Best BMO CashBack Credit Cards in Canada for 2024

BMO’s lineup of credit cards includes two of the best cash back credit cards in Canada.

The BMO CashBack Mastercard doubles up as a great student credit card, and you can’t go wrong with the BMO CashBack World Elite Mastercard if you want to maximize grocery rewards.

Read on to learn about the best BMO CashBack credit cards, their fees, pros, cons, and alternatives.

BMO Cash Back Credit Cards

	BMO CashBack Mastercard	BMO CashBack World Elite Mastercard
Annual fee	$0	$120
Income requirement	$15,000	$80,000 personal or $150,000 household
Rewards	0.50% to 3% cash back*	1% to 5% cash back*
Purchase interest	19.99%	19.99%
Cash advances	22.99%	22.99%

BMO CashBack Mastercard

The BMO CashBack Mastercard is an entry-level no-annual-fee credit card that works well as a first credit card or a student credit card.

It offers:

• 3% cash back on grocery purchases (on up to a maximum of $500 spent monthly).
• 1% cash back on streaming services, subscriptions, and utilities ($500 maximum monthly spend), and 0.50% cash back on all other purchases.

Cardholders can save up to 25% on car rentals at National Car Rental and Alamo Rent a Car and 15% off admission tickets to Cirque du Soleil shows in Canada.

This BMO credit card also includes standard purchase protection and extended warranty insurance.

You can redeem your cash back starting at $1 and use it to invest, save, or pay off your credit card balance.

Cons: Spending caps on the higher tier cash back rates and limited insurance coverage.

Get more details about the BMO CashBack Mastercard in this review.

BMO CashBack World Elite Mastercard

The BMO CashBack World Elite Mastercard is a premium credit card with well-above-average cash back rewards.

For a $120 annual fee, you get:

• 5% cash back on groceries (maximum $500 monthly spend)
• 4% cash back on public transit (maximum $300 monthly spend)
• 3% cash back on gas purchases (maximum $300 monthly spend)
• 2% cash back on recurring bills (maximum $500 monthly spend)
• 1% unlimited cash back on all other purchases, including all spending above the maximum thresholds for the other cash back categories

The BMO CashBack World Elite Mastercard comes with comprehensive insurance coverage.

Cardholders get a free membership in the Dominion Automobile Association with basic roadside assistance ($69/year value). You also get a complimentary Mastercard Travel Pass provided by Dragon Pass with access to airport lounges for a $32 USD fee per person per visit.

Not to be left out is access to free Boingo Wi-Fi and other World Elite Mastercard benefits.

Cons: You need a minimum of $80,000 personal income per year or $150,000 for household income to qualify.

Get more details about the BMO CashBack World Elite Mastercard in this review.

BMO CashBack Business Mastercard

This no-annual-fee BMO business credit card offers:

• 1.75% cash back for purchases made at Shell locations in Canada.
• 1.50% cash back on gas, office supplies, cellphone, and internet bill payments.
• 0.75% cash back on all other purchases.

How To Redeem BMO CashBack

You can redeem the cash back earned on your BMO credit card at any time, starting from as little as $1.

To simplify cash back redemptions, you can also set up automatic deposits that trigger when your balance reaches $25 or higher.

BMO cash back rewards can be deposited in your BMO InvestorLine account and BMO chequing or savings accounts.

Cash back rewards can also be redeemed as a statement credit.

BMO Cash Back Credit Card Alternatives

Related:

• BMO Credit Score Check
• Best BMO Student Credit Cards
• BMO Newcomer Account Review
• BMO Void Cheque Sample