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Mr. Loonie
BMO® CashBack® Mastercard®

BMO® CashBack® Mastercard®

8.2
Very good
Expert Score · 14 reviews How we score

Best for: Grocery shoppers who want cash back with no annual fee

Your spending a month
What’s in each?
Light:
Groceries $400, restaurants $100, gas $100, recurring bills $100, everything else (base rate) $250, foreign currency $50
Typical:
Groceries $800, restaurants $250, gas $250, recurring bills $250, travel $150, everything else (base rate) $650, foreign currency $150
Big:
Groceries $1,200, restaurants $500, gas $400, recurring bills $400, travel $500, everything else (base rate) $1,600, foreign currency $400
Yours:
Your own amounts, saved on this device only
Every year
$360

Ranked #98 of 176 for year one. See the list

See how we worked it out
Balance transfers
0.99% for 9 months
2% fee, then 23.99%
Annual fee
None
Apply now on BMO’s site (opens in a new tab)
Needs $15,000 personal income
We may get paid if you apply through this link. It never changes our score.

Have this card?

Details from BMO’s site. Banks can update terms at any time, so give them a quick look before you apply. Source

Is it for me? What you’d earn Can I get it? Fees Similar cards
2 quick questions

Is it for me?

Is your personal income $15,000 or more?

Do you pay your card off in full most months?

Answer the 2 questions to see if it fits.

From the numbers

The good and the bad

Stands out

  • Good: 3% back on groceries
  • Good: 0.99% on moved balances for 9 months A 2% fee to move them.
  • Good: No annual fee It costs nothing to keep.

Watch for

  • Watch for: Everything else earns 0.5% back That’s low for everyday spending.
  • Watch for: 23.99% after the 9 months Whatever you haven’t paid off by then is charged the regular rate.
  • Watch for: 2.5% on foreign purchases Use a no foreign fee card when you travel.

Worked out from the card’s rates and fees.

Show your work

What you’d earn

With typical spending of $2,500 a month.

  • Groceries $288
    3% back $800 a month · $288 a year
  • Restaurants $15
    0.5% back $250 a month · $15 a year
  • Gas $15
    0.5% back $250 a month · $15 a year
  • Recurring bills $30
    1% back $250 a month · $30 a year
  • Travel $9
    0.5% back $150 a month · $9 a year
  • Everything else $39
    0.5% back $650 a month · $39 a year
  • Foreign currency $9
    0.5% back $150 a month · $9 a year
For you Year one Later years
Cash back you earn $405 $405
Annual fee $0 $0
Foreign currency fee2.5% on $1,800 a year −$45 −$45
Total $360 $360

Rows are rounded to the dollar.

What counts in each category
Groceries
3% back Up to a maximum of $500 spent per statement cycle period
Recurring bills
1% back - On recurring bill payments - Up to a maximum of $500 spent per statement cycle period
Everything else (base rate)
0.5% back

These are example budgets to compare cards side by side, not averages. Your own spending will give a different number.

Checked on Nov 8, 2026. Source

Before you apply

Can I get it?

  • Age 18 or older 19 or older in BC, NB, NL, NS and the territories
  • Where you live Canada
  • Personal income $15,000 or more Issuer says
  • Newcomer program BMO NewStart For permanent residents and foreign workers who arrived in the last 5 years. No Canadian credit history needed, with a limit up to $5,000, or a secured card if you are not approved. Apply in a branch.
  • Credit score No minimum on record Most banks don’t publish one, and we don’t guess.

Mr. Loonie’s tip Each application shows up on your credit file. Leave a few months between card applications.

What critics say

Other reviewers on this card

8.2
Very good
Expert Score How we score
  • GreedyRates.ca (opens in a new tab) Jul 2023
    8

    “This BMO Cash Back MasterCard is ideal for consumers looking for a cash back card with no annual fee who spend a lot on groceries and recurring payments. Frequent travellers will also appreciate the discount on rental cars. Certainly, there are premium cards with more bells and whistles, but then you pay for those extras with an annual fee.”

