The BMO CashBack Mastercard is a credit card offered with no annual fee. The interest rate is 19.99% on purchases and 29.99% on cash advances. Purchases that you make every day can be turned in cash back rewards of up to 3%.
Your regular grocery spending can earn you 3% cash back rewards. Recurring bill statements, such as streaming services and monthly utilities, can earn up to 1% cash back. All other purchases are eligible for a .5% cash back reward. New users get 5% cash back on purchases for the first 3 months and a 1.99% introductory interest rate on balance transfers.
With flexible options for how to deposit the cash back rewards you earn and a financial tracking app, this is a great credit card for many people.
BMO Preferred MasterCard CC Details List
- No annual fee
- 99% interest on purchases
- 99% interest on cash advances
- Cash back rewards up to 3%
- Welcome bonus includes 5% cash back and 1.99% interest on balance transfers
- Flexible options make it a great card for many people
BMO Preferred MasterCard is Best Suited For
With its flexibility, this is a credit card that works for many people. You can choose how you want your cash back reward to be transferred. It can be deposited into your BMO savings or chequing account, used as a statement credit, or deposited to InvestorLine. You don’t have to wait to redeem your reward, at any time you can access it for as little as $1.
The opportunity to track and explore your spending is also great for people who want to get a better understanding of their finances. The BMO CashBack Mastercard offers a personalized look at your spending so you can track where you need to cut back on spending. If you’re looking to save money, the Money Management App can help you.
With flexible options and a money tracking app, the BMO CashBack Mastercard is a great card for people new to credit cards or experienced credit cardholders who want something more. It can also be used at most stores in Canada for more flexible cash back opportunities.