BMO Harris Bank Cash Back Mastercard Review

Written by Dayana Yochim
Edited by Carolyn Kimball
Fact-checked by Andrea Coombes

June 05, 2023

If it weren’t for the $200 sign-up bonus offer, we probably wouldn’t have even slowed down for a closer look.

This cashback card from BMO Harris Bank is … fine. The 3% gas/groceries rewards rate is on par with other no-annual-fee cards. Sadly, the $2,500 quarterly spending cap is not. (TLDR: We like cards that offer unlimited cashback better.) The 5% cashback on eligible streaming, cable TV and satellite services is supposed to catch your eye, but, honestly, the roadside assistance perk is the reason we tapped the brakes to check it out. (We drive a beater and our AAA membership is lapsed.)

The basics: Get 5% cash back on eligible streaming, cable TV and satellite services, 3% cash back on eligible gas and grocery purchases (up to $2,500 in combined spend each calendar quarter), and 1% cash back on all other eligible purchases. Get a $200 cash back bonus when you spend $2,000 within three months of opening your account. 0% introductory APR on balance transfers for 12 months from date of first transfer.

BMO Harris Bank Cash Back Mastercard pros and cons

BMO Harris Bank Cash Back Mastercard cashback rewards spending categories

The following table shows the cashback rewards rate per $1 spent in the six most common spending categories. The “Bonus Rate” refers to the amount you can earn in excess of the card’s standard rewards rate.

Some cashback cards limit the spending amount eligible for the bonus rate (a.k.a. the “Spend Cap”). Once you hit that cap (e.g. $1,500 spending in a particular category during a defined time period), the rewards rate on future purchases in that category reverts to the lower “Default Rate.”

Note: The 3% cashback rate on gas and grocery purchases applies to the first $2,500 spent per quarter in those categories combined. After you hit the spend cap, all gas and grocery purchases will earn 1% cashback until the next calendar quarter begins and the cap resets. In addition to the rewards rates shown above, the BMO Harris Bank Cash Back Mastercard also pays an unlimited 5% cashback on eligible streaming, cable TV and satellite services. See the BMO Harris Bank Rewards Rules for details.

What we like

The $200 cash back welcome offer earns the card attractiveness points. But it’s still a pretty high bar, requiring you to spend $2,000 within three months of account opening. That’s $666.66 per month, which isn’t at all an ominous number.

For plugged-in types, the 5% unlimited cashback rate on streaming, cable TV and satellite services is a nice touch.

Are you a road worrier? This card will get you a jump-start, tire change, tow services and gas delivery if you’re ever stuck, courtesy of free Master RoadAssist Roadside Service, plus extra coverage for car rentals.

Comes with ID theft monitoring/resolution services and Mastercard Identity Check.

Includes access to Mastercard’s “Priceless Cities” program to help you live out your VIP dreams.

Keep an eye out for special limited-time-only offers, like getting a 10% rewards booster by depositing rewards earnings into a BMO Harris checking, savings or money market account.

There's a 0% introductory APR on balance transfers that lasts for 12 months. Stifle your excitement until you read about the balance-transfer fee below.

What we don't like

The $2,500 cap on bonus cashback categories means the most you’ll earn annually at the 3% rate is $300.

We warned you. Although the BMO Mastercard offers a 12-month 0% APR on balance transfers, there's a 4% fee on the amount you move onto the card, which is higher than what you can find elsewhere, if this is a priority on your card shopping list.

Residency restrictions apply. This card is available only to residents of the following states: IL, WI, IN, AZ, MO, MN, KS, FL, CA, CO, DE, GA, MD, MA, NJ, NY, OH, OR, TX, UT and WA.

Redemptions are limited to statement credits you can apply to the account that earned the cash back.

At best, this is a companion card to others in your wallet that offer a better payoff on other purchases.

The bottom line

Is the BMO Harris Bank Cash Back Mastercard the best rewards card for your wallet? The answer depends entirely on your spending patterns. Let the numbers speak for themselves: Use the investor.com Cashback Credit Card Calculator to see which credit card pays back the highest rewards based on how much you spend each month.

BMO Harris Bank Cash Back Mastercard fine print

BMO Harris Bank’s credit terms and rewards program rules. Contain your excitement, if possible.

Does the BMO Harris Bank Cash Back Mastercard charge an annual fee?

No, there is no annual fee for the BMO Harris Bank Cash Back Mastercard.

Does the BMO Harris Bank Cash Back Mastercard offer a welcome bonus?

Yes, the BMO Harris Bank Cash Back Mastercard has a welcome bonus of $200.

