Best BMO Student Credit Cards in Canada (2022)

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by Enoch Omololu

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Advertiser Disclosure

The Bank of Montreal (BMO) offers two no-fee Mastercard credit cards to students.

One is great for earning cashback, while the other will help you accumulate AIR MILES Bonus Miles.

Student credit cards are offered by Canada’s top banks and they are easier to qualify for if you have limited income or credit history.

Read on to learn about the best BMO student credit cards in Canada, plus their features, pros, cons, and alternatives.

About BMO

The Bank of Montreal is one of the largest banks in North America with over 12 million customers.

It was founded in 1817 and is Canada’s oldest bank.

BMO offers a full suite of banking services and products including chequing accounts, savings accounts, credit cards, mortgages, loans, investments, and insurance.

BMO Student Credit Cards

The two BMO student credit cards are:

  • BMO Cash Back Mastercard
  • BMO Air Miles Mastercard

BMO Student Cash Back Mastercard

The BMO Cash Back Mastercard for students is one of the best student credit cards in Canada.

It has no annual fees and offers 3% cash back on grocery purchases (on $500 maximum spend/month); 1% cash back on recurring bill payments (on $500 maximum spend/month); and 0.50% cash back on all other purchases.

  • Annual fee: $0
  • Purchase interest: 19.99%
  • Cash advances: 22.99%

Con: The 3% and 1% cash back categories have a $500 monthly spend limit. This makes the Tangerine Money-Back Credit Card a better alternative for unlimited cash back.

BMO Cashback Mastercard

BMO Air Miles Mastercard

The BMO Air Miles Mastercard offers 1 Mile per $25 spent and 3 Miles per $25 when you spend at participating AIR MILES Partners.

You can redeem your Air Miles rewards for travel purchases, merchandise, and events, and also use it in-store when paying for a purchase.

This credit card offers standard purchase protection and extended warranty protection.

  • Annual fee: $0
  • Purchase interest: 19.99%
  • Cash advances: 22.99%

Con: Low rewards earn rate and limited insurance coverage.

BMO Air Miles Mastercard

International students can apply for a BMO secured credit card.

Alternatives To BMO Student Credit Cards

You can also consider the following Mastercard and Visa student credit cards that have no annual fees and pay competitive cash back rewards.

1. Tangerine Money-Back Credit Card

The Tangerine Money-Back Credit Card is one of the best student credit cards in Canada.

It has a low annual income requirement of $12,000 and no annual fee.

Cardholders earn up to 2% cash back on purchases and can also take advantage of its 1.95% promo balance transfer offer for the first 6 months.

Learn more about it in this review.

Summary

The Tangerine Money-Back Credit Card is one of the best no-annual-fee cash back credit cards in Canada. It offers 2% unlimited cash back on two categories of spending of your choice or three if you have a Tangerine bank account. You also earn 0.50% cash back on all other purchases. New cardholders can take advantage of a 1.95% balance transfer rate in their first 6 months. Lastly, it includes purchase protection and extended warranty insurance.

Tangerine Money-Back Credit Card

4.5
Welcome Bonus

10% cashback

Annual Fee

$0

Regular APR

19.95%

Credit Score

Fair/Good

No annual fee

Up to 2% competitive cashback rate

Unlimited cashback rewards

1.95% promotional balance transfer

Limited insurance benefits

2% rate not available at Costco or Walmart

2. Neo Financial Mastercard

The Neo Financial Mastercard offers cash back on all purchases and is one of the top no-fee credit cards in Canada.

You can also sign up for its Neo Money account, a free high interest savings account that includes unlimited debit transactions and Interac e-Transfers.

Summary

The Neo Financial Mastercard (Neo Card) is an excellent cash back rewards credit card with no annual fees. It offers up to 5% cash back when you shop at 7,000+ Neo partner stores and a 1% minimum cash back across all purchases, subject to a $5,000 max. spending each month. There is also a 15% cash back bonus when you make your first purchases at participating partners.

neo secured credit card

Neo Financial Mastercard

4.5
Welcome Bonus

$25 Bonus

Annual Fee

$0

Regular APR

19.99% – 24.99%

Credit Score

Fair/Good

No annual fee

Up to 5% competitive cashback rate

15% first-time cash back bonus at select stores

Includes a virtual Neo Card

No insurance benefits

Monthly fee for higher rewards tiers

3. Simplii Financial Cash Back Visa Card

The Simplii Cash Back Visa Card offers 4% cash back on dining ($5,000 annual spend limit); 1.50% on gas, groceries, drugstore, and recurring bill payments ($15,000 annual spend limit), and 0.50% cash back on everything else.

