BMO Harris Bank Cash Back Mastercard Review

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Quick take: You have to pay monthly for streaming services, cable or satellite TV, so why not get paid for it? The BMO Harris Bank Cash Back Mastercard gives you 5% cash back when you use your card to pay those monthly bills. Plus, you get a $200 bonus when you spend $2,000 in the first three months. Beyond that, it’s a good cash-back credit card to have in your wallet.

How did we calculate this?

Advantages

  • $200 cashback bonus when you spend $2,000 in the first three months
  • Up to 5% cash back on select purchases
  • At least 1% cash back on everything
  • No annual fee
  • $400 cell phone protection if you pay your bill with the card

The inconvenients

  • No introductory interest rate for purchases
  • It is not available in all states

BMO Harris Bank Mastercard with cashback® Insight

The BMO Harris Bank Cash Back Mastercard wants you to use it to pay some of your monthly bills. You’ll get 5% cash back on streaming, cable TV and satellite services when you use the card to pay your bill each month. You’ll also get $400 cell phone protection coverage when you use the card to pay your cell phone bill.

Plus, you get 3% cash back on gas and groceries, up to $2,500 in purchases each quarter. And you get 1% back on everything else. You also get $200 cash back when you spend $2,000 in the first three months you have the card.

If you have balances on other credit cards on which you pay high interest, you can transfer them to your BMO Harris Bank Cash Back Mastercard. If you do so within the first 90 days of opening your account, you will pay 0% APR interest for the first 12 months on those balances. This introductory period is followed by an APR of 16.49% – 24.49% variable.

Main characteristics

Here are some of the key features of the BMO Harris Bank Cash Back Mastercard.

Cash back

The BMO Harris Bank Cash Back Mastercard gives you 5% cash back on eligible satellite, cable and streaming services. On the first $2,500 in gas and grocery purchases you make each quarter, you’ll earn 3% cash back. And you get 1% cash back on everything else.

APR

The APR for purchases made with the BMO Harris Bank Cash Back Mastercard is 16.49% to 24.49%, depending on your creditworthiness. It is a variable rate, so it may increase as interest rates rise.

Costs

The BMO Harris Bank Cash Back Mastercard has no annual fee. You’ll pay a 4% fee — a minimum of $10 — for each balance transfer, and a 5% fee — a minimum of $10 — for a cash advance. Foreign transactions incur a 3% fee. If you make a late payment or your payment is returned by your bank, you will be charged a fee of up to $39.

Balance transfers

The BMO Harris Bank Cash Back Mastercard offers an introductory rate of 0% APR for 12 months on balance transfers made within the first 90 days. This gives cardholders a great opportunity to pay off any high balances they might have before the variable APR of 16.49% to 24.49% takes effect.

How the BMO Harris Bank Cash Back Mastercard Stands Out

The BMO Harris Bank Cash Back Mastercard stands out for offering cash back on recurring purchases. By simply using the card to pay your monthly cable TV, satellite or streaming service bills, you’ll earn 5% cash back. The introductory APR period for balance transfers is also a compelling feature.

Comparable credit card options

It always makes sense to compare credit cards before you apply, so here are a few others you might want to consider and how they compare to the BMO Harris Bank Cash Back Mastercard.

Capital One Quicksilver Cash Rewards Credit Card

The Capital One Quicksilver Card offers 1.5% cash back on all purchases. Applicants with great credit get $200 cash back when they spend $500 on purchases in the first three months, and 0% APR for 15 months on purchases, followed by a APR. Those with good or fair credit do not enjoy these benefits.

The Bank of America Customized Cash Rewards Card gives you 3% cash back in a category you choose: gas, dining, travel, online shopping, drug stores or home improvement stores. Cardholders also get 2% back at grocery stores and wholesale clubs. These offers apply to the first $2,500 of purchases each quarter. Then there’s 1% cash back on everything else.

How to register

You can apply for the BMO Harris Bank Cash Back Mastercard on their website. It is only available to residents of the following states: IL, WI, IN, AZ, MO, MN, KS, FL, CA, CO, DE, GA, MD, MA, NJ, NY, OH, OR, TX, UT or WA.

Who is the BMO Harris Bank Cash Back Mastercard best for?

The BMO Harris Bank Cash Back Mastercard is ideal for people who use their credit card to pay recurring monthly bills, as well as those who may have balances on other high-interest cards they want to transfer.

Final take

The BMO Harris Bank Cash Back Mastercard is a great way to get 5% off some of your monthly recurring bills. It’s also a good way to pay off some higher interest balances you might have on other cards.

BMO Harris Bank Cash Back Mastercard FAQs

  • What is the interest rate for the BMO Cash Back Mastercard?
    • The interest rate for the BMO Harris Bank Cash Back Mastercard is between 16.49% and 24.49%, depending on the quality of your credit. It is a variable rate, so it can change as the interest rate changes.
  • How do I claim my BMO Cash Back?
    • You can redeem your cash back for a statement credit. Access your account through online banking or the mobile app to claim your cash back.
  • What are the benefits of the BMO Mastercard?
    • The BMO Cashback Mastercard offers 5% cash back on cable, streaming and satellite services, plus $400 in cell phone protection when you use it to pay your cell phone bill. It also offers $200 cash back when you spend $2,000 in the first three months. And you get an introductory APR period on balance transfers.
  • What credit rating is needed for the BMO Mastercard?
    • The credit score you need for the BMO Mastercard is not provided on their website, but for similar cards, a good to excellent credit score is required.

Rates are subject to change; unless otherwise specified, prices are updated periodically. All other account information is accurate as of October 7, 2022.

Editorial note: This content is not provided by any entity covered by this article. Any opinions, analyses, criticisms, evaluations, or recommendations expressed in this article are those of the author alone and have not been reviewed, endorsed, or otherwise endorsed by any entity named in this article.

About Mildred B.

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