The BMO Cash Back Mastercard has an offer for $200 bonus cash when you spend $2,000 within the first three months (ways to meet this spending requirement). Although not the best bonus out there, it’s a pretty nice deal for a card with no annual fee.
The BMO Cash Back card is a reliable choice for earning cash back, especially for streaming and TV subscriptions. However, if you don’t have cable or satellite TV, it may be more beneficial to consider using it as a supplementary rewards card.
Other cards provide broader categories of rewards, making them more suitable for various spending needs.
READ MORE: SEE THE BEST CARD SIGN UP BONUSES HERE
$200 Bonus Cash Back Offer Details
Get a $200 cash back bonus when you spend $2,000 within 3 months of opening your account.
Card features:
- Earn 5% cash back on eligible streaming, cable TV, and satellite services
- Earn 3% cash back on eligible gas and grocery purchases (up to $2,500 per calendar quarter)
- Earn 1% cash back on all other eligible purchases
- Receive $400 cell phone protection coverage when you charge your monthly wireless telephone bill to the card
- Access unique experiences worldwide with Priceless Cities, exclusive for Mastercard cardholders
- Use Apple Pay, Google Pay, and Samsung Pay to make payments with your smartphone
- Stay informed about your credit card account with BMO Card Monitor
- Benefit from Mastercard ID Theft Protection services, including Identity Monitoring and Resolution Services
- Enjoy Mastercard Zero Liability protection
- Receive automatic eligibility for up to $400 coverage for Cellular Wireless Telephone Protection
- Access Master RoadAssist Roadside Service for jump-starts, tire changes, towing, and gas delivery
- Extend the warranty of most new items with Extended Warranty coverage for up to an additional 12 months.
>> OFFER LINK
Rewards Breakdown
You can earn unlimited 5 percent cash back on eligible streaming, cable, and satellite TV services.
Additionally, you can earn 3 percent cash back on grocery and gas purchases, and 1 percent back on all other purchases. However, the 3 percent rewards on gas and groceries are limited to the first $2,500 of combined spending each quarter, after which the rate drops to 1 percent.
The 3 percent cash back rate on groceries and gas is noteworthy, as it is relatively high compared to other no-annual-fee cards. The $2,500 spending cap may not be a concern for most people since the average quarterly spending on groceries and gas is approximately $1,800. Unless you have a significantly larger budget for these categories, you are unlikely to exceed the cap.
Although the highest rewards rate applies to streaming, cable, and satellite TV services, the grocery and gas categories are likely to be more profitable. Here’s an estimated breakdown of the cash back earnings in the card’s bonus categories for the average spender*:
- Streaming services (5 percent cash back): about $30 per year
- Cable and satellite TV services (5 percent cash back): about $130 per year
- Groceries (3 percent cash back): about $160 per year
- Gas (3 percent cash back): about $60 per year
As shown, the cash back earned from streaming services may only cover a few months of one subscription, unless you have substantial spending in this category. Additionally, while you may earn more rewards from cable or satellite TV, a significant portion of the population has transitioned away from traditional TV services.
*According to J.D. Power, the average monthly spending on streaming is $55 ($660 per year), while Allconnect reports that the average monthly cost of a household cable package is $217 (approximately $2,600 per year). The Bureau of Labor Statistics indicates that the average yearly spending on groceries is $5,259 and on gas is $2,148.
READ MORE: SEE THIS $225 CASH PROMOTION FROM FIFTH THIRD BANK WHILE IT LASTS
Pros & Cons
Pros:
- Provides one of the highest and unlimited rewards rates on streaming services, cable, and satellite TV, all without an annual fee.
- Offers a 0% introductory APR on balance transfers made within the first 90 days, allowing for an interest-free period of 12 months (variable APR applies afterward).
- Earns a solid 3% cash back on gas and grocery purchases, which are popular everyday expenses (up to $2,500 in combined purchases per quarter, then 1% back).
- Insures your cellphone for up to $400 against damage or theft when you pay your monthly bill with the card (coverage of up to $600 per year across two claims, with a $50 deductible).
Cons:
- The 5% cash back on streaming, cable, and satellite subscriptions may not be valuable for the average spender unless they have significant bills for cable or satellite TV.
- Other cash back cards with no annual fee offer more rewarding bonus categories.
- The $200 welcome offer requires a spending requirement of $2,000, which is higher than the typical three-month spending threshold.
READ MORE: SEE THESE CASH BACK SHOPPING DEALS AND PROMOTIONS FOR BONUS CASH AND REWARDS
Bottom Line
It seems to have some interesting features for earning cash back. You can get 5% cash back on eligible streaming, cable TV, and satellite services, which could be good if you use these services.
They also offer 3% cash back on gas and grocery purchases, up to $2,500 per calendar quarter. That can add up if you spend a lot on these categories. For everything else, you’ll earn 1% cash back, which is pretty standard.
One perk that caught my attention is the $400 cell phone protection coverage when you charge your monthly wireless telephone bill to the card. That could come in handy if you’re worried about damaging or losing your phone.
On the downside, it seems like the rewards categories are a bit limited compared to some other cards out there. If you don’t have cable or satellite TV, the 5% cash back on streaming might not be as useful. It could be worth considering this card as a second rewards card rather than your primary one.
See more from BMO:
- BMO Smart Advantage Checking Review: $300 Sign Up Bonus & No Monthly Fee
- BMO Smart Money Checking Account Review: Ideal For Under-25s & Score a $300 Bonus
- BMO Checking Account Fees: What You Need to Know
- BMO vs. Chase Checking Account Bonuses Compared: Guide to Maximizing Your Bank Bonus Earnings
- BMO Business Account Promotions: $750 Business Checking Bonus [Nationwide] – Ends 2/1/25
- BMO Bonus Offers & Promotions November 2024 (Earn $300, $750)
- BMO Checking Account $300 Cash Bonus – Ends 2/3/25
- BMO: How Its $600 Bonus & Banking Solutions Align with Your Long-Term Goals
- BMO Relationship Checking Review: Reward Banking Made For You
- BMO Referral Bonus: Earn Up To $500 For Referring Friends
- BMO Premium Rewards Mastercard 35,000 Bonus Points ($435 Value)
- BMO Business Platinum Rewards Mastercard® 100,000 Bonus Points
- BMO Platinum Rewards Mastercard 25,000 Bonus Points ($300 Value)
READ MORE: SEE THE BEST BANK BONUSES HERE AND THE BEST INVESTING BONUSES HERE.
Trending Checking Account Deal:
Unlock Your Trading Potential with Interactive Brokers – Click Here to Learn More!
