BMO CashBack Mastercard: A Comprehensive Review

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One of the main draws of the BMO CashBack Mastercard is its cash back rewards program.

While it may not have as many features as some other credit cards on the market, its simple rewards program and lack of annual fee make it a reliable and convenient option for many Canadians.

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Overview of BMO CashBack Mastercard

One of the main draws of the BMO CashBack Mastercard is its cash back rewards program.

While it may not have as many features as some other credit cards on the market, its simple rewards program and lack of annual fee make it a reliable and convenient option for many Canadians.

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Issuing Bank: Bank of Montreal (BMO)
Flag: Mastercard
Annual Fee: $0 (No annual fee)
Coverage: International

The BMO CashBack Mastercard is an excellent choice for individuals seeking a no-annual-fee credit card that offers straightforward cash back rewards on everyday purchases. With its comprehensive purchase protection and extended warranty benefits, it provides added value and security for cardholders.

Benefits and Advantages of the BMO CashBack Mastercard

The BMO CashBack Mastercard is a highly attractive option for individuals looking for a no-annual-fee credit card that offers valuable cash back rewards and several beneficial features. Here are the key benefits and advantages of the BMO CashBack Mastercard:

No Annual Fee

One of the standout features of the BMO CashBack Mastercard is that it has no annual fee, making it an affordable choice for anyone looking to earn rewards without the added cost of maintaining the card.

Cash Back Rewards

1% Cash Back on All Purchases: Earn a straightforward 1% cash back on all eligible purchases. This flat-rate cash back structure makes it easy to accumulate rewards on every transaction.

Promotional Offers: The card frequently comes with introductory offers such as enhanced cash back rates on specific categories or bonus cash back for new cardholders.

Purchase Protection

Purchase Security: Purchases made with the card are protected against theft, damage, or loss for 90 days from the date of purchase.

Extended Warranty: The card provides extended warranty protection, doubling the manufacturer’s warranty up to an additional year on eligible purchases.

Zero Liability Protection

Cardholders are not held responsible for unauthorized transactions made with their card, providing peace of mind and security in case of fraud or theft.

Convenient and Flexible Redemption

Flexible Cash Back Redemption: Cash back can be redeemed in various ways, including as a statement credit, direct deposit into a BMO chequing or savings account, or applied towards a BMO investment account.

No Minimum Redemption Amount: Cardholders can redeem their cash back rewards at any time, without having to meet a minimum threshold.

Travel Benefits

Mastercard Travel Rewards: Enjoy exclusive discounts and offers on car rentals, hotels, and other travel-related services through the Mastercard Travel Rewards program.

BMO Roadside Assistance: Access to BMO Roadside Assistance at a discounted rate, providing help in case of vehicle breakdowns, towing needs, or other roadside emergencies.

Enhanced Security Features

Chip and PIN Technology: Provides an extra layer of security for in-store purchases.

Contactless Payments: Allows for quick and secure payments by tapping your card at contactless-enabled terminals.

Additional Perks

Access to Special Offers and Discounts: Benefit from special promotions and discounts offered by Mastercard partners.

Online Account Management: Easily manage your account online, view statements, track rewards, and make payments through BMO’s online banking platform.

Conclusion

The BMO CashBack Mastercard is a versatile and user-friendly credit card that offers significant value through its cash back rewards, robust purchase protection, and no annual fee. Whether you are looking to earn cash back on everyday spending, secure your purchases, or take advantage of travel-related benefits, this card provides a comprehensive package designed to meet a wide range of needs.

What You Need to Get the BMO CashBack Mastercard?

Applying for the BMO CashBack Mastercard involves meeting certain criteria and providing specific information to ensure you qualify for the card. Here’s what you generally need:

1. Personal Information

You will need to provide personal details including:

Full Name
Date of Birth
Social Insurance Number (optional, but helps with identity verification)
Residential Address
Contact Information (phone number and email address)

2. Employment and Income Information

To assess your financial stability, BMO will require:

Employment Status: Employed, self-employed, student, retired, or unemployed.
Employer’s Name and Contact Information: If applicable.
Annual Income: Your gross annual income from all sources.
Proof of Income: You may be asked to provide recent pay stubs, tax returns, or other documents to verify your income.

3. Financial Information

You need to provide information about your financial situation, including:

Monthly Housing Costs: Rent or mortgage payments.
Current Debts and Obligations: Including other credit cards, loans, and monthly payments.
Banking Information: Details about your existing bank accounts, especially if you are an existing BMO customer.

4. Credit History

Your credit score and history are critical factors in the approval process. BMO will perform a credit check to assess your creditworthiness. It’s advisable to have:

Good to Excellent Credit Score: While specific requirements may vary, a credit score of at least 660 is generally preferred for unsecured credit cards.

