Students – BMO CashBack® Mastercard®* vs BMO Preferred Rate Mastercard®: Which one is better?

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.

Get a 0.99% introductory interest rate on Balance Transfers for 9 months with a 2% transfer fee*

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² Terms and conditions apply. Each balance transfer is subject to a fee of 2% which will be charged to your account on the date the balance transfer is posted to your Account.

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.

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.