BMO CashBack® Mastercard® Review
The BMO CashBack Mastercard is an affordable and accessible cash back credit card that provides notable cash back on groceries.
Sep 23, 2026 3:13 PM
The Bottom Line
If your biggest concern is optimizing groceries and avoiding annual fees, the BMO CashBack Mastercard is a solid option. The card also includes a few discounts and standard insurance. For better coverage and cash back rates in other categories, check out some of the leading no-fee cash back credit cards in the comparison section below.
Skip to: Detailed Review
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%*□
RECOMMENDED CREDIT SCORE
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.Discount
Enjoy three months of Instacart+ and a $5 monthly Instacart credit when you enroll your eligible BMO Credit Card.*
Eligibility
Credit Score
GoodAnnual Income
N/A
Welcome Bonus Details
- Get 5% cash back in your first 3 months*
- Get a 0.99% introductory interest rate on Balance Transfers for 9 months, 2% fee applies to balance amounts transferred*
Card Details
Interest Rates
Purchase APR
21.99%*
Cash Advance APR
23.99%*□
Balance Transfer APR
23.99%*□
Promotional Balance Transfer Rate
Promotional Rate
0.99%*
Promotional Period
9 months*
Transfer Fee
2%⁕
Fees
Annual Fee
$0
Additional Cards
$0
Eligibility
Minimum Individual Income
N/A
Minimum Household Income
N/A
Credit Score Estimate
Good
Type
Card Type
Credit
Reward Type
Cash BackPros & Cons
Pros
- No annual fee
- Impressive grocery cashback
- Multiple discounts
Cons
- Low base earn rate
- Limited insurance
Our Detailed Review
How to Earn Rewards with the BMO CashBack Mastercard
The BMO CashBack Mastercard collects the following:
- 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
These optimization categories make this card a solid no-fee contender for groceries and a decent card for recurring purchases.
How to Redeem Rewards with the BMO CashBack Mastercard
Cardholders can redeem their cash back at any time, or set up recurring auto-deposits. Rewards can be deposited into your BMO chequing or savings account, put towards your InvestorLine account, or applied as a credit on your monthly statement.
Benefits and Perks
3 Benefits of the BMO CashBack Mastercard
There are a few benefits that make the BMO CashBack Mastercard comparable to some of the best BMO credit cards in Canada.
Thankfully, the BMO CashBack Mastercard avoids annual fees, making it much more affordable for budget-conscious cardholders.
Cardholders can also expect generous cash back rates on groceries, the most common expense for most people.
To support its rewards program, the BMO CashBack Mastercard comes with multiple discounts, including:
- Car rental discounts at National Car Rental, Alamo Rent A Car, and Enterprise Rent-A-Car
- Discounts on admission to Cirque du Soleil shows touring Canada and a percentage off resident show in Las Vagas
- A complimentary first few months of Instacart+, plus a monthly credit when you enroll your card
Drawbacks and Considerations
2 Downsides to the BMO CashBack Mastercard
There are also a few drawbacks to consider before committing to the BMO CashBack Mastercard.
Outside of the BMO CashBack Mastercard's optimization of groceries and recurring payments, the base rate of cash back on all purchases is quite low.
As far as coverage goes, the BMO CashBack Mastercard only includes standard purchase protection and extended warranty insurance.
Compare to Similar Cards
In this section, we're going to compare the BMO CashBack Mastercard against some of the top no-fee cash back credit cards in Canada.
