What the Card Offers
BMO markets the Student BMO CashBack Mastercard as an award-winning no-fee student card: 3% on groceries, 1% on recurring bills, 0.5% on everything else, and 5% cash back in the first 3 months.
- $0
No annual fee1
No annual fee.
- 3%
Groceries2
3% cash back at grocery stores, on the first $500 spent each statement period.
- 1%
Recurring bills3
1% on the first $500 of recurring bill payments each statement period.
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- $1
Redeem any time4
Redeem from $1 to a BMO account, InvestorLine or as a statement credit.
- $125
Welcome cash back5
5% cash back on up to $2,500 of purchases in the first 3 billing cycles.
Benefits as advertised by the issuer. The conditions attached to them are in the Fine Print Report below.
Sources (5)
- Student BMO CashBack Mastercard product page (retrieved 2026-10-18)
- Student BMO CashBack Mastercard product page, footnote 2C (retrieved 2026-10-18)
- Student BMO CashBack Mastercard product page, footnote 2D (retrieved 2026-10-18)
- Student BMO CashBack Mastercard product page, footnote 51 (retrieved 2026-10-18)
- Student BMO CashBack Mastercard product page, footnote ‡‡ (retrieved 2026-10-18)
Points & Redemption
Rates: BMO CashBack World Elite Mastercard product page, footnote 51 (retrieved 2026-10-18); BMO CashBack Mastercard Terms and Conditions 50451403 (10/24), s. 6. Cash back is credited to your account balance at face value.
The Fine Print Report
Light fine print. A simple card with low rates outside groceries.
5% welcome: $2,500 of spending, $125 maxImpact level: Medium
The 5% welcome rate applies to at most $2,500 of spending, for $125 in total
The page says "Get 5% cash back in your first 3 months". The footnote limits the 5% to $500 of groceries, $500 of recurring bills and $1,500 of other purchases in the first 3 billing cycles, a maximum of $125, and that includes the regular cash back you'd have earned anyway. Cash back earned in the first 90 days is cancelled if you close the card in that time.
Why it matters: The extra over the regular rates is at most about $95.
3% grocery capped at $500/month; base 0.5%Impact level: Medium
3% on groceries stops after $500 each statement period, and most purchases earn 0.5%
Groceries earn 3% on the first $500 per statement period at stores coded as grocery stores and supermarkets in Canada, and recurring bills earn 1% on the first $500. Everything else, and spending above those limits, earns 0.5%. Convenience stores, bakeries, butchers and other specialty shops earn the base rate.
Why it matters: At most $12.50 of extra grocery cash back a month; the rest of your spending earns half a percent.
2.5% FX fee; refunds credited at a lower rateImpact level: Medium
Foreign currency purchases cost 2.5% extra, and refunds come back at a lower rate
Purchases in a foreign currency are converted at the network's rate plus 2.50%. Refunds are converted at the network's rate minus 2.50% on the day the refund posts, and BMO's agreement says the credit will in most cases be less than the original charge.
Why it matters: Every $1,000 spent in a foreign currency costs about $25 in fees, and a returned foreign purchase costs about the same again.
2 missed payments: 25.99% for a yearImpact level: Medium
Two missed payments in 12 months raise your rates to 25.99% and 27.99% for at least a year
If you miss your minimum payment and haven't paid it by the time the next statement is prepared, twice in any 12-month period, your rates rise to 25.99% on purchases and 27.99% on cash advances and balance transfers, for at least 12 months.
Why it matters: If you ever carry a balance, two late payments make it far more expensive. Automatic minimum payments avoid this.
Closure: BMO can take your depositsImpact level: Medium
BMO can close the account without notice, demand the full balance and take it from your BMO deposits
BMO may cancel your card or close the account at any time without telling you in advance. The total debt is then due immediately, and if you don't pay it, BMO may apply any money you have on deposit with it or its affiliates against the balance.
Why it matters: If your chequing or savings account is also at BMO, an unpaid balance can be taken from it directly.
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No travel insuranceImpact level: Low
Only purchase protection and extended warranty; no travel insurance
The card's insurance covers theft or damage for 90 days after purchase and extends manufacturers' warranties by up to a year. There's no travel or rental car coverage.
Why it matters: If you travel, you'll need separate travel insurance.
Cash back expires 90 days after closingImpact level: Low
After you close the card, you have 90 days to redeem cash back, by phone only
Cash back doesn't expire while the account is open and in good standing. After cancellation you can only redeem by telephone, within 90 days. BMO can also amend or cancel the cash back program at any time (with notice in Quebec), and cash back earned within 90 days of opening is cancelled if you close the card in that time.
Why it matters: Redeem your balance before you close the card. Automatic deposits from $25 avoid leaving money behind.
Who This Card Is For
Great fit if you...
- Are a student wanting a no-fee card
- Spend up to $500 a month on groceries
- Want cash back from $1
Consider alternatives if you...
- Want a strong rate on all purchases
- Want travel insurance
- Make foreign-currency purchases
Welcome Bonus History
BMO CashBack Mastercard (Student) Welcome Bonus History
The Verdict
The Student CashBack Mastercard pays 3% on up to $500 of groceries a month with no annual fee, and cash back can be redeemed from $1.
Everything else earns 0.5%, the 5% welcome rate covers only $2,500 of spending, and there's no travel insurance.
The Recommendation: A reasonable no-fee grocery card; pair it with a better card for other spending.
Before you apply: This teardown is general information, not financial, legal or insurance advice, and reflects the issuer's documents as of October 2026. Terms, rates, fees and offers change, and the issuer's own agreement, disclosure statement, insurance certificates and program terms are what govern your card. Read them in full and confirm details with the issuer before you apply. Full disclaimer