If you're looking for a great all-in-one credit card with no annual fee, the BMO Harris Bank Cash Back Mastercard is definitely worth considering.
Pros & Cons
Pros And Cons Of The BMO Harris Cash Back Credit Card
Features
BMO Harris Cash Back Credit Card Features
Quick Highlights
- Rewards Rates: 5% cash back on select U.S. streaming subscriptions; 3% cash back on U.S. supermarket and gas purchases (up to $2,500 per quarter, then 1%); 1% back on all other purchases.
- Welcome offer: Earn a $200 statement credit after you spend $2,000 in purchases on your new card within the first three months.
- Annual fee: $0.00
- Purchase intro APR: N/A
- Balance transfer intro APR: 0 percent for 12 months after first transfer
- Regular APR: 15.74 percent to 23.74 percent variable based on creditworthiness
Current Offer Details
After spending $2,000 on the BMO Harris Cash Back Mastercard during the first three months of membership, new cardholders can earn a $200 statement credit. This is a slight increase from the card's previous offer of only $100 in statement credits after making the same purchase in the same period. The card's $200 welcome bonus is fairly standard for similar cards in this range, but the spending requirement is also slightly lower making it easier to achieve this bonus.
Value Of Rewards
The BMO Harris Cash Back card offers tiered cash back, which means you’ll earn rewards at different rates across multiple categories.
Tiered reward cards sometimes have spending limits on your high-earning bonus categories, reducing your rewards rate back to 1 percent after you spend a certain amount. The BMO Cash Back card has a limit of $2,500 for gas and grocery purchases each calendar quarter, but this is higher than the standard $1,500 in the industry.
How You Earn Rewards
Like many other cash back cards, you earn cash back initially as a statement credit, which reduces the bill you pay each month.
You’ll earn cash back on category purchases at the following rates:
- 5 percent: U.S. streaming subscriptions (such as Netflix, Hulu, Disney+, Spotify, etc.)
- 3 percent: U.S. gas stations & grocery stores (including taxis or ride-shares, parking, tolls, public transit, etc.)
- 1 percent: All other purchases
These high-paying categories have the potential to save you a lot of money because they are broad enough to cover a large percentage of your day-to-day costs. In fact, if you spend at least $300 per month at U.S. supermarkets, you would make over $100 in additional cash back per year without changing any of your spending habits.
How To Redeem Rewards
The BMO Cash Back Card rewards can only be used to reduce your statement balance.
Additional Key Cardholder Perks
Access To Unique Experiences: As a BMO Harris cardholder, you have access to unique experiences like presale tickets and VIP packages for some of the hottest events in music, TV, sports, and more.
Free Credit Monitoring: BMO Harris offers free credit monitoring and identity theft protection tools to all of its cardholders.
Cellular Wireless Telephone Protection: You can get up to $400 in protection against covered damage or theft when you charge your monthly cellular telephone bill to your BMO Harris Cash Back card.
Master RoadAssist®: As a BMO Harris cardholder, you have access to 24/7 Emergency Roadside Assistance. You can get help with things like jump-starts, flat tires, and towing, up to four times per year.
Extended Warranty: When you use your BMO Harris Cash Back card to purchase an eligible item, you can double the manufacturer's warranty by up to 24 months on most new items.
Rates And Fees
The BMO Harris Cash Back Mastercard has no annual fee or any maintenance fees associated with the card.
The ongoing APR is 15.74 percent to 23.74 percent variable depending on your creditworthiness.
If you’re looking to transfer your balance to the BMO Harris Cash Back card, you'll enjoy a 0% introductory APR for 12 months from the date of the first transfer.
There is also a 3.0% foreign transaction fee if you’re traveling outside the U.S.
First-Year Card Value Vs. Ongoing Value
Since the BMO Harris Cash Back Mastercard is a no-fee cash back card, it will still remain very valuable after the first year even if there is no longer a sign-up bonus.
The value of the card will depend on your spending habits, but if you spend a significant amount in the card's high-earning categories, you could easily earn hundreds of dollars in cash back each year.
To maximize the value of the card, be sure to change all your subscription plans to charge this card with its 5% category and use this card for all your gas and grocery spending to earn 3%. However, if you do not plan to make a purchase in these categories, we recommend another card for all your other base spending where you could easily get 2%.
Compare
BMO Harris Cash Back Mastercard vs. Other Cash Back Cards
The BMO Cash Back Card is hard to beat when it comes to streaming, grocery, and gas spending. However, if you don't plan to spend much in these three categories, this card is probably not for you.
Sign-up bonus
High cash back rates for gas, groceries, & streaming
Foreign transaction fees
Grocery & gas category capped
0% intro APR
Sign-up bonus
Foreign transaction fees
Cash back rewards on groceries are capped
Sign-up bonus
5% cash back at your #1 spending category
Low cash back rate outside category
Requires good/excellent credit
BMO Harris Cash Back Mastercard Vs. Blue Cash Preferred Card
If you're looking for a cash back card with no annual fee, the BMO Harris Cash Back Mastercard is the way to go. However, if you don't mind paying a $95 annual fee and want a higher return on your everyday spending (like groceries, gas, and streaming), the Blue Cash Preferred Card from American Express is a better option. With this card, you'll earn 6% at U.S. Supermarkets, 6% on select U.S. streaming subscriptions, 3% at U.S. gas stations, and 1% everywhere else.
BMO Harris Cash Back Mastercard vs. Citi Custom Cash℠ Card
The BMO Harris Cash Back Mastercard is a great option if you're looking for a cash back card with no annual fee and a fairly flexible reward structure. However, if you're looking for a card with a flat-rate cash back rate on all of your purchases, the Citi Custom Cash℠ Card may be your better option since you'll get 5% cash back in your stop spending category (up to $500 spent each billing cycle) and unlimited 1% everywhere else.
If you only make one category of purchase with your Citi Custom Cash Card, it's a fantastic option. For example, if you only use the card for gas, you'll get an unlimited 5%, which is nice but this would be the only increased rate that also has a lower cap at only $500. That's why the Citi Custom Cash Card is only great if you pair it with another card since it is very limiting with only one 5% cash back category allowed.
Best Cards To Pair With BMO Cash Back Card
Bread Cashback™ American Express® Credit Card is a fantastic companion card. It's a no-nonsense, fixed-rate credit card with unlimited 2% cash back on every purchase. There is no annual fee and it's a great addition to BMO Harris Cash Back Card's tiered rewards structure. For all of your spending that falls within the bonus categories (streaming, gas, and groceries), use your BMO credit card, then, switch to your Bread Cashback™ for any other purchases to earn an unlimited 2%.
Bottom Line
Is The BMO Harris Cash Back Credit Card Worth Getting?
The Cash Back Mastercard from BMO Harris offers superior cash back rates for frequent shoppers on groceries, gas, and streaming services in comparison to many other available cards. Home cooks, busy TV lovers, and commuters will find it difficult to find another rewards credit card that delivers similar earnings opportunities. However, if you don't often spend in these categories, we don't recommend this card for you.
FAQ
BMO Harris Cash Back Mastercard FAQ
Does The BMO Harris Cash Back Mastercard Have An Annual Fee?
No, the BMO Harris Cash Back Mastercard does not have an annual fee.
What Credit Score Do I Need To Get The BMO Harris Cash Back Mastercard?
The BMO Cash Back credit card is most likely to be approved if you have a good to excellent credit score (a 670-850 FICO score, or a 661-850 VantageScore).
Who Is The BMO Harris Cash Back Mastercard For?
The Blue Cash Preferred is one of the best no-fee cash back credit cards for frequent grocery shoppers, daily commuters, and streaming service users. The 3% U.S. supermarket and gas category (up to $2,500 per quarter, then 1 percent) and unlimited 5% U.S. streaming services categories are difficult to beat – especially since the card has no annual fee.
