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{{card.name}} Review
![\"\"](\"https://www.dollarwise.ca/wp-content/uploads/2023/06/BMO-CashBack-MasterCard-for-Students.png\")
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Annual Fee
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Annual Rewards
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Intro Offer
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Annual fee
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Annual rewards
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Intro offer
Pros
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Cons
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How you earn rewards
Each card earns rewards differently. Part of choosing your card is deciding what type of rewards you want to get. With {{card.name}}, here's how you earn rewards:
| Bills | {{reward_bills}} |
| Pharmacy | {{reward_drug}} |
| Gas | {{reward_gas}} |
| Groceries | {{reward_grocery}} |
| Restaurants / Delivery | {{reward_restaurant}} |
| Specific Stores | {{reward_store}} |
| Travel | {{reward_travel}} |
| All Other Spend | {{reward_other}} |
How much your rewards are worth
The dollar value of your rewards depends on the specific {{issuer_short}} rewards program and what you choose to redeem your points for.
For {{card.name}} in particular, if you spend {{monthlyspend}} per month, here's our estimated rewards earned depending on which reward you choose:
| Redemption method | Annual rewards |
|---|---|
| Transfer to partner airlines | {{transfer_airlines}} |
| Fixed points travel | {{fixed_points_travel}} |
| Transfer to partner hotels | {{transfer_hotel}} |
| Redeem for travel | {{redeem_travel}} |
| Apply to statement credit | {{statement_credit}} |
| Ticketmaster | {{ticketmaster}} |
| Charity | {{charity}} |
| Gift cards | {{gift_cards}} |
| Amazon.ca | {{amazon}} |
| Merchandise | {{merchandise}} |
| Make investments | {{investments}} |
| Enjoy experiences | {{experiences}} |
| Car rentals | {{car_rental}} |
| Vacations | {{vacation}} |
| Attractions | {{attractions}} |
| Cash rewards | {{cash_rewards}} |
| Grocery rewards | {{grocery_rewards}} |
| Restaurant rewards | {{restaurant_rewards}} |
| Movie rewards | {{movie_rewards}} |
| Apple / BestBuy | {{apple_bestbuy}} |
| Flight rewards | {{flight_rewards}} |
| Airlines Rewards (Charts) | {{airlines_rewards_chart}} |
| CIBC financial products | {{cibc_financial_products}} |
| Air travel - redemptions (scheduled) | {{air_travel_redemptions_schedule}} |
| RBC travel | {{rbc_travel}} |
| Transfer to WestJet | {{transfer_westjet}} |
| Transfer to Hudson Bay | {{transfer_bay}} |
| RBC financial products | {{rbc_financial_products_rewards}} |
| Air Canada gift cards | {{aircanada_gift_card}} |
| Air Canada vactions | {{air_canada_vacations}} |
| Electronics gift cards | {{electronics_gift_cards}} |
| Cash - World Elite | {{cash_worldelite}} |
| Cash - Platinum Plus | {{cash_platinumplus}} |
| Banking plans | {{banking_plans}} |
| Desjardins financial products | {{desjardins_financial_products}} |
| Expedia travel | {{expedia_td}} |
| Educational rewards | {{education_rewards}} |
| HSBC financial products | {{hsbc_financial_products}} |
| Walmart | {{walmart_rewards}} |
| Triangle (Canadian Tire) | {{triangle_rewards}} |
| Meridian travel | {{meridian_travel}} |
| Direct deposit | {{direct_deposit_rewards}} |
| Costco gift cards | {{costco_gift_cards}} |
| Wireless Rogers rewards | {{wireless_rogers_rewards}} |
| 1 Rogers rewards | {{1_roger_rewards}} |
| Other Rogers rewards | {{other_roger_rewards}} |
| Other 1 Rogers rewards | {{other_1_roger_rewards}} |
Calculating your annual rewards
{{annualspend}} annual spending x {{max_earn_rate}}% return on spending = {{total_net_rewards}} annual rewards
{{total_net_rewards}} annual rewards - {{card.annualFee}} annual fee = ${{net_after_fee}} net annual rewards
Details and eligibility
| Do I qualify? | |
|---|---|
| Estimated Credit Score | {{credit_score_low}} - {{credit_score_high}} |
| Personal Income | {{personal_income}} |
| Household Income | {{household_income}} |
| Interest Rates | |
|---|---|
| Purchase | {{purchase_interest_rate}}% |
| Cash Advance | {{cash_advance_interest_rate}}% |
| Balance Transfer | {{balance_transfer_interest_rate}}% |
| Fees | |
|---|---|
| Annual Fee | {{card.annualFee}} |
| Extra Card Fee | $0 |
| Card type | {{card_type}} |
Insurance coverage
| Extended Warranty | {{warranty}} |
| Purchase Protection | {{purchase_protection}} |
| Travel Accident | {{travel_accident}} |
| Emergency Medical Term | {{emergency_medical_term}} |
| Emergency Medical over 65 | {{emergency_medical_65}} |
| Trip Cancellation | {{trip_cancellation}} |
| Trip Interruption | {{trip_interruption}} |
| Flight Delay | {{flight_delay}} |
| Baggage Delay | {{baggage_delay_insurance}} |
| Lost or Stolen Baggage | {{stolen_baggage}} |
| Event Cancellation | {{event_cancel}} |
| Rental Car Theft & Damage | {{rental_theft_damage}} |
| Rental Car Personal Effects | {{rental_personal}} |
| Rental Car Accident | {{rental_accident}} |
| Hotel Burglary | {{hotel_burglary}} |
| Mobile Phone Insurance | {{mobile_insurance}} |
| Personal Effects Insurance | {{personal_effects}} |
| Price Protection Insurance | {{price_protection}} |
{{card.name}} Review
The BMO CashBack MasterCard for Students is designed to cater to the specific needs of students in Canada, offering an uncomplicated and straightforward cash back structure, among other benefits. The following in-depth review will analyze the earning potential, benefits, drawbacks, and additional information pertaining to this card.
