The BMO Cash Back Mastercard offers a range of attractive features that make it a compelling choice for individuals looking to maximize their cash back rewards. Here are the main features of the BMO Cash Back Mastercard:

Earning Cash Back

With the BMO Cash Back Mastercard, you can earn cash back on various categories of purchases:

• 5% cash back on eligible streaming, cable, and satellite services
• 3% cash back on eligible gas and grocery purchases up to $2,500 per quarter
• 1% cash back on purchases exceeding the quarterly limit
• 1% cash back on all other transactions

Spend Bonus

By spending at least $2,000 within the first 3 months of card ownership, you can earn a $200 sign-up bonus. Additionally, targeted offers may reduce the spending requirement, such as receiving a $200 bonus for spending $1,000 within the first three months.

What other benefits does the BMO Cash Back Credit Card offer?

Aside from its lucrative cash back rewards, the BMO Cash Back Mastercard offers a range of additional benefits that enhance its value for cardholders. These benefits include:

Cell Phone Protection Coverage

Cardholders can enjoy up to $400 in cell phone protection coverage by charging their monthly wireless telephone bill to the BMO Cash Back Mastercard.

MasterCard ID Theft Protection

The card provides identity monitoring, resolution services, and zero liability, offering peace of mind and security against identity theft.

Extended Warranty

With the BMO Cash Back Mastercard, cardholders can benefit from extended warranty coverage, doubling the original manufacturer’s or store brand warranty for up to an additional 12 months, providing added protection for their purchases.

0% introductory APR on purchases

The BMO Cash Back Mastercard offers a 0% introductory APR on purchases for the first 15 months, providing cardholders with the opportunity to make larger transactions without incurring interest during this period. This feature is particularly beneficial for individuals facing significant upcoming expenses, allowing them to gradually pay off their purchases over the introductory period without accruing interest charges. However, it’s important to note that after the initial 15 months, the standard APR will apply, making it essential to manage outstanding balances effectively to avoid incurring high interest costs.

What are the fees associated with cash advances?

Cash advances, while available on the BMO Cash Back Mastercard, come with notable fees and high APRs, making them a less favorable option for accessing funds. Individuals considering cash advances should carefully weigh the associated costs before proceeding with this type of transaction.

High APR and Fees

When obtaining a cash advance with the BMO Cash Back Mastercard, cardholders will incur a substantial APR of 23.49%. Additionally, there are fees associated with cash advances, further contributing to the overall expense of this type of transaction.

Financial Considerations

Due to the high APR and accompanying fees, it’s advisable to explore alternative methods of accessing funds before resorting to a cash advance. By evaluating the potential costs and exploring alternative financial solutions, individuals can make informed decisions regarding their financial management.

What are the fees for balance transfers?

When initiating balance transfers with the BMO Cash Back Mastercard, it’s important to consider the associated fees. For each balance transfer, cardholders will incur a fee of either $10 or 4% of the transfer amount, whichever happens to be greater. While the card offers a 0% introductory APR on balance transfers for the first 15 months, it’s essential to factor in these fees when evaluating the overall cost-effectiveness of transferring balances to the BMO Cash Back Mastercard.

How does the foreign transaction fee work with this card?

For individuals using the BMO Cash Back Mastercard for foreign transactions, it’s crucial to be aware of the foreign transaction fee. With this card, a 3% foreign transaction fee applies to purchases made outside the country. Considering this fee, it’s advisable to exercise caution when using the BMO Cash Back Mastercard for international transactions. Exploring alternative travel credit cards, such as those offered by Capital One, which typically do not have foreign transaction fees, may be a prudent choice for international travelers.

What are the biggest pros of the BMO Cash Back Credit Card?

One of the major advantages of the BMO Cash Back Mastercard is the opportunity to earn a $200 sign-up bonus by simply spending $2,000 within the first 3 months of card ownership. Additionally, the card offers 5% cash back on streaming services, 3% cash back on grocery and gas purchases, a 0% introductory APR for the first 15 months on both purchases and balance transfers, and no annual fee.

Targeted Spend Bonus Offers

There are occasional targeted offers that may reduce the spending requirement for earning the sign-up bonus, making it more attainable for cardholders to qualify for the $200 bonus with a lower spending threshold.

Lucrative Cash Back Categories

Earning 5% cash back on streaming services and 3% cash back on grocery and gas purchases presents a compelling opportunity to maximize cash back rewards on everyday expenses, contributing to significant savings over time.

0% Introductory APR

The 0% introductory APR for the first 15 months on purchases and balance transfers provides a valuable opportunity to manage expenses and existing balances without incurring interest charges, offering financial flexibility and cost savings.

No Annual Fee

The absence of an annual fee makes the BMO Cash Back Mastercard an attractive option for individuals seeking a cost-effective credit card that offers cash back rewards and additional benefits without the burden of annual fees.

What are the biggest drawbacks of the BMO Cash Back Credit Card?

Despite its benefits, the BMO Cash Back Mastercard has certain limitations that potential cardholders should consider. The primary drawbacks include the limited 1% cash back on all other transactions outside of streaming, grocery, and gas purchases, as well as the 3% foreign transaction fee for international purchases.

Limited Cash Back on Non-Specific Transactions

Earning only 1% cash back on transactions not falling within the designated cash back categories may be less appealing for individuals seeking a credit card with broader cash back rewards across all spending categories.

Foreign Transaction Fees

For individuals who frequently engage in international transactions, the 3% foreign transaction fee associated with the BMO Cash Back Mastercard may result in additional costs, making it less favorable for overseas use compared to other credit cards with lower or no foreign transaction fees.

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