College or university years as years of studying which is one of the interesting periods in people’s lives. That is why, while you are studying and laying the foundation for some of the life’s great moments, the process of managing your financial situation should be as smooth as possible. 

Meet the Student BMO CashBack Mastercard – the credit card created to assist students and get them out of the situation like that without complications. This card provides high cash back for common purchases such as foods, and utility-service bills, as well as etc. Ponder this, earning while spending is not bad at all especially when it is on the things one has to spend anyway.

Main features of the Student BMO CashBack Mastercard 

BMO is one of Canada’s oldest and most prestigious financial institutions that issues the Student BMO CashBack Mastercard. This card is therefore suited for consumers within the age of 18 and 24 years and who is a student Pursuing an accredited Post Secondary Institution. 

With no annual fee to some of the best cash back categories elsewhere, this is a weapon in the student’s arsenal to maximize his/her spend. From your groceries bill, your phone bill to your streaming services subscription, rest assured the BMO CashBack MasterCard will make you get the best bang for your buck.

Understanding the annual fee 

Another notable aspect that the holder of the Student BMO CashBack Mastercard does not need to pay any charges which include the annual charges. In other words, all the advantages and incentives are available with no deciding yearly fee to cut into your profits. 

Deciphering credit limits

To come up with the credit limit for the Student BMO CashBack Mastercard, the following are considered. Income includes but not limited to, salary, scholarships, grants, student loans, and family allowances which BMO has a consideration on. Also, you bear a restricted credit history and score that will be used to propose an initial credit limit appropriate to your fiscal position.

Advantages of the Student BMO CashBack Mastercard

• 3% Cash Back on Groceries: Whether you are getting food for your refrigerator or getting snack for school, get more on groceries.
• 1% Cash Back on Recurring Bill Payments: Be paid for paying your phone bills,netflix subscriptions or any other subscription you make.
• 0. 5% Cash Back on All Other Purchases: All your purchases from textbooks to coffee, gives you cash back.

Standout advantage

Another striking feature of the Student BMO CashBack Mastercard is the freedom in getting your cash back rewards. Most of the other cards make you wait and accumulate the cash back that one wants to get equaling a specific amount before you are able to redeem it, but not the BMO CashBack Mastercard.

Addressing potential drawbacks

• Limited International Rewards: Reduction of the cash back rate on foreign transactions.
• High Interest Rates: They attract interest on the purchases and cash advances if not paid in full by the end of that month.
• Credit Limit Considerations: Students with small credit history may first be given small lines of credits.

Standout disadvantage

The main weakness is that the Student BMO CashBack Mastercard attracts high interest on both purchase and cash like products. At 20. Microbial card 99% for purchases and up to 22. 19. 99% for cash advances (22. 99% for Quebec residents), if you fail to pay the statement in full every month or transfer balance across to this card, the cost of the credit can be high very quickly. 

Eligibility criteria 

In order to use for the Student BMO CashBack Mastercard the following is required: You have to be a student going to a recognized post-secondary institution and within the age of 18 to 24 years. Also, the candidate has to be a Canadian citizen or Canadian permanent resident. 

That is why by opening the branches of BMO students from other countries can apply. You must be the costumer’s age of majority in the province of residence and must have employment income, scholarships, grants, student loans and family allowance income.

How to apply for the Student BMO CashBack Mastercard

The process of applying for Student BMO CashBack Mastercard is simple, and the company works to make setup as easy as possible. Regardless of the method that the client prefers, BMO has provided different convenient ways of making an application through the BMO app or by just visiting the branch.

Via website

Applying through company website is one of the easiest ways. This is easy, one just has to go to the BMO website and find their way to the credit cards page. On the page that opens, go to the Student BMO CashBack Mastercard and click on the application link/button labeled “Apply Now.” You will then be required to complete a brief application form with some of your personal details and credit data. 

It is advisable that you have some basic information around your income and your enrollment status at an accredited post-secondary educational institution handy. After completion of the application and submission, you shall be attended to by BMO and the response is usually given within a one minute period.

Through the mobile application

Therefore, for the on the go clients, there is an easy way of making the application on the BMO mobile application in the case of Student BMO CashBack Mastercard. You can download this app from the Apple Store or Google Play; when it is installed, you will login or register. 

Go to the credit card offers and pick the Student BMO CashBack Mastercard. The application will help you complete the application and, depending on the type of application, notify you of the need to enter the appropriate information.

Through the store/branch

In case you are the traditional type that likes to do things in-person, you can apply through in-branch. Go and apply this product in any of our branches and meet a BMO commissioner to help you to apply for this product.

They will cause you to complete the relevant paperwork and ask them anything you want about the card and the related privileges. This method is specially important for international students who have to apply in person. It also creates a chance to build up the relationship with the local branch of the bank which can be useful in the future.