BMO Cash Back Credit Card Review
Written by
Karen Doyle
Edited by
Lindsey Kloosterman
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GOBankingRates Score
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Cash Back
4.4
Pros
- $200 cashback bonus when you spend $2,000 in the first three months
- Up to 5% cash back on some purchases
- At least 1% cash back on everything
- No annual fee
- $400 cell phone protection if you pay your bill with the card
Cons
- No introductory interest rate for purchases
- It's not available in every state
BMO Cash Back Credit Card Overview
BMO Cash Back Credit Card wants you to use it to pay some of your monthly bills. You’ll get 5% cash back on streaming, cable TV and satellite services when you use the card to pay your bill every month. You’ll also get $400 in cell phone protection coverage when you use the card to pay your cell phone bill.
In addition, you get 3% cash back on gas and groceries, up to $2,500 in purchases each quarter. And you get 1% back on everything else. You also get $200 cash back when you spend $2,000 within the first three months you have the card.
If you have balances on other credit cards you’re paying high interest on, you can transfer them to your BMO Cash Back Credit Card. If you do so within the first 90 days of opening your account, you’ll pay 0% APR interest for the first 12 months on those balances. This introductory period is followed by an APR of 21.24% – 28.24% variable.
Key Features
Here are some of the top features of the BMO Cash Back Credit Card.
Cash Back
The BMO Cash Back Credit Card gives you 5% cash back on eligible satellite, cable TV and streaming services. On the first $2,500 of gas and grocery purchases you make each quarter, you’ll get 3% cash back. And you get 1% cash back on everything else.
APR
The APR for purchases on the BMO Cash Back Credit Card is , based on your creditworthiness. This is a variable rate, so it can go up as interest rates rise.
Fees
The BMO Cash Back Credit Card has no annual fee. You will pay a 4% fee — a minimum of $10 — for each balance transfer, and a 5% fee — a minimum of $10 — for a cash advance. Foreign transactions incur is 3% fee. If you make a late payment or your payment is returned by your bank, you’ll incur a fee of up to $39.
Balance Transfers
The BMO Cash Back Credit Card offers an introductory rate of 0% APR for 12 months on balance transfers that are made within the first 90 days. This gives card holders a great opportunity to pay off those high balances they might have before the variable APR of kicks in.
How the BMO Cash Back Credit Card Stands Out
The BMO Cash Back Credit Card stands out because of the cash back offered for recurring purchases. Just by using the card to pay your monthly cable TV, satellite or streaming service bills, you get 5% cash back. The introductory APR period for balance transfers is also a compelling feature.
Comparable Credit Card Options
It always makes sense to compare credit cards before you apply, so here are some others you may want to consider and how they stack up against the BMO Cash Back Credit Card.
Capital One Quicksilver Cash Rewards Credit Card
The Capital One Quicksilver card offers 1.5% cash back on all purchases. Applicants with excellent credit get a $200 cash back when they spend $500 in purchases in the first three months, and 0% APR for 15 months on purchases, followed by a APR. Those with good or fair credit don’t get these perks.
The Bank of America Customized Cash Rewards card gives you 3% cash back in one category that you choose: gas, dining, travel, online shopping, drug stores or home improvement stores. Cardholders also get 2% back at grocery stores and wholesale clubs. These offers apply to the first $2,500 in purchases each quarter. Then there’s 1% cash back on everything else.
How To Apply
You can apply for The BMO Cash Back Credit Card on their website. It’s available only to residents of these states: IL, WI, IN, AZ, MO, MN, KS, FL, CA, CO, DE, GA, MD, MA, NJ, NY, OH, OR, TX, UT or WA.
Who the BMO Cash Back Credit Card Is Best For
The BMO Cash Back Credit Card is best for people who use their credit card to pay their recurring monthly bills, and also for those who may have balances on other high-interest-rate cards they want to transfer.
Final Take
The BMO Cash Back Credit Card is a good way to get 5% off on some of your monthly recurring bills. It’s also a good way to pay off some higher interest balances you may be carrying on other cards.
