When it comes to choosing the perfect credit card, you want one that maximizes your rewards while minimizing your fees. For many consumers, the BMO CashBack® Mastercard® offers a compelling combination of benefits that make it a top choice for those looking to get more out of their everyday spending.
If you’re in the market for a new credit card and want to understand why the BMO CashBack® Mastercard® might be right for you, read on. We’ll cover everything from its benefits and rewards to fees.
Benefits of the BMO CashBack® Mastercard®
The BMO CashBack® Mastercard® is designed to offer straightforward, tangible rewards with minimal hassle. Here’s a breakdown of its key benefits:
- Cashback Rewards: This card gives you 3% cash back on eligible groceries and 1% on all other eligible purchases. This means that whether you’re stocking up on groceries or just making everyday purchases, you’re earning rewards effortlessly.
- No Annual Fee: One of the standout features of the BMO CashBack® Mastercard® is that it does not charge an annual fee. This is a significant advantage for anyone looking to avoid yearly charges while still reaping the rewards of their spending.
- Welcome Bonus: New cardholders can benefit from a lucrative welcome offer. As of the most recent update, you can earn a substantial bonus cashback amount if you meet the required spending criteria within the first three months. This bonus can provide a nice boost to your cash back earnings.
- Flexibility: The cashback you earn is credited to your account automatically, which means you don’t have to deal with complicated redemption processes or wait for gift cards. The cash back is applied as a credit to your statement.
- Purchase Protection: Enjoy added peace of mind with purchase protection on eligible items. This includes coverage against theft, loss, or damage for up to 90 days from the date of purchase.
- Extended Warranty: Extend the manufacturer’s warranty on eligible purchases by up to one additional year. This can provide extra protection for high-ticket items, giving you additional security and peace of mind.
- Savings on Partner Offers: Access exclusive discounts with BMO partners to save on gas, car rentals, tickets to Cirque du Soleil and more. These can provide additional savings and enhance your cardholder experience.
Fees Associated with the BMO CashBack® Mastercard®
The BMO CashBack® Mastercard® shines with its no annual fee structure. However, there are some fees that cardholders should be aware of:
- Interest Rates: The card has an interest rate of 20.99% on purchases, which is typical for no-annual-fee credit cards. Be sure to pay off your balance in full each month to avoid interest charges.
- Cash Advances: If you use your card for cash advances, a higher interest rate of 22.99% (21.99%for Quebec residents) applies. Additionally, there’s a cash advance fee of $3 or 3% of the amount of the cash advance, whichever is greater.
- Foreign Transaction Fee: A fee of 2.5% applies to transactions made outside Canada. This is standard for many credit cards, so if you frequently travel internationally, it’s worth considering.
Frequently Asked Questions
1. How does the cashback work?
The cashback you earn is automatically credited to your account as a statement credit. For example, if you earn $50 in cashback over a billing cycle, it will be deducted from your outstanding balance.
2. Are there any restrictions on earning cashback?
Cashback is earned on eligible purchases. However, the 3% cash back rate applies specifically to grocery store purchases. Other categories may earn cashback at the 1% rate.
3. Can I use my cashback for anything?
Yes, the cashback earned is applied as a credit to your statement, reducing the amount you owe. There are no restrictions on how you use your credit.
4. What is the minimum income requirement for this card?
There is no specific minimum income requirement listed for the BMO CashBack® Mastercard®. However, approval is subject to a credit check and assessment of your overall creditworthiness.
5. Can I add an authorized user to my card?
Yes, you can add authorized users to your BMO CashBack® Mastercard® for no additional cost. Keep in mind that you’ll be responsible for all charges made by any additional cardholders.
The BMO CashBack® Mastercard® offers a no-fuss approach to earning rewards with its attractive cashback rates and lack of annual fees. Whether you’re looking to maximize your grocery spending or simply want a reliable credit card for everyday use, this card provides valuable benefits without the extra costs. With its straightforward rewards program and added features like purchase protection, extended warranty, and savings on partner offers, it’s a solid choice for anyone looking to get more from their credit card.
How to Apply for the BMO CashBack® Mastercard®
Are you ready to start earning cashback on your everyday purchases with the BMO CashBack® Mastercard®? This popular credit card offers a straightforward application process designed to get you set up quickly and easily.
Whether you’re looking to maximize your grocery spending, enjoy exclusive partner savings, or simply take advantage of a no-annual-fee card with great rewards, applying for the BMO CashBack® Mastercard® is the first step.
Applying for the BMO CashBack® Mastercard® is a straightforward process. Here’s a step-by-step guide to help you get started:
- Check Your Credit Score: Before applying, it’s a good idea to check your credit score. This will give you an idea of your creditworthiness and help you understand your chances of approval.
- Gather Required Information: You’ll need to provide some personal and financial information during the application process. This includes:
- Your full name, address, and contact information.
- Employment details, including your employer’s name and income.
- Your Social Insurance Number (SIN) for credit verification.
- Visit the BMO Website: Go to the BMO website and navigate to the BMO CashBack® Mastercard® page. Click on the “Apply Now” button to start your application.
- Complete the Online Application: Fill out the online application form with your personal and financial details. Double-check the information for accuracy before submitting.
- Submit Your Application: After completing the form, submit your application for review. You may receive an immediate decision or be asked to provide additional documentation.
- Wait for Approval: If approved, you’ll receive your BMO CashBack® Mastercard® by mail. Be sure to activate your card as soon as it arrives and start using it to earn cashback on your purchases.
- Start Earning Cashback: Once your card is activated, use it for your everyday purchases and enjoy the benefits of cashback rewards. Remember to review your statement regularly to keep track of your earnings and manage your finances effectively.
If you’re considering applying, follow the simple steps outlined above and start enjoying the benefits of cashback rewards with the BMO CashBack® Mastercard®. Happy spending and saving!
