BMO SPC Mastercard CashBack Credit Card Review

BMO SPC Mastercard CashBack Credit Card Review
Rebecca Hosley
on March 16, 2020
Read in 1 min

Consumers looking for a card that offers cash back as a reward may want to consider the BMO® SPC® CashBack® Mastercard®.

In this review we’ll cover the qualification requirements, rates and fees to help you decide if this is the right option for you in 2018.

BMO SPC Mastercard: One Card with Big Benefits

Potential borrowers who think cash is king should take a close look at the BMO SPC Mastercard.

It offers 1% cash back on all purchases, which is added back as a credit to your account.

This gives frequent chargers the ability to rack up some quick cash, especially since there are no limits on how much you can earn.

For example, if you spend $1,000 per month, you’ll earn $120 cash back in a year.

There is also an extended warranty feature that automatically extends manufacturer’s warranties on products purchased on the card for up to one full year, which can potentially result in big savings should a product fail or malfunction.

Cardholders are also protected against damage or theft on items purchased with the card for up to 90 days of the purchase date.

Need an extra card for a family member? No problem, they’re free!

That makes it easier to track each family member’s spending on one bill and increases your cash back rewards.

Give Me the Numbers

There is no annual fee for the BMO SPC Mastercard, and the APR for purchases is 19.99%.

It rises to 22.99% APR for cash advances, which don’t qualify for the cash back program.

Members also save 10% to 15% at hundreds of participating stores and can take advantage of exclusive deals for concerts, movie premieres, sporting events and more.

Cardholders who like to motor earn even more perks, including 25% off rental vehicles from Alamo Rent a Car and National Car Rental.

They’ll also receive bonus cash back when using their card at Shell location in Canada – up to a maximum of $2,500 for each monthly billing cycle.

To lure in new customers, BMO also gives members 4% cash back for the first four months after opening their account.

Is the BMO SPC Card the Best Choice for Me?

That depends on what you are looking for.

Some of the advantages include the lack of an annual fee, moderate APR on purchases and the ability to earn cash back.

However, this will most benefit Canadian cardholders who pay off their balance monthly.

Otherwise, any cashback benefits will likely be cancelled out by interest payments.

One way to maximize the rewards is by only using your account to pay recurring bills that would normally come out of your bank account, such as rent or mortgage, utilities, cell phone bill, etc.

If you are looking for airlines miles or other rewards, look elsewhere.

The main attraction here for borrowers is cash back.

If you travel frequently and are comparing the BMO SPC vs. another card, you may want to look at other options.

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Rebecca Hosley Finance Journalist

Rebecca Hosley is a content writer based in Chicago.

She frequently writes about small business, insurance and finance.

In her free time, she enjoys trivia, craft beer and disc golf.