for a no fee cash back card.

Great start, right?

We haven’t even gotten to one of the best things about this card yet…with the BMO CashBack Mastercard, you get to be the one who decides when and how you get your cash back.

How to redeem BMO CashBack Rewards

That’s right, not only does this card allow you to get your money three different ways:

  • deposited into your BMO chequing account,
  • put into an Investorline account, or
  • you can just use it as a statement credit.

...but you also get to decide when you get it. Your rewards can be redeemed monthly, annually, each time you hit a certain reward amount, or in one big lump sum. Perfect for control freaks.

Why is this so special?

Often cash back cards limit the time (and often the way) you can enjoy your rewards. And even though cash is the most flexible of all rewards, cash back credit cards will often only let you enjoy your cash as a statement credit, once a year. So even though you’re racking up big rewards every month, that money is held captive by the bank.

With this card, you get your rewards when you want (or need) it. You decide.

A few other benefits...

The BMO CashBack Mastercard also gives cardholders discounts at National and Alamo Car Rental locations. So, if renting a car is something you ever do for work or when you’re on vacation, or if it is something you plan on doing in the future – saving up to 25% is a nice little extra.

Finally, this card does include a small bit of insurance. For no extra cost, you can benefit from the extended warranty and purchase protection insurance this card comes with.

The Cons

As with any card, this card does have its negative aspects:

  • The insurance that comes with this card is somewhat lacking – there are no fee cards out there with better insurance packages. So if insurance is important, this might not be the right card for you.
  • If you’re a big spender, this card won’t get you max cash. If you spend more than $1,200 per month, you should look at a different card – like the or the .

What are your thoughts?

Pairs well with...

Featured In:

The Globe and Mail
Financial Post
New York Times