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Students – BMO CashBack® Mastercard®* Review
The Bottom Line
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.
Our choice for: Highest cashback for students
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on BMO's website
Welcome Bonus
5% cash back for the first 3 months, up to $2,500 in spend
Annual Fee
$0
Interest Rates
21.99% / 23.99%□
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
Insurance
Coverage
Purchase Protection
90 days
Extended Warranty
1 year
Benefits
Details
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.
Discount
Get 20% off admission to Cirque du Soleil shows touring Canada, and 15% off resident shows in Las Vegas.Hotel Booking Discount
Save up to 7% on your Booking.com prepaid hotel or property rental bookings at booking.com/mastercardcanada.
Eligibility
Credit Score
PoorAnnual Income
N/A
*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. Check here for full details and current product information.
Welcome Bonus Details
- 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.
Card Details
Interest Rates
Purchase APR
21.99%
Cash Advance APR
23.99%□
Balance Transfer APR
23.99%□
□ Quebec rates: Cash advance 21.99%, Balance transfer 21.99%
Fees
Annual Fee
$0
Additional Cards
$0
Eligibility
Minimum Individual Income
N/A
Minimum Household Income
N/A
Credit Score Estimate
Poor
Type
Card Type
Credit
Reward Type
Cash BackPros & Cons
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.
Cons
- Low base earn rate of 0.5% cash back on non-bonus purchases.
- Limited insurance coverage (extended warranty and purchase protection only).
Get personalized rewards estimates — see exactly how much you could earn.
Students – BMO CashBack® Mastercard®* Cash Back Calculator
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on BMO's website