Credit Cards

BMO MasterCard 5% Cash-Back Is A Sucker's Deal

  • Last Updated:
  • Jan 11th, 2020 2:47 am
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[OP]
Banned
User avatar
Dec 15, 2017
1847 posts
595 upvotes
Toronto

BMO MasterCard 5% Cash-Back Is A Sucker's Deal

So lately I have seen posters from BMO all over Toronto pushing their 5% cash-back MasterCard which sounds amazing, I will get $5 back for every $100 dollar I charge to my CC, I'm a 10-year card-holder with BMO so I visited their website to see if the deal is for new applicants or also for their current card-holders.

Well I was disapppointed.

Get this, you get 5% cash-back only for 3 months and then only 1% for the rest of your life. There's also a $120 annual fee for this CC.

At 1% cashback I will have to charge $12,000 dollars to my credit card over 12 months to just break even and pay them their $120 annual fee. So what's in it for me? I make a helluva lot more money just saving a loonie a day for 365 days and I don't have to worry about paying interests on $12,000 worth of purchases over 12 months. Dipping my CC for $1,200 worth of purchases a month makes BMO lots of money, but I get a meagre drop. I'll get $12 dollars, not enough even to pay for my fuel to go to the mall and spend those $1,200.

Again its a sucker's deal.
7 replies
Deal Addict
May 16, 2017
1431 posts
1782 upvotes
I'd suggest going back and CHECKING WHAT CARD you are actually complaining about!

There is NO such thing as a BMO Cashback Card with 5% bonus and then 1% with a $120 annual fee. What there is:

- NO FEE Cashback MC with 5% bonus for 3 months then 1% cashback.
or
- World Elite Cashback MC with 5% bonus for 3 months then 1.5% cashback with $120 annual fee (waived in 1st year).
Sr. Member
Mar 16, 2018
722 posts
813 upvotes
Hamilton
It’s just a 3 month promo to promote their perfectly fine regular cards.
Deal Addict
Apr 5, 2016
4620 posts
3153 upvotes
Calgary/Vancouver
robsaw wrote: I'd suggest going back and CHECKING WHAT CARD you are actually complaining about!

There is NO such thing as a BMO Cashback Card with 5% bonus and then 1% with a $120 annual fee. What there is:

- NO FEE Cashback MC with 5% bonus for 3 months then 1% cashback.
or
- World Elite Cashback MC with 5% bonus for 3 months then 1.5% cashback with $120 annual fee (waived in 1st year).
Yah I was like hella confused LOL. I like to think I know a lot of BMO's products so I had to double check my product list. I was thinking did they lower the cash back on the world elite card but makes no sense when the no fee card is also 1%.
Current Fido and Rogers customer.
Ex Koodo customer.
[OP]
Banned
User avatar
Dec 15, 2017
1847 posts
595 upvotes
Toronto
robsaw wrote: I'd suggest going back and CHECKING WHAT CARD you are actually complaining about!

There is NO such thing as a BMO Cashback Card with 5% bonus and then 1% with a $120 annual fee. What there is:

- NO FEE Cashback MC with 5% bonus for 3 months then 1% cashback.
or
- World Elite Cashback MC with 5% bonus for 3 months then 1.5% cashback with $120 annual fee (waived in 1st year).
Ooops my bad, went back to see again and you are correct. I confused the terms and criss-crossed them it seems. The World Elite Cashback MC looks a little appealing only for the fact that it has "road assist" embedded into it and, what I think, is perks for airport services, maybe deep discounts for park n' fly parking spots? I will check it out deeper tomorrow.
Sr. Member
Feb 17, 2015
914 posts
328 upvotes
Windsor, ON
It's good for churning however I have a promo waiving the AF and bank fees they no longer offer so i can't cancel mine or apply for others likely unless BMO allows for 2 MasterCard's under the same person? Then you simply keep it for 6 months at most ditch it reapply next year repeat ;)

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