Choosing a card
BMO CashBack Mastercard vs Simplii Cash Back Visa in Canada
On our example spending profile the Simplii Financial Cash Back Visa finishes the year $29 ahead: $311 of rewards net of its $0 regular annual fee, against $282 for the BMO CashBack Mastercard after its $0 fee. The Simplii Financial Cash Back Visa also pays the higher recorded rate in 4 of the 9 categories both cards price, and the BMO CashBack Mastercard in 1.
Is the BMO CashBack Mastercard or the Simplii Cash Back Visa better?
On our example spending profile the Simplii Financial Cash Back Visa finishes the year $29 ahead: $311 of rewards net of its $0 regular annual fee, against $282 for the BMO CashBack Mastercard after its $0 fee. The Simplii Financial Cash Back Visa also pays the higher recorded rate in 4 of the 9 categories both cards price, and the BMO CashBack Mastercard in 1.
Two no-fee products with grocery and restaurant category differences.
WalletReturn example spending of $2,000/month: groceries $500, dining $200, gas $150, transit $80, travel $100, recurring bills $200, entertainment $100, drugstore $40, online $300, other $330.
The first year reads differently. With any welcome offer included, the BMO CashBack Mastercard is worth $380 and the Simplii Financial Cash Back Visa $335. A welcome offer pays once, so the net annual figure is the one to compare for a card you plan to keep.
Some of that lead sits in capped categories on the Simplii Financial Cash Back Visa (Dining, Gas, Recurring bills, Drugstores), so it narrows once the cap is reached; the cap section below shows what applies afterwards.
Put it into practiceBMO CashBack MastercardHow do the two cards compare, fact by fact?
The two cards at a glance, on the same recorded facts. Simplii Cash Back Visa leads by $29 a year before any benefits you would use are counted.
| Card facts | BMO CashBack Mastercard | Simplii Financial Cash Back Visa |
|---|---|---|
| Annual fee | $0 | $0 |
| Rewards net of the annual fee (example profile) | $282 | $311 |
| First-year value (welcome offer included) | $380 | $335 |
| Welcome offer recorded | $98 | $24 |
| Rewards program | Cash Back | Cash Back |
| Network | Mastercard | Visa |
| Income requirement | Not recorded | Not recorded |
| Purchase interest rate | Not recorded | 21.99% |
| Foreign transaction fee | Not recorded | Not recorded |
Rewards net of the annual fee are the year’s estimated rewards after the card’s regular fee, excluding any welcome offer. First-year value adds a welcome offer where the card supports one. Both use the same example spending profile for every card.
A “Not recorded” entry means our catalogue does not hold that fact for the card. It is an unknown, not a favourable fact, and we never fill the gap by assumption.
Which card pays more in each category?
The Simplii Financial Cash Back Visa pays the higher recorded rate in 4 of the 9 categories both cards price (Dining, Gas, Recurring bills, Drugstores), the BMO CashBack Mastercard in 1 (Groceries), and they are level in 4. An asterisk marks a rate that draws on a capped limit.
| Category | BMO CashBack Mastercard | Simplii Financial Cash Back Visa |
|---|---|---|
| TopGroceries | 3% * | 1.5% * |
| Dining | 0.5% | 4% * |
| Gas | 0.5% | 1.5% * |
| Transit | 0.5% | 0.5% |
| Recurring bills | 1% * | 1.5% * |
| Travel | 0.5% | 0.5% |
| Drugstores | 0.5% | 1.5% * |
| Online shopping | 0.5% | 0.5% |
| Entertainment | 0.5% | 0.5% |
A bonus rate applies only to purchases that record in that category. Merchant classification decides it, so a purchase in the same store can earn differently.
Across the 9 categories both cards price, the BMO CashBack Mastercard is higher in 1, the Simplii Cash Back Visa in 4, and they are level in 4.
BMO CashBack Mastercard: a $500 monthly cap on groceries, after which 0.5% applies; a $500 monthly cap on recurring bills, after which 0.5% applies. Simplii Financial Cash Back Visa: a $5,000 annual cap on dining, after which 0.5% applies; a $15,000 annual cap shared by groceries, gas, drugstores and recurring bills, after which 0.5% applies.
BMO CashBack Mastercard base rate: 0.5% on purchases outside its bonus categories. Simplii Financial Cash Back Visa base rate: 0.5% on purchases outside its bonus categories.
Do the bonus rates have caps?
Yes. BMO CashBack Mastercard caps part of its bonus earning, and Simplii Cash Back Visa caps part of its bonus earning. Once a capped limit is reached every category inside that limit drops to the rate that applies afterwards.
