BMO CashBack World Elite Mastercard Review

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by Enoch Omololu

Updated

Advertiser Disclosure

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 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

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 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
  • 3% cash back on grocery purchases, 1% cash back on recurring bill payments, and 0.5% cash back on all other purchases
  • 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 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 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 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 per year if you normally pay for roadside assistance services like the CAA.

BMO CashBack World Elite Mastercard Review
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.

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Author

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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.

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