The BMO World Elite Mastercard is one of a few premium credit cards available on the list of BMO credit cards. It is often considered to be one of the best travel credit cards in Canada.
The card comes with a welcome bonus of 35,000 points (worth $250), waives the $150 annual fee in the first year, and has a remarkable travel insurance package.
This BMO World Elite Mastercard review covers its benefits, downsides, what your points are worth, and everything else you need to know.
BMO World Elite Mastercard Summary
- 35,000 bonus points
- $150 annual fee is waived in the first year
- Earn 3 points per $1 spent on travel, dining, and entertainment
- Earn 2 points per $1 on everything else
- Comprehensive travel insurance coverage
- Complimentary membership in Mastercard Airport Experiences provided by LoungeKey plus four annual complimentary passes
- Purchase protection and extended warranty
BMO World Elite Mastercard Benefits
BMO Rewards Points
To start, you receive a signup bonus of 35,000 BMO Rewards points when you spend up to $3,000 in your first 3 months. This is equivalent to a $250 value when redeemed for travel rewards through the BMO Rewards centre.
You earn 3 points for every $1 spent on travel, dining, and entertainment. Considering that 1 BMO Rewards point is worth 0.71 cents, the reward rate on these three categories of spending is roughly 2.14% when redeemed for travel. You also earn 2 points per $1 spent on everything else…for a 1.43% earn rate.
There is a combined annual limit of $50,000 for the reward earn rates indicated above. Purchases exceeding $50,000 earn a base reward at 1 point per $1 spent, for a 0.71% return.
You can easily redeem BMO Rewards points for:
- Travel: including flights, hotels, car rentals and vacation packages (up to 2.14% return)
- Investments: invest $100 in your BMO investment account in exchange for 15,000 points (0.67% return)
- Merchandise: purchase gift cards and merchandise on bmo.rewardsonline.ca (point value varies)
- Cash credit: get $50 for every 15,000 points (0.33% return)
BMO World Elite Mastercard Travel Insurance
The BMO World Elite Mastercard offers one of the most comprehensive travel insurance packages in Canada. Here’s a summary of what you get:
- Emergency medical protection up to $2 million for up to 21 days if you are under 65 years
- Trip cancellation up to $2,500 per insured person and a maximum of $5,000
- Trip interruption/trip delay insurance coverage up to a maximum of $2,000
- Flight delay coverage with reimbursement up to a maximum of $500 in the event you are delayed for more than six hours
- Lost or stolen baggage up to $750 per person and a maximum of $2,000 per trip
- Car rental insurance for up to 48 consecutive days and an MSRP of $65,000
- Car rental accidental death or dismemberment benefit up to $200,000
- Car rental personal effects coverage up to $1,000
This card also offers:
- Purchase protection coverage against theft or damage for 90 days following the date of purchase
- Extended warranty for up to one extra year
BMO World Elite Mastercard Perks
Cardholders of the BMO World Elite card also enjoy the following VIP perks:
1) Complimentary membership in Mastercard Airport Experiences provided by LoungeKey and four free passes to VIP airport lounges in over 120 countries. The four annual passes alone are worth $140 and do not include the membership that is also provided free of charge.
2) Access to Boingo Wi-Fi for Mastercard cardholders and 1 million Wi-Fi hotspots around the world at no extra cost.
3) 15% off admission to Cirque du Soleil shows in Canada and 20% off selected resident shows in Las Vegas.
Downsides of the BMO World Elite Mastercard
Although this card waives the annual fee in the first year, you will need to shell out $150 per year in subsequent years. If you are an occasional traveller, the annual fee could be prohibitive.
To qualify for the BMO World Elite, you need to have a minimum personal income of $80,000 or $150,000 for a household.
Is The BMO World Elite Mastercard For You?
The card offers a good combination of rewards points and travel insurance and is worth taking a look at.
If you are on the hunt for a travel card that surpasses the BMO World Elite Mastercard in overall benefits, here are two premium card options to consider:
Scotiabank Passport Visa Infinite
The Scotiabank Passport Visa Infinite offers a $300 value signup bonus when you spend $1,000 in your first three months. You earn a 2% return on grocery, dining, entertainment, and daily transportation spending and 1% on everything else.
This card is one of a few credit cards in Canada to waive the FX fee when you make purchases in a foreign currency. You also get:
- Complimentary Priority Pass membership plus 6 free passes to VIP airport lounges ($379 value per year)
- Comprehensive travel insurance benefits including travel emergency medical for up to 25 days
- Purchase security and extended warranty
- Minimum personal income of $60,000 to apply
The Scotiabank Passport Visa Infinite comes with a $139 annual fee and you can learn more about the card in this review.
Scotiabank Gold American Express Card
The Scotiabank Gold American Express offers up to 5% rewards on your grocery, dining, and entertainment spending; plus 3% on gas, transit, and streaming services.
It comes with a $200 value sign-up bonus and has a $120 annual fee.
Similar to the Scotiabank Passport Visa Infinite, this card also waives the FX fee (a 2.50% fee saving) when you spend money abroad. You also enjoy;
- Comprehensive travel insurance
- Discounted Priority Pass membership
- Purchase protection and extended warranty
Even better, the income needed to apply for this card is $12,000. Check out this review of the Scotiabank Gold AMEX for more information.