How do I use BMO Mastercard cashback to pay my credit card balance?
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BMO Cashback Mastercards are among the most popular in Canada for cashback. In this guide, we explain how to effectively use your BMO cash back to reduce your credit card balance, step by step.
BMO Cash Back Mastercard credit card
There are four BMO credit cards that offer cash back:
| Credit card | Annual fee | Welcome offer | |
|---|---|---|---|
| $0 | |||
| $0 | |||
| $0 | |||
| $0 |
BMO Cashback and No Annual Fees
The BMO Cash Back Mastercard and the BMO Cash Back Mastercard for Students have no annual fees. The former requires a minimum personal income of $15,000, while the student ones do not require any minimum income.
With the welcome bonus, you get a 5% cashback for the first three months, subject to 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®* whose characteristics are as follows:
BMO CashBack® World Elite®* Mastercard®*
The BMO CashBack World Elite Mastercard is one of the best cash back Mastercard credit cards in Canada.
Right now, you can get up to $650 in value, including $40 in cash back every month during your first year. Plus, you won’t have to pay the $139 annual fee in the first year.
You also get a 0% introductory interest rate on balance transfers for 12 months, with a 2% balance transfer fee.
With the BMO CashBack World Elite Mastercard, you get generous cash back rates in the categories that matter most:
- 5% on groceries*
- 4% on transportation, including rideshare, taxis and public transit*
- 3% on gas and electric vehicle charging*
- 2% on recurring bill payments*
- 1% cash back on all other purchases, with no limit on how much cash back you can earn*
You also get handy perks like a free Mastercard Travel Pass membership provided by DragonPass, free roadside assistance, car rental discounts with National, Alamo and Enterprise, as well as comprehensive travel and purchase insurance coverage.
Finally, enjoy a six-month Instacart+ membership and a monthly $10 Instacart credit when you sign up with your eligible BMO credit card.
- Annual feeNo annual fee the first year
- $0 $139
- Our valuationMilesopedia first-year estimate First-year valueWelcome bonus$480Annual fee rebated$139Total$619Rewards on your spending are not included. The calculator that adds them from your own profile is on the card's page.
- $619
- Welcome offerGet 40 points after $2,000 in purchases per month for 12 months
- Up to $480 cash back
Apply Now
on BMO's website
How to use BMO cash back to pay your credit card balance
Your cash back balance can be found on your monthly statement.
Then go to the BMO Cashback site to begin the intuitive and effortless process of redeeming your BMO Cashback.
Register if you are new to this site or login.
The Bank of Montreal (BMO) offers you many ways to use your BMO Cashback. 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 in a BMO InvestorLine self-directed account
I’ve decided to use the cashback I earned last month to pay off part of my balance of BMO CashBack® World Elite®* Mastercard®*.
Two options:
- Click on Recurring amount to define a fixed automatic discount for each month.
- Click on Single Amount if you want to do it yourself and determine a different amount at a different time
Use the slider to select the credit amount. The minimum BMO cashback amount is $1 and must be rounded to the nearest dollar.
Then click on Next.
Then confirm the e-mail address and click Next.
Review your BMO cashback redemption and the information on file. Read and accept the terms and conditions and then confirm your transaction.
Congratulations!
The BMO Cash Back redemption transaction is confirmed. Thanks to this, I’ll have $97 less to pay on my BMO credit card balance.
Also, a confirmation email will be sent within minutes.
On the next business day, the BMO Cash Back amount will appear on your BMO Cash Back credit card account.
For example, it appeared as follows in my BMO credit card account when I used my previous cash back:
There you go! It’s really easy to do.
BMO Mastercard Cash Back
Applying your BMO cash back to your credit card balance is a simple and effective way to maximize the value of your BMO Cash Back Mastercard.
Don’t forget to regularly check the amount of your accumulated cash back to make the most of it and don’t let it sit idle in your account!
Want to earn more cash back with BMO? Get one of these BMO banking packages with a welcome bonus!
| Credit card | Annual fee | Welcome offer | |
|---|---|---|---|
| $0 | |||
| $0 | |||
| $0 | |||
| $0 |
Frequently asked questions about BMO Cash Back
What are BMO Mastercard cash back credit cards?
BMO Bank of Montreal Montreal offers several cashback credit cards:
How do I cancel a BMO Mastercard?
To cancel a BMO Mastercard credit card, you can take the following steps:
- Contact Customer Service: Call BMO Customer Service or use the secure online messaging service to notify BMO of your card cancellation request.
- Provide your account details: When you contact BMO Customer Service, provide your account details, including your name, credit card number and account number.
- Confirm your identity: For security reasons, BMO may ask you to confirm your identity by providing personal information such as your date of birth and social security number.
- Request cancellation of your card: Let your customer service representative know that you wish to cancel your BMO Mastercard credit card.
- Destroy the card: It must be destroyed for security reasons when you receive confirmation of the card’s cancellation.
It is important to note that even if you cancel your card, you will still need to settle your outstanding balance.
Does the BMO Ascend World Elite Mastercard® credit card earn cashback?
No. It earns BMO Rewards points, which you can redeem for travel, gift cards, merchandise, to reduce your card balance, and to invest in your RRSP or TFSA.
Does BMO Mastercard cashback expire if I don't use it?
No. Cash back earned with your BMO CashBack Mastercard does not expire as long as your account remains active and in good standing.
This BMO cashback allows you to accumulate your cash back for as long as you wish, with no expiry date. However, in case of account closure or conversion to another BMO product, you might lose your unused cash back. I therefore recommend that you use them without delay.
How do I use my BMO points?
You can use BMO points to redeem rewards or benefits offered by the BMO Rewards program, such as flights, hotel stays, gift cards, cash back, merchandise, etc. Here are the steps to follow to use your BMO points:
- Log in to your BMO account: Access the BMO website and log in to your BMO Rewards account using your username and password.
- Check your points balance: In your BMO Rewards account, check your points balance to see how many points you have available.
- Browse the rewards available: Browse the rewards in the BMO Rewards Store to find the benefits that interest you. You can sort the awards by category, by award point or alphabetically. You can also redeem your BMO Rewards points to cover travel expenses.
- Redeem your points: Once you have found a reward you are interested in, redeem your points by clicking the “Redeem” button and follow the on-screen instructions to finalize the redemption.