Rogers Bank
4.5
Tangerine
4.4
Simplii Financial™
4.3
American Express
3.8
Annual Fee
$0
$0
$0
$0
$0
Interest Rates
Purchase
21.99%*
Cash advance
23.99%*
21.99%
Balance transfer
23.99%*
21.99%
Rate details
Purchase
21.99% - 25.99%*
Cash advance
22.99% - 27.99%*
Balance transfer
22.99% - 27.99%*
Rate details
Purchase
20.95%*
Cash advance
22.95%*
Balance transfer
22.95%*
Rate details
Purchase
20.99%*
Cash advance
22.99%*
Balance transfer
22.99%*
Rate details
Purchase
21.99%*
Cash advance
21.99%*
Rate details
Welcome Bonus
5% cash back for the first 3 months, up to $2,500 in spend*
Welcome Bonus varies
10% Cash Back (up to $100 value) + 1.95% balance transfer promo rate for 6 months
20% cashback† up to $500 in spending
Up to $100 in Statement Credits
Rewards
$335.93
First year rewards
$360
First year rewards
$382.86
First year rewards
$438.18
First year rewards
$409.2
First year rewards
on BMO's website
on Rogers Bank's website
on Tangerine's website
on Simplii Financial™'s website
on American Express' website
Apply with Confidence — won't impact your credit score
Welcome Bonus Details
Earn Rates
Insurance Coverage
Extra Benefits
Requirements
BMO CashBack Mastercard vs Rogers Red World Elite Mastercard
The Rogers Red World Elite Mastercard is recognized as one of the best no-fee credit cards in Canada as well as one of the best cash back credit cards in Canada. This valuable competitor collects impressive cash back on eligible U.S. dollar purchases, plus solid cash back on all other purchases, especially if you have a qualifying Rogers, Fido, Shaw or Comwave service. The coverage on this card is also extensive for a no-fee contender, offering important protections like trip interruption and trip cancellation insurance, not to mention travel medical insurance. For perks, expect an airport lounge Dragon Pass membership and 5 Roam Like Home Days. The catch? This card comes with some hefty annual income requirements and an annual spending cap.
Verdict: The Rogers Red World Elite Mastercard is an ideal alternative for high-earning Rogers customers.
BMO CashBack Mastercard vs Tangerine Money-Back Mastercard
Ranked as one of the best credit cards in Canada, the Tangerine Money-Back Mastercard allows cardholders to pick two earn categories out of the 13 offered by Tangerine, plus a third when you deposit your rewards into a Tangerine Savings Account. Available categories include groceries and recurring bill payments, but you'll earn slightly more cash back on groceries with the BMO CashBack Mastercard. Note, however, that the Tangerine Money-Back Mastercard lacks added perks and comes with a small annual income requirement.
Verdict: The Tangerine Money-Back Mastercard is a customizable alternative to the BMO CashBack Mastercard, offering the potential to earn more cash back on recurring purchases, plus the opportunity to optimize a third category of your choosing.
BMO CashBack Mastercard vs Simplii Financial Cash Back Visa Card
The Simplii Financial Cash Back Visa Card earns significant cash back on eligible restaurant, bar, and coffee shop purchases, making it one of the best dining credit cards in Canada. The card also optimizes gas, groceries, drugstore purchases, and pre-authorized payments. Unfortunately, this contender lacks perks and includes a small annual income requirement.
Verdict: The Simplii Financial Cash Back Visa Card is the best no-fee credit card for foodies, but the BMO CashBack Mastercard offers better optimization on groceries, plus it comes with a few perks.
BMO CashBack Mastercard vs SimplyCash Card from American Express
The SimplyCash Card from American Express earns cardholders slightly less cash back on groceries, but it optimizes gas and provides a better base rate on all other eligible purchases. On top of extended warranty and purchase protection insurance, you'll also receive travel accident insurance. For perks, cardholders unlock exclusive Amex Experiences.
Verdict: The SimplyCash Card from American Express offers better coverage and a superior base rate on all other purchases, but it's not as valuable for grocery optimization. Mastercards are also generally more accepted than Amex credit cards.
Frequently Asked Questions
If you're looking for an affordable way to optimize grocery purchases, then the BMO CashBack Mastercard is a decent option.
No. The BMO CashBack Mastercard avoids annual income requirements, making it both accessible and affordable for Canadians.
The BMO CashBack Mastercard is a good beginner credit card. That said, if you happen to be a student, you'll benefit even more with the Students – BMO CashBack Mastercard, one of the best student credit cards in Canada.
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Sara Skodak
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Since graduating from the University of Western Ontario, Sara has built a diverse writing portfolio, covering topics in the travel, business, and wellness sectors. As a self-started freelance content ...
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BMO CashBack® Mastercard® Cash Back Calculator
on BMO's website