BMO Cashback SPC Mastercard

4.5 / 5

At a Glance

  • Perfect for beginning credit card
  • Great opportunity to establish credit & get perks


  • No proof of income or credit history necessary
  • No annual fee
  • SPC card
  • $60 welcome bonus
  • 1% cashback on all purchases


  • Value doesn’t stack up well against more premium cards but hey, you don’t have any credit yet!

No Annual Fee

BMO Cashback SPC Mastercard Review

The Skinny

As of July 31, 2019, this card has been discontinued. All good things come to an end we guess, and so goes the BMO SPC Student Card. What a shame, this was an excellent card. Luckily there are many alternatives for gauranteed approval. Another route is to look for the best credit cards for bad credit.

All previous cardholders have been automatically enrolled into the BMO Cash Back Mastercard. Good news is that CIBC has partnered with SPC. Any eligible student with an account or credit card will receive an SPC membership automatically.

Previous Review

The BMO Cashback SPC is our pick for the best student card in Canada. No need for proof of income or credit history, this card can be the founding block in your glorious lifelong pursuit of building a healthy credit line. And after comparing all of the top student cards in the market, the additional perks offered by the BMO SPC card puts it head and shoulders above the competition.

Building Credit with BMO

Right, so first and foremost the card it tailored for students beginning to build their credit, so you needn’t supply proof of income or credit history, there is no annual fee, and you needn’t have a cosigner. Generally speaking you can expect a $500 credit limit, which pretty much assures you won’t get yourself into anything you cannot handle. Assuming you act responsibly – try and set yourself up for auto-payment and use the card the same as you would use a debit card – you will be offered a credit increase within the first year most likely. So the card offers exactly what one would look for in a student card – but what of the benefits?

Why do birds suddenly appear, everytime SPC is near?

The Student Price Card is an exceptional student loyalty program that offers 10-15% off purchases of 100+ retailers – The Gap, Nando’s (tons of food), clothes and accessories at most uni bookstores, etc. This puppy generally costs $10+tax annually, but with your BMO cashback mastercard it comes free. So why, you might ask, would anyone actually buy the SPC card instead of just getting it for free using this card? You will become less and less sure as you continue reading this review.

Cashback? If you insist…

First this card gives you a $60 welcome bonus, with 50% vesting after your first card purchase. Yes, it sounds strange, but if you simply charge your books on the card – or even a coffee one morning, BMO will thank you with $30 into your credit account. It might sound strange, but welcome to the wonderful world of credit cards, where competition is so fierce they must give away cash to entice your business. On top of that you get 1% back on all purchases which, if we are being honest, will not do much to improve your financial situation, but hey, free money.

Bits and bobs

There are a number of additional added value features that are actually quite…valuable.

  • No Liability: Card got stolen? You are not liable for their charges, that is handled by the bank.
  • Extended Warranty: You get the manufacturer’s warranty doubled up to an additional year, which is fantastic. No longer must you consider upping the warranty to three years – you got two for the price of one.
  • Purchase Protection: Someone steal your coursebook? Provided it happened within 90 days or purchase, BMO will replace it for you.

Closing Balance

Are you a student? Are you interested in building your credit history? Look no further than the BMO Cashback SPC Mastercard, the undisputed heavyweight champion of student cards.


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