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Student BMO CashBack® Mastercard®
Credit cards

Student BMO CashBack® Mastercard®

Updated 01.12.2022

About Student BMO CashBack® Mastercard®

A Student BMO CashBack® Mastercard® card is a no-fee credit card for students providing cash back earning opportunities and benefits at BMO’s partner merchants.

From time to time, BMO announces welcome offers for a Student BMO CashBack® Mastercard®, allowing new applicants to earn cash back at an accelerated rate in the first months.

Student BMO CashBack® Mastercard® features

A Student BMO CashBack® Mastercard® credit card provides a 20.99% interest rate on purchases and 22.99% on cash advances (21.99% for Quebec residents). There is no annual fee for a Student BMO CashBack® Mastercard® credit card, and issuance of an additional card is free of charge.

When paying with your Student BMO CashBack® Mastercard® credit card for grocery purchases up to the first $500 spent per statement period, you will earn 3% cash back. Recurring Bill Payments up to a maximum of $500 per statement cycle period will bring you 1% cash back. For all other eligible purchases charged to your Student BMO CashBack® Mastercard® credit card account, you will earn 0.5% cash back.

You can further redeem your cash back dollars for just $1 towards any of the following:

  • A deposit into your savings, chequing, or BMO InvestorLine account

  • A credit to your account statement 

Redemption is available to you at any time. If you want to automate this process, you can set up recurring deposits (provided your cash back balance is at least $25).

Student BMO CashBack® Mastercard® cardholders can enjoy discounts at BMO’s partner merchants, including:

  • Up to 25% discounts for car rentals at National Car Rental and Alamo Rent a Car

  • Discounts for admission to Cirque du Soleil shows in Canada and Las Vegas

Insurance coverages included in a Student BMO CashBack® Mastercard® credit card are up to 90-day purchase protection and extended warranty coverage, increasing the original manufacturer’s warranty by up to 1 year.

To enrich the capabilities of your Student BMO CashBack® Mastercard® credit card, you can apply for the following add-ons:

  • The CREDIT ALERT service notifying you about changes to your credit record 

  • The InfoProtector 360™ service protecting all the important cards, documents, and devices that you carry with you

  • BMO Credit Card Balance Protection Enhanced providing coverage of your credit card payments and outstanding balance in case of job loss or death

  • BMO Roadside Assistance providing free battery boosts, flat-tire change, lockout service, and towing on almost any road in Canada and the U.S.

Pros and cons 

Here are the key benefits of a Student BMO CashBack® Mastercard® credit card:

  • A zero annual fee

  • Free issuance of additional cards

  • Cash back earning opportunities

  • Benefits and discounts from BMO’s partners

  • No yearly minimum income requirements to apply

  • An opportunity to start building a credit history

  • Contactless payment through digital wallets

  • Credit card protection capabilities (the Mastercard Zero Liability Protection policy and ID Theft Protection™)

The potential drawbacks of this credit card are:

  • Few insurance coverages included

  • The lack of exclusive benefits from Mastercard

  • Availability of this credit card to post-secondary school students only

How to apply for a Student BMO CashBack® Mastercard®

BMO accepts online applications for a Student BMO CashBack® Mastercard® credit card. To apply online, click the “Apply now” button on the credit card description page and specify whether you already have a BMO credit card and a Canadian address. Then, fill out the application form with the following applicant details:

  • Your first name

  • Your middle name (optional)

  • Your last name

  • Your date of birth

  • Your phone number

  • Your address

  • Your housing status

  • Your monthly payment

  • Month and year since you live there

  • Your social insurance number (optional)

  • Your school

  • Your education level

  • Your area of study

  • The current year of study

  • Your employment status

  • Your occupation category

  • Your position

  • The company name

  • Month and year since you work there

  • Work phone number

  • Your sources of income

  • Whether you want to add another cardholder

  • Whether you want to add Optional BMO Credit Card Balance Protection Enhanced

Once you provide the required information, review the summary of it, agree to the terms and conditions, and click “Confirm & apply” to finish your application.

Applying for a Student BMO CashBack® Mastercard® credit card doesn’t involve minimum annual income requirements.

How much cash back can I earn with my Student BMO CashBack® Mastercard® credit card?

There is an online cash back calculator on the Student BMO CashBack® Mastercard® credit card page. Adjusting the slider with the estimated monthly spending by categories will give you an idea of how much cash back you can earn for your everyday purchases.
What are eligible types of income to qualify for a Student BMO CashBack® Mastercard® credit card?To qualify for a Student BMO CashBack® Mastercard® credit card, you can earn income from a range of sources, including employment income, family income, gifts, grants, scholarships, bursaries, insurance claims or payments, investment income, retirement income, income from an asset sale, self-employment income, social assistance, support payments, trust, inheritance, or winnings in contests and lotteries.
How do I safeguard my PIN?

BMO provides the following recommendations for safeguarding your PIN:

  • Do not disclose your PIN 

  • Keep your PIN separate from your card

  • Don’t write your PIN on your card

  • Don’t use your name, date of birth, phone number, or SIN as a PIN

Rate
i

Effective interest rate on the product

21.99% - 22.99%

Top offers of the February 2023

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