For movie buffs and individuals seeking a credit card that aligns with their entertainment preferences, the BMO Cashback Mastercard is an enticing choice.
Packed with various advantages, this card empowers users to earn cashback rewards with every purchase, paving the way to exciting financial benefits.
Pros and Cons of the BMO Cashback Mastercard
Elevate your spending with the BMO Cashback MasterCard, where every swipe simplifies your transactions and earns you rewarding cashback perks. However, it’s important to be aware of the potential drawbacks.
Pros
- Cardholders earn cashback rewards on all purchases, ensuring a rewarding experience with every transaction;
- Customers can shop confidently with an extended warranty and purchase protection;
- You can redeem your cashback effortlessly, choosing to put it in your statement credit, BMO chequing or saving accounts; or InvestorLine;
- Access exclusive perks and benefits designed to enhance your financial experience.
Cons
- The BMO Cashback Mastercard has high credit card interest rates;
- This card does not include travel insurance;
- The cashback on purchases other than groceries and recurring bill payments is 0.5%.
App Features
The BMO Canada App offers the following benefits for its cardholders:
- Account Management: easily view account balances, and transaction history, and manage payments;
- Bill Payments: schedule and pay bills directly from the app;
- Transfer funds: transfer money between accounts securely;
- Alerts: set up customizable alerts for account activities and transactions;
- Customer Support: access customer service and support through the app for quick assistance.
About the Issuing Bank
The BMO Bank, founded in 1817, is the 8th largest bank in North America by assets. It offers various financial services, including banking, investments, and wealth management, serving millions of customers across Canada and The United States.
This bank is known for its commitment to customer service and innovation in banking technology and also operates a network of branches and ATMs, providing convenient access to its functionalities.
It has received recognition for its workplace culture and dedication to diversity and inclusion.
Fees of the BMO Cashback Mastercard
The BMO Cashback Mastercard also entails several fees for the cardholders to consider, such as:
- The annual fee of this card is $0;
- The annual interest rate for purchases, fees, and other charges is 20.99%;
- The annual interest rate for cash advances and balance transfers is 22.99% and 21.99% for Quebec residents;
- If the customer does not make their minimum payment by the payment due date, the annual interest rate for purchases will increase to 25.99%, and the one for cash advances will increase to 27.99%;
- If you reside outside Quebec, your minimum payment includes $10 plus any interest, fees, and total monthly installment plan payments. Additionally, you must pay any past due amount on your account statement or any amount that exceeds your credit limit (whichever is greater). If your balance is $10 or less, you are required to pay the full amount due.
- If you reside within Quebec, your minimum payment will be determined by the greater of the following options: the total monthly installment plan payments plus 5% of your balance due and any past due amount on your account statement, or any amount exceeding your credit limit, or $10. If your balance due is $10 or less, you must pay the full amount;
- A foreign currency current is also charged, which is the rate charged to BMO by the payment network on the date of the transaction, plus 2.50% for purchases;
- There is also an over limit fee of $29.
Why Apply for This Card?
The BMO Cashback Mastercard offers a straightforward way to earn cashback on everyday purchases, providing financial flexibility and rewards with every swipe.
With competitive cashback rates and various perks tailored to your spending habits, it’s a smart choice for those looking to maximize their purchasing power while enjoying the convenience of a widely accepted credit card.
Interested in the BMO Cashback MasterCard and ready to apply? Take the next step by clicking the button below.
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