Cash Back Mastercard® from BMO Harris Bank Review

Finding the right credit card can be a game-changer for your finances, and the Cash Back Mastercard® from BMO Harris Bank is one of the notable options in the market today. With an attractive array of cash-back rewards, competitive APRs, and no annual fee, this card stands out in many ways. In this comprehensive review, we’ll dive into the specifics of what this credit card offers and whether it aligns with your financial needs.

Cash Back Mastercard® from BMO Harris Bank Key Takeaways

Before we delve into the detailed aspects of the Cash Back Mastercard®, here are the key takeaways:
– Cash Back Rewards: 5% cash back on eligible streaming, cable TV, and satellite services; 3% cash back on eligible gas and grocery purchases; and 1% cash back on all other eligible purchases.
– Sign-Up Bonus: $200 cash back when you spend $2,000 within the first three months.
– Introductory APR: 0% Introductory APR for 12 months on balance transfers made within 90 days of account opening.
– Variable APR: 21.24% – 28.24% for purchases and balance transfers.
– Fees: $0 annual fee, but balance transfer and cash advance fees apply.
– Credit Requirement: Good to Excellent (670-799).

Cash Back Mastercard® from BMO Harris Bank Pros and Cons

Pros

– No Annual Fee: One of the standout features of this card is that it charges no annual fee, making it an affordable option for a wide range of consumers.
– Generous Cash Back Rewards: The card offers impressive cash back rates, especially the 5% on streaming, cable TV, and satellite services, and 3% on gas and groceries.
– Sign-Up Bonus: The $200 cash back bonus for spending $2,000 within the first three months is a fantastic incentive for new cardholders.
– Introductory APR on Balance Transfers: The 0% introductory APR for 12 months on balance transfers can help you manage existing debt more efficiently.
– Flexible Payment Options: You can pay your bill online through the BMO Harris Bank website, adding convenience to your financial management.

Cons

– High APR: The card has a relatively high variable APR range (21.24% – 28.24%), which could be costly if you carry a balance.
– Foreign Transaction Fee: This card is not ideal for international travel due to the foreign transaction fee.
– Balance Transfer and Cash Advance Fees: These fees can add up quickly, making certain transactions more expensive.

Cash Back Mastercard® from BMO Harris Bank Benefits

Cash Back Rewards Program

The cornerstone of the Cash Back Mastercard® is its robust rewards program. Here’s a closer look at how you can benefit:
– 5% Cash Back on Eligible Streaming, Cable TV, and Satellite Services: In today’s digital age, streaming services are ubiquitous. If you’re a subscriber to popular platforms like Netflix, Hulu, or Disney+, this card offers substantial savings.
– 3% Cash Back on Eligible Gas and Grocery Purchases: These are essential expenditures for most households. With 3% cash back, you can significantly reduce your monthly expenses on fuel and groceries.
– 1% Cash Back on All Other Eligible Purchases: This general cash back rate ensures you earn rewards on every dollar you spend, regardless of the category.

Sign-Up Bonus

The $200 cash back bonus is a compelling feature for new cardholders. To qualify, you need to spend $2,000 within the first three months of opening your account. This is a relatively achievable target for most consumers, making the sign-up bonus an attractive perk.

0% Introductory APR on Balance Transfers

For those looking to manage existing debt, the 0% introductory APR for 12 months on balance transfers is a valuable benefit. This can help you pay down balances without accruing additional interest, provided you complete the transfers within 90 days of opening your account.

No Annual Fee

The absence of an annual fee is a significant advantage, making this card cost-effective. You can enjoy the benefits and rewards without worrying about an annual expense eating into your savings.

Purchase and Fraud Protection

BMO Harris Bank offers robust purchase and fraud protection features. Purchase protection covers eligible items against damage or theft for a certain period, while fraud protection ensures you’re not held liable for unauthorized transactions.

Extended Warranty Protection

This benefit extends the manufacturer’s warranty on eligible purchases, providing added peace of mind when buying high-ticket items.

Flexible Account Management

You can manage your account and pay your bills online through the BMO Harris Bank website, which adds a layer of convenience to your financial management. Additionally, customer service is readily available to assist with any inquiries or issues.

Conclusion

The Cash Back Mastercard® from BMO Harris Bank is a versatile and rewarding credit card that caters to a wide array of consumer needs. Its generous cash back rewards, attractive sign-up bonus, and no annual fee make it a competitive option in the market. However, the high variable APR and foreign transaction fee are points to consider, especially if you plan to carry a balance or use the card internationally.
For those who prioritize cash back rewards on streaming services, gas, and groceries, and who can pay their balance in full each month to avoid high interest rates, this card is an excellent choice. The introductory APR on balance transfers also makes it a viable option for managing existing debt.
In summary, the Cash Back Mastercard® from BMO Harris Bank offers substantial value and flexibility, making it a worthy contender for your wallet. If you meet the credit requirements and your spending habits align with the rewards structure, this card can help you maximize your savings and streamline your financial management.