BMO World Elite Mastercard Review 2022

Photo of author

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 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

  • $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

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.

BMO World Elite Mastercard Review

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:

BMO World Elite Mastercard Alternatives

Scotiabank Passport Visa Infinite

The Scotiabank Passport Visa Infinite offers a $250 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 $450 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.

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

Earn up to 10% cash back for a limited time ($100 bonus)

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.

Get 10% bonus cash back in first 2 months ($100 value).

1.95% balance transfer offer for 6 months.

Get up to 10% cashback and grow your savings ($20 bonus)

Free prepaid reloadable Mastercard (use referral code CASHBACK during signup for $20 free).

Access to a portion of your paycheque 3 days early.

Free budgeting app with automatic savings features.

1.20% savings interest on every dollar balance.*

Compare the best personal loan rates in Canada

Get the best rates from multiple lenders.

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

Pre-approvals are available in as fast as 5 minutes.

Low-interest rates start at 1.99% and terms from 4-60 months.

The NeoCard pays up to 5% cash back at select retailers

Get a $25 bonus when you apply for the Card.

Up to 5% cash back at participating stores.

No annual account fees and 1% minimum cash back guaranteed.

Guaranteed instant approval credit card.

Retirement 101 eBook - 3D

Author

Photo of author
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.

1 thought on “BMO World Elite Mastercard Review 2022”

  1. DO NOT GET THIS CARD.

    I have been using their World Elite Master Card for 3 years now. I hadn’t run into any issues with them initially until the first couple of times I actually needed assistance to dispute unfair charges. The bank did little to help my cause. Not particularly satisfied, I continued with them anyways, mostly for the travel perks including lounge access.

    Then things really got bad. Due to COVID, I hadn’t been able to use the lounge pass until recently when lounges finally reopened in my city (Toronto). I attempted to use the pass a few days ago and was shocked to hear that, actually, BMO neglected to renew its contract with the airport this summer. I ended up needing to pay for the lounge. I sent an angry message via my online account asking for compensation for the lounge cost, as it should’ve been included in my credit card anyways. I had used it at the same location in pre-covid days without problem. I also said that if they fail to resolve the matter appropriately, I wanted to move forward with canceling my card. The rep who messaged me back gave a standard message stating that with my World Elite I have access to “1000 airport lounges”….and basically provided no explanation as to what happened. Nor any compensation. They said to feel free to message them again if I still wanted to cancel the card.

    And here, ladies and gents, is where things went from bad to ridiculous: every time I tried sending a message (to cancel the card) a 404 error showed up. At a loss, I ended up “disputing” the airport lounge payment in order to write down my desire to move forward with the cancellation. Another 404 message. Essentially anything I tried to do on that account took me to a 404 page as if they’re purposely stopping me from cancelling. I figured maybe if I accessed via my phone instead of my laptop, I may miraculously be able to send the message. Not so – in fact I suddenly ended up being locked out of my account. I spent hours calling various service numbers at BMO, first to try and access my online account again. And then to actually cancel my card and close my account. Both times I was told I had to “visit a branch and provide ID in order to proceed”. No explanation as to why, only that my account was “flagged” as such and they had no clue. I frustratingly told them that from the very beginning starting with my application for this card, I had never needed to step into a branch to “provide ID” in order to do anything. I am currently traveling and won’t be back home for another 2 weeks. Again, crickets on their end as to any suitable explanation.

    So, now I’m abroad without access to my credit card account or any ability to monitor what the heck this fraudulent bank is doing to it until I return. I’m pondering whether to report it stolen or something just so they’d actually close the card. It’s apparent they’re putting up barriers upon barriers to stop me from canceling, and in the meantime just cementing my decision further to do so. I will never ever use any of BMO’s services again.

Leave a comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Share
Pin
Tweet
WhatsApp
Reddit