BMO World Elite Mastercard Review 2021

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by Enoch Omololu

Updated

Advertiser Disclosure

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 30,000 points, 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

  • 30,000 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 Review

BMO World Elite Mastercard Benefits

BMO Rewards Points

To start, you receive a sign-up bonus of 25,000 BMO Rewards points when you spend up to $3,000 in your first 3 months. You receive an additional 5,000 points on your first anniversary, for a total of 30,000 bonus points.

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 earning rates stated 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 coverage 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 looking at.

If you are hunting 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 sign-up 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 (waived in the first year), and you can learn more about the card in this review.

Scotiabank Gold American Express Card

The Scotiabank Gold American Express offers up to a 5% return on your grocery, dining, and entertainment spending; plus 3% on gas, transit, and streaming services.

It comes with a $500 value sign-up bonus and has a $120 annual fee (waived in the first year).

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.

BMO World Elite Mastercard Review
4.1

Summary

The BMO World Elite Mastercard is one of the best travel rewards cards in Canada. It offers a $285 bonus, VIP airport lounge perks, travel insurance, and more.

Best Credit Offers this month

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.

1.95% balance transfer offer for 6 months.

Free prepaid reloadable Visa card.

Access to a portion of your paycheque 3 days early.

Free budgeting app with automatic savings features.

Credit building available with a subscription.

1.20% savings interest on every dollar balance.*

Get the best rates from multiple lenders.

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

Pre-approvals offered in as fast as 5 minutes.

Low interest rates starting at 9.9% (or 1.90% for auto loans).

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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. His writing has been featured or quoted in the Toronto Star, The Globe and Mail, MSN Money, Financial Post, Winnipeg Free Press, CPA Canada, Credit Canada, Wealthsimple, 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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