BMO Mastercard Cashback Changes – Is it Worth it?

A picture of a mastercard to highlight BMO mastercard cashback changes.

BMO Mastercard cashback changes coming May 2020! This is the announcement that many cardholders received in their email recently. At first glance the changes look exciting and potentially a money saver for customers. However, let’s take a deeper look at these changes and see if this is really so.

BMO Mastercard Cashback Changes

Currently you can earn 1% cashback on all purchases regardless if it is a one time purchase or a recurring purchase such as a monthly bill payment. Also, the purchase has to be at least $50.00 before you get the 1% cashback.

However starting May 1, 2020, you can start earning 3% cashback on grocery purchases, 1% on recurring bill payments and 0.5% on other purchases. For one time purchases the minimum purchase is only $1.00. The minimum purchase for recurring bill payments is $25.00. Also, you do not have to wait until the end of the year to redeem your cashback. You can do it immediately by having it deposited into a chequing or savings account or you use it as a credit on a monthly statement.

This sounds great! It looks like you’lll be getting more cashback that you can use sooner. Sounds like a win win situation. However, there is a “but”; there’s always a “but”.

BMO Mastercard Cashback Changes, The Fine Print!

Yes, there is always the fine print and there a few things with this card that you should know about. For instance, there is a $500.00 monthly limit on getting 3% cashback. Any grocery purchases over $500.00, you will still only get 0.5% cashback. Also, you would have to make sure that the grocery stores you go to are deemed grocery stores by BMO.

There is also a $500.00 monthly limit on getting 1% on recurring purchases bill payments. Any recurring purchase amount that is over $500.00, you only get 0.5% cashback.

Conclusion, Is it Worth it?

It depends on how much you spend on your credit card. For example, suppose you spent $500 on groceries, $500 on recurring bill payments, and $2000.00 on other purchases. Based on the new changes, you would receive $30.00 cash back. Do you know how much you would receive in cashback for same amount currently? You would also get $30.00! What does this mean?

It means that if you are putting more than $3000.00 each month on your card, then the changes do not benefit you as you would actually be getting less cash back. However, if you are spending at least $500 in groceries and at least $500 in bill payments but are putting less than $3000 per month on the card, then the changes are helpful to you, as you’ll get more in cashback.

So is the BMO MasterCard cash back changes worth it? If you do not put a lot on your credit card then potentially yes! However, if you charge a lot on your card each month then potentially it is not. This means that you as the consumer have to know your spending habits and read the fine print on any credit card you might want. Because with so many things in life, there’s always a catch!

Best Deals on Checkout51 this Week – starting March 13, 2019

Checkout 51 (If you haven’t already signed up for this money saving app, click here click here to join!) is an incredible Canadian app that helps shoppers find the most valuable coupons. But, instead of the hassle of buying a newspaper and clipping coupons, you have all your best coupons with you stored right in the app! I love the convenience of Checkout51, and check it for deals every week.

This is a reliable company that issues you money back into your account when you verify that you have purchased a certain product. Verifying your purchase is as simple as using your phone to take a photo of your receipt.

The new deals are updated every week on Thursday, so yesterday was the day! Here are the best deals on Checkout51 this week. (My top tip for money savers in Canada using this app is…use it in conjunction with the Flipp flyer app to find out which items are also on sale! Then, use your money saving virtual coupon on top of a sale, and save mucho dollars!)

Food and Groceries

  • Armstrong cheese products – $0.75 off either cheese slices or sticks. These are SO handy for lunchboxes – the slices to tuck into a sandwich, or the sticks as a snack!
  • Little Potato Company – has a wide range of varieties of flavoured mini potatoes that you just microwave. Voila, instant side dish! $0.75 cash back this week.
  • Enjoy Life Foods – this is a company well known to anyone who has to eat gluten free. (As I have for nearly 12 years now.) They make a delicious range of gluten free treats and cookies. $1.00 cash back on selected varieties of cookies, bars, and energy bites.
  • SMARTFOOD popcorn – has some glorious new Indulgence popcorns that sound to die for! Either Dark Chocolate and Raspberry or Milk Chocolate & Caramel. Both $1.50 cash back. (GREAT DEAL!!)
  • Glutino – their gluten free cookies and crackers are all on offer this week. $1.00 cash back on selected varieties. (I particularly like their gluten free version of Oreos. So good crushed over ice cream!!)
  • FRANK’s Red Hot Sauce – is a favourite around here! $1.00 off selected types.
  • STAGG chili is an easy lunchtime or supper choice. $0.75 cash back. Use this chili to top a sweet potato, and then add a dollop of sour cream and a sprinkling of green onions or chives. Delicious dinner done in only minutes! (Hint: they have 6 varieties of their chili on Cash Back offer this week – so stock up on a few different kinds!)