5. Residency and Age Requirements

Age: You must be the age of majority in your province or territory, which is 18 or 19 years old in Canada.
Residency: You need to be a Canadian resident.

6. Legal and Compliance Requirements

Legal Identification: Government-issued ID such as a driver’s license or passport.
Agreement to Terms and Conditions: You will need to review and agree to the terms and conditions of the card.

Application Process

Online Application:

Visit the BMO website and navigate to the BMO CashBack Mastercard page.

Click on the “Apply Now” button and follow the instructions to complete the online application form.

In-Person Application:

Visit a BMO branch and speak to a representative to apply in person. Bring all necessary documentation with you.

Phone Application:

Call BMO’s customer service to apply over the phone. Be prepared to provide all the necessary information.

After Application

Review Process: Once you submit your application, BMO will review your information, perform a credit check, and decide on your application.
Approval Notification: If approved, you will receive your card in the mail within a few business days. If additional information is needed or if your application is not approved, BMO will notify you accordingly.

By ensuring you have all the necessary information and documentation ready, you can streamline the application process for the BMO CashBack Mastercard and improve your chances of approval.

Ways to Apply for the BMO CashBack Mastercard

There are several convenient methods to apply for the BMO CashBack Mastercard. Here’s a detailed look at each option:

Online Application

Applying online is the quickest and most convenient way to get your BMO CashBack Mastercard. Here’s how to do it:

Visit the BMO Website: Go to the official BMO website.
Navigate to the Credit Cards Section: Find the section dedicated to credit cards and locate the BMO CashBack Mastercard.
Click on “Apply Now”: This will take you to the application form.
Fill Out the Application Form: Provide your personal, financial, and employment information as requested.
Submit Your Application: After reviewing all the information, submit the form.
Instant Decision: In many cases, you will receive an instant decision on your application. If further review is needed, BMO will notify you.

In-Person Application

If you prefer a more personal approach, you can apply for the BMO CashBack Mastercard at a BMO branch:

Visit a BMO Branch: Locate the nearest BMO branch using the branch locator on the BMO website.
Speak to a Representative: Inform the representative that you want to apply for the BMO CashBack Mastercard.
Provide Necessary Documentation: Bring along identification, proof of income, and any other required documents.
Fill Out the Application Form: Complete the application with the assistance of the branch staff.
Submit the Application: The representative will submit your application for you.
Wait for Approval: The bank will review your application and notify you of the decision.

Phone Application

You can also apply for the BMO CashBack Mastercard over the phone:

Call BMO Customer Service: Contact BMO’s customer service or credit card application line.
Provide Required Information: Be ready to provide your personal, financial, and employment information over the phone.
Complete the Application: The representative will guide you through the application process.
Submit Your Application: The representative will submit your application on your behalf.
Receive Notification: You will be notified of the decision by phone or mail.

Application Requirements

Regardless of the method you choose, you will need to meet the following requirements and provide relevant information:

Personal Information: Full name, date of birth, Social Insurance Number (optional), residential address, and contact information.
Employment and Income Information: Employment status, employer’s name and contact information, annual income, and proof of income.
Financial Information: Monthly housing costs, current debts and obligations, and banking information.
Credit History: A credit check will be performed to assess your creditworthiness.
Residency and Age: You must be a Canadian resident and the age of majority in your province or territory (18 or 19 years old).
Legal Identification: Government-issued ID such as a driver’s license or passport.

Once you have submitted your application, BMO will review the information, perform a credit check, and make a decision. If approved, you will receive your card in the mail within a few business days. If additional information is needed or if your application is not approved, BMO will notify you accordingly.

By choosing the most convenient application method for you and ensuring you have all the necessary information ready, you can streamline the process and increase your chances of a successful application for the BMO CashBack Mastercard.

Can I apply for the BMO CashBack Mastercard card even if it is negative?

Applying for a credit card, such as the BMO CashBack Mastercard, with a negative credit history or poor credit score can be challenging. However, it is not impossible. Here are some important considerations and steps you can take if you have a negative credit history but still want to apply for the BMO CashBack Mastercard:

Check Your Credit Report

Obtain a copy of your credit report from credit bureaus like Equifax or TransUnion. Review it for accuracy and identify any negative marks that might impact your application.

Understand Your Credit Score

Your credit score plays a significant role in the approval process. A score below 600 is generally considered poor, and it may make it difficult to get approved for an unsecured credit card.

Steps to Improve Your Chances

Pay Off Debts: Focus on paying down existing debts, especially high-interest credit card balances.

