Personal Finance

BMO Mastercard deal at 1.75% cash back BEST deal orrrr?

  • Last Updated:
  • Jun 20th, 2015 8:27 pm
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Member
Feb 23, 2015
376 posts
21 upvotes
Mississauga, ON

BMO Mastercard deal at 1.75% cash back BEST deal orrrr?

Clicked an RFD site banner ad and I see this card gives all this, anyone know if I am missing something?

1.75% cash back on EVERYTHING, without restrictions!
$0 annual fee for the first year
Extended Warranty Plus-Doubles the original manufacturer’s warranty period (up to a maximum of two additional years rather than the standard of one year)

http://www.bmo.com/main/personal/credit ... C4-SMBMO16

Since Mastercard charges merchants about 1.75% per transaction, all that money goes back to the customer. So I am vary of this card, anyone know if there are
I am not into travel and car rentals and hotels, so a card without the fancy stuff but high cash back and no fee appeals to me. Maybe at least for a year, after which they have a $120 yearly fee. Also valuable is the extension of warranty, so a 2 yr warranty becomes 4 years (got to save them receipts!)
14 replies
Deal Expert
Aug 2, 2004
38383 posts
12008 upvotes
East Gwillimbury
I have this card.

It depends on how much you put on the card. If you spend $25,000 or more per year on the card, then it is a great deal.

If you spend less, then you are better off with the Costco MasterCard that is free and pays 1.25%
Sr. Member
Mar 3, 2015
699 posts
95 upvotes
Scarborough, ON
call me crazy enough to pay $120 annual fee for plasticard. no matter even if billionaire!
Banned
User avatar
Jul 17, 2008
11042 posts
3878 upvotes
Cold.

atm I think MBNA is the best deal now out there with 2% cash back @ 90$/year. Used to be Cap 1 aspire travel with the 10k bonus that basically made the card a 2% @ 20$/year until they took that out.
Deal Addict
Feb 10, 2013
4781 posts
1324 upvotes
Richmond
except this card can be free if you part 5000 with bmo in their premium account
Deal Fanatic
User avatar
Sep 7, 2004
9134 posts
7079 upvotes
West GTEH!
Gee wrote: I have this card.

It depends on how much you put on the card. If you spend $25,000 or more per year on the card, then it is a great deal.

If you spend less, then you are better off with the Costco MasterCard that is free and pays 1.25%
http://www.capitalone.ca/credit-cards/costco/


I believe it's up to 1% on everything else.
2% cb on gas purchases.
3% cb on restaurant purchases
😎
Sr. Member
May 24, 2013
793 posts
285 upvotes
I still say MBNA RWE. 2% everywhere.. First year free and $100 credit after first purchase (effectively over two years free). $89/year afterwards.
Deal Fanatic
Nov 11, 2008
8976 posts
2827 upvotes
You could always keep 5k in your BMO chequing account, then the fee would be waved.
Deal Addict
Nov 22, 2012
2008 posts
2044 upvotes
VANCOUVER
supertronic wrote: call me crazy enough to pay $120 annual fee for plasticard. no matter even if billionaire!
Tried reading and extrapolating your comment but after 7 attempts, I gave up. My head hurts.
Deal Addict
Sep 20, 2014
1637 posts
852 upvotes
Toronto, ON, CA
What's the redemption cycle like? Not that it matters if you can redeem whenever versus only once per year, but would be good to know.
Also, does this sync well with mint.com ?
Deal Expert
Feb 29, 2008
30106 posts
5547 upvotes
Montreal
2009M5 wrote: What's the redemption cycle like? Not that it matters if you can redeem whenever versus only once per year, but would be good to know.
Also, does this sync well with mint.com ?
I ahve the BMO WE and it sync with mint.com
Deal Addict
Feb 10, 2013
4781 posts
1324 upvotes
Richmond
i think that thread should be moved here into personal finance. ._.
Newbie
Jul 23, 2014
24 posts
40 upvotes
Vancouver, BC
Important thing to note about this card is that it pays out in January each year; if you are planning to use the FYF option and do NOT want to pay subsequent years, then I would suggest applying for this card after January (assuming that the FYF option still exists in the future). However, as mentioned above, if you already have a BMO premium account with $5000 minimum in your chequings account, then you should be able to get this card for free indefinitely (make sure to call and confirm with their CSR).

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