Quick overview of the BMO CashBack Mastercard
A credit card that has no annual fee and yet offers generous cash back for everyday purchases is a rare find on the Canadian credit card landscape. That’s why BMO CashBack® MasterCard®* has always been a coveted piece of plastic among Canadian consumers looking for a no-fee card with easy cash back earnings.
BMO has recently made a few changes to this popular cash back card. There are some adjustments to the earn rates (mostly positive), as well as modifications to the way cardholders can redeem cash back earnings. Here’s a look at the changes and at what stays the same (spoiler alert: BMO’s CashBack MasterCard remains a solid choice for your wallet).
Who's it for?
- Budget-conscious Canadians looking for rewards without annual fees
- Regular grocery shoppers who can maximize the 3% cash back on groceries
- Those new to credit cards or building credit, as it has more accessible income requirements
- Canadians who prefer straightforward cash back rewards over complex point systems
- People who frequently make recurring bill payments and want to earn rewards on these transactions
- High spenders who could earn more rewards with a premium card
- Frequent travelers looking for travel-specific perks and rewards
- Those who spend heavily in categories other than groceries and recurring payments
- Canadians seeking a low-interest credit card for carrying balances
Pros and cons
- No Annual Fee: A rare find in Canada for a cash back card
- A generous 3% cash back on groceries (up to $500 monthly)
- Easily redeem from $1, set up automatic redemptions, or use as a statement credit
- Additional perks include discounts on rentals, free supplementary cards and show discounts
- Outside of groceries and recurring payments, the standard earn rate drops to 0.5%
- Monthly caps on top earn rates for groceries and recurring payments
- A 2% balance transfer fee applies
- The interest rate on the remaining balance transfer amount increases after the introductory period
BMO CashBack welcome offer
The BMO CashBack Mastercard comes with a pretty impressive welcome bonus for new accounts:
-
Get up to 5% cash back in your first 3 months and a 0.99% introductory interest rate on Balance Transfers for 9 months with a 2% transfer fee.†
How to earn cash back with the BMO CashBack Mastercard
The card earns very impressive rewards given the lack of an annual fee:
- Earn 3% (up to a monthly max of $500) cash back on groceries.
- Earn 1% (up to $500 per month) on any recurring bill payments*.
- Cardholders can earn 0.5% (no monthly max) on all other eligible purchases*
This cash back structure is tiered but a lot more appealing than the BMO CashBack's previous flat-rate 1% cash back on all purchases —especially if you spend a lot on groceries or make numerous recurring payments.
Additional savings on the road
The BMO CashBack also comes with a selection of impressive fuel and travel perks designed to save you money on the move:
- Up to seven cents off per litre on Shell fuel®
- Save up to 20% on National Car Rental®†† and Alamo Rent A Car®†† and up to 5% on Enterprise Rent-A-Car®†† at locations worldwide using BMO's Car Rental Booking tool.
How to redeem cash back with the BMO CashBack Card
You can get your cash back from BMO MasterCard at any time from as little as $1. You can also set up automatic cash back redemptions into a BMO account (like a chequing, savings or BMO InvestorLine account) every time your cash back amount reaches $25. You can even choose to use your cash back rewards as a statement credit. This card’s varied methods of redemption offer incredible flexibility, especially compared with cash back cards that only let you redeem your points once a year or only once you reach a set minimum reward amount.
Key benefits of the CashBack Mastercard from BMO
No annual fee
One feature that continues to make the BMO CashBack® MasterCard® offers stand out from many other no-fee—and even premium—cash back cards, is the ability to earn up to 3% on groceries with $0 annual fee.
Flexible redemptions
Whether you want to reduce your credit card balance, boost your chequing account, or grow your investments, BMO has you covered. The ability to deposit directly into an Investorline account is a unique feature that can help you grow your rewards even further.
For those who prefer a "set it and forget it" approach, the automatic redemption feature is a game-changer. You can set a threshold (minimum $25) and have your cash back automatically redeemed when you reach that amount.
BMO CashBack Mastercard insurance coverage
Extra features of the BMO CashBack Mastercard
Many more of the BMO CashBack® MasterCard®*’s attractive extras are staying the same. These include:
- Receive a discount on car rentals.*
- Free supplementary cards for a spouse or other relative of the primary cardholder.
