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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
Rewards Rate
0.5% - 3%
Cash Back
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
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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 Back
Pros & 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