How to Apply for the Student BMO CashBack Mastercard
The Student BMO CashBack Mastercard is designed to help post-secondary students build credit while earning cash back on everyday spending. Applying for the card is relatively straightforward, but students should understand the requirements, approval considerations, and ongoing responsibilities before submitting an application. Below is a step-by-step guide on how to apply, who this card is best suited for, how cancellation works, and answers to the most common questions.
Step-by-Step: How to Apply
Step 1: Confirm Your Student Status
Before applying, make sure you are currently enrolled in a recognized post-secondary institution, such as a university, college, or technical school. BMO may request proof of enrollment during the application or verification process.
Step 2: Prepare Required Information
You will need to provide basic personal and financial details, including:
- Full legal name and contact information
- Date of birth and government-issued identification
- School name and level of study
- Income information
Income can include part-time or full-time employment, scholarships, grants, student aid, or financial support from parents or guardians. Even though this card is targeted at students, providing a clear and realistic income picture is important for approval.
Step 3: Submit the Online Application
Applications are typically submitted online through BMO’s official website. The form guides you through personal details, education information, and income disclosure. Make sure all information is accurate, as inconsistencies can delay or negatively affect approval.
Step 4: Credit Review and Decision
BMO will review your application, considering your student status, income, and any existing credit history. Students with limited or no credit history may still qualify, but approval is not guaranteed. Some applicants receive an instant decision, while others may need to wait a few business days.
Step 5: Receive and Activate the Card
If approved, your card will be mailed to you. Once it arrives, you must activate it before use. After activation, you can immediately begin earning cashback, including the 5% introductory rate during the promotional period.
Who Is This Card Recommended For?
The Student BMO CashBack Mastercard is best suited for:
- Students who want a no-annual-fee credit card
- Those who plan to pay their balance in full every month
- Students with regular grocery spending who can benefit from the 3% cashback category
- Cardholders who want simple, flexible cashback redemption options
- Students focused on building credit responsibly
This card is less ideal for students who expect to carry balances, rely heavily on cash advances, or want higher flat-rate cashback on all purchases.
How to Cancel the Student BMO CashBack Mastercard
If you decide the card no longer fits your needs, cancellation is straightforward:
- Pay off any remaining balance in full before requesting cancellation.
- Redeem any accumulated cashback, as unused rewards may be forfeited once the account is closed.
- Contact BMO customer service by phone or through secure online banking to request account closure.
- Confirm cancellation and ask for written or digital confirmation for your records.
Keep in mind that closing a credit card can impact your credit history, especially if it is your first or oldest account. Some students choose to keep the card open due to the lack of an annual fee, even if they use it infrequently.
Important Considerations After Approval
Once approved, responsible use is key. Interest rates are relatively high compared to secured or low-interest cards, so carrying a balance can quickly offset any cashback earned. Paying your statement in full each month helps maximize the card’s value and supports healthy credit-building habits.
Using the card for groceries and recurring bills is often the most effective strategy, while avoiding cash advances and unnecessary impulse spending.
Frequently Asked Questions (FAQ)
Is the Student BMO CashBack Mastercard really free?
Yes. The card has no annual fee, which makes it suitable for students who want to build credit without ongoing costs.
Do I need a job to be approved?
Not necessarily. Income can include scholarships, grants, or financial support from family. However, approval may be more difficult without consistent income.
How long does the 5% cashback promotion last?
The introductory 5% cashback applies to all purchases made during the first three months, up to a spending cap of $2,500.
How can cashback be redeemed?
Cashback can be redeemed as a statement credit, deposited into a BMO bank account, or invested through a BMO InvestorLine account.
Does this card help build credit?
Yes. Responsible use, including on-time payments and low balances, can help establish and improve your credit history over time.
Final Thoughts
The Student BMO CashBack Mastercard is a practical entry-level credit card for students who want simplicity, flexibility, and a no-fee structure. The application process is accessible, the rewards are easy to understand, and the introductory promotion offers meaningful short-term value.
For students who manage their finances carefully and pay their balance in full, this card can be a useful tool for both everyday spending and long-term credit building.
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