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Student BMO CashBack® Mastercard® credit card full review: should you get it?

Discover a rare BMO card that offers exclusive student benefits, such as rewards and no annual fee. Learn all about the Student BMO CashBack® Mastercard® credit card!

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Student BMO CashBack® Mastercard® credit card: an annual fee-free student card

BMO CashBack® Mastercard® credit card
Learn all about the Student BMO CashBack® Mastercard® card. Source: BMO

In fact, if you’re Canadian, you’ve probably heard great things about BMO credit cards. In fact, these have advantages that set them apart from other options on the market. Thus, all these benefits of BMO were also extended to the student public through the Student BMO CashBack® Mastercard® credit card.

Learn more about this card that offers benefits that are not generally available on student cards.

BMO logo

Student BMO CashBack® Mastercard®: check out how to apply!

A student card with benefits common to premium cards. Learn how to apply to Student BMO CashBack® Mastercard® credit card and have a card unlike anything you see on the market.

Credit ScoreFrom fair to good (670-739)
Annual Fee$0
Regular APR19.99%
Welcome bonusUp to 5% cashback in the first three months
Rewards3% cashback on grocery purchases, 1% on recurring payments (phone bills, streaming and other subscriptions) and 0.5% on all other purchases

Student BMO CashBack® Mastercard® credit card: learn more about this financial product

Generally, student credit cards do not offer very generous benefits. Thus, in addition to worrying about academic life and professional training, students had to worry about credit card bills. In fact, the Student BMO CashBack® Mastercard® goes against all of that.

For this reason, this card is so coveted. Thus, Student BMO CashBack® Mastercard® brings advantages found only in premium cards. One of them is the tuition waiver, which is a great relief for students’ pocketbooks. Plus, you can count on an excellent rewards program, which is rare on student cards.

In addition, there are a variety of options when it comes to collecting your points. You can charge them as an addition to your next balance, direct deposit into your checking account or through InvestLine, BMO’s investment program.

Student BMO CashBack® Mastercard® card holders can enjoy special benefits from Mastercard cards. In effect, this includes a 25% discount on car rentals from National and Alamo rental companies. Plus, you can enjoy 15% off Cirque du Soleil tickets and 20% off Las Vegas shows.

You can still request extra cards for spouses or other account holders without paying anything for it. Finally, the Student BMO CashBack® is a secure card. In case of fraud, you will be exempt from paying for purchases that you do not recognize.

Student BMO CashBack® Mastercard® credit card features

Blue credit card chip blurred atm emv
Learn more about the card’s pros and cons! Source: Adobe Stock

In fact, the Student BMO CashBack® feels like a credit card dream. However, it’s important to weigh the pros and cons to make sure you’re making a good choice. So, check out the main attributes and weaknesses of the Student BMO CashBack® Mastercard® card:

What are the benefits? 

  • Cashback program, rare features on student cards;
  • Zero annuity;
  • All the benefits of a Mastercard card plus acceptability almost anywhere;
  • Very interesting welcome bonus.

What are the drawbacks?

  • Standard win rate for purchases below the market average (0.5%);
  • Requires a very high credit score to apply;
  • 2.5% fee for transfers abroad;
  • All cashback program categories have a spending limit of $500;
  • After that amount, you will no longer receive rewards.

What credit score do you need to get the Student BMO CashBack® Mastercard® credit card?

In fact, applicants for the BMO CashBack® Mastercard® student card must be very well qualified. If you intend to apply for this card, it is important to have a score between 670 and 739.

How does the Student BMO CashBack® Mastercard® credit card application process work?

There are some criteria you need to meet to apply for this card. To learn more, click on the link below to read a full review of the application process.

BMO logo

Student BMO CashBack® Mastercard®: check out how to apply!

A student card with benefits common to premium cards. Learn how to apply to Student BMO CashBack® Mastercard® credit card and have a card unlike anything you see on the market.

About the author  /  José Gonçalo

I started reading about finance only to find better options than savings. Since then, I have never stopped studying finance, and I believe that writing about it is the best way to help individuals feel fulfilled and have a healthy financial life. Today, I balance finance and medical school studies.

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