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BMO Student CashBack Mastercard review

BMO Student CashBack® Mastercard®* review

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4.2

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Welcome Offer

Get 5% cash back in your first 3 months.*

3% Earn 3% cash back on groceries

1% Earn 1% cash back on recurring bill payments like your mobile phone, streaming and subscription services

0.5% Earn 0.5% cash back on all other purchases

20.99% Purchase APR

22.99% Cash Advance APR 21.99% for Quebec residents

$0 Annual Fee

Good Recommended Credit Score

$0 Required Annual Personal Income

$0 Required Annual Household Income

4.2

BMO Student CashBack® Mastercard®* review

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Quick overview of the Student BMO CashBack® Mastercard®

The Student BMO CashBack® Mastercard®* is a popular choice for students looking to build their credit history and earn rewards on their everyday purchases. 

With $0 annual fee and a competitive cash back rate on various categories, it’s a cost-effective way for students who want to explore the land of credit cards. While the BMO student cash back card regularly makes the list of best student credit cards, to get direct deposits, you’ll need a BMO chequing, savings or InvestorLine account.

Who is the Student BMO CashBack® Mastercard®* best suited for?

This card is ideal for students who are new to credit cards and want to build their credit score. It’s a great card if you prefer simplicity and value, with a straightforward cash back program and no fee. 

The higher earn rate cash back categories target students’ needs with 3% on groceries and 1% on your internet, Netflix and cell phone bills. If you’d prefer travel rewards, check out the BMO AIR MILES credit card for students. 

Pros and cons of Student BMO CashBack® Mastercard®*

Pros

Pros

  • No annual fee: this makes it cost-effective for students looking to build credit without incurring additional expenses.

  • Earn cash back on everyday purchases, including up to 5% cash back on every purchase in your first three months.

  • Credit building: If you’re responsible, you can build a positive credit history, which helps you get better credit cards and more

Cons

Cons

  • Higher interest rates: If you can’t pay off your balance in full, opt for a low interest credit card

  • Limited additional benefits: While there are some benefits, it’s not the full suite of perks, but then again, there’s no annual fee.

Student BMO CashBack® Mastercard® welcome offer

  • Earn up to 5% cash back on every purchase for the first three months. On a qualified spend of up to $2,500, you can earn a maximum $125 cash back. 

Earn rewards with the Student BMO CashBack® Mastercard®

  • Earn 3% cash back on groceries
  • Earn 1% cash back on recurring bill payments like your mobile phone, streaming and subscription services
  • Earn 0.5% cash back on all other purchases

Key benefits

  • Earn cash back on all purchases, but top student categories like groceries and recurring bills. 
  • $0 annual fee. 
  • Extended warranty and purchase protection insurance. 

Student BMO CashBack® Mastercard® insurance coverage

  • Purchase protection: Hard goods (laptops, cameras, etc.) purchases you make with the card that are lost, damaged are stolen within 90 days of purchase 
  • Extended warranty: Get an automatic 1-year manufacturer’s warranty extension when you buy an item with your card. 

Extras

  • Save up to 20% on National Car Rental®†† and Alamo Rent A Car®†† and up to 5% on Enterprise Rent-A-Car®†† at locations worldwide using the Car Rental Booking tool partners.rentalcar.com/bmo.
  • Add another cardholder for free.
  • Strong security features and alerts that warn  you about fraudulent activities.
  • BMO PaySmart™ Installment Plans allows you to make a major purchase and pay it off in instalments.

What people say

I had a Student BMO Mastercard and loved it. The cash back is good, no fees, and very good purchase protection. I put every possible thing on it (groceries, restaurants, online purchases, travel/transit, basically anything that would accept credit).

/u/BurnOutBrighter6

As Reddit user BurnOutBrighter6 puts it, having cash back rewards on a student credit card is a great perk as it can help you save money on your daily spending throughout the semester. Groceries can be costly, and having 3% cash back on daily grocery purchases through the Student BMO CashBack® Mastercard®* can be a great way to maximize your dollar value and save money for more fun experiences and school expenses.

How the Student BMO CashBack® Mastercard®* compares

Tangerine Money-Back Credit Card

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4.0

Good

Suggested credit score

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Pros

  • No annual fee

  • Choose the spending categories where you want to earn the most cash back

  • Unlimited cash back—no maximum spending limit for any purchase category

  • Cash back is paid out monthly rather than annually

  • Periodically includes a special welcome offer where you can get extra cash back

  • 1.95% interest on balance transfers for the first 6 months (1% transfer fee applies)*

Cons

  • Regular cash back rates are still lower than what you can get from a card with an annual fee

  • Limited extra perks or benefits beyond the cash back and balance transfer promotion

  • Generally not a good fit for shopping at warehouse clubs or wholesale grocers like Costco or Walmart

  • Tangerine does not have any physical bank branches

Eligibility

Recommended Credit Score

Good

Required Annual Personal Income

$12,000

Pros

  • No annual fee

  • Choose the spending categories where you want to earn the most cash back

  • Unlimited cash back—no maximum spending limit for any purchase category

  • Cash back is paid out monthly rather than annually

  • Periodically includes a special welcome offer where you can get extra cash back

  • 1.95% interest on balance transfers for the first 6 months (1% transfer fee applies)*

Cons

  • Regular cash back rates are still lower than what you can get from a card with an annual fee

  • Limited extra perks or benefits beyond the cash back and balance transfer promotion

  • Generally not a good fit for shopping at warehouse clubs or wholesale grocers like Costco or Walmart

  • Tangerine does not have any physical bank branches

Eligibility

Recommended Credit Score

Good

Required Annual Personal Income

$12,000

Earn 2% cash back on 2 categories of your choice (e.g. groceries, recurring bills, gas, drug stores, etc.)

