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Bank of the West has merged with BMO. According to the bank, existing cardholders can continue to use their existing credit card until a new BMO-branded credit card is sent by March 2024.
With so many larger financial institutions competing for credit card customers, it can be easy to overlook some of the hidden gems. If you live in an eligible state and are looking for a solid cash-back card, the Bank of the West Cash Back World Mastercard® could be a winner.
While there’s no sign-up bonus, the Bank of the West Cash Back World Mastercard® has a $0 annual fee, and its 3% cash-back categories cover many everyday purchases.
1. There are geographic limitations
While you don’t need to be a current Bank of the West account holder to apply for the Bank of the West Cash Back World Mastercard®, the card is available only to residents of 19 states. If you live in an eligible state but aren’t near a branch, you can apply for the card online.
2. High cash-back potential — but mind the cap
You can earn unlimited 3% cash back on purchases at restaurants (including fast food and bars) and on grocery purchases. You can also earn 3% cash back on up to $1,500 spent at gas stations per quarter. All other purchases, including anything over the quarterly limit on gas stations, earns 1% cash back.
3. Cash back is redeemable in $25 increments
With the Bank of the West Cash Back World Mastercard®, you can redeem cash back at any time as a statement credit or through direct deposit — but only in $25 increments. That can make it harder to actually use all the cash back you earn. For example, if you've earned $65 in cash back, you'll only be able to redeem $50 right away.
4. The card doesn't travel well
If you travel internationally, you'll want to leave the Bank of the West Cash Back World Mastercard® at home, because it has a foreign transaction fee of 3%.
If that's a dealbreaker, consider the $0-annual-fee Capital One SavorOne Cash Rewards Credit Card. It doesn't charge a foreign transaction fee, and you'll earn elevated rewards on dining, groceries and entertainment purchases.
5. There's a 0% intro APR period for purchases
The Bank of the West Cash Back World Mastercard® offers this introductory APR: Enjoy 0% Introductory APR for the first 15 months on Purchases and Balance Transfers then a variable APR, currently 20.99%-27.99%. Note, though, that any balance you transfer to this card will incur a balance transfer fee of 4% or $10, whichever is greater. It’s not the longest introductory APR period out there, but it does give you some time to pay off a large expense or existing balance without paying interest.