BMO Air Miles World Elite Mastercard Review

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 the fact 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 to be one of BMO’s best credit cards.

BMO Air Miles World Elite Mastercard Summary

  • $120 annual fee – waived in the first year
  • Earn 1 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 is equivalent to a short-haul flight in North America and is 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.

The card also offers a 15% discount on all Air Miles flights in North America when you book through airmiles.ca or by calling 1-888-247-6543.

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 Airport Experiences provided by LoungeKey.

Downsides of the card

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.

One other 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 take a 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 grocery, restaurants, food delivery; 3x points/$1 in gas & travel; 1x points/$1 everything else.

Welcome offer: Get up to 40,000 points ($400 value).

Interest rates: 19.99% 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 30,000 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
4.8

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.

Best Credit Offers in August 2022

Earn up to 15% cash back for a limited time ($150 bonus)

One of the best no-fee credit cards in Canada.

Get 2% unlimited cash back on up to 3 purchase categories.

Get 0.5% unlimited cash back on all other purchases.

Get 15% bonus cash back in first 2 months ($150 value).

1.95% balance transfer offer for 6 months.

Get up to 5% cashback and grow your savings ($20 bonus)

Free prepaid reloadable Mastercard (use referral code CASHBACK during signup for $20 free).

Free budgeting app with automatic savings features.

Access to a portion of your paycheque 3 days early.

1.20% savings interest on every dollar balance.*

Compare the best personal loan rates in Canada

Get the best rates from multiple lenders.

Borrow up to $50,000 regardless of your credit score.

Pre-approvals are available in as fast as 5 minutes.

Low-interest rates start at 1.99% and terms from 4-60 months.

The NeoCard pays up to 5% cash back at select retailers

Get a $25 bonus when you apply for the Card.

Up to 5% cash back at participating stores.

No annual account fees and 1% minimum cash back guaranteed.

Guaranteed instant approval credit card.

Retirement 101 eBook - 3D

Author

Photo of author
Enoch Omololu

Enoch Omololu is a personal finance expert and a veterinarian. He has a master’s degree in Finance and Investment Management from the University of Aberdeen Business School (Scotland) and has completed several courses and certificates in finance, including the Canadian Securities Course. He also has an MSc. in Agricultural Economics from the University of Manitoba and a Doctor of Veterinary Medicine degree from the University of Ibadan. Enoch has a passion for helping others win with their personal finances and has been writing about money matters for over a decade. He has been featured or quoted in The Globe and Mail, Winnipeg Free Press, Wealthsimple, Financial Post, Toronto Star, CTV News, Canadian Securities Exchange, Credit Canada, National Post, CIBC, and many other personal finance publications.

His top investment tools include Wealthsimple and Questrade. He earns cash back on purchases using KOHO, monitors his credit score for free using Borrowell, and earns interest on savings through EQ Bank.

Leave a comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.

  • 15% cashback on $1,000 spent in first 2 months ($150 value).*
  • Earn 2% unlimited cashback in 2 categories and 0.50% back on everything else.
  • No annual fees!
*Limited time offer. Terms and conditions apply.
Best No Annual Fee Cash Back Credit Card
Best No Annual Fee Cash Back Card
Get 15% cashback on up to $1,000 spent in first 2 months ($150 value).* No annual fees!
*Limited time offer. Terms and conditions apply.
0 Shares
Share
Pin
Tweet
WhatsApp
Reddit