BMO Harris Bank Cash Back Mastercard Review

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4.4
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Quick Take: You have to pay for streaming services, cable TV or satellite every month, 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 these 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.
  • Cash Back
    4.4
How did we calculate this?

Pros

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

Cons

  • No introductory interest rate for purchases
  • It's not available in every state

BMO Harris Bank Cash Back Mastercard® Overview

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 every month. You’ll also get $400 in cell phone protection coverage when you use the card to pay your cell phone bill.

In addition, 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 within the first three months you have the card.

If you have balances on other credit cards you’re paying high interest on, 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’ll 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.

Key Features

Here are some of the top 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 TV and streaming services. On the first $2,500 of gas and grocery purchases you make each quarter, you’ll get 3% cash back. And you get 1% cash back on everything else.

APR

The APR for purchases on the BMO Harris Bank Cash Back Mastercard is 16.49% – 24.49%, based on your creditworthiness. This is a variable rate, so it can go up as interest rates rise.

Fees

The BMO Harris Bank Cash Back Mastercard has no annual fee. You will 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 is 3% fee. If you make a late payment or your payment is returned by your bank, you’ll incur 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 that are made within the first 90 days. This gives card holders a great opportunity to pay off those high balances they might have before the variable APR of 16.49% – 24.49% kicks in.

How the BMO Harris Bank Cash Back Mastercard Stands Out

The BMO Harris Bank Cash Back Mastercard stands out because of the cash back offered for recurring purchases. Just by using the card to pay your monthly cable TV, satellite or streaming service bills, you get 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 some others you may want to consider and how they stack up against 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 excellent credit get a $200 cash back when they spend $500 in purchases in the first three months, and 0% APR for 15 months on purchases, followed by a APR. Those with good or fair credit don’t get these perks.

The Bank of America Customized Cash Rewards card gives you 3% cash back in one category that 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 in purchases each quarter. Then there’s 1% cash back on everything else.

How To Apply

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

Who the BMO Harris Bank Cash Back Mastercard Is Best For

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

Final Take

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

BMO Harris Bank Cash Back Mastercard FAQ

  • What is the interest rate for BMO Cashback Mastercard?
    • The BMO Harris Bank Cash Back Mastercard interest rate is between 16.49% and 24.49%, depending on how good your credit is. This 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 via online banking or on the mobile app to claim your cash back.
  • What are the benefits of the BMO Mastercard?
    • 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 score 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 noted, rates are updated periodically. All other information on accounts is accurate as of Oct. 7, 2022.

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

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About the Author

Karen Doyle is a personal finance writer with over 20 years’ experience writing about investments, money management and financial planning. Her work has appeared on numerous news and finance websites including GOBankingRates, Yahoo! Finance, MSN, USA Today, CNBC, Equifax.com, and more.
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