Home and Cleaning

  • Finish dishwasher detergent tabs – at Walmart only – $2.00 Cash Back
  • Finish Jet-dry rinse aid – at Walmart only – $1.00 Cash back
  • Spongetowels Ultra paper towels – $1.00 Cash Back
  • Pledge polish and other products – $1.00 Cash back
  • Scrubbing Bubbles products – great for cleaning the toilet with a LOT less work – $1.00 Cash back

Personal Care

  • Head and Shoulders products – at Rexall only – $2.00 Cash back
  • Buy 2 Herbal Essences bio:renew products – at Rexall only – $5.00 Cash back (HIGH VALUE alert!)
  • Pantene products – at Rexall only – $2.00 cash back
  • Selected CREST products – ranging from toothpaste to Whitestrips – from $2.00 to $5.00 Cash back
  • Selected ORAL-B floss products – $1.00 Cash back
  • Listerine Go! Tabs – $1.00 Cash back (I watched the commercial about these with interest, but haven’t tried these yet. If anyone has, please leave a comment!)

Medicine and Health

  • Renew Life probiotic products – $4.00 Cash back (please check app to see exactly which types are included in the offer)
  • COMBO deal – Vicks Dayquil and Nyquil products – $4.00 cash back when you buy both. (These deals are awesome if you have coupons for the individual products, too!)
  • Fisherman’s Friend lozenges – buy 2, get $0.50 cash back
  • Imodium – $2.00 Cash Back
  • RestoraLAX – $3.00 Cash back

Beverages

Lots of good deals on Melitta coffee this week! Give me a good deal on coffee, and I’ll arrive holding my favourite mug. 😊

  • Melitta 100% Compostable (yay!) coffee pods – $2.50 Cash back
  • Melitta pour-over brewer (at select retailers) $2.00 Cash back
  • Melitta roasted and ground coffee $2.00 Cash back
  • Melitta whole bean coffee $2.00 Cash back
  • Caotina Swiss chocolate drink powder – $1.00 cash back (A friend brought me a pack of these back when I was fighting off the flu. It makes a lovely, comforting hot cocoa drink.)

Frozen Foods

  • Frontera bowls – $0.50 cash back
  • Healthy Choice power bowls – $0.50 cash back (and I’m quite sure there are still coupons available for these. Double savings!)
  • Breyers Delights ice cream – $1.50 cash back

Babies and Kids

Lots of diapers on offer this week – match theses up with any coupons you have for mega savings! And I know you Moms out there are always on the lookout for diaper deals.

  • Renew Life Flora kids and baby probiotics – $3.00 Cash back
  • Selected HUGGIES wipes $2.00 cash back (on larger size packages)
  • Kandoo flushable baby wipes – at Walmart only – $1.00 cash back
  • Select HUGGIES diapers $4.00 cash back (HIGH VALUE)
  • HUGGIES little swimmers waterproof diapers – $2.00 cash back
  • Pull-ups training pants $3.50 cash back

Pets

  • Beyond Natural dry cat food $4.00 cash back
  • Beyond Natural wet cat food – buy 2 and get $1.50 cash back
  • Beyond Natural dry dog food – $4.00 cash back
  • Beyond Natural wet dog food – $3.00 cash back on 2
  • Meow Mix dry cat food – $2.50 cash back
  • Meow Mix wet cat food singles $0.25 cash back (limit of 5 claims)
  • Nature’s Recipe Grain free pet foods $4.00 cash back

 

Plus, there are even more cash back offers on the app! Please visit again for next week’s choices, and please leave a comment about your best deal using Checkout51 with sales and/or coupons. I love hearing about your savings!

Once your account hits $20 in accumulated savings, Checkout51 sends you a cheque in the mail. I have received these cheques, and therefore feel excited to tell you about Checkout 51 if you haven’t already heard of them. Click here to join as a new member. (click here) Hope you save some money on your groceries this week!