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BMO Air Miles World Elite Mastercard Review

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The BMO Air Miles World Elite Mastercard is a best-in-class credit card for earning Air Miles rewards in Canada.

If you are an Air Miles collector and/or a frequent flyer, you will love that this card offers a 2,000 Air Miles welcome bonus and waives the $120 annual fee in the first year.

In addition, the BMO Air Miles World Elite Mastercard comes with a suite of VIP travel benefits, and a high Air Miles earn rate on everyday purchases.

This BMO Air Miles World Elite Mastercard review covers what you need to know and why we consider it one of BMO’s best credit cards.

BMO Air Miles World Elite Mastercard Summary

  • $120 annual fee – waived in the first year
  • Earn 1-3 Air Mile per $12 spent
  • Complimentary membership in Mastercard Airport Experiences provided by LoungeKey
  • Comprehensive travel insurance benefits
  • Purchase protection and extended warranty
  • Minimum $80,000 annual personal income or $150,000 for a household to qualify
  • 20.99% on purchases and 23.99% on cash advances

BMO Air Miles World Elite Mastercard Sign-up Bonus

New cardholders receive 2,000 Air Miles bonus miles when they spend $3,000 in the first three months.

The bonus Miles are equivalent to a short-haul flight in North America and are currently one of the best Air Miles sign-up bonuses in Canada.

You can also redeem your Air Miles for various merchandise.

BMO Air Miles World Elite Mastercard Rewards

The BMO Air Miles World Elite Mastercard offers 1 Mile for every $12 in credit card purchases. 

When you shop at Air Miles partners and scan your Air Miles card, you earn 3x the miles. And you get 2x the Miles at eligible grocery stores, such as Sobeys, Metro, and Foodland.

The card also offers a 25% discount on one Air Miles flight redemption worldwide each calendar year.

BMO Air Miles World Elite Travel Insurance

This credit card offers a comprehensive travel insurance package similar to what you get with the BMO World Elite Mastercard.

The coverage includes:

  • Out-of-province/Out-of-country emergency medical up to $2 million
  • Comprehensive rental car insurance, including collision damage waiver, personal effects benefits, accidental death, and dismemberment
  • Trip cancellation, trip interruption and delay, and flight delay benefits
  • Lost, stolen, and delayed baggage benefits

It also provides purchase protection and extended warranty coverage.

BMO Air Miles World Elite Airport Lounge Access

The BMO Air Miles World Elite offers cardholders VIP perks that include a complimentary membership in Mastercard Travel Pass provided by DragonPass.

Downsides of the BMO World Elite Mastercard

To apply for the BMO Air Miles World Elite, you need to earn a personal income of at least $80,000 annually.

The $120 annual fee is at par with other similar premium credit cards in Canada, and it is waived in the first year. That being said, this fee could be a deterrent to those who are opposed to paying annual fees on a credit card.

Lastly, supplementary cards cost $50 per year, and they do not qualify for the first-year fee waiver.

Is The BMO World Elite Mastercard Right For You?

The BMO Air Miles World Elite Mastercard tops the list of the best Air Miles credit cards in Canada.

Another premium credit card that works well for earning Air Miles rewards is the American Express Air Miles Platinum Credit Card.

For a no-fee Air Miles card alternative, you can look at the BMO Air Miles Mastercard.

If you are looking for top-rated travel rewards credit cards that are not in the Air Miles category, check out our reviews of:

Scotiabank Gold American Express

Rewards: Earn 5x Scene+ points/$1 on restaurants, food delivery, and grocery (up to 6x at some stores); 3x points/$1 in gas & travel; 1x points/$1 everything else.

Welcome offer: Get up to 45,000 points ($450 value).

Interest rates: 20.99% on purchases; 22.99% on cash advances.

Annual fee: $120

American Express Cobalt Card

Rewards: Earn 5x pts per $1 spent on food & drinks; 3x pts on streaming subscriptions; 2x pts on travel; 1x pts everywhere else.

Welcome offer: Get up to 15,000 bonus points in the first year.

Interest rates: 20.99% on purchases and 21.99% on cash advances.

Annual fee: $155.88

Related:

BMO Air Miles World Elite Mastercard Review
  • Annual fee
  • Insurance benefits
  • Eligibility
  • Rewards
  • Other perks
Overall
4.2

Summary

The BMO Air Miles World Elite Mastercard is the best Air Miles credit card in Canada with 2,000 bonus Air Miles, comprehensive travel insurance, airport lounge access, high Air Miles rewards rate, and VIP perks.

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Author

Gravatar for Enoch Omololu, MSc (Econ)
Enoch Omololu, MSc (Econ)

Enoch Omololu, personal finance expert, author, and founder of Savvy New Canadians, has written about money matters for over 10 years. Enoch has an MSc (Econ) degree in Finance and Investment Management from the University of Aberdeen Business School and has completed the Canadian Securities Course. His expertise has been highlighted in major publications like Forbes, Globe and Mail, Business Insider, CBC News, Toronto Star, Financial Post, CTV News, TD Direct Investing, Canadian Securities Exchange, and many others. Enoch is passionate about helping others win with their finances and recently created a practical investing course for beginners. You can read his full author bio.

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