Students – BMO CashBack® Mastercard®* vs BMO Preferred Rate Mastercard®: Which one is better?
Students – BMO CashBack® Mastercard®*
BMO Preferred Rate Mastercard®
Welcome Bonus
Get up to 5% cash back in your first 3 months, up to $2,500 in spend (max $125 cashback). This offer ends on January 31, 2026.
Welcome Bonus
Get a 0.99% introductory interest rate on Balance Transfers for 9 months with a 2% transfer fee*
Rewards Breakdown
Annual Rewards
$238.05
First Year Bonus Value
+
$94.3
Annual Fee
-
$0
First Year Value
$367.35
$238.05 in years after
Based on a hypothetical $2,000/mo average spending. Calculate your rewards.
Rewards Breakdown
N/A
How to Earn Rewards
- 3% cash back on grocery purchases (maximum $15 per statement)
- 1% cash back on recurring payments like bills or subscriptions (maximum $5 per statement)
- 0.5% cash back on all other purchases
How to Earn Rewards
No rewards earned on this card
Insurance Included
Extended Warranty
1 year
Purchase Protection
90 days
Insurance Included
Extended Warranty
Doubled up to 1 yearPurchase Protection
90 days
Extra Benefits
Car Rental Discount
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 the Car Rental Booking tool.
Hotel Booking Discount
Save up to 7% on your Booking.com prepaid hotel or property rental bookings at booking.com/mastercardcanada.Discount
Get 20% off admission to Cirque du Soleil shows touring Canada, and 15% off resident shows in Las Vegas.
Extra Benefits
N/A
Interest Rates
Purchase:
21.99%
Cash Advance:
23.99%
Balance Transfer:
23.99%
Interest Rates
Purchase:
13.99%2
Cash Advance:
15.99%2
Balance Transfer:
15.99%2
2 Terms and conditions apply. Each balance transfer is subject to a fee of 2% which will be charged to your account on the date the balance transfer is posted to your Account.
Annual Fee
$0
Annual Fee
$29
Income Required
Min Personal Income:
N/A
Min Household Income:
N/A
Income Required
Min Personal Income:
N/A
Min Household Income:
N/A
Is this card worth it?
We consider this card to be the best student credit card in Canada for it's competitive cashback rewards (3% on groceries, 1% on recurring bills), no annual fee and a generous welcome bonus. Plus, cashback redemption is flexible so no need to wait a year each time you want to get your cashback paid out.
Is this card worth it?
If you plan to carry a balance on your credit card, this card offers a very low interest rate. However, there are other cards with no annual fee and slightly lower interest rates that you might want to consider as well.
Pros
- No annual fee, making it a cost-effective option for all students.
- Up to 3% cash back on groceries and 1% on recurring bill payments, giving fantastic rewards to students.
- Save up to 7 cents per litre at Shell stations when linked with Air Miles.
Pros
- Low interest rate
- Nice welcome offer for balance transfer
Cons
- Low base earn rate of 0.5% cash back on non-bonus purchases.
- Limited insurance coverage (extended warranty and purchase protection only).
Cons
- Annual fee while there are similar cards that don't have that fee with them
- No benefits other than the most basic purchase protection and extended warranty
vs BMO AIR MILES® Mastercard®*
vs BMO AIR MILES® Mastercard®* for Students
vs BMO VIPorter Mastercard®∗
vs BMO AIR MILES® World Elite®* Mastercard®*
vs BMO CashBack® Mastercard®
vs BMO Ascend™ World Elite®* Mastercard®*
vs BMO eclipse rise Visa* Card
vs BMO eclipse Visa Infinite* Card
vs BMO VIPorter World Elite Mastercard®∗
vs BMO eclipse Visa Infinite Privilege* Card
vs BMO CashBack® World Elite® Mastercard®
vs BMO AIR MILES® Mastercard®*
vs BMO AIR MILES® Mastercard®* for Students
vs BMO VIPorter Mastercard®∗
vs BMO AIR MILES® World Elite®* Mastercard®*
vs BMO CashBack® Mastercard®
vs BMO Ascend™ World Elite®* Mastercard®*
vs BMO eclipse rise Visa* Card
vs BMO eclipse Visa Infinite* Card
vs BMO VIPorter World Elite Mastercard®∗
vs BMO eclipse Visa Infinite Privilege* Card
vs BMO CashBack® World Elite® Mastercard®
Legal
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.
*Terms and conditions apply.
Each balance transfer is subject to a fee of 2% which will be charged to your account on the date the balance transfer is posted to your Account.
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.