BMO CashBack® Mastercard®
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
Get 5% cash back in your first 3 months and a 0.99% introductory interest rate on Balance Transfers for 9 months with a 2% transfer fee.
worth approximately $250
~$250 first-year value
Earn rates
What this card earns you
Enter what you spend in a month. Caps are applied exactly as the card states them.
Annual spend
$21,600
$1,800 a month
Estimated rewards
$282
per year, after caps
After the annual fee
$282
no annual fee
3%
$180
per year
0.5%
$9
per year
0.5%
$18
per year
0.5%
$12
per year
1%
$48
per year
0.5%
$15
per year
Estimates use each card's published earn rates and spending caps, annualized from your monthly figures. Where a cap is shared across categories it is split in proportion to what you spend in each. Welcome bonuses are not included.
Key facts
Annual fee
$0
$0 for Additional Cardholder.
Purchase APR
21.99%
Cash advance APR
23.99% (21.99% for Quebec residents)
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.
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
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$0/year