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BMO CashBack World Elite Mastercard Review 2024

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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 CashBack 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 offers 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 Overview

BMO CashBack World Elite Mastercard

Good for travel rewards

Annual fee: $120

Rewards: Earn 5% cash back on groceries. Earn 4% cash back on transit. Earn 3% cash back on gas. Earn 2% cash back on recurring bills. Earn 1% cash back on all other purchases.

Interest rates: 20.99% for purchases and 23.99% for cash advances

Minimum income requirement: $80,000 minimum personal annual income and $150,000 for household income

Recommended credit score:
660
900

Good

On BMO’s website

  • Earn 5% cash back on groceries (up to $500 monthly spending).
  • Earn 4% cash back on ride-sharing, taxis, or public transportation (up to $300 monthly spending).
  • Earn 3% cash back on gas and EV charging (up to $300 monthly spending).
  • Earn 2% cash back on recurring bills (up to $300 monthly spending).
  • Earn 1% cash back on all other purchases.
  • Redeem cash back by paying off statement credits, direct deposits into your BMO account, or depositing to your Investorline account.
  • Free access to Wi-Fi hotspots worldwide when travelling through Boingo Wi–Fi.
  • Free roadside assistance.
  • Various travel insurance benefits, including medical and trip cancellation.

Comprehensive travel insurance

Access to a 24/7 concierge

Free roadside assistance (valued at approximately $69 per year)

High income requirements

Caps on spending in every category

The BMO Cashback World Elite Mastercard is an excellent card that keeps things simple. Rather than figuring out complicated conversion rates and being restricted to redeeming only on specific categories, this cash back card gives users more control over how their rewards are being spent.

BMO CashBack World Elite Mastercard Benefits

1. Cash back rewards on everyday purchases as follows:

  • 5% cash back on groceries (on up to $500 spent per month)
  • 4% cash back on transit (on up to $300 spent per month)
  • 3% cash back on gas (on up to $300 spent per month)
  • 2% cash back on recurring bills (on up to $500 spent per month)
  • 1% cash back on all other purchases

2. Complimentary roadside assistance through the Dominion Automobile Association (worth $69 per year).

3. 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 insurance
  • Out-of-Province and Out-of-Country emergency medical benefits with 8 days of 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

4. Complimentary membership in Mastercard Airport Experiences by LoungeKey.

5. Purchase protection and extended warranty.

6. 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.

7. Car rental discount: Get up to 25% off on car rentals at participating National Car Rental and Alamo Rent A Car locations.

8. Easy cash back redemption.

9. Annual fee of $120 is waived in the first year.

Redeeming your BMO cashback is very easy. 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 at least a personal annual income of at least $80,000 or $150,000 if you use your household income.

Lastly, this card has a $50 price tag for additional cards.

An alternative cash back card with no annual fee is the BMO CashBack Mastercard. This card offers the following:

  • $0 annual fee
  • 3% cash back on grocery purchases, 1% cash back on recurring bill payments, and 0.5% cash back on all other purchases
  • 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 one of its other World Elite competitors offers:

Triangle World Elite Mastercard: This card offers 4% cash back in Canadian Tire Money when you shop at Canadian Tire and its 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 benefits. All these perks come with a $0 annual fee.

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 World Mastercard is worth checking out.

It offers up to 2% in cash back on up to 3 categories of spending, has a $0 annual fee, and you get several premium perks.

Tangerine World Mastercard

Rewards: Earn up to 2% unlimited cash back in up to 3 spending categories and 0.50% on all other purchases; VIP perks.

Welcome offer: Get an extra 10% cash back on up to $1,000 in spending in the first 2 months ($100 value).

Interest rates: 19.95% for purchases, balance transfers, and cash advances.

Annual fee: $0

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 annually if you usually pay for roadside assistance services like the CAA.

BMO CashBack World Elite Mastercard Review
Overall
4.2

Summary

The BMO CashBack World Elite Mastercard offers cash back rewards and many other benefits. This BMO CashBack World Elite Mastercard review covers what you need to know.

Pros

  • Excellent cash back rewards
  • Comprehensive insurance coverage
  • Free roadside assistance

Cons

  • Need $80,000 to qualify

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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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