The BMO Harris Bank Cash Back Mastercard® is a popular credit card that offers its users an array of rewards and benefits. It boasts no annual fee, cash back on all purchases made with the card, plus additional reward categories for dining and gas station spending. This review will explore the features of the BMO Harris Bank Cash Back Mastercard®, discuss the pros and cons associated with it, as well as provide some general tips for making the most out of this credit card.
BMO Harris Bank Cash Back Mastercard® allows customers to earn 1% cash back on every purchase they make with their card. Additionally, customers receive 2% cash back when they use their card at restaurants or gas stations and 3% cash back when used for certain types of grocery store purchases. The earning limits are not capped so there is potential for significant earnings over time. Furthermore, the Cash Back can be redeemed in various ways such as statement credits or deposits into eligible checking or savings accounts.
In addition to these great earning opportunities, BMO Harris Bank Cash Back Mastercard® also comes with several other useful features including rental car insurance coverage, extended warranty protection and fraud liability protection. These features help protect customers’ finances while using their cards both online and offline. However, it should be noted that there is a variable APR rate ranging from 14-25%. Therefore it’s important to always pay off balances before interest accrues in order to maximize earnings and take full advantage of this credit card’s rewards program.
Overview Of The Card
The BMO Harris Bank Cash Back Mastercard® is a rewards credit card offered by the bank. It provides users with cash back on purchases, as well as other benefits. This review outlines the features and advantages of this card to help consumers decide if it is right for them.
This card offers 1% cash back on all eligible purchases, plus an additional 3% cash back in select categories that rotate quarterly. These include groceries, gas stations, drugstores, home improvement stores and more. Cardholders can also benefit from no annual fee, a 0% introductory APR offer on balance transfers for 12 months, 24/7 fraud protection and secure online shopping capabilities. Additionally, they will receive up to $20 in statement credits per year when using Apple Pay or Google Pay services at least once each month. Other perks include travel accident insurance coverage and extended warranty protection.
Benefits And Rewards
The BMO Harris Bank Cash Back Mastercard® offers a wide range of benefits and rewards for cardholders.
Benefits:
- Zero annual fee
- No foreign transaction fees
- Complimentary concierge service with 24-hour assistance
- Cellphone protection when you pay your monthly cellphone bill with the card
Rewards:
- Earn 3% cash back on gas station, grocery store, and drugstore purchases.
- Receive 2% cash back on eligible bills such as utilities, cell phone service providers, Internet services, cable TV services, and more.
- Earn 1% cash back on all other purchases made with the card.
Cardholders can redeem their accrued rewards at any time in increments of $25. Cash rewards are credited to the user’s account as statement credits or deposited directly into an eligible bank account via direct deposit transfer.
Fees And Interest Rates
Moving forward, the BMO Harris Bank Cash Back Mastercard® has numerous fees and interest rates which should be taken into account. Firstly, there is a fee of $99 for the first-year annual membership; however, this fee is waived each year if cardholders use their credit cards at least once in 12 months. Additionally, balance transfers have an APR of 0% for 6 billing cycles and then increases to between 16.24%-26.24%.
Furthermore, cash advances come with a 26.49% APR and foreign transaction fees are 3% of each purchase made outside of Canada or the United States. Lastly, late payment charges are up to $40 depending on how much past due the payments are as well as returned payment fees of up to $39 per instance.
It is important to always pay off balances before they become late so that you can avoid these extra costs. Taking advantage of all the benefits provided by BMO Harris Bank Cash Back Mastercard®, such as its rewards program and introductory offers can help manage debt while helping to build credit scores over time.
Eligibility Requirements
The BMO Harris Bank Cash Back Mastercard® is a rewards credit card that allows customers to earn cash back on all their purchases. Eligibility requirements must be met in order to qualify for the card.
Applicants must have a good to excellent credit score, and they must also be at least 18 years of age and have a valid government-issued ID. Additionally, applicants should have an annual household income of more than $15,000 or show proof of steady employment. An active bank account with sufficient funds to cover any fees associated with the card is also required.
In addition to these eligibility requirements, applicants must be permanent residents or citizens of the United States and provide a mailing address within its borders. Furthermore, those who are not U.S. citizens but are residing in the country can apply for the card if they possess a valid visa type and expiration date.
Pros And Cons
The BMO Harris Bank Cash Back Mastercard® is a versatile credit card for those who want to earn rewards on everyday purchases. With this product, cardholders can receive cash back in the form of points that may be redeemed for statement credits or travel rewards. The primary pro associated with this card is its generous reward program which offers up to 3% cashback on eligible net purchases, as well as no annual fee and no foreign transaction fees. Additionally, it provides access to exclusive deals from select merchants and opportunities to transfer balances from other cards at zero percent interest rate for up to 12 months.
However, there are some cons associated with this card that should also be considered before applying. For instance, while the cashback percentage is high compared to other cards, it only applies to certain categories such as gas stations and grocery stores; all other purchases will only qualify for 1% cashback. In addition, although balance transfers have zero percent interest rate during promotional periods, after these periods expire the APR increases significantly making them less attractive options when looking for ways to manage debt.
Alternatives
The BMO Harris Bank Cash Back Mastercard® is only one of many options that consumers have when it comes to rewards credit cards. Other alternatives include the American Express Cash Magnet Card, which offers 1.5% cash back on all purchases with no annual fee; and the Chase Freedom Unlimited®, which provides unlimited 1.5% cashback on every purchase made along with a $0 introductory annual fee for the first year then $95 annually afterwards.
Moreover, some other popular options are available such as the Citi Double Cash Credit Card that gives cardholders 2% cashback on all purchases and has no annual fees, or Discover It® Balance Transfer where users get 5% cashback in select categories each quarter plus up to 18 months 0% APR for balance transfers and 6 months 0% APR for new purchases.
When making decisions about rewards credit cards, potential applicants should consider their spending habits and determine what type of card best fits their needs. Additionally, they should compare any advantages and disadvantages between different cards before selecting one to ensure they receive maximum value from their choice.
Conclusion
The BMO Harris Bank Cash Back Mastercard® is an attractive credit card for individuals who are looking to take advantage of cash back rewards. Cardholders can earn up to 5% cash back on eligible purchases, plus a welcome bonus and access to exclusive savings offers with no annual fee. The low interest rate and flexible repayment options make this card suitable for those with varying financial needs. Furthermore, the eligibility requirements are relatively straightforward as applicants need only have good or excellent credit scores in order to qualify.
The BMO Harris Bank Cash Back Mastercard® provides many benefits that could appeal to shoppers seeking a reliable reward-earning credit card. Its generous cash back rewards program can provide significant returns over time while its moderate fees and interest rates remain competitive when compared against other cards available in the market today. Additionally, its accessible eligibility criteria allow most qualified consumers to obtain approval quickly and easily. For these reasons, it may be well worth considering this card for anyone interested in maximizing their spending power through lucrative rewards programs.