- Enjoy 15% off admission to Cirque du Soleil shows in Canada and 20% off shows in Las Vegas.*
-
You also have the option to purchase identity/credit monitoring, identity theft assistance and balance protection.*
Reddit users have mixed opinions about BMO credit cards, including the CashBack Mastercard family. While some users find value in these cards, others express frustration with various aspects of BMO's credit card offerings.
The biggest complaints used to revolve around the card's basic 1% cash back rate on all purchases. Of course, this is no longer the case as the card now earns impressive bonus cash back on several key categories.
Those changes make the card something else - a versatile earner that has quite a few Redditors confused as to why the card doesn't get more publicity and fanfare. "I mean it's a miniscule $50/year but it's also almost zero effort. If your spending is low it seems like a decent specialized card," stated u/Spyrothedragon9972.
If you're monthly spending on groceries is really low, this seems like the best card available...Even if you're spending $1,200/month on groceries, it still seems worth it to me.
/u/Spyrothedragon9972
How the BMO CashBack® MasterCard®* compares
10% cash back
Welcome Bonus
$484
First Year Value
$384
Annual Value
Welcome Bonus: Earn 10% cash back for 2 months† (up to $100). Expires Aug 31, 2025
Get this card if you...
-
want flexible cash back categories
-
want unlimited cash back
-
want to avoid paying an annual fee
Annual Fee & Annual Interest Rates
$0
Annual Fee
19.95% - 24.95%
Purchase
19.95%
Cash Advance
1.95% - 19.95%
Balance Transfer
Our Take
The Tangerine Money-Back Credit Card is a no-annual-fee cash back card that allows cardholders to earn a higher cash back rate in two spending categories of their choice, such as groceries, gas, or restaurants, and a lower rate on all other purchases. By opening a Tangerine Savings Account and directing cash back earnings there, a third higher rate cash back category can be added. Additional benefits include purchase assurance and extended warranty protection, with cash back rewards automatically applied monthly.
Eligibility
Good (620 - 670)
Recommended Credit Score
$12,000
Required Annual Personal Income
Pros
-
No annual fee
-
Choose the spending categories where you want to earn the most cash back
-
Unlimited cash back—no maximum spending limit for any purchase category
-
Cash back is paid out monthly rather than annually
-
Periodically includes a special welcome offer where you can get extra cash back
-
1.95% interest on balance transfers for the first 6 months (1% transfer fee applies)*
Cons
-
Regular cash back rates are still lower than what you can get from a card with an annual fee
-
Limited extra perks or benefits beyond the cash back and balance transfer promotion
-
Generally not a good fit for shopping at warehouse clubs or wholesale grocers like Costco or Walmart
-
Tangerine does not have any physical bank branches
Annual Interest Rates
19.95% - 24.95%
Purchase
19.95%
Cash Advance
1.95% - 19.95%
Balance Transfer
1.95%
Balance Transfer (Introductory)
24.95%
Penalty
Fees
$0
Annual Fee
2.50%
Foreign Transaction
3.00%
Balance Transfer
$3.5
Cash Advance
$25
Over The Limit Penalty
$25
Return Penalty
Rewards cash back
2%
Earn 2% cash back on 2 categories of your choice (e.g. groceries, recurring bills, gas, drug stores, etc.)
3
Get a Tangerine Savings account and add a 3rd 2% cash back category.
0.5%
Earn 0.50% on all your other everyday purchases.
Earn 10% cash back for 2 months† (up to $100).
Our Take
The Tangerine Money-Back Credit Card is a no-annual-fee cash back card that allows cardholders to earn a higher cash back rate in two spending categories of their choice, such as groceries, gas, or restaurants, and a lower rate on all other purchases. By opening a Tangerine Savings Account and directing cash back earnings there, a third higher rate cash back category can be added. Additional benefits include purchase assurance and extended warranty protection, with cash back rewards automatically applied monthly.
