BMO CashBack® Mastercard® for Students vs BMO Preferred Rate Mastercard®: Which one is better?
BMO CashBack® Mastercard® for Students
4.8
BMO Preferred Rate Mastercard®
3.6
Finly Rebate
Finly Rebate
Rewards Breakdown
Annual Rewards
$238.05
First Year Bonus Value
$94.3
Annual Fee
$0
First Year Value
$332.35
$238.05 in years after
Based on $2,000/mo average spending. Calculate your rewards.
Rewards Breakdown
N/A
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..svg)
Gas Discount
Save up to 7 cents per litre at Shell stations when linked with Air Miles
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
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
Welcome Bonus*
Get up to 5% cash back in your first 3 months, up to $2,500 in spend (max $125 cashback)
Welcome Bonus*
Get a 0.99% introductory interest rate on Balance Transfers for 9 months with a 2% transfer fee*
Rewards Rate*
- 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
Rewards Rate*
No rewards earned on this card
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
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vs BMO CashBack® Mastercard®
vs BMO AIR MILES® World Elite®* Mastercard®*
vs BMO VIPorter Mastercard®∗
vs BMO AIR MILES® Mastercard®* for Students
vs BMO AIR MILES® Mastercard®*
vs BMO CashBack® World Elite® Mastercard®
vs BMO eclipse Visa Infinite Privilege* Card
vs BMO VIPorter World Elite Mastercard®∗
vs BMO eclipse Visa Infinite* Card
vs BMO eclipse rise Visa* Card
vs BMO Ascend™ World Elite®* Mastercard®*
vs BMO CashBack® Mastercard®
vs BMO AIR MILES® World Elite®* Mastercard®*
vs BMO VIPorter Mastercard®∗
vs BMO AIR MILES® Mastercard®* for Students
vs BMO AIR MILES® Mastercard®*
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