BMO CashBack Mastercard for Students

Name: BMO CashBack Mastercard for Students
Brand: BMO (Bank of Montreal)

Our take: strongest for groceries — about 3% back in value (est.) with no annual fee, plus a welcome bonus we value at roughly $125.

#2 Students

Welcome bonusUp to $125 cash back: 5% on your first $2,500 in purchases in the first 3 months (BMO’s stated offer window runs to October 31, 2027)

Apply on BMO’s site →

Goes straight to BMO
Our review

The BMO CashBack Mastercard for Students is a no-fee cash-back card built for full-time students aged 18-24, offering elevated cash back on groceries with no stated minimum income requirement — a combination most student cards don’t match.

3.7out of 5

MoneyMint rating

#9 of 34 no-fee rewards cards · How we rate

Rewards value

3/10

Insurance

4/10

Flexibility

10/10

Welcome bonus

2/10

Fee value

10/10

Perks

0/10

≈ $398

estimated first-year value after the annual fee, on a typical $2,050/month budget. See it for your spending →

At a Glance

Annual Fee

Foreign Transaction Fee

2.5%

Credit Score Needed

Fair / Building

Rewards

~3%on groceries (est. value)

Purchase APR 21.99% · Cash Advance APR 23.99%

Pros & Cons

Pros

No annual fee, and no stated minimum income requirement
3% cash back on groceries — a strong rate for a no-fee student card
International students can apply in-branch, not just citizens/PRs
Free additional cardholder
3 months of complimentary Instacart+ with a $5/month grocery delivery credit

Cons

Only 0.5% cash back on most non-grocery spending, including gas, dining, and travel
Only available to applicants aged 18-24
No travel insurance or purchase-heavy insurance suite
2.5% foreign transaction fee on non-CAD purchases

Rates & Fees

Purchase APR21.99%

Cash Advance APR23.99%21.99% for Quebec residents

Foreign Transaction Fee2.5%

The 3% grocery and 1% recurring-bill rates each apply to the first $500 of spend per statement cycle; anything above that earns the standard 0.5%.

Who It’s For

Good Fit

Full-time students aged 18-24 who want a genuine no-fee card, not a secured or prepaid product
Students whose spending skews toward groceries
International students who can visit a BMO branch to apply

Look Elsewhere If

You spend heavily on dining, gas, or travel — the 0.5% base rate is unremarkable there
You’re outside the 18-24 age window
You want built-in travel or purchase insurance coverage