Timely Payments: Ensure all your bills and existing credit obligations are paid on time to demonstrate financial responsibility.

Credit Utilization: Aim to keep your credit utilization ratio (the amount of credit you’re using compared to your credit limit) below 30%.

Provide Additional Documentation

Proof of Income: Providing proof of stable and sufficient income can help convince the lender of your ability to repay the credit card debt.

Employment Stability: A stable job history can also positively influence the lender’s decision.

Consider a Secured Credit Card:

If your application for the BMO CashBack Mastercard is denied, consider applying for a secured credit card. With a secured card, you provide a security deposit that serves as your credit limit, which reduces the risk for the lender and can help rebuild your credit.

Application Process

Apply with All Necessary Information:

When you apply, ensure you provide all required information accurately, including personal details, employment information, and financial status.

Explain Your Situation:

Some lenders may allow you to provide an explanation for negative marks on your credit report. Be honest about past financial difficulties and explain the steps you’ve taken to address them.

Consider a Co-Signer:

If possible, applying with a co-signer who has good credit can improve your chances of approval. However, the co-signer becomes equally responsible for the debt.

Alternative Credit Cards

As mentioned, secured credit cards can be a good stepping stone to rebuild credit. Examples include the BMO Secured Visa or other secured cards from different financial institutions.

Credit Builder Loans:

Some financial institutions offer credit builder loans designed to help improve your credit score over time.

Conclusion

While it can be difficult to get approved for the BMO CashBack Mastercard with a negative credit history, improving your credit score and demonstrating financial responsibility can enhance your chances.

Consider alternative options like secured credit cards to rebuild your credit. Once your credit score improves, you can reapply for the BMO CashBack Mastercard or other unsecured credit cards with better terms and benefits.

If you need further guidance or have specific questions about the application process, BMO’s customer service can provide personalized advice based on your situation.

Is it worth applying for the BMO CashBack Mastercard card?

Deciding whether the BMO CashBack Mastercard is the right credit card for you depends on your financial goals, spending habits, and the specific benefits you are looking for in a credit card. Here’s a comprehensive analysis to help you determine if this card is worth applying for:

Benefit: With no annual fee, the BMO CashBack Mastercard is an affordable option for anyone looking to earn cash back without the cost of maintaining the card.

1% Cash Back on All Purchases: Earn a straightforward 1% cash back on all eligible purchases, making it easy to accumulate rewards on everyday spending.

Promotional Offers: The card often comes with introductory offers such as enhanced cash back rates on specific categories or bonus cash back for new cardholders.

Purchase Security: Provides protection against theft, damage, or loss for purchases made with the card for 90 days from the date of purchase.

Extended Warranty: Doubles the manufacturer’s original warranty period for up to an additional year on eligible purchases.

Security: Cardholders are not held responsible for unauthorized transactions, offering peace of mind in case of fraud or theft.

Convenience: Cash back can be redeemed as a statement credit, direct deposit into a BMO chequing or savings account, or applied towards a BMO investment account, with no minimum redemption amount.

Mastercard Travel Rewards: Access to exclusive discounts and offers on car rentals, hotels, and other travel-related services.

BMO Roadside Assistance: Available at a discounted rate, providing help in case of vehicle breakdowns, towing needs, or other roadside emergencies.

Chip and PIN Technology: Provides an extra layer of security for in-store purchases.

Contactless Payments: Allows for quick and secure payments by tapping your card at contactless-enabled terminals.

Consistent Spending: If you frequently use your credit card for everyday purchases, the 1% cash back on all purchases can add up over time.

Big Purchases: The purchase protection and extended warranty benefits are especially valuable for expensive items.

Good Credit Required: To be approved for the BMO CashBack Mastercard, you typically need a good credit score. If your credit score is lower, you might want to consider improving it before applying.

Compare with Other Cards: Depending on your spending habits, other credit cards might offer higher cash back rates in specific categories (like groceries or gas) or additional benefits that align better with your lifestyle.

Travel Considerations: If you frequently travel abroad or make purchases in foreign currencies, you might want to look for a card with no foreign transaction fees.

Conclusion

The BMO CashBack Mastercard is worth applying for if you:

Value a no-annual-fee card that offers straightforward cash back on all purchases.
Want a card with strong purchase protection and extended warranty benefits.
Appreciate the flexibility in cash back redemption options.
Are looking for a card with enhanced security features and travel-related benefits.

If these benefits align with your financial goals and spending habits, the BMO CashBack Mastercard can be a valuable addition to your wallet. However, it’s always a good idea to compare it with other credit card options available to ensure it’s the best fit for your needs.