Eligibility
Good (620 - 670)
Recommended Credit Score
$12,000
Required Annual Personal Income
Pros
-
No annual fee
-
Choose the spending categories where you want to earn the most cash back
-
Unlimited cash back—no maximum spending limit for any purchase category
-
Cash back is paid out monthly rather than annually
-
Periodically includes a special welcome offer where you can get extra cash back
-
1.95% interest on balance transfers for the first 6 months (1% transfer fee applies)*
Cons
-
Regular cash back rates are still lower than what you can get from a card with an annual fee
-
Limited extra perks or benefits beyond the cash back and balance transfer promotion
-
Generally not a good fit for shopping at warehouse clubs or wholesale grocers like Costco or Walmart
-
Tangerine does not have any physical bank branches
Annual Interest Rates
19.95% - 24.95%
Purchase
19.95%
Cash Advance
1.95% - 19.95%
Balance Transfer
1.95%
Balance Transfer (Introductory)
24.95%
Penalty
Fees
$0
Annual Fee
2.50%
Foreign Transaction
3.00%
Balance Transfer
$3.5
Cash Advance
$25
Over The Limit Penalty
$25
Return Penalty
Rewards cash back
2%
Earn 2% cash back on 2 categories of your choice (e.g. groceries, recurring bills, gas, drug stores, etc.)
3
Get a Tangerine Savings account and add a 3rd 2% cash back category.
0.5%
Earn 0.50% on all your other everyday purchases.
Earn 10% cash back for 2 months† (up to $100).
The Tangerine’s Money-Back card’s top earn rate is only 2%, there are no category caps and categories are also customizable, so it’s definitely smart doing a comparison of the BMO CashBack® MasterCard®* and the Tangerine Money Back card before deciding what’s best for you.
| BMO CashBack Mastercard | Tangerine Money Back Card |
|---|---|
|
Annual fee:
$0 |
Annual fee:
$0 |
|
Welcome bonus:
Get up to 5% cash back in your first 3 months and a 0.99% introductory interest rate on Balance Transfers for 9 months with a 2% transfer fee.† |
Welcome bonus:
Get a Tangerine Savings account and add a third 2% cash back category. |
|
Rewards:
Earn 3% (up to a monthly max of $500) cash back on groceries. Earn 1% (up to $500 per month) on any recurring bill payments*. Earn 0.50% cash back on all other purchases. |
Rewards:
Earn 2% cash back on two categories of your choice (e.g. groceries, recurring bills, gas, drug stores, etc.) Earn 0.50% on all your other everyday purchases. |
|
Perks:
Save up to 20% on National Car Rental®†† and Alamo Rent A Car®†† and up to 5% on Enterprise Rent-A-Car®†† at locations worldwide using BMO's Car Rental Booking tool. Up to seven cents off per litre on Shell fuel® Basic insurance |
Perks:
Basic insurance |
| - | Read Review |
8% cash back†
Welcome Bonus
$439
First Year Value
$359
Annual Value
Welcome Bonus: Earn 8% cash back† for your first 3 months up to $1,000 in eligible spend.
Get this card if you...
-
want to earn cash back on everyday purchases
-
want to avoid paying an annual fee
-
appreciate a good welcome offer
Annual Fee & Annual Interest Rates
$0
Annual Fee
20.99%
Purchase
22.99%
Cash Advance
22.99%
Balance Transfer
Our Take
The Simplii Financial™ Cash Back Visa* Card is a no-annual-fee credit card offering cash back on various spending categories, including elevated rates for dining and drinking establishments, as well as for eligible gas, groceries, drugstore purchases, and pre-authorized payments. Cardholders benefit from purchase security and extended protection insurance.
Eligibility
Good (620 - 670)
Recommended Credit Score
$15,000
Required Annual Household Income
Pros
-
Extremely high cash back on bars and restaurants
-
Solid cash back on groceries, drug store, gas and prepayments
-
No annual fee
-
Up to three additional cards free of charge
Cons
-
Cash back applied as year-end statement credit
Annual Interest Rates
20.99%
Purchase
22.99%
Cash Advance
22.99%
Balance Transfer
Fees
$0
Annual Fee
2.50%
Foreign Transaction
$29
Over The Limit Penalty
Rewards cash back
4%
Earn 4% on eligible restaurant, bar and coffee shop purchases, up to $5,000 per year†
1.5%
Earn 1.5% on eligible gas, groceries, drugstore purchases and pre-authorized payments, up to $15,000 per year† - after that 0.5% unlimited
0.5%
Earn 0.5% on all other credit card purchases with no limit on how much you can earn†
Earn 8% cash back† for your first 3 months up to $1,000 in eligible spend.
