BMO Harris Bank Cash Back Mastercard has no annual fee. That's great news for frugal cardholders who don't want to give back any of their cash back earnings – and a potential game-changer for light spenders who don't earn rewards quickly enough to offset even modest annual fees. Easily Attainable Sign-up Bonus.
There is an annual fee of $20, but it is waived for the first year. Plus, you only need a fair credit score to qualify (in the 575-649 range).
Best BMO no fee card
Here's why the no-annual-fee BMO CashBack Mastercard is the perfect card to do just that: Applicants need not put down their own money to start earning 3% cash back on grocery purchases (that's $3 per $100 spent), 1% on recurring bill payments and an unlimited 0.5% on everything else.
Overall bank rating
BMO Harris Bank is a U.S. subsidiary of Canada's Bank of Montreal, with U.S. headquarters in Chicago. The bank has good checking options and a high rate on its money market account in some markets, coupled with a large ATM network, but it has a low savings account rate and pricey overdraft fees.
You can redeem your cash back for as little as $1 by visiting www.bmocashback.com. You can also setup recurring redemptions for as little as $25. You have the option to redeem your cash back right into your BMO chequing or savings account, or as a statement credit on your BMO CashBack Mastercard.
Canadian credit scores range anywhere from 300-900. The closer you are to 900, the better your score is considered and the more likely lenders are to approve you. ... As TransUnion states, a score of 650 or higher is where Canadians should aim to be when they want the best chances of both approval and a good interest rate.
The credit scores and credit reports you see on Credit Karma come directly from TransUnion and Equifax, two of the three major consumer credit bureaus. They should accurately reflect your credit information as reported by those bureaus — but they may not match other reports and scores out there.
The best Canadian credit cards for 2021
In Canada, most card providers view a credit score of 650 as satisfactory and those with credit scores above this level should have no issues being approved for a credit card. However, those whose credit score falls below the 650 mark may find it more difficult to qualify for premium options.
For most credit cards, it takes between 5-7 days to be approved, though it can take up to 30 days. For some credit cards, you can apply online and find out if you've been approved almost immediately; these are known as instant approval credit cards.
TD has a better online system and it lets you do a lot without going in to a branch. BMO online system isn't as good but still works well enough. They both changed their rates recently so I'd make sure to check you can't get a better deal elsewhere. BMO will also give you your credit score for free.
Know your money is safe – all of our accounts are FDIC insured1. View and manage your money with ease online.
The Savings Builder Account is BMO's high-interest savings account. It offers a 0.05% base interest rate plus a bonus interest rate of 0.30% when you add at least $200 to your savings each month.
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