Student BMO CashBack® Mastercard®

Welcome Bonus

Get up to 5% cash back in your first 3 months

N/A

Annual Fee

$0

Annual Rewards

0.5%–5%

N/A

Rewards on Approval

N/A

Purchase Rates

20.99%

Cash Advance Rates

22.99%

Balance Transfer Rates

N/A

Table of Contents

The Student BMO CashBack® Mastercard® is a credit card designed specifically for students. It offers cashback rewards on eligible purchases, allowing students to earn money back while building their credit history. With a low annual fee, additional benefits such as extended warranty coverage and purchase protection, and convenient mobile banking services, this card provides students with a convenient and affordable way to manage their finances and earn rewards. It also prioritizes security with embedded chip technology and around-the-clock fraud protection. Overall, the Student BMO CashBack® Mastercard® is a great option for students looking to establish credit, earn rewards, and enjoy the benefits of responsible credit card usage.

Pros

  1. Cashback Rewards: The card offers cashback rewards on every eligible purchase, allowing students to earn money back while making their everyday purchases.
  2. Building Credit: The credit card provides students with an opportunity to establish and build their credit history, which is essential for future financial endeavors.
  3. Low Annual Fee: The card has a low annual fee, making it affordable for students on a budget.
  4. Additional Benefits: The card offers extended warranty coverage on eligible purchases and purchase protection against theft or damage, providing extra peace of mind for students.
  5. Mobile Banking and Online Account Management: BMO's mobile app and online platform make it easy for students to manage their account, view statements, make payments, and track their spending.
  6. Flexible Credit Limit: The card offers a flexible credit limit, allowing students to start with a lower limit and potentially increase it over time as they demonstrate responsible credit card usage.
  7. Security Features: The card comes with embedded chip technology and around-the-clock fraud protection, ensuring enhanced security and protecting against unauthorized use.

Cons

  1. Cashback Limitations: The cashback rewards may be subject to certain terms and conditions, including maximum cashback limits and exclusions on specific types of transactions.
  2. Potential for High Interest Rates: If students carry a balance on their card and do not pay it off in full each month, they may incur high-interest charges, impacting their overall cost.
  3. Credit Card Responsibility: Like any credit card, students need to use the Student BMO CashBack® Mastercard® responsibly, making timely payments and keeping their credit utilization low to avoid negative impacts on their credit score and potential debt accumulation.
  4. Limited Acceptance: Although Mastercard is widely accepted, there may be instances where the card is not accepted at certain merchants or locations.
  5. Requirements and Eligibility: The card is specifically designed for students, and eligibility criteria may apply, potentially limiting its availability to a specific target audience.

Details & Eligibility

  • 500 - 679
  • N/A
  • N/A
  • $0
  • N/A
  • Mastercard
  • No
  • 20.99%
  • 22.99%
  • N/A
  • N/A
  • N/A
  • N/A

The Student BMO CashBack® Mastercard® is a credit card specifically designed for students who are looking to build their credit history while enjoying cashback rewards on their purchases. Issued by the Bank of Montreal (BMO), this credit card offers a range of features and benefits tailored to the needs of students.

One of the primary advantages of the Student BMO CashBack® Mastercard® is its cashback rewards program. Cardholders earn cashback on every eligible purchase made with the card. The cashback rates are tiered, meaning the more you spend, the higher the percentage of cashback you earn. This is a great feature for students who frequently use their credit card for everyday expenses such as groceries, dining out, and online shopping. Cashback rewards can be redeemed as a credit on your statement, allowing you to reduce your outstanding balance or use the cashback to fund future purchases.

Another key benefit of this credit card is its low annual fee. As a student, managing your finances is crucial, and having a credit card with a low or no annual fee can be highly advantageous. The Student BMO CashBack® Mastercard® offers an affordable annual fee, making it accessible for students with limited budgets.

Furthermore, the Student BMO CashBack® Mastercard® provides additional perks and benefits to enhance the overall cardholder experience. For instance, it includes extended warranty coverage on eligible purchases, which can be beneficial for students who often purchase electronics or other valuable items. The card also comes with purchase protection, providing coverage against theft or damage for a specific period after purchase.

Moreover, BMO offers mobile banking services and online account management, making it convenient for students to monitor their transactions, make payments, and view their statements. The mobile app allows cardholders to access their account information on the go, track their spending, set up alerts, and manage their card’s features and settings.

In terms of security, the Student BMO CashBack® Mastercard® offers advanced security features to protect against unauthorized use. It includes embedded chip technology, which provides added security when making in-person purchases. Additionally, BMO provides around-the-clock fraud protection, monitoring your card for any suspicious activity and taking immediate action if any potential fraud is detected.

It’s worth mentioning that the Student BMO CashBack® Mastercard® also offers flexible credit limits, allowing students to start with a lower credit limit and gradually increase it over time as they demonstrate responsible credit card usage.

While the Student BMO CashBack® Mastercard® has numerous benefits, it’s essential to consider a few potential drawbacks. One aspect is that the cashback rewards are subject to certain terms and conditions, including a maximum cashback limit and exclusions on certain types of transactions. Additionally, like any credit card, it’s crucial to use the Student BMO CashBack® Mastercard® responsibly, making timely payments and keeping your credit utilization low to avoid incurring interest charges and potentially damaging your credit score.

In summary, the Student BMO CashBack® Mastercard® is an excellent credit card option for students who want to build their credit while enjoying cashback rewards. With its cashback program, low annual fee, additional benefits, and convenient account management features, this credit card provides a comprehensive package tailored to the needs of students. However, it’s crucial to review the terms and conditions, use the card responsibly, and consider your own spending habits to determine if it aligns with your financial goals and needs as a student.

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