Which card is better for groceries, BMO CashBack Mastercard or Neo Mastercard?

The BMO CashBack Mastercard earns 3% on groceries, while the Neo Mastercard earns 4%. The better choice depends on your grocery spending and the specific merchants you shop at.

BMO CashBack Mastercard vs Neo Mastercard — Which Is Better? | Churnr

Header Quick Take Value Earn Rates Merchants Wallet Bonus FX Benefits Eligibility Perks Downgrade Verdict

Neo Mastercard wins by $629/yr — strongest in bills & utilities

Neo Mastercard earns $144 more on bills & utilities
Neo Mastercard earns $128 more on groceries

Bills & Utilities: +$144Groceries: +$128Gas: +$126

BMO CashBack Mastercard: $30/yr in foreign transaction fees

Neo Mastercard: $30/yr in foreign transaction fees

Showing Year 1 analysis

Dollar Value

$492

/first year

1.2% effective$41/mo

vs 1% no-fee card: +$73

Annual rewards earned+$517

Welcome bonus+$5

FX costs−$30

Annual fee−$0

Winner

$1,121

/first year

2.7% effective$93/mo

vs 1% no-fee card: +$702

Annual rewards earned+$1,126

Welcome bonus+$25

FX costs−$30

Annual fee−$0

Best for your spendingNeo Mastercard—$1,121Year 1 value

+$629 more than BMO CashBack Mastercard

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Earn Rates by Category

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The Bottom Line

Neo Mastercard wins by $629/yr — strongest in bills & utilities

Neo Mastercard earns $144 more on bills & utilities
Neo Mastercard earns $128 more on groceries

Bills & Utilities: +$144Groceries: +$128Gas: +$126

Showing Year 1 analysis

Neo Mastercard wins in both Year 1 and Year 2+ — consistent long-term value.

Data Sources

Issuer terms & conditions (verified Feb 2026)

Merchant MCC verification (239 merchants)

Insurance certificates (PDF review)

Reward program documentation

User-reported acceptance data

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