BMOMastercardBest for: No-fee grocery cash back

BMO CashBack® Mastercard®

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3% cash back on groceries — highest rate on any no-annual-fee card in Canada
1% cash back on recurring bill payments
No annual fee — worth holding long-term as a grocery card
No minimum income requirement — accessible to newcomers and students

No annual fee, no income requirement, and the highest grocery cash back rate of any no-fee card in Canada. The 3% grocery rate makes it the obvious first card for newcomers and students — straightforward cash back without the cost or complexity.

Welcome bonus

Earn $250 cash back when you spend $2,000 in the first three months of account opening.

worth approximately $250

~$250 first-year value

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Earn rates

Groceries3%

Recurring bills1%

Everything else0.5%

Estimate annual rewards

You'd earn ~$360/year

Key facts

Annual fee

$0

$0 for Additional Cardholder.

Purchase APR

21.99%

Cash advance APR

23.99%

Foreign transaction fee

2.5%

Income required

No minimum income requirement disclosed

Credit score

660+

Quebec residents — terms may differ

No annual fee applies in Quebec, with a reduced 21.99% cash advance rate (vs 23.99% elsewhere) and a 5% minimum monthly payment.

Verify current terms at issuer website →

Rates and fees sourced from BMO's official card page →

Perks & benefits

3% cash back on groceries — highest rate on any no-annual-fee card in Canada

1% cash back on recurring bill payments

No annual fee — worth holding long-term as a grocery card

No minimum income requirement — accessible to newcomers and students

Insurance coverage

Standard purchase protection and extended warranty.

Pros & cons

Pros

Highest grocery earn rate on any no-fee cash back card in Canada
No annual fee makes it easy to hold while building credit
No minimum income requirement — ideal for newcomers and students
Simple structure with no category activation required

Cons

0.5% base rate on non-bonus spending is among the lowest available
No travel insurance or premium perks of any kind
2.5% foreign transaction fee — not suitable for travel spending
Welcome bonus requires $2,000 spend in 3 months — higher than most no-fee cards

Eligibility requirements

Canadian resident, age of majority.

Frequently asked questions

Yes — it requires no minimum income and no Canadian credit history through BMO's NewStart Program. The 3% grocery rate is useful immediately and the no annual fee means there's no cost to holding it while you build credit history.