Cash Back
No Annual Fee
Balance Transfer
BMO CashBack Mastercard
BMO Bank of Montreal
Current Welcome Offer
Up to 5% cash back in your first 3 months
Annual Fee
$0
Purchase APR
21.99%
Cash Adv. APR
23.99%
Welcome Bonus
~$100
RateBuddy Verdict
The Good
- Offers a highly competitive 3% cash back rate on groceries without charging an annual fee.
- Extremely flexible redemption rules allow you to cash out your rewards for as little as $1 at any time.
- No supplementary card fee, meaning you can add authorized users for free to pool your cash back earnings.
The Trade-offs
- The 3% grocery rate is strictly capped at $500 in spending per statement period, dropping to 0.5% afterward.
- The base earn rate on non-category spending is very low at just 0.5%.
- Does not include any standard travel or mobile device insurance coverage.
Rewards & Earnings
Groceries 3.00%
Base Rate 0.50%
Rewards Summary: Groceries: 3% cash back (up to $500/month); Recurring Bills: 1% cash back; Base Earn: 0.5% cash back; Redemption: Any time starting at $1 or auto-deposit at $25; Instacart: 3 months free + $5/month credit
- Groceries (up to $500/mo): 3.0%
- Recurring Bill Payments: 1.0%
- All Other Purchases: 0.5%
Welcome Bonus Details
Up to 5% cash back in your first 3 months
Estimated Value: $100.00
Features & Benefits
No Annual Fee
No annual fee
Extended Warranty Insurance
Doubles manufacturer warranty up to 1 year
Purchase Security Insurance
90 days from date of purchase
Additional Perks
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Insurance Coverage
Purchase Security: 90 days; Extended Warranty: +1 Year; Travel/Medical: Not Included
Rates & Fees Details
| Purchase APR | 21.99% |
|---|---|
| Cash Advance APR | 23.99% |
| Annual Fee | $0 |
| Income Required | No specific requirement listed. |