BMO CashBack MasterCard Review

BMO CashBack MasterCard Review

BMO CashBack MasterCard

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BMO CashBack MasterCard
8 / 10 Our Vote
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Pros
No annual fee
Extended warranty feature
Cons
No travel rewards
Summary

The Bank of Montreal had introduced the BMO CashBack MasterCard as part of their cash back rewards line up of credit cards. This card offers a signup bonus of up to $75 and you may avail this offer until January 31, 2017. You may earn a 1% cash back rate on all purchases and there is no annual fee. These cash back rewards can be transferred to your BMO savings, investing or chequing accounts. Or you may just use the cash back credit back to pay your credit card bill and bring down your card balance. There are other cards that may give you more rewards such as Airmiles points or even a promotional 0% balance transfer.

If you are looking to collect some serious travel rewards then this may not be the card for you and could be a good secondary card. A great idea to earn more cashback would be to set up this card for your monthly recurring payments. This includes your hydro, cable, mobile or insurance bills payments. But if you are a customer of Costco or shell and don’t care much about travel rewards then you may keep this as a primary card.

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Our Review on BMO CashBack MasterCard

 

Annual Fee:$0
Interest Rate:19.99%
Balance Transfer:22.99%
Cash Advance:22.99%
Credit Score:Good
Rewards:1$ for every $100 spent on all purchases
Signup Bonus: Total up to $75
DiscountsAt National Car Rental & Alamo Rent A Car
Other:Extended Warranty and Purchase protection

BMO Cashback MasterCard Pros

The BMO Cashback MasterCard has many advantages as follows:

  • You do not pay an annual fee on this card.
  • Drivers who rent cars from Alamo Rent A Car and National Car Rental get savings up to 25%.
  • They give you up to $75 for signing up for this card.
  • You may also earn cash back even when you buy gas at Shell locations.
  • No charges for additional cards. So you may spend more and still earn more cash.
  • The card has some benefits too that includes the extended warranty feature too.

BMO Cashback MasterCard Cons

  • There are other cash back cards in this category that offer more rewards.
  • This card may not be for those who are looking to earn some travel rewards.
  • They do not offer a 0% interest on any balance transfers.

Features & Benefits Of BMO Cashback MasterCard

Annual Fee

There is no annual fee for the BMO Cashback MasterCard.

Interest Rate

You may pay an annual interest rate of 19.99% on purchases.

Balance Transfer

You may transfer balances from another credit issuer at 22.99% interest rate. They charge a 1% fee for balance transfer.

Cash Advances

They charge an annual interest rate of 21.99% on cash advances.

Credit Score Rating

You may need to have a good credit rating score in order qualify for this card with a minimum income of at least $15000.

Rewards Points

The rate of cashback is 1% for every $100 that you spend on all purchases. You may redeem your cash back rewards annually. At a recurring rate or as a single lump sum payment and both these options have a minimum limit of $50. Thereafter you may redeem your cash back rewards in incremental amounts of $10. Even if you have set a limit for redemption you may still request for one-time redemption.

Signup Bonus

A great feature of this card is the sign-up bonus. You may get up to a maximum of $75 when you sign up for a new account. This amount is given to you in 2 separate steps. When you sign up at that time they give you the first $25. Thereafter, when you use this card for your purchases of up $1500 then they credit you the remaining $50. This purchase must be in a timeframe of the first three months from the time you open the account.

Discounts

You may get up to 25% discount when you rent a car from participating locations of National Car Rental with contract ID 3717122. And you may provide the contract ID 7014883 at Alamo Rent A Car locations when you reserve your rental car. This discount may vary by location, vehicle type, and rental date. It is necessary to make an advance reservation of at least 24 hours.

BMO CashBack MasterCard Cash Back Calculator

Spending CategoryMonthly Spending
Total Spending Reward$228
Groceries$400
Gas$300
Restaurants$200
Bills$500
Travel$150
Entertainment$200
Pharmacy$0
Everything Else$250

Insurance Features

BenefitsLimits
Extended warrantyup to 1-year additional year
Purchase protection90 days

Card Benefits

The BMO Cashback MasterCard also has many benefits as follows:

Extended Warranty

They will double original warranty period on a product that you purchase with this card up to another year. So when you purchase an expensive item with this card

Purchase Protection

You may get automatic cover for replacement or repair of items if they are damaged or stolen if you had purchased that item with this card. This purchase protection coverage is active for up to ninety days from the purchase date of that item.

Additional Coverage Options You May Add To BMO CashBack MasterCard

You may also add some comprehensive insurance or travel options to this card for better protection.

Total Travel & Medical Protection

You may get this coverage for 31 days and up to a limit of $2 million for eligible medical expenses during travel.

Medical Protection

Get protection for you & your family for emergency dental & medical coverage. This is for trips that are for the duration of 17 days or 31 days and there is no limit on the number of trips. The following are the benefits of this coverage.

  • Emergency ambulance, hospital and medical expenses for up to $2 million. Dental expenses may be for up to $2000 for each family member.
  • Expenses for a private nurse on duty up to the limit of $5,000
  • Air ambulance or transportation to the nearest Canadian hospital or medical facility location

Travel Protection with Trip Cancellation

With this coverage, you may claim for a trip cancellation of up to $2500 for each family member and a maximum limit of $5000 for each account. If there is a delay or interruption to your trip then you may claim for each member up to $2000. Any delay, damage or loss to your baggage will be covered per trip for each family member up to $750.

Travel Protection

  • You do not have to purchase a separate Collision damage insurance when you rent a car
  • Get protection up to $500000 for dismemberment & accidental benefits on major carriers of travel
  • Unexpected trip assistance and home return home expenses

Roadside Assistance

This coverage includes flat tire changes, free battery boosts, towing and lockout service. You may add more features as they have 2 levels of coverage, basic and enhanced.

Roadassist (Pay as you go program)

This coverage is good for those who wish to pay for roadside assistance just when they need it.

Where Can You Use BMO Cashback MasterCard

You may use the BMO Cashback MasterCard at all merchant locations and payment terminals that accept MasterCard. These merchant business locations will also display a MasterCard signage board and this also includes Costco locations. This card is accepted for payment purposes at over 30 million locations all over the world.

BMO Cashback MasterCard Contact Information

  • Customer Service Number: 1-800-263-2263

*Rate and product information are subject to change at any time and does not constitute financial advice. Please contact the supplier for complete details.

BMO is not responsible for maintaining the content on this site. Please click on the Apply now link for the most up to date information.


Resources:

https://www.bmo.com/forms/creditcard

https://www.bmo.com/main/personal/credit-cards/credit-card-faqs

https://www.bmo.com/main/personal/credit-cards/bmo-cashback-mastercard#travel-services


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