BMO CashBack Mastercard: a $500 monthly cap on groceries, after which 0.5% applies; a $500 monthly cap on recurring bills, after which 0.5% applies. Simplii Financial Cash Back Visa: a $5,000 annual cap on dining, after which 0.5% applies; a $15,000 annual cap shared by groceries, gas, drugstores and recurring bills, after which 0.5% applies.
A cap is often shared between categories — groceries and dining on one card can use the same allowance, so spending in one reduces what is left at the bonus rate in the other.
An unrecorded cap is an unknown, not a promise that no cap exists. Confirm the current terms with the issuer before relying on a rate.
Is the extra annual fee worth it?
Both cards charge a $0 regular annual fee, so the whole $29 difference on our example profile comes from the earning rules and caps, not from the fee.
| Measure | BMO CashBack Mastercard | Simplii Cash Back Visa |
|---|---|---|
| TopAnnual fee | $0 | $0 |
| Rewards net of the fee (example profile) | $282 | $311 |
| Difference | Simplii Cash Back Visa by $29 |
This arithmetic uses our example profile: WalletReturn example spending of $2,000/month: groceries $500, dining $200, gas $150, transit $80, travel $100, recurring bills $200, entertainment $100, drugstore $40, online $300, other $330. A smaller month of bonus-category spending has to earn the fee back on less.
With equal fees, the entire difference is in the earning rules.
If either card’s fee is waived or rebated in the first year, that changes year one only. Compare the regular fee for a card you plan to keep.
How do the first-year values compare?
Including welcome offers, the BMO CashBack Mastercard leads year one at $380 against $335. On rewards alone the order is the other way round.
| Measure | BMO CashBack Mastercard | Simplii Cash Back Visa |
|---|---|---|
| TopWelcome offer recorded | $98 | $24 |
| First-year value (offer included) | $380 | $335 |
| Rewards net of the annual fee | $282 | $311 |
A welcome offer is conditional: it usually needs a minimum spend inside a set period, and it pays once. Ongoing rewards are what the card is worth in a normal year after its fee.
Which card should I pick?
On our example spending, the Simplii Financial Cash Back Visa. If your spending is concentrated in Groceries, the BMO CashBack Mastercard becomes the better fit.
If you expect to carry a balance, compare the purchase interest rates first: this comparison prices rewards only and does not deduct interest.
WalletReturn is paid by affiliate links on some cards. Compensation does not change an estimate, a cap or the order of any ranking, and we do not predict approval odds or eligibility.
How do I check this against my own spending?
Enter your own monthly amounts by category in Find My Card and the totals are recalculated for both cards with their caps and post-cap rates applied.
Compare puts two cards side by side, and the Rewards Calculator shows the arithmetic for one card at a time. My Wallet keeps the pair you actually hold.
Every card is put through the same earn rules, cap records and welcome offers. Where a card’s terms do not document something, it stays unrecorded on its product page and in this article.
Keep reading
Choosing a cardBMO CashBack World Elite vs TD Cash Back Visa Infinite in CanadaOn our example spending profile the BMO CashBack World Elite Mastercard finishes the year $106 ahead: $430 of rewards net of its $139 regular annual fee, against $324 for the TD Cash Back Visa Infinite after its $139 fee. The BMO CashBack World Elite Mastercard also pays the higher recorded rate in 2 of the 9 categories both cards price, and the TD Cash Back Visa Infinite in 2.
RankingsBest BMO Credit Cards in CanadaBMO VIPorter World Elite Mastercard records the highest first-year value of the BMO cards we track at $1,064, and BMO CashBack World Elite Mastercard leads the same lineup on net annual rewards at $430. Both figures are net of the annual fee.- Choosing a cardSimplii Cash Back Visa vs Tangerine Money-Back in CanadaOn our example spending profile the Simplii Financial Cash Back Visa finishes the year $65 ahead: $311 of rewards net of its $0 regular annual fee, against $246 for the Tangerine Money-Back Mastercard after its $0 fee. The Simplii Financial Cash Back Visa also pays the higher recorded rate in 1 of the 9 categories both cards price, and the Tangerine Money-Back Mastercard in 7.
- Choosing a cardScotiabank Momentum Visa Infinite vs TD Cash Back Visa Infinite in CanadaOn our example spending profile the Scotia Momentum Visa Infinite + finishes the year $76 ahead: $400 of rewards net of its $120 regular annual fee, against $324 for the TD Cash Back Visa Infinite after its $139 fee. The Scotia Momentum Visa Infinite + also pays the higher recorded rate in 3 of the 9 categories both cards price, and the TD Cash Back Visa Infinite in 3.
Official sources and further reading
Terms vary by product. Confirm the provider’s current terms before acting. This guide does not predict approval, realized value or credit-score changes. How WalletReturn calculates value