†Terms and conditions apply. Click ‘Apply Now’ for complete details. Banking services are not available in Quebec.
Our Take
The Simplii Financial™ Cash Back Visa* Card is a no-annual-fee credit card offering cash back on various spending categories, including elevated rates for dining and drinking establishments, as well as for eligible gas, groceries, drugstore purchases, and pre-authorized payments. Cardholders benefit from purchase security and extended protection insurance.
Eligibility
Good (620 - 670)
Recommended Credit Score
$15,000
Required Annual Household Income
Pros
-
Extremely high cash back on bars and restaurants
-
Solid cash back on groceries, drug store, gas and prepayments
-
No annual fee
-
Up to three additional cards free of charge
Cons
-
Cash back applied as year-end statement credit
Annual Interest Rates
20.99%
Purchase
22.99%
Cash Advance
22.99%
Balance Transfer
Fees
$0
Annual Fee
2.50%
Foreign Transaction
$29
Over The Limit Penalty
Rewards cash back
4%
Earn 4% on eligible restaurant, bar and coffee shop purchases, up to $5,000 per year†
1.5%
Earn 1.5% on eligible gas, groceries, drugstore purchases and pre-authorized payments, up to $15,000 per year† - after that 0.5% unlimited
0.5%
Earn 0.5% on all other credit card purchases with no limit on how much you can earn†
Earn 8% cash back† for your first 3 months up to $1,000 in eligible spend.
†Terms and conditions apply. Click ‘Apply Now’ for complete details. Banking services are not available in Quebec.
If you're fond of dining at restaurants and bars and you're looking for a no-fee cash back credit card, the Simplii Financial Cash Back Visa card is a better option. With this card, you can enjoy 4% cash back on bars and restaurants, 1.5% on eligible gas, groceries, drugstore purchases, and pre-authorized payments (up to $ per year† - 0.5% on all other credit card purchases with no limit on how much you can earn†.
| BMO CashBack Mastercard | Simplii Financial™ Cash Back Visa* Card |
|---|---|
|
Annual fee:
$0 |
Annual fee:
$0.00 |
|
Welcome bonus:
Get up to 5% cash back in your first 3 months and a 0.99% introductory interest rate on Balance Transfers for 9 months with a 2% transfer fee.† |
Welcome bonus:
Earn 8% cash back† for your first 3 months up to $1,000 in eligible spend. |
|
Rewards:
Earn 3% (up to a monthly max of $500) cash back on groceries. Earn 1% (up to $500 per month) on any recurring bill payments*. Earn 0.50% cash back on all other purchases. |
Rewards:
Earn 4 % on eligible restaurant, bar and coffee shop purchases, up to $5,000 per year† Earn 1.5% on eligible gas, groceries, drugstore purchases and pre-authorized payments, up to $15,000 per year† Earn 0.5% on all other credit card purchases with no limit on how much you can earn† |
|
Perks:
Save up to 20% on National Car Rental®†† and Alamo Rent A Car®†† and up to 5% on Enterprise Rent-A-Car®†† at locations worldwide using BMO's Car Rental Booking tool. Up to seven cents off per litre on Shell fuel® Basic insurance |
Perks:
Up to 3 additional cardholders for no annual fee |
| - | Apply Now |
Disclosures:
-
†Terms and conditions apply. Click ‘Apply Now’ for complete details. This offer is not available for residents of Quebec
‡"Purchase" means any Transaction other than a Cash Advance, Balance Transfer or Convenience Cheque. "Cash" means a Cash Advance, Balance Transfer and Convenience Cheque. Interest rates may change from time to time.
- Simplii Financial™ is a trademark and division of CIBC. Banking services are not available in Quebec.
Is it worth it?
The BMO CashBack® MasterCard®* is definitely worth it for those look for a no annual fee credit card with low income requirements. Whether you're a student or someone with a modest annual income and you desire cash back rewards, this card merits serious consideration.
BMO CashBack MasterCard eligibility
The following are the eligibility requirements for the BMO CashBack Mastercard:
-
A Good credit score
-
$15,000required personal income
Disclosures
- *Terms and conditions apply
- †Statement based on a comparison of the non-promotional grocery rewards earn rate on Canadian cash back credit cards as of January 4, 2023.
- 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.
