The BMO CashBack Mastercard has a low annual income requirement of $15,000, making it accessible even to students. And because it’s from a major bank, the card is perfect for those who want to keep all their accounts with one provider while enjoying the security of big-name banking. We’ll give you an overview of the map’s features and how to use them in the smartest way.


More information about the BMO CashBack Mastercard*

Benefits of BMO CashBack Mastercard:

1. You earn impressive rewards for groceries

Groceries are a big spending category for most Canadians, especially with the high cost of food right now, and this card provides an easy and accessible way to monetize this regular expense. Pay for food at a grocery store and you’ll get 3% back – the highest earning rate in this category of any free cash back credit card in Canada. Its closest competitor, the PC Financial World Elite Mastercard, is technically delivering a 3% return on groceries, but through its rewards program and only at select stores. It’s important to note that this earning rate is capped at the first $500 of groceries per monthly statement period, after which you earn the card’s base rate of 0.5%. This limit resets every month, so you may not even hit it.

2. It offers an impressive welcome offer

Get up to 5% cash back for the first 3 months, plus a $50 cash back bonus that gives you up to $175 cash back in your first year. It also features an introductory interest of 1.99% on balance for 9 months with a 1% transfer fee. Looking for new customers, the BMO CashBack Mastercard offers a very tempting welcome of an accelerated cashback offer for the first three months, up to $1,500 in purchases (whichever hits you first). This is a strong bonus for a no-fee boarding pass.

3. It’s Accepted Practically Everywhere

As a credit card, you can use it wherever Mastercard is accepted. And, in addition to more “typical” grocery stores, you can also earn 3% cash back on groceries from no-frills grocery stores and Walmart Supercentre. You can use this card at Costco, but keep in mind that since Costco is a discount warehouse and not considered a grocery store, you will instead get 0.5% cash back on the groceries there.

4. Money back options are flexible

If you’re looking for convenience and flexibility, you won’t find a company with a better redemption system than BMO. First of all, unlike some other cards, you don’t have to wait for your rewards. You can request a refund at any time of the year. And, even better, you can get cash back increments from as little as $1, much more flexible than the minimums imposed by some other companies. And if you want your money to be automatically redeemed for every $25, that service is just a click away when you update your account.

5. It has a low income requirement

No-fee cashback cards tend to underdeliver by either failing to offer high returns or by requiring an inaccessible minimum annual personal income. We’ve got the great rates covered and you can add a super accessible annual income of $15,000, putting this card within reach of many more Canadians. And if you’re a university or college student, you can even get an exemption from this requirement if you apply for the BMO Mastercard as your first credit card (find out more here if you’re a student and are considering purchasing this card*).

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