2%

Get a Tangerine Savings account and add a 3rd 2% cash back category.

3

Earn 0.50% on all your other everyday purchases.

0.5%

Variable APR

19.95% - 24.95%

Balance Transfer Rate

1.95%

Cash Advance APR

19.95%

Annual Fee

$0

Foreign Transaction Fee

2.5%

Student BMO CashBack® Mastercard®* vs. Tangerine Money-Back Credit Card

The Student BMO CashBack® Mastercard®* and the Tangerine Money-Back Credit Card both stand out as attractive options if you’re looking for a no-annual-fee credit card with cash back rewards. 

The big difference between them is that Tangerine allows you to choose your categories so you can earn 2% cash back: Earn 2% cash back on two categories of your choice (e.g. groceries, recurring bills, gas, drug stores, etc.). This allows you to earn cash back on recurring purchases, groceries, or whatever you want. However, if you’re living at home and commuting, maybe it’s better to have your cash back category set as transportation or dining out. Get a Tangerine Savings account and add a third 2% cash back category.

Ultimately, they’re both great ways to earn cash back and build your credit. Pick the card that better matches your spending habits. 

CIBC Aventura® Visa* Card for Students

3.9

up to 10k pts

Welcome offer

Good

Suggested credit score

Earn up to 10,000 Aventura Points† for no annual fee

Pros

  • Easy to earn welcome bonus

  • Points can be earned on all purchases

  • Your Aventura Points don’t expire†

  • Redeem your Aventura Points for more than travel with the Shop With Points/Pay with Points features†

  • Eligible student clients can get a free SPC+ membership

Cons

  • Lower earn rate than some other travel cards on the market

Eligibility

Recommended Credit Score

Good

Required Annual Personal Income

$0†

Pros

  • Easy to earn welcome bonus

  • Points can be earned on all purchases

  • Your Aventura Points don’t expire†

  • Redeem your Aventura Points for more than travel with the Shop With Points/Pay with Points features†

  • Eligible student clients can get a free SPC+ membership

Cons

  • Lower earn rate than some other travel cards on the market

Eligibility

Recommended Credit Score

Good

Required Annual Personal Income

$0†

for every $1 spent at eligible gas stations, EV charging, grocery stores and drug stores†

1 point

for every $1 spent on travel purchased through the CIBC Rewards Centre†

1 point

for every $2 spent on all other purchases†

1 point

Purchase APR

20.99%†

Balance Transfer Rate

22.99%†

Cash Advance APR

22.99%†

Annual Fee

$0

Foreign Transaction Fee

2.5%

Student BMO CashBack® Mastercard®* and the CIBC Aventura Student Visa Card

Both great student cards, just tailored for different interests. Specifically, cash back vs. travel. 

The no-annual fee CIBC Aventura Student Visa for students allows you to earn Aventura points on every purchase, which can be redeemed for flights, merchandise and more. 

You earn 1 point on eligible gas, EV charging, groceries and drug stores†, 1 point on travel through the CIBC Rewards Centre†, and 1 point for every $2 spent on all other purchases†

Specifically for travel, BMO Rewards points are worth about 0.67 cents whereas one CIBC Rewards point is worth 1 cent (these can fluctuate depending on distance travelled). 

If travel is your goal, CIBC also gives you rental car insurance and accident insurance while travelling (and the purchase security and extended warranty insurance the BMO offers). As for bundles, you can get the CIBC bank account and pay no monthly fees with its CIBC Smart™ Start account, but there’s no advantage to bundling this account with the Aventura. However, you do get $50 for every student friend you refer to the account (up to $500).

It's odd to say, but as Canadians, we tend to stick with our banks for a long time. Carefully consider which program you like, and your goals from a credit card and choose the one that, for now, suits you best. That said, you might also try the CIBC Aeroplan® Visa* Card for Students if you like Aeroplan points.

Is Student BMO CashBack® Mastercard®* worth it?

Considering its no annual fee, cash back rewards program, and credit-building potential, the Student BMO CashBack® Mastercard® is a solid option for students. 

However, carefully weigh the options of other cards, and its associated banking accounts, on the market to know which is best for you. Do you want cash back or travel? Do you need a brick and mortar branch to walk into? Is there a grocery store you should shop with to maximise your earning potential?

Student BMO CashBack® Mastercard®* eligibility

To qualify for the Student BMO CashBack® Mastercard®* you must be enrolled into a school, college or university. No income is required.

FAQs

  • What is the interest rate on the Student BMO CashBack® Mastercard®*?

    +

    The interest rate is 20.99% for purchases and 22.99% for cash advances.

  • Is there an annual fee for the Student BMO CashBack® Mastercard®*?

    +

    No, the Student BMO CashBack® Mastercard®* does not have an annual fee, making it a cost-effective option for students.

BMO is not responsible for maintaining the content on this site. Please click on the Apply now link for the most up to date information

*Terms and conditions apply

†Based on a comparison of the non-promotional grocery rewards earn rate on cash back credit cards with no annual fee as of January 4, 2023.

Tyler Wade Content strategist & writer

Tyler Wade has worked in personal finance for over 5 years writing for brands like Ratehub, Forbes, KOHO, and now Money.ca.

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