Credit Cards

BMO Harris Bank Announces Refreshed Cash Back Mastercard

“Opinions, reviews, analyses & recommendations are the author’s alone, and have not been reviewed, endorsed or approved by any of these entities.”

In the world of rewards credit cards, the term “refresh” can often go one of two ways. Occasionally, the changes completely alter the card’s target market or its usefulness to certain cardholders. Yet, in other cases, the card actually becomes more competitive and beneficial to customers. That latter example is the case for the BMO Harris Bank Cash Back Mastercard, which just announced that enhanced reward categories and more will be coming to the card.

The refreshed BMO Harris Bank Cash Back Mastercard now features 5% on eligible streaming, cable TV, and satellite services. Additionally, customers can earn 3% back on gas and grocery purchases — although this category is capped at $2,500 in combined gas and grocery spending per calendar quarter. All other purchases earn 1% back. Previously, the card earned 2% cashback on gas and grocery purchases (up to $2,500 in combined spend each calendar quarter) as well as 1% back on everything else.

When it comes to redeeming cashback, customers can claim a statement credit on their account or use cashback toward deposits into BMO accounts. As for other benefits, cardholders will receive up to $400 in cell phone protection coverage when they pay their monthly wireless telephone bill with the card. Elsewhere, the card is currently offering a welcome bonus where new cardholders can earn $200 cashback after spending at least $2,000 on the card during their first three months. The BMO Harris Bank Cash Back Mastercard has no annual fee but does charge a 3% foreign transaction fee when applicable.

In a press release about the refresh, BMO Harris Bank director of consumer credit card products Sarah Hamel-Spight said of the update, “BMO’s purpose to Boldly Grow the Good in business and life drives us to help our customers make real financial progress. This enhancement of our BMO Cash Back Mastercard offers cardholders more value and greater benefits.” Hamel-Spight continued, “Combined with a new capability to redeem cash rewards directly into a BMO deposit account, our cardholders have a greater array of opportunities to earn and receive cashback for their hard-earned money.”

No matter how you slice it, the refreshed BMO Harris Bank Cash Back Mastercard is a major upgrade from the previous version. While it retains the same cap on gas and grocery rewards, it does increase the category cashback rate from 2% to 3%. Plus, the addition of the 5% back category could be a big win for consumers. Therefore, while BMO customers may have overlooked this option in the past, it’s now one worth considering.

“DyerNews has partnered with CardRatings for our coverage of credit card products. DyerNews.com and CardRatings may receive a commission from card issuers.” (Note: advertising relationships do not have any influence on editorial content. Advertising compensation allows DyerNews.com to provide quality content for free. All editorial opinions are those of the individual author and/or Dyer News.)

Other Articles by Jonathan Dyer