[wpcode id=\"6346\"]
{{card.name}} Review
![\"\"](\"https://www.dollarwise.ca/wp-content/uploads/2023/06/BMO-Air-Miles-World-Elite-MasterCard.png\")
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Annual Fee
{{card.rewards}}
Annual Rewards
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Intro Offer
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Annual fee
{{card.rewards}}
Annual rewards
{{card.introOffer}}
Intro offer
Pros
{{Pros}}
Cons
{{Cons}}
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Performance test results
At DollarWise, for each credit card we test 7 different factors including the rewards, value for money, perks, insurance, strengths and weaknesses of the card.
You can see our full testing methodology here to learn why we're the most trusted source for credit card reviews.
The {{card.name}} has earned a {{ranking}} DollarWise Rating out of 5. This score is based on a weighted average of the two highest scoring factors (excluding acceptance and approval).
{{factor_score_rewards}}
Rewards
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Fees
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Perks
{{factor_score_interest}}
Interest rates
{{factor_score_insurance}}
Insurance
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Acceptance
{{factor_score_approval}}
Approval
The highest scoring categories for the {{card.name}} are {{score_1}} and {{score_2}}.
These factors are weighted 70% to the highest scoring factor and 30% to the second highest score to get an overall review score.
This weighting allows us to judge cards on their merits and the customers they are designed for.
For the {{card.name}} the most important factors for scoring this card are its {{score_1}} and {{score_2}}.
Rewards
With the {{card.name}}, here's the rates at which you earn rewards for different spending categories per dollar you spend:
| Bills | {{reward_bills}} |
| Pharmacy | {{reward_drug}} |
| Gas | {{reward_gas}} |
| Groceries | {{reward_grocery}} |
| Restaurants | {{reward_restaurant}} |
| Specific Stores | {{reward_store}} |
| Travel | {{reward_travel}} |
| All Other Spend | {{reward_other}} |
Calculating your annual rewards
We estimate that spending {{monthlyspend}} per month with the {{card.name}} would earn {{card.rewards}} in rewards over the year.
Our performance testing research uses an accurate estimation of the average Canadian households spending patterns to predict the rewards a card will earn.
We found that you'd earn this per category:
| Bills | {{bills_dollarrewards}} |
| Pharmacy | {{drug_dollarrewards}} |
| Gas | {{gas_dollarrewards}} |
| Groceries | {{grocery_dollarrewards}} |
| Restaurants | {{restaurant_dollarrewards}} |
| Specific Stores | {{store_dollarrewards}} |
| Travel | {{travel_dollarrewards}} |
| All Other Spend | {{other_dollarrewards}} |
![\"\"](