The BMO CashBack World Elite Mastercard offers some of the best cash back rewards available in BMO’s line of credit cards. Its no-fee alternative, the BMO Cash Back Mastercard, makes my list of the best no-fee cash back credit cards in Canada.
While the BMO CashBack World Elite Mastercard is not considered a travel card, it does offer some exceptional travel benefits (in addition to cash back) that make its annual fee more bearable.
This BMO World Elite Mastercard review covers its benefits, downsides, how to redeem your cash back and how it compares to its closest competitors.
BMO CashBack World Elite Mastercard Benefits
1. 5% Cash Back (promo) on all purchases in your first three months on up to a maximum of $4,000 in spending ($200 cash back).
2. 1.5% unlimited cash back on all purchases after the promotional period ends.
3. Complimentary roadside assistance through the Dominion Automobile Association (worth $69 per year).
4. BMO World Elite Total Travel and Medical Protection package that includes:
- Collision damage waiver benefits on rental cars (MSRP up to $65,000)
- Rental car accidental death and dismemberment benefits of up to $300,000 for any one accident
- Out-of-Province and Out-of-Country emergency medical benefits with 8 days coverage if under 65 years and up to $2 million
- Rental car personal effects benefits
- Trip interruption
- Baggage and personal effects insurance of up to $750 per person and up to a maximum of $2,000 per trip
- Flight delay insurance
5. Complimentary membership in Mastercard Airport Experiences by LoungeKey.
6. Purchase protection and extended warranty.
7. Access to BMO Concierge service – you can reach them 24/7 at 1-800-741-6758 to get tickets or to book/make reservations easily.
8. Car rental discount: Get up to 25% off on car rentals at participating National Car Rental and Alamo Rent A Car locations.
9. Easy cash back redemption.
10. Annual fee of $120 waived in the first year.
If you spend $1,500 monthly using your BMO CashBack World Elite card, you get $410 in total cash back for year one. This includes the promotional cash back earned at 5% during your first 3 months.
The flat rate 1.5% cash back is not bad, but it’s not great either when compared to its close competitors in the cash back rewards category. That being said, when you combine its unlimited cash back rewards with the free roadside assistance ($69/year) and premium travel benefits, this BMO Cash Back card starts to look much more appealing.
Redeeming your BMO cashback is very easy. When your balance reaches $50 or more, you can choose to:
- Deposit it into your BMO chequing or savings account,
- Invest the fund in your Investorline account, or
- Apply it as a statement credit to pay off your card balance.
Downsides of the BMO CashBack World Elite Mastercard
One main downside of this card is its $120 annual fee. While the fee is waived in the first year, it kicks-in in subsequent years if you keep the card.
To qualify for the BMO CashBack World Elite, you will need to have at least a personal annual income of at least $80,000 or $150,000 if using your household income.
Lastly, this card has a $50 price tag for additional cards.
An alternative cash back card that has no annual fee is the BMO CashBack Mastercard. This card offers:
- $0 annual fee
- 5% cash back on spending in your first 3 months on up to a maximum of $2,000 for a $100 cash back
- 1% unlimited cash back on all purchases (after the promo rate cash back ends)
- 1.99% rate on balance transfers for 9 months plus a 1% transfer fee
- 25% discount on car rentals at participating National Car Rental and Alamo Rent A Car locations
- Purchase protection and extended warranty
- Additional cards are free
Is The BMO CashBack World Elite Mastercard For You?
The BMO CashBack World Elite Mastercard combines cash back rewards with premium travel perks and roadside assistance. This is what some of its other World Elite competitors offer:
Triangle World Elite Mastercard: This card offers 4% cash back in Canadian Tire Money when you shop at Canadian Tire and their affiliated stores. You also earn 3% in CT Money when you spend on groceries (excluding Costco and Walmart), and 1% in CT Money on all other purchases.
The Triangle World Elite also offers a free Gold Plan roadside assistance, car rental collision insurance, and extended warranty. All these perks come with a $0 annual fee.
Rogers World Elite Mastercard: This card has a $0 annual fee and offers 1.75% in unlimited cash back on your general purchases, 4% cash back on foreign currency purchases and 2% cash back when you spend on Rogers products and services.
The Rogers World Elite Mastercard also offers some travel insurance benefits, extended warranty and access to Mastercard Airport Experiences. For a no-fee card, the line up of benefits is impressive.
If the majority of your shopping is limited to some specific categories of spending such as groceries, entertainment, gas, transportation, or recurring bill payments, the Tangerine Money Back Credit Card is worth checking out. It offers up to 4% in cash back on up to 3 categories of spending and also has a $0 annual fee.
Overall, my review of the BMO CashBack World Elite Mastercard is positive. It is a great card to add to your wallet if you do some travelling and would like to combine cash back rewards with travel benefits at a reasonable fee.
It can also save you $69 or more per year if you normally pay for roadside assistance services like the CAA.
BMO CashBack World Elite Mastercard Review
The BMO CashBack World Elite Mastercard offers a 1.5% unlimited cashback (5% promo for 3 months), premium travel insurance, free roadside assistance, and more. It also comes with a $120 annual fee that is waived in the first year.