It also comes with purchase security and extended warranty insurance. Learn more in this review.

Summary

The Simplii Financial Cash Back Visa Card is an entry-level cash back credit card if you are looking to earn rewards without paying annual fees. It offers 4% cash back on dining ($5,000 annual spend limit); 1.50% cash back on gas, groceries, drugstore, and recurring bill payments ($15,000 annual spend limit), and 0.50% cash back on everything else.

Simplii Financial Cash Back Visa Credit Card

Simplii Financial Cash Back Visa

4.5
Welcome Bonus

10% cashback

Annual Fee

$0

Regular APR

19.99%

Credit Score

Good/Very Good

No annual fee

Competitive cashback earn rates

9.99% promo purchase interest for 6 months

Limited insurance benefits

Cap on 4% and 1.5% cashback rates

How To Apply For a BMO Student Credit Card

When applying for a student credit card at BMO, you need to meet these requirements:

  • Be enrolled as a student at a post-secondary school
  • Be between the age of 18 and 24
  • Be a resident of Canada
  • Have reached the age of the majority in your province of residence (i.e 18-19 years of age or older)

BMO will also consider income and other credit criteria.

What Are The Benefits of a Student Credit Card?

The benefits of a student credit card include:

  • It makes it possible for you to start building a credit history
  • Provides access to emergency cash
  • You can earn cash back or rewards points
  • Student credit cards are easier to qualify for
  • Provide insurance coverage for your purchases, such as purchase protection and extended warranty coverage

Downsides of a Student Credit Card

The cons of a student credit card include:

  • Hefty interest fees if you don’t pay off your balance each month
  • Poor credit management will damage your credit score
  • Student credit cards offer limited rewards and insurance benefit packages
  • Student credit cards come with lower credit limits and you may need a security deposit or co-signer if you have no credit history.

Interested in your credit score? Check it for free.

BMO Student Credit Card FAQ

What credit score is required for a BMO credit card?

You can apply for a BMO student credit card with a credit score of $600+.

What is the best student credit card in Canada?

Our top choice for a student card is the Tangerine Money-Back Credit card. You can also apply for this Simplii card or any of the others on this page.

Can I apply for a BMO credit card with bad credit?

If your credit rating is bad, it is unlikely that you will qualify for a BMO credit card. You can try these secured credit cards or prepaid cards instead.

Related:

Best Credit Offers in July 2022

Earn up to 10% cash back for a limited time ($100 bonus)

One of the best no-fee credit cards in Canada.

Get 2% unlimited cash back on up to 3 purchase categories.

Get 0.5% unlimited cash back on all other purchases.

Get 10% bonus cash back in first 2 months ($100 value).

1.95% balance transfer offer for 6 months.

Get up to 10% cashback and grow your savings ($20 bonus)

Free prepaid reloadable Mastercard (use referral code CASHBACK during signup for $20 free).

Access to a portion of your paycheque 3 days early.

Free budgeting app with automatic savings features.

1.20% savings interest on every dollar balance.*

Compare the best personal loan rates in Canada

Get the best rates from multiple lenders.

Borrow up to $50,000 regardless of your credit score.

Pre-approvals are available in as fast as 5 minutes.

Low-interest rates start at 1.99% and terms from 4-60 months.

The NeoCard pays up to 5% cash back at select retailers

Get a $25 bonus when you apply for the Card.

Up to 5% cash back at participating stores.

No annual account fees and 1% minimum cash back guaranteed.

Guaranteed instant approval credit card.

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Author

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Enoch Omololu

Enoch Omololu is a personal finance expert and a veterinarian. He has a master’s degree in Finance and Investment Management from the University of Aberdeen Business School (Scotland) and has completed several courses and certificates in finance, including the Canadian Securities Course. He also has an MSc. in Agricultural Economics from the University of Manitoba and a Doctor of Veterinary Medicine degree from the University of Ibadan. Enoch has a passion for helping others win with their personal finances and has been writing about money matters for over a decade. He has been featured or quoted in The Globe and Mail, Winnipeg Free Press, Wealthsimple, Financial Post, Toronto Star, CTV News, Canadian Securities Exchange, Credit Canada, National Post, CIBC, and many other personal finance publications.

His top investment tools include Wealthsimple and Questrade. He earns cash back on purchases using KOHO, monitors his credit score for free using Borrowell, and earns interest on savings through EQ Bank.

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