cash-back3.8 / 5

BMO CashBack Mastercard

BMO

Best for

Students and budget-minded shoppers who want strong grocery cash back without an annual fee.

Apply on BMO

Annual fee

None

FX fee

2.5%

Purchase APR

21.99%

Income req.

—

Recommended credit score

640+

Approval difficulty

Moderate approval

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

~$125 value

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)

Disclaimer: This article is for informational purposes only and does not constitute financial, tax, or legal advice. Information may be simplified, incomplete, or out of date. Consult a licensed professional before making financial decisions. VaultNerd may receive compensation from partners featured on this site — this does not influence our editorial content.

Written by

The VaultNerd Team

Researching and writing about Canadian credit cards and rewards since 2026.

Cite this page

“BMO CashBack Mastercard Review — VaultNerd” — VaultNerd, https://www.vaultnerd.com/credit-cards/bmo-cashback-mastercard, updated June 2026.

Sources

BMO cardholder agreement and rates & fees disclosure
VaultNerd cards database