BMO CashBack Mastercard
Students and budget-minded shoppers who want strong grocery cash back without an annual fee.
VaultNerd estimate based on the card's tier and income requirements, not an official issuer cutoff. Approval also depends on income, debt, and credit history.
Our verdict
The leading no-fee grocery card in Canada; pair it with a stronger base-earn card to cover its weak 0.5% everywhere-else rate.
Reward rates
Groceries On up to $500 in spend per statement period | 3% |
Recurring bill payments On up to $500 in spend per statement period | 1% |
Everything else | 0.5% |
Welcome bonus
5% cash back on all purchases in your first 3 months (up to $125)
Requirement: Applies to the first $2,500 in purchases
Pros
- 3% on groceries with no annual fee
- Easy, flexible cash back redemption
- Accessible for students and first-time cardholders
Cons
- Low 0.5% base earn rate
- Minimal insurance coverage
Perks
- Best no-fee grocery cash back rate in Canada at 3%
- Redeem cash back any time, from as little as $1, or set up automatic deposits
- 0.99% introductory balance transfer rate for 9 months
- Three months of Instacart+ plus $5 monthly Instacart credit (enrollment required)
- Popular pick for students and credit newcomers
Insurance
- Extended warranty insurance
- Purchase security insurance (90 days)
Frequently asked questions
Is the BMO CashBack Mastercard worth it?
It has no annual fee, and we rate it 3.8 out of 5. It's best suited to students and budget-minded shoppers who want strong grocery cash back without an annual fee. The welcome bonus is worth roughly $125, which covers the first year for many people. Whether it's worth it for you depends on your spending. Run your own numbers through our credit card finder to see the net rewards after the fee.
What does the BMO CashBack Mastercard earn?
It earns 3% on groceries, 1% on recurring bill payments and 0.5% on everything else.
What credit score do you need for the BMO CashBack Mastercard?
We'd suggest a score of around 640 or higher, which puts approval in our "moderate" band. This is a VaultNerd estimate based on the card's tier and stated requirements. Approval also depends on your income, existing debt and credit history.
Researching and writing about Canadian personal finance since 2026.
Last reviewed June 2026 · How we research
“BMO CashBack Mastercard Review.” VaultNerd, https://www.vaultnerd.com/ca/credit-cards/bmo-cashback-mastercard, updated June 2026.
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