Best BMO Cash Back Credit Cards

It is almost impossible to find a credit card in Canada with no annual fee yet offers high cash back rewards for regular transactions. This is why Canadian consumers seeking a fee-free card with simple cash back earning opportunities have long prized the BMO CashBack Credit Cards.  

BMO (Bank of Montreal) gives stability from a long history as an established institution, along with the other major banks in Canada. The bank was established in 1817, making it the nation’s oldest bank to be formed, and it has risen in rank to be one of the four largest banks as of 2018, to be one of the four largest banks as of 2018.  

BMO CashBack Credit Cards are very popular in Canada. Two of the top cashback credit cards in Canada are available from BMO. The BMO CashBack Credit Card is a superb student credit card and helps optimize grocery rewards.

This article will highlight the best BMO CashBack Credit Cards for 2022, their pros, cons, fees, and various alternatives.

The following are the various best BMO CashBack Credit Cards in Canada 2022;

BMO Cash Back MasterCard

What do we all need, exactly? Added money in our pockets. The BMO CashBack MasterCard, which has no annual fee, is the ideal card for this.

BMO CashBack MasterCard is a credit card with cashback programs that reimburse you for a portion of your purchases, which you may either deposit into your bank account or use to reduce the balance on your credit card (as a credit statement).

Annual fee: $0

Interest rates: 19.99% for purchases, 22.99% for cash advances, and 22.99% for balance transfers.

Annual Income: None specified.

Pros 

  • To begin earning 5% cash back on grocery purchases ($5 every $100 spent), 4% cash back on transportation (taxis, rideshares, public transportation), 3% cash back on gas, 2% cash back on recurring bills, and 1% cash back on all other transactions, applicants do not need to deposit any money. (There is a $500 monthly cap.)

  • Additionally, you have the chance to save up to $100 thanks to the welcome incentive, which offers 5% back for the first three months. You can set up automatic recurring redemptions of $25 or more, which helps with cash flow management, or you can redeem cash back in increments of as little as $1.

  • This credit card enables balance transfers at a low 1.99% interest rate for a full nine months (a 1% balance transfer fee is charged).

Cons

  • Spending restrictions and restricted insurance coverage for the higher tier cashback rates.

CashBack Credit Cards

BMO Cash Back World Elite MasterCard

BMO is aware that people prefer cash as a reward since it is adaptable, which is why they offer the BMO CashBack World Elite MasterCard. This card is such that it eliminates tiered rewards or categories and offers a flat cashback rate of 1% offered on all credit card purchases.

Annual fee: $120 (First-year yearly fee is exempt).

Interest rates: 19.99% for purchases, 22.99% for cash advances, and 22.99% for balance transfers.

Annual Income: $80,000 or $150,000.

Pros 

  • You can also earn more on bonus categories, including 5% on groceries (on the first $500 spent each billing cycle, then 1% after that), 4% on transit (taxis, rideshare, and public transportation), 3% for gas, and 2% for ongoing expenses as well as 5% on groceries and recurring bills, respectively.

  • This product allows the account holder to pick when to redeem points in $10 increments (as long as they’ve amassed at least $50), and where to apply them, giving you the privilege to use the money for anything which differs from certain cards that automatically deposit rewards once a calendar year

  • The offer is sweetened by a welcome bonus of 10% cash back for the first three months.

  • The BMO CashBack World Elite travel and medical protection, roadside support, and free membership in Lounge Key’s MasterCard Airport Experiences are just a few of the benefits this product’s users receive as an Elite MasterCard.

Cons

  • To be selected, your household income must be at least $150,000, or your Income must be at least $80,000 annually.

BMO Eclipse Visa Infinite MasterCard

Although the BMO eclipse Visa Infinite Card offers flexible points and a respectable earning rate, there are better options for the perks.

Annual Income: $ 120 (First-year yearly fee is exempt)

Interest rates: 20.99% for purchases, 23.99% for cash advances, and 23.99% for balance transfers.

Annual Income: $60,000 or $100,000.

Pros

  • With the BMO Eclipse Visa Infinite, you can earn a staggering 5 BMO Rewards points for every $1 you spend on any form of transportation or food.

  • In addition to gas, public transportation, taxis, and ridesharing services like UberEats, this means 5 points for every $1 spent on groceries, dining out, and meal delivery. In contrast to the previously mentioned BMO World Elite, anything else will only earn you 1 BMO point for every $1 spent, which isn’t particularly outstanding for standard purchases.

  • Also, when redeeming BMO Rewards points for travel on almost any airline, each point is worth 0.7 cents. Thus, a return of 3.5% on all bonus categories and 0.71% on all other categories is calculated. Increasing your income rate is simple. You also receive a welcome bonus of 60,000 points.

  • This card also includes a $50 annual lifestyle credit, a novel feature that you can use as you like. Get 10% more points on all purchases when you add a second user ($50 per card).

Cons

  • Stiff competition

  • Travel insurance isn’t as comprehensive.

  • Travel redemptions must be booked with BMO Rewards.

BMO Ascend World Elite MasterCard

One of the few upscale credit cards available on today’s list of BMO credit cards is the BMO World Elite MasterCard. It is frequently cited as one of Canada’s top travel credit cards.

Annual fee: $150 ((First-year yearly fee is exempt).

Interest rates: On purchases, 20.99%, cash advances 23.99%, and balance transfers 22.99%.

Annual Income: $80,000 to $150,000

Pros

  • There is an annual charge for the BMO Ascend World Elite MasterCard, but it delivers on the perks.

