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BMO Debit Mastercard Review: A Suite of Valuable Insurance, but No Cash Back

Review Updated
Steven Porrello
By: Steven Porrello

Our Banking Expert

Nathan Alderman
Check IconFact Checked Nathan Alderman
Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation. Terms may apply to offers listed on this page. APY = Annual Percentage Yield. APYs are subject to change at any time without notice.

The BMO Debit Mastercard is perfect for BMO account holders who want to attach a debit card to their checking or savings accounts. Though it doesn't earn cash back, the BMO Debit Mastercard is loaded with security features and valuable insurances. Below, we'll take a closer at what this card has to offer in this expert review.

Ratings Methodology
Rates as of Jun 11, 2024

BMO Debit Mastercard

Read Review
Member FDIC.
Rating image, 3.50 out of 5 stars.
3.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Rating image, 3.50 out of 5 stars.
3.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Read Review
APY
N/A
Min. To Earn APY
N/A
  • ATM access
  • Valuable shopping insurance
  • Powerful security features
  • No cash back rewards
  • Foreign transaction fees

BMO clients can use the BMO Debit Mastercard to access funds in their BMO savings and checking accounts. It has a powerful suite of insurance, including an extended warranty, and powerful security features that keep your money safe.

Compare checking accounts

We recommend comparing checking accounts to make sure you're getting the best fit for you. Here's a list of our favorite accounts.

Account APY Promotion Next Steps
0.50%
Rate info Circle with letter I in it. You can earn the maximum savings APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn: $0
Cash bonus up to $300 with direct deposit set up (see details when you click 'Open Account')
0%
Min. to earn: N/A
Earn 1% cash back on up to $3,000 in debit card purchases each month (see details when you click 'Open Account')
0.40% (up to 3.30%)
Rate info Circle with letter I in it. To earn the full APY, account holders must do all of the following: Receive monthly direct deposits totaling more than $1,500; make 10 transactions a month with your Axos debit card, or sign up for Axos's Personal Finance Manager; maintain an average daily balance of $2,500 per month in an Axos Invest Self Directed Trading Account; and use your Rewards Checking account to make your full monthly Axos Bank consumer mortgage, personal, or auto loan payment.
Min. to earn: Monthly direct deposits totaling at least $1,500
Use the promo code AXOS300 when you apply for a Rewards Checking account by June 30th, 2024. Then have qualifying direct deposits to earn up to a $300 bonus!

Full BMO Debit Mastercard review

Top perks

Can link to a BMO account: If you have a BMO Savings Builder or checking account, you can link this card to your account. This is great for those who want greater access to their savings.

Get a full (or partial) refund on eligible purchases: When you make purchases with this debit card, you get a satisfaction guarantee up to $250. That means, if you're not happy with your purchase -- and the retailer is not happy about you returning it -- you can get reimbursed up to $250.

Extended warranty: Purchases made with the BMO Debit Mastercard will receive double the original manufacturer's warranty up to 12 additional months. So, if you buy something that has a six-month warranty, your debit card will slap an extra six months on top of it.

Zero liability protection: The BMO Debit Mastercard will not hold you responsible if a fraudster makes unauthorized purchases using your debit card.

Multiple security measures: The card has advanced chip technology that keeps your information secure when you use it at terminals. It also has a card monitoring system that lets you lock or limit access to your debit card, as well as alerts of potential fraud through its ID Theft Protection.

ATM access: Like other debit cards, this one gives you unlimited access to over 40,000 ATMs. What's unusual about the BMO Debit Mastercard, however, is that it also gives you fee-free access to 12,000 ATMs in Australia, Canada, Mexico, Puerto Rico, and the United Kingdom.

What could be improved

No cash back rewards: The BMO Debit Mastercard is not a cash back debit card, nor will it earn points or miles on your purchases. That's not totally unusual for a debit card, but if you'd like to earn rewards on your purchases, you might be better off with a debit card from another bank.

Foreign transaction fee: If you use this debit card outside the U.S., you'll pay a foreign transaction fee of at least 2.5%. Note: this may include products you purchase online from foreign merchants.

ATM limitations: With the BMO Debit Mastercard, you can withdraw up to $1,000 per day. That's not a lot of money, especially if you're making a large purchase.

Other BMO Debit Mastercards to consider

In addition to its flagship debit card, BMO offers three sports-branded cards:

  • BMO Bulls Debit Mastercard®: This debit card gets you 20% off at the Madhouse Team Store just by showing your BMO card. You also get the pride of having the Chicago Bulls logo on your card.
  • BMO Blackhawks Debit Mastercard®: If you're a Chicagoan but not a basketball fan, the Blackhawks Debit Mastercard might be more your style. This card also earns 20% off at the Madhouse Team Store just by showing it when you make a purchase.
  • BMO Bucks Debit Mastercard®: Milwaukee Bucks fans get big perks with this Bucks-branded card. This debit card will save you 20% on Bucks merchandise at Bucks Pro Shops inside Fiserv Forum, plus lets you skip entrance lines. You can also join BMO for Blue Carpet Night and participate in giveaways.

This debit card is right for you if:

  • You have a BMO savings or checking account and would like to link a debit card.
  • You want a debit card with shopping insurance, like extended warranty and satisfaction guarantee.

Keep reading about BMO:

Our checking account methodology

At The Motley Fool Ascent, we rate checking accounts on a five-star scale (1 = poor, 5 = best). We evaluate all checking accounts across four main criteria: brand and reputation, APY and rewards, fees and minimum requirements, and perks.

Our scores are weighted as:

  • Brand and reputation: 30%
  • APY and rewards: 30%
  • Fees and minimums: 15%
  • Other perks: 15%

Learn more about how The Motley Fool Ascent rates bank accounts.

FAQs

  • No, it does not have a cash back debit card. That said, it does offer numerous cash back credit cards.

  • Yes, you can use this debit card at ATMs outside of the U.S. If the ATM is out of BMO's network, however, you'll likely pay a fee.

Our Banking Experts

Steven Porrello
By: Steven Porrello

Writer

Steven is a personal finance writer covering topics from mortgages to credit cards to market news. He has written for The Motley Fool Canada, Ramsey Solutions, Nerdwallet, Clever Real Estate, and other major outlets. Steven launched his writing career at the age of four with his first book, "Revenge of the Bad Guys." He currently lives in Portland, Oregon.

Nathan Alderman
Check IconFact Checked Nathan Alderman

Fact checker

Nathan Alderman has worked with The Motley Fool since 2005, making errors his arch-enemies in a variety of roles including a six-year stint as the dedicated fact-checker for The Motley Fool's premium newsletter services. As The Ascent's Compliance Lead, he makes sure that all the site's information is accurate and up to date, which ensures we always steer readers right and keeps various financial partners happy. A graduate of Northwestern University's Medill School of Journalism, Nathan spends his spare time volunteering for civic causes, writing and podcasting for fun, adoring his wife, and wrangling his two very large young children.