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How do I use BMO cash back to deduct from my credit card balance?

To the point Here is the step-by-step procedure for using your BMO Cash Back balance earned with a BMO Cash Back credit card.

BMO Mastercard Rebates

No Annual Fee

The BMO® CashBack® Mastercard®* and BMO® CashBack® Mastercard®* for students have no annual fee. The first requires a minimum personal income of $15,000 while the second requires no minimum income.

With the welcome bonus, you get a 5% discount for the first three months, under certain conditions.

Then, the accumulation rate is:

  • 3% on grocery purchases
  • 1% on recurring bill payments
  • 0.5% on other purchases

The one used for this example is the BMO® CashBack® World Elite®* Mastercard®* which has the following features:

BMO® CashBack® World Elite®* Mastercard®*

The BMO® CashBack® World Elite®* Mastercard®* is one of the best cash back Mastercard credit card in Canada.

For a limited time, you will earn 10% cash back on all purchases for the first three months (up to $260 cash back). Besides, the annual fee is waived in the first year!

With the BMO® CashBack® World Elite®* Mastercard®*, you earn between 2% and 5% cash back on many spending categories:

  • 5% on grocery purchases (on the first $500 you spend monthly)
  • 4% on transit (on the first $300 you spend monthly)
  • 3% on gas and electric vehicle charging (on the first $300 you spend monthly)
  • 2% on recurring bill payments (on the first $500 you spend monthly)

Everywhere else, you’ll earn 1% cash back, including at Costco.

Finally, it is one of the only credit cards in its category to offer an extended warranty of 2 additional years.

How to use BMO cash back to reduce your credit card balance

Your cash back balance can be found on your monthly statement.

Your BMO Rewards

Then go to the BMO Cash Back website to begin the effortless process of using your BMO Cash Back.

Register if you are new to this site or login.

BMO site Remises

Bank of Montreal offers you multiple ways to use your BMO Cash Back. You can:

  • Redeem it for a credit and deposit it into your BMO Discount credit card account
  • Deposit it into your BMO bank account
  • Or deposit it into a BMO InvestorLine self-directed account

I decided to use my cash back earned last month to pay off a portion of my BMO® CashBack® World Elite®* Mastercard®*.

Two options:

  • Click on Recurring Amount to set a fixed automatic discount each month
  • Click on Single Amount if you want to do it yourself and determine a different amount at a different time
bmo remmises

Use the cursor to select the amount of credit. The minimum BMO cashback amount is $1 and must be a rounded dollar figure.

Then click on Next.

bmo remises en argent

Then confirm the email address on file and click Next.

bmo remises argent confirmation

Review your BMO cashback redemption and the information on file. Read and accept the terms and conditions and then confirm your transaction.

bmo remises sommaire

Bravo!

The BMO Cash Back redemption transaction is confirmed. With this, I will have $97 less to pay on my BMO credit card balance.

Also, a confirmation email will be sent within minutes.

bravo remises bmo

On the next business day, the BMO Cash Back amount will appear on your BMO Cash Back credit card account.

For example, it showed up on my BMO credit card account when I used my previous rebate:

WE Discounts

Voilà! It’s really easy to do.

BMO World Elite Cash Back Welcome Offer

This 10% welcome offer is awesome. It is very rare to have a 10% cash back card on groceries or gas!

However, there is a limit to the number of purchases eligible for this high percentage with the BMO® CashBack® World Elite®* Mastercard®*:

  • 10% back up to $500 for groceries (so maximum $50 cash back)
  • 10% discount up to $300 for public transportation (maximum $30)
  • 10% discount up to $300 for gas and electric vehicle recharging (maximum $30)
  • 10% discount up to $500 for recurring bill payments (maximum $50)
  • 10% off up to $1,000 in purchases for all other purchases (maximum $100)

For a total of $260 in cash back earned over the first three billing cycles. All this, at no cost the first year!

Conclusion

The cash back rate on grocery purchases is excellent. Plus, it’s one of the only cards to offer a discount on electric vehicle recharging!

Come to discuss that topic in our Facebook Group!

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