How much cashback can I earn with the BMO Harris Bank Cash Back Mastercard?

The average American that spends $1000 per month will earn $201.36 in cash back per year using the BMO Harris Bank Cash Back Mastercard. For comparison, the average annual rewards payout from the cashback credit cards in the investor.com database is $191.26, and $180 is the median.

These calculations are based on average consumer spending data from the Bureau of Labor Statistics (BLS) and the reward payout rates from the providers we track. Of course, you’re so much more than an average data point (aka “consumer unit,” in BLS parlance). The amount you can earn in cashback rewards using the BMO Harris Bank Cash Back Mastercard depends entirely on your unique spending habits.

Find out exactly how much you’ll rake in with the BMO Harris Bank Cash Back Mastercard by tailoring the spending inputs in the calculator above.

Methodology

The results of the investor.com Credit Card Rewards Calculator are based on the monthly spending amounts you enter and the annual dollar value of the rewards each credit card program pays per $1 spent. Credit card companies often express this payout amount as a percentage (e.g., 1.5% of every dollar spent) or on a points basis (e.g. ,1.5 points for every dollar spent). We converted all of them to a dollar amount (“Cash Back Per Year”) to make comparing offers easier.

To calculate the amount of cash back you could earn per year, we factored in:

• Spend category inputs: The default dollar values for each “Spend Category” in the Best Cashback Credit Cards tool — gas, groceries, travel, restaurant, entertainment, pharmacy, other — are based on average American spending data from the Consumer Expenditure Surveys from the U.S. Bureau of Labor Statistics. We also include additional spend categories (such as streaming services, online shopping, utilities, transit, Amazon and more) to help you see which rewards cards are most closely aligned with your actual spending patterns. We encourage you to customize the monthly spend inputs for the most accurate results.
• Tiered rewards rates: If a rewards credit card pays higher cashback rates on certain spending categories (also called “Bonus Rewards”), that difference is reflected in the total “Cash Back Per Year” tally.
• Rewards spending caps: Some cards impose category- or time-based limits (monthly, quarterly, annually) that affect the amount of rewards you can earn. For example, a card may pay 3% cash back on groceries on up to $1,000 of spending each quarter, then revert to the base/default rewards rate until the following quarter. We accounted for bonus spending caps and timeframe in the calculations.
• Default rewards rates: Purchases that exceed a spending cap are usually subject to a lower default rewards rate (e.g., 1% or 1.5%). We mathed that out too.
• Annual fees: If a rewards card charges an annual fee, we deducted that amount from the “Cash Back Per Year” total to provide a true accounting of a card’s annual rewards payout.

What’s not included in the “Cash Back Per Year” total is the cash value of any sign-up/introductory bonus. We highlight any Welcome Bonus separately. While sign-up bonuses can be the most lucrative part of getting a new cashback rewards credit card, not everyone will want or be able to do what it takes to earn the extra cash. (It usually requires spending a certain amount in a specified time period after the card is activated.)

Read next

• Best Cashback Credit Cards
• Best Business Cashback Credit Cards
• What Is Credit? (And Why It Matters)
• Best High-Yield Savings Accounts
• Find a Financial Advisor
• Our Complete Coverage of Credit Cards

About the Editorial Team

Dayana Yochim

Dayana Yochim has been writing (articles, books, podcasts, stirring speeches) about personal finance and investing for more than two decades, focusing on bringing clarity and the occasional comedic aside to what is often a murky, humorless topic. She’s written for NerdWallet, The Motley Fool, HerMoney.com, Woman’s Day, Forbes, Newsweek and others, and been a guest expert on "Today," "Good Morning America," CNN, NPR and wherever they’ll hand her a mic.

Carolyn Kimball

Carolyn Kimball is Managing Editor for Reink Media Group and the lead editor for content on investor.com. Carolyn has more than 20 years of writing and editing experience at major media outlets including NerdWallet, the Los Angeles Times and the San Jose Mercury News. She specializes in coverage of personal financial products and services, wielding her editing skills to clarify complex (some might say befuddling) topics to help consumers make informed decisions about their money

Andrea Coombes

Andrea Coombes has 20+ years of experience helping people reach their financial goals. Her personal finance articles have appeared in the Wall Street Journal, USA Today, MarketWatch, Forbes, and other publications, and she's shared her expertise on CBS, NPR, "Marketplace," and more. She's been a financial coach and certified consumer credit counselor, and is working on becoming a Certified Financial Planner. She knows that owning pets isn't necessarily the best financial decision; her dog and two cats would argue this point.