If you are The Amazing Race Canada fans like the Rewards Canada family are, you’ll have seen on the newest season of the Amazing Race Canada the teams have new payment cards. As we have seen in past seasons when Interac, Scotiabank and BMO sponsored the race, this season we see BMO return as the payment card sponsor. This year they gave the teams the BMO no fee cash back credit card for all their purchases. For many Rewards Canada readers you probably know about the card but for many fans of the show who may not be rewards savvy they may not, so this post will provide you some details on the card and whether it is good or not.
First off lets look and see what the BMO CashBack Mastercard offers:
· Welcome Offer: Get 4% cash back on every purchase (up to $125 cash back) in your first 4 months*.
· Earn 1% CashBack on ALL card purchases* without restrictions!*!
· No Annual fee*
· Receive a discount on car rentals*
· Extended Warranty*
· Purchase Protection*
So is this card good? When you take into account the initial sign up bonus, yes it is. To get 4% back on a no annual fee card is a great deal. When you look at its competitors, the other no annual fee cash back cards, most of them save for one or two have no sign up offer at all. Even against a lot of the fee based cash back cards this sign up bonus is pretty good. Then when you look at the day to day earn rate of 1%, the card is towards the top of the pack as well for no fee cash back cards. A quite of few of them do offer 1% back as well but a whole bunch are below that at 0.5 to 0.75%. You can get a return higher than 1% by moving to a no fee travel rewards card like the the Scotiabank More Rewards Visa but then you are limited to travel rewards.
Back to our initial question then, is it good? Yes this a pretty decent no fee cash back card. If you aren’t looking for a lot of bells and whistles, don’t want to pay an annual fee and want a flat cash back return, then yes this card is good. If you need insurance benefits outside of Extended Warranty and Purchase Protection, want to have a higher return on your spending and such then the card isn’t really for you. But then again if you want those perks you either have to move to a travel rewards card or a cash back card with an annual fee.
Click here to find out more and/or apply for the BMO CashBack MasterCard