If you’re looking for a new credit card, the BMO Harris Bank Cash Back Mastercard might be worth considering. With a $200 signup bonus after spending $2,000 in the first three months, this card offers a great incentive to sign up. Plus, you can use the bonus as a statement credit, which is a nice perk.
Another benefit of this card is the 0% APR on balance transfers for the first 12 months. Just be sure to complete your balance transfers within the first 90 days of opening the card. Keep in mind that while the intro APR is 0%, there is a 4% fee for balance transfers. This is lower than the 5% fee that some other credit cards charge, but some cards do offer a 3% fee.
The fee is a big deal. For example, on $1,000 transfer you’ll have to pay $40. Anyway it is better than the 5% fee that other credit cards charge, but other cards like Capital One Quicksilver offer balance transfer for a 3% fee.
Regular APR ranges from 20% to 28%. It means you must pay off the transferred balance after 12 months.
This card has no annual fee, which is a good sign. However, it is very common for this kind of credit cards.
Cashback Categories
BMO Harris Bank Cash Back Card has 5% cash back on eligible streaming services and 3% on gas and groceries. It is limited to $2,500 of purchases. Effectively you can visit the store only 10 times every quarter. There is only 1% cashback on everything else.
| Category | cashback |
|---|---|
| Streaming Services | 5% |
| Gas and grocery | 3% |
| Everything else | 1% |
The credit card has a security chip and contactless payments feature.
A common benefit is roadside assistance and an extended warranty of up to 12 months.
Roadside assistance provides referrals only.
Fees
The credit card has no annual fee, but foreign transaction fee is 3%.
| type | fee |
|---|---|
| Annual Fee | $0 |
| Balance Transfer Fee | 4% or minimum $10 |
| Foreign Transaction Fee | 3% |
| Cash Advance Fee | 5% or minimum $10 |
| Late Payment | $39 |
Credit Score
You’ll need a good to excellent credit score to have a high chance of being approved for this credit card.
The reasons to apply for this credit card are: Get the $200 signup bonus and 5% cashback on streaming services, take advantage of intro APR, and pay your cellphone bill to get smartphone insurance up to $400.