  • The primary benefit is a faster pace of earning BMO Rewards Points, which members may use to pay for travel-related costs, including lodging and flights, as well as other experiences and goods.

  • Users can accomplish their goals more rapidly with this card thanks to its gain rate of 5 points for every $1 spent on is extremely competitive. Qualified travel, 3 points for every 1 point, and $1 spent on meals and entertainment for every $1 spent on all other expenditures.

  • Additionally, new applicants are eligible for up to 60,000 points and a free first year of card membership. This is a good deal with a variety of reliable insurance and some alluring airport bonuses.

Cons

  • High-Income requirements

  • High annual fee

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BMO Preferred Rate MasterCard

The BMO Preferred Rate MasterCard is one of the best credit cards with low interest. Since it has a low-interest rate, you effectively get savings in the form of lower interest rates in place of rewards. As the lower rates will save more than any credit card rewards, this card is exclusively intended to assist individuals who carry a balance.

Annual fee: $20 (First-year yearly fee is exempt)

Interest rates: purchases 12.99%, cash advances 15.99%, balance transfers 12.99%.

Annual Income: $15,000

Pros

  • For every $12 you spend, earn one mile, with incentives at Air Miles partners being double and at qualified grocery outlets being doubled.

  • When you spend $3,000 within the first three months, you get 2,000 additional Air Miles, worth $210, free.

Cons 

  • The balance transfer offer is not the best.

  • No bonus for purchases

BMO Eclipse Visa Infinite Privilege

The BMO eclipse Visa Infinite Privilege* Card is a great option to boost your points earnings if you are a high earner and a power credit card user.

Annual fee: $499

Interest rates: On purchases, 20.99%, cash advances 23.99%, and balance transfers 23.99%.

Annual Income: $150,000 (individual) or $200,000 (household).

Pros

  • First off, the annual charge will be reduced to $299 thanks to a $200 lifestyle credit that you may use as you like.

  • Also, this card provides fantastic lounge perks, such as a Priority Pass membership with six lounge tickets annually (worth about US$300).

  • Additional benefits, including travel insurance and Visa Infinite advantages, are now merely icing on the cake.

  • The BMO Eclipse Visa Infinite Privilege accrues 5 BMO Rewards points for every $1 spent on groceries, gas, travel, eating, and pharmacies and 1 point for every $1 spent on all other purchases. When redeeming BMO points for travel, they are worth 0.71 cents, which translates to a return of 3.5% on many bonus categories and 0.5% on everything else.

Cons

  • Standard high-Income requirements

  • Additional cards are also expensive

  • Expensive annual fees

BMO Cash Back MasterCard for Students

This is a card to take into consideration if you’re on a student budget.

Annual fee: $0

Interest rates: On 19.99% purchases, 22.99% for cash advances (21.99% Quebec residents).

Annual Income: None 

Pros

  • The BMO CashBack MasterCard for students. Offers significant benefits without an annual fee, including a sign-up incentive for the first three months, 5% cash back on all purchases, and 3% cash back on groceries after that.

  • Additionally, you will receive 0.5% of everything else and 1% of recurring bill payments. You may make about $368 in cash back rewards in your first year if you do the math and add together all of those earnings. Within minutes, you’ll learn if you qualify and may begin establishing your credit.

Cons

  • This card’s lone flaw is that it doesn’t provide many bonuses as many no-fee cards do, but it does provide normal benefits.

How to Redeem BMO Cash Back?

Your BMO credit card allows you to get cash back at any time, starting with as little as $1.

You may also set up automatic payments that start when your balance reaches $25 or more to make cashback redemptions simpler.

You can deposit BMO cash back incentives into your BMO InvestorLine account as well as BMO chequing or savings accounts.

Statement credits can also be used to redeem cash back rewards.

BMO Rewards – Quick Note 

The value structure of the BMO Rewards program is comparable to those of other bank-issued point schemes, including TD Rewards and Scotia Rewards. The BMO Rewards program is perfect for finding your travel deals or using your rewards to pay for regular expenses since it offers a wide range of redemption choices, providing you access to high-value rewards and more flexible payouts like cash back on your statement.

Depending on what you’re redeeming for, the value of each point fluctuates, but as a general rule, travel will continue to offer the maximum value when compared to other options like gift cards, merchandise, or cash back.

Travel: 1 BMO Point is worth $0.0071 (0.71%), and 140 BMO Points are worth $1.

Investing funds for a BMO account: 1 BMO Point is worth $0.0067 (0.67%), or 15 BMO Points are worth $100.

Cash to settle your bill: 1 BMO Point equals $0.005 (0.5%) for every 200 BMO Points, or $1.

Gift card: One BMO Point typically equals between $0.0043 and $0.0054.

Merchandise: Various, but generally speaking, as compared to trip or investing possibilities, you won’t get as much value for stuff.

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How To Redeem BMO Rewards Points?

BMO Rewards website, BMORewards.com, is the only place where points may be redeemed. You can directly search for flights, vacation packages, hotels, cars, and cruises there, along with the corresponding points needed to redeem them for travel. You also have access to their travel portal there.

A $39 booking fee will be added to the quoted redemption cost on the website if you choose to use a BMO Rewards travel agent to redeem points for travel over the phone.

Final Words

In Conclusion, BMO has long been a dominant player in the Canadian banking sector and continues to offer excellent financial products to clients. Their BMO CashBack credit cards are no exception. Though the company is best known for its high-limit credit card offerings, they also offer cashback options that are perfect for those looking to save money while they spend.

Thanks for reading! Please let me know your thoughts and comments below. 

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