Earning potential
The BMO CashBack MasterCard for Students earns cash back directly, allowing users to accumulate rewards on all eligible purchases. The card offers a flat reward rate of 1% cash back on all qualified spending.
Unlike other cards with rotating categories, the BMO CashBack MasterCard for Students has a consistent cash back structure, which can be convenient for budget-conscious students.
Benefits
- No Annual Fee: One of the first major advantages of the BMO CashBack MasterCard for Students is that it comes with no annual fee. This makes it a popular choice among students who tend to avoid paying any extra fees to maintain their card.
- Welcome Bonus: New cardholders can take advantage of a decent welcome bonus. Upon approval, users receive 5% cash back on all purchases (up to $2,500 spent) during their first 3 months of card ownership, providing an additional incentive for users to choose and enjoy this card.
- Purchase Protection and Extended Warranty: BMO CashBack MasterCard for Students offers purchase protection on personal items bought using the card for 90 days, providing coverage in case of theft, damage, or loss. Users also benefit from an extended warranty that doubles the manufacturer’s original warranty up to one additional year.
- Discounts and Offers: Cardholders gain access to various exclusive MasterCard offers, such as discounts on select BMO financial products, as well as stress-free shopping with MasterCard’s Zero Liability policy in case of unauthorized card charges.
Drawbacks
- Drawback: Limited Cash Back Potential: The flat 1% cash back rate can be considered a drawback since it lacks bonus categories found in other cash back cards that offer higher reward rates for particular spending categories such as dining, travel, or groceries.
- Drawback: No Travel Benefits: The BMO CashBack MasterCard for Students does not offer specific travel benefits common in other cards, such as travel insurance or airport lounge access. This can be a disadvantage for those seeking additional perks related to travel.
Additional Information:
It is important to note that a prerequisite for gaining approval for the BMO CashBack MasterCard for Students is being enrolled in full-time or part-time post-secondary education. As a result, applicants must have proof of enrollment to access the benefits mentioned above.
In conclusion, the BMO CashBack MasterCard for Students is a suitable choice for students seeking a simple and cost-effective cash back card without many additional complexities.
While it may lack higher reward rates for specific spending categories or travel benefits, it still presents valuable advantages for budget-conscious students, with no annual fee, a welcome bonus, purchase protection, and extended warranty.
Interested in other credit cards? Canadians that like the BMO CashBack MasterCard for Students credit card also like the BMO Air Miles MasterCard for Students. If you’re looking for other options you should consider the BMO Rewards MasterCard, and the BMO Air Miles MasterCard.
FAQ
The BMO CashBack MasterCard for Students allows cardholders to redeem their accumulated cashback rewards for statement credits, bank account deposits, or investment account deposits. This provides flexibility in how you utilize your rewards according to your financial needs.
The BMO CashBack MasterCard for Students charges a foreign transaction fee of 2.5% on transactions made in a foreign currency. This fee is applied to the converted Canadian dollar amount of the transaction, which means purchases made outside of Canada or online in a different currency will incur this fee.
The BMO CashBack MasterCard for Students does not have a minimum income requirement. This makes it an accessible option for students, who typically have limited or no income while pursuing their studies.
Key benefits
- 19.99% interest rate on purchases
- 22.99% interest rate on cash advances
- Grace period of 21 days for interest-free purchases
- Zero liability protection against unauthorized transactions
- Access to BMO CashBack World Elite Travel and Medical Protection
- Optional add-on of BMO Roadside Assistance
- Easy cashback redemption via monthly account credit or direct deposit
- Online and mobile banking access for easy account management
- Compatible with Apple Pay, Google Pay, and Samsung Pay
- Optional BMO Credit Card Balance Protection to cover outstanding balance in case of various life events
- Card replacement services for lost, stolen, or damaged cards
- Possibility to request an additional card for authorized users
- Worldwide acceptance at millions of MasterCard locations