BMO CashBack® Mastercard® vs BMO Preferred Rate Mastercard®*
Which one is better? Both cards worked out on the same spending: rewards, welcome bonus, fees and perks, line by line.
Welcome bonus
Each offer as the issuer words it. The numbers below show whether your spending reaches it.
The offer
The offer
- 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*
Get a 0% introductory interest rate on Balance Transfers for 18 months with a 3% transfer fee and a $29 first-year annual fee rebate.*
What each card is worth
Rewards, the welcome bonus and any Finly rebate in, the annual fee and FX fees out, all on your spending.
Worked out on a typical $2,000 a month of spending. Enter yours to see your own numbers.
$336
First-year value
Doesn't earn rewards
$238
Every year after
Doesn't earn rewards
Only BMO CashBack® Mastercard® earns rewards we can work out.
Compare the fees, rates and perks below.
How the first year adds up
Annual rewards
$238.43
cash back a year
Welcome bonus
+ $97.5
first year only
Annual fee
− $0
no annual fee
First-year value
$335.93
No figures for this card.
Where each card earns
A year of your spending at each card's own reward rates, most first.
3%Groceries
$127.71
1%Recurring Transactions
$24
0.5%All other purchases
$86.72
Doesn't earn rewards
Fees, rates and eligibility
What each card costs to hold and to use abroad, and who it's for.
Annual fee
Additional cards
Interest rates
Interest rates
Purchase:
21.99%1
Cash Advance:
23.99%1
Balance Transfer:
23.99%1
1 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.
Purchase:
13.99%2
Cash Advance:
15.99%2
Balance Transfer:
15.99%2
2 Terms and conditions apply. Each balance transfer is subject to a fee of 3% which will be charged to your account on the date the balance transfer is posted to your Account.
Recommended credit score
Recommended credit score
Income required
Income required
Min Personal Income:
N/A
Min Household Income:
N/A
Min Personal Income:
N/A
Min Household Income:
N/A
How each card earns
The earn rates and caps, as each issuer sets them.
- 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
No rewards earned on this card
Insurance and perks
What both cards include comes first in each list.
Insurance
Insurance
Extended Warranty
1 year
Purchase Protection
90 days
Extended Warranty
Doubled up to 1 yearPurchase Protection
90 days
Perks
Perks
Discount
Get 20% off admission to Cirque du Soleil shows touring Canada, and 15% off resident shows in Las Vegas.Discount
Enjoy three months of Instacart+ and a $5 monthly Instacart credit when you enroll your eligible BMO Credit Card.*
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.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.*
Our take
Why we like it
Why we like it
This is a great basic cashback credit card for those that prefer no annual fees while getting one of the highest cashback rates on groceries. You also have the additional benefit of redeeming cashback at any point without needing to wait.
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.
Pros
Pros
- No annual fee
- Impressive grocery cashback
- Multiple discounts
- Low interest rates
- Balance transfer welcome bonus
Cons
Cons
- Low base earn rate
- Limited insurance
- Annual fee
- Lacks significant benefits
More comparisons
Other cards we've put each of these up against.
Legal
*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.
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.
*Terms and conditions apply.
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.
