The BMO Bank Cash Back Mastercard® is a good credit card to apply for if you have a credit score of 700+ and you spend a lot on streaming, cable TV, satellite services, gas/EV charging, and groceries. The card is worthwhile because it gives as much as 3% - 5% back in those spending categories and does not charge an annual fee. 

What I Like About the BMO Cash Back Credit Card

$250 initial bonus

You can get $250 cash back after spending $2,000 within the first 3 months. This bonus is about average for a cash rewards card, according to WalletHub’s latest Credit Card Landscape Report, but cards that offer bigger bonuses generally have annual fees.

1 - 5% cash back

You will earn 5% cash back on streaming, cable TV and satellite services, 3% back on gas, EV charging and grocery purchases (up to $1,500 in combined spend per quarter), and 1% back on all other purchases. If those bonus categories complement your spending habits well, you could save a lot of money with this card. However, the more you use it for purchases that earn 1% back, the more you’ll be losing value relative to cards offering 2% cash back on all purchases. 

Some of the streaming services eligible for the 5% rewards rate include:

• Disney+
• ESPN+ 
• Hulu
• Netflix 
• Paramount+ 
• Peacock 
• Roku 
• SiriusXM 
• Sling TV 
• Spotify 
• Starz 
• Vudu

0% for 12 months on balance transfers

This is a decent offer, as most rewards cards don’t have 0% introductory balance transfer APRs. But you can qualify for plenty of balance transfer cards with much longer interest-free promotions if you have the kind of top-notch credit needed to get this BMO card. 
 

$0 annual fee

This saves you $27.85 per year compared to the average credit card offer available right now, according to our research. It also saves you several times more than that compared to some cards with similar rewards.  

What I Don’t Like About the BMO Cash Back Credit Card

19.49% - 27.49% (V) APR

This is well above average for a credit card that requires excellent credit for approval. You should therefore plan to pay your bill in full every month the regular APR is in effect, as that will prevent interest charges from accruing. 
 

5% (min $10) balance transfer fee

This higher-than-average transfer fee keeps the BMO Bank Cash Back Mastercard® from being even a middle-of-the-road balance transfer option. You’re better off with a card that doesn’t charge a transfer fee or one that has an especially long 0% APR period. 
 

Good credit needed

You need a credit score of 700 or higher to have a good chance of getting approved for the BMO Bank Cash Back Mastercard®, should you decide to apply. You can get your free credit score right here on WalletHub to assess your chances.