  • Money.ca (opens in a new tab) Jul 2023
    8

    “This BMO Cash Back MasterCard is ideal for consumers looking for a cash back card with no annual fee who spend a lot on groceries and recurring payments. Frequent travellers will also appreciate the discount on rental cars. Certainly, there are premium cards with more bells and whistles, but then you pay for those extras with an annual fee.”

  • Yore Oyster (opens in a new tab) Dec 2022

    “With a generous welcome bonus of up to 5% cash back earning rate in the first three months and a 0.99% introductory interest rate on balance transfers for nine months, the BMO CashBack Mastercard offers one of the best balance transfer perks available in Canada. The card is ‘also great for cards for accumulating cash-back rewards at no annual fee.”

  • SAVVY New Canadians (opens in a new tab) Sep 2022
    8.6

    “The BMO CashBack Mastercard does fairly well for a no-fee cash back card. If you are looking for more comprehensive insurance coverage, you will have to consider other cards. Also, it does not offer the best cash back rate among no-fee cards, especially if you meet the higher maximum income thresholds for these cards.”

  • Finder (opens in a new tab) Sep 2022

    “The BMO CashBack Mastercard is a basic fee-card that allows you to put the cash you earn towards your investment portfolio or your outstanding bank or credit card balance. It comes with a welcome bonus offer and a low introductory balance rate as well as benefits such as purchase protection and zero liability insurance.”

  • Money We Have (opens in a new tab) Sep 2022

    “My BMO CashBack® Mastercard®* review is neutral. This isn’t one of the best cash back credit cards on the market but it does have no annual fee and a low minimum income requirement.”

What cardholders say

Ratings from people with this card

No ratings yet. If you have this card, tell others what it’s like.

Applied and weren’t approved?

Insurance and perks

What comes with it

  • Extended warranty Included
  • Purchase protection Included
  • Mobile wallets Apple Pay
Coverage limits

We haven’t recorded the coverage limits for this card yet. Read BMO’s insurance certificate before you count on any coverage.

Not included

Not listed for this card: travel medical, trip cancellation, trip interruption, flight delay, lost baggage, car rental damage and mobile device.

Fees and interest

What it costs

Annual fee
None
Purchase interest
21.99%
Cash advance interest
23.99%
Foreign currency fee
2.5%
All fees and rates

Fees

Extra cards
None
Cash advance fee
1%, Minimum of $5
Balance transfer fee
5%, Maximum ; 2% introductory fee
Over-limit fee
$29
Late payment fee
None
Source
Issuer page

Interest rates

Balance transfer interest
23.99%
Intro rate: balance transfers
0.99% for 9 months, fee 2%
Source
Issuer page

Province differences

Quebec
Balance transfer rate: 21.99%. Cash advance rate: 21.99%.

Read the card terms and conditions for the full terms.

Checked on Nov 8, 2026. Source

Before you decide

Similar cards for the same spending

With typical spending. This card: $360 year one, $360 every year after.

See all cards ranked for your spending

Some of these links pay us when you apply, at no extra cost to you. Most don’t, and pay never changes our score. How we make money

Common questions

Questions people ask

What is the annual fee on the BMO® CashBack® Mastercard®?

There is no annual fee.

What income do I need?

BMO asks for $15,000 in personal income.

Does it charge a foreign transaction fee?

Yes, 2.5% on purchases in other currencies.

What is the interest rate?

21.99% on purchases. Cash advances are 23.99%.

Does it have a balance transfer offer?

Yes, 0.99% for 9 months. The transfer fee is 2%. After that, the rate is 23.99%.

Does it include insurance?

It lists extended warranty and purchase protection. Read the insurance certificate for the limits.

Rates, fees and offers come from the card issuers and change often. We work to keep this page accurate and current, but it may contain mistakes, so always check the issuer’s terms before you apply. This page is general information and isn’t financial advice.

Spot something wrong? We’ll check it with the bank. Suggest a correction

Card names, logos and trademarks belong to their owners. No issuer wrote, paid for or approved what we say about this card. Our scores and opinions are our own.

Mr. Loonie is independent and supported by affiliate links. We may earn a commission when you apply through some links, at no cost to you. How we make money

$360
a year for you
Apply now on BMO’s site (opens in a new tab)
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