The BMO CashBack Mastercard is BMO’s no-annual-fee cash back entry card, positioned below the premium BMO CashBack World Elite Mastercard. It earns an elevated cash back rate on groceries and a base rate on all other purchases — making it one of the more attractive no-fee cash back options for grocery-focused Canadian households. With no annual fee and no income requirement, any cash back earned represents pure value above the card’s zero carrying cost.
Quick Verdict
Best for: BMO customers and non-BMO applicants who want elevated cash back on grocery purchases with no annual fee and no income requirement.
Not ideal for: High-spend households (the World Elite’s 5% on groceries will far outperform at $120/year), or those who want comprehensive travel insurance included with their card.
Key Card Details
| Feature | Detail |
|---|---|
| Annual fee | $0 |
| Additional cardholder fee | $0 |
| Purchase interest rate | 20.99% |
| Cash advance rate | 23.99% |
| Foreign transaction fee | 2.5% |
| Income requirement | None |
| Network | Mastercard |
| Welcome bonus | Verify current offer at bmo.com |
Cash back rates, annual grocery earn cap, welcome bonus, and card terms are subject to change. Always verify current details at bmo.com before applying.
Welcome Bonus
BMO periodically offers a welcome cash back bonus for new CashBack Mastercard cardholders.
Always verify the current welcome bonus at bmo.com before applying.
Cash Back Earn Rates
| Category | Cash Back Rate |
|---|---|
| Eligible grocery stores | Elevated — verify at bmo.com (annual cap applies) |
| All other eligible purchases | Base rate — verify at bmo.com |
Verify exact current earn rates and the annual grocery spend cap at bmo.com. The cap limits the elevated grocery rate to a maximum annual spend before reverting to base.
The grocery earn advantage
For a household spending $800/month on groceries (within the annual cap):
- $800 × 12 = $9,600/year in grocery spend
- At a typical elevated no-fee rate (verify at bmo.com)
Even at a modest elevated grocery rate, the BMO CashBack Mastercard can outperform flat-rate no-fee cards on grocery-heavy households — at zero annual cost.
BMO CashBack World Elite vs. Base Mastercard
| Feature | BMO CashBack Mastercard | BMO CashBack World Elite |
|---|---|---|
| Annual fee | $0 | $120 |
| Groceries | Elevated (lower) | 5% (up to spend cap) |
| Gas, transit, recurring bills | Base | 3% |
| Everything else | Base | 1% |
| Income requirement | None | $80,000 personal |
| Travel insurance | None | Comprehensive |
Upgrade calculation: At $800/month in grocery spend, the World Elite earns 5% = $40/month = $480/year. If the no-fee card earns, say, 3% = $24/month = $288/year. The World Elite earns $192 more — plus $240 more on $800/month in gas, transit, and bills (at 3% vs. base). Total differential often exceeds the $120 fee, making the World Elite the better choice for qualifying households.
Card Benefits
Verify at bmo.com, but expect minimal benefits at the no-fee tier:
- Basic purchase protection may apply
- Extended warranty may apply on some purchases
- Travel insurance: not expected — verify
Fees and Rates
| Fee | Amount |
|---|---|
| Annual fee | $0 |
| Purchase interest rate | 20.99% |
| Cash advance rate | 23.99% |
| Foreign transaction fee | 2.5% |
Who Is the BMO CashBack Mastercard Best For?
Ideal cardholders:
- BMO customers who want a no-fee Mastercard with elevated grocery cash back
- Those who do not meet the $80,000 income requirement for the World Elite
- Light spenders for whom the World Elite’s higher earn rates wouldn’t offset the $120 annual fee
- Those who want a cash back card without the commitment of an annual fee
Less suitable if:
- You qualify for the BMO CashBack World Elite — the 5% grocery rate almost always outperforms the no-fee card for households spending $500+/month on groceries
- You want cash back on gas, transit, or recurring bills at elevated rates
- You want travel insurance included
Alternatives
| Card | Annual Fee | Best Grocery Rate | Notes |
|---|---|---|---|
| BMO CashBack World Elite | $120 | 5% | Best for qualifying high-spend households |
| Scotiabank Momentum No-Fee Visa | $0 | Verify at scotiabank.com | Scotiabank ecosystem |
| Tangerine Money-Back | $0 | 2% (on chosen categories) | Flexible category choice |
| PC Financial Mastercard | $0 | PC Optimum points | Loblaws ecosystem only |
Bottom Line
The BMO CashBack Mastercard is a solid no-fee entry card for grocery cash back. It earns more on eligible grocery purchases than a flat-rate 1% card, at zero annual cost. For those who cannot or do not want to pay the World Elite’s $120 fee, it provides meaningful grocery cash back with no commitment.
Once spending and income allow, upgrading to the BMO CashBack World Elite Mastercard for the 5% grocery rate and comprehensive travel insurance will deliver substantially higher returns on the same everyday spending.
Card terms, cash back earn rates, grocery spend cap, welcome bonus, and benefits are subject to change. Always verify current details at bmo.com before applying.