Students – BMO CashBack® Mastercard®* Review
Recognized by FinlyWealth as the best student credit card in Canada, the Students – BMO CashBack Mastercard provides scholars with no annual fees, solid cash back, and valuable discounts.
May 27, 2026 7:00 PM
The Bottom Line
The BMO Student Cash Back Mastercard is a top choice for students seeking a well-rounded credit card in terms of everyday optimization, standard coverage, and helpful perks.
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Our choice for: Highest cashback for students
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. Terms apply.
Eligibility
Credit Score
PoorAnnual Income
N/A
Welcome Bonus Details
- Get up to 5% cash back in your first 3 months, up to $2,500 in spend (max $125 cashback)
Card Details
Interest Rates
Purchase APR
21.99%
Cash Advance APR
23.99%□
Balance Transfer APR
23.99%□
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
- Solid cashback optimization
- Shell fuel discounts
- Hotel booking discounts
- Entertainment discounts
Cons
- Low base earn rate
- Limited insurance
Our Detailed Review
How to Earn Rewards with the Students – BMO CashBack Mastercard
There are a few key ways to collect cash back using the Students – BMO CashBack Mastercard, one of the best BMO credit cards in Canada.
Cardholders can expect:
- 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 Redeem Rewards with the Students – BMO CashBack Mastercard
Cardholders can redeem their cash back whenever they want. You can even set up a recurring deposit each time you reach a certain amount. Whether you decide to deposit your rewards as a one-time lump sum or on a recurring schedule, you can place all earning into any BMO account (chequing, savings or InvestorLine) or simply receive your cash back as a statement credit.
Benefits and Perks
3 Benefits of the Students – BMO CashBack Mastercard
There are a few perks that make the Students – BMO CashBack Mastercard one of the best student credit cards in Canada.
For starters, the Students – BMO CashBack Mastercard avoids annual fees, making it an affordable credit-building tool for those still in school.
With impressive cash back on groceries, and decent cash back on recurring payments, the Students – BMO CashBack Mastercard is great for optimizing popular everyday expenses.
There are a few different discounts that accompany this card's rewards program, including:
- Car rental discounts at National Car Rental, Alamo Rent A Car, and Enterprise Rent-A-Car
- Prepaid hotel or property rental booking discounts on accommodations secured through booking.com/mastercardcanada
- A complimentary first few months of Instacart+, plus a monthly credit when you enroll your card
Drawbacks and Considerations
2 Downsides to the Students – BMO CashBack Mastercard
As with any credit card, there are also a couple of drawbacks to consider before committing.
Aside from optimized categories like groceries and recurring payments, the Students – BMO CashBack Mastercard's base rate on all other purchases is quite low.
Unfortunately, the card only includes basic coverage: purchase protection insurance and extended warranty insurance.
Compare to Similar Cards
To help you decide whether the Students – BMO CashBack Mastercard is the right student credit card for you, we've compared it against some of the other top student credit cards in Canada.
Tangerine
4.4
Annual Fee
$0
$0
$119.88
$0
Interest Rates
Purchase
21.99%
Cash advance
23.99%
21.99%
Balance transfer
23.99%
21.99%
Purchase
20.95%*
Cash advance
22.95%*
Balance transfer
22.95%*
Rate details
Purchase
19.99% - 29.99%
19.99% - 24.99%
Cash advance
22.99% - 31.99%
22.99% - 25.99%
Balance transfer
22.99% - 31.99%
Purchase
21.99%*
Cash advance
22.99%*
Balance transfer
22.99%*
Rate details
Welcome Bonus
5% cash back for the first 3 months, up to $2,500 in spend
10% Cash Back (up to $100 value) + 1.95% balance transfer promo rate for 6 months
$25 bonus upon approval for new clients
Earn up to 5,000 bonus Scene+ points within your first 3 months.
Rewards
$335.93
First year rewards
$382.86
First year rewards
0% - 1%
$296.72
First year rewards
on BMO's website
on Tangerine's website
on Neo Financial's website
on Scotiabank's website
Welcome Bonus Details
Earn Rates
Insurance Coverage
Extra Benefits
Requirements
Students – BMO CashBack Mastercard vs Tangerine Money-Back Mastercard
Tangerine's Money-Back Credit Card is ideal for students seeking a tailored cash back experience. In fact, this card is deemed one of the best cash back credit cards in Canada. With this competitor, you can choose 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, although the Students – BMO CashBack Mastercard's grocery rate is a bit higher. The card's online banking interface is user-friendly, making it ideal for tech-savvy students who prefer managing their finances digitally. Unfortunately, this card lacks any added perks and also comes with a small annual income requirement.
Verdict: The Tangerine Money-Back Mastercard provides the opportunity to earn better cash back rates on recurring purchases, plus the opportunity to pick a third earn category. The Students – BMO CashBack Mastercard is still better in terms of grocery optimization, accessibility, and perks.
Students – BMO CashBack Mastercard vs Neo Secured Mastercard
For guaranteed approval and cash back on everyday purchases, students should check out the Neo Secured Mastercard. The catch? This card offers lower cash back on groceries and lacks any coverage or perks. That said, it includes gas optimization and the opportunity to boost cash back with Neo Partner purchases.
Verdict: The Neo Secured Mastercard is a good option for students who want guaranteed approval and the boosted cash back on Neo Partner purchases.
Students – BMO CashBack Mastercard vs Scotiabank Scene+ Visa card
If you're a student looking for a points alternative, check out the Scotiabank Scene+ Visa Card. This contender collects decent Scene+ points on partner groceries, home improvement purchases, entertainment, and travel. These points are later redeemable towards purchases in entertainment, travel, and groceries. However, this card lacks insurance and only includes car rental discounts as an added benefit.
Verdict: The Scotiabank Scene+ Visa Card earns students flexible Scene+ points, which could be beneficial for those who travel, but the Students – BMO CashBack Mastercard is still superior for groceries, coverage, and perks, or simply if you prefer cash back.
Frequently Asked Questions
The Students – BMO CashBack Mastercard stands out as a student credit card on account of being well-rounded in terms of rewards, coverage, and perks.
To qualify for the Students – BMO CashBack Mastercard, you must:
- Be a student between the ages of 18 and 24 at a recognized post-secondary school.
- Be a Canadian citizen or permanent resident.
- Have reached the age of majority in the province in which you live (18 years in AB, MB, ON, PE, QC and SK. 19 years in all other provinces).
- Earn annual income from employment, scholarship/grant, student loan or family allowance.
If you are an international student, you can apply for a BMO credit card by visiting a BMO branch.
The Students – BMO CashBack Mastercard, or any student credit card for that matter, is typically easier to qualify for, helps you start building your credit history, and allows you to pocket rewards on qualifying purchases.
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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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Students – BMO CashBack® Mastercard®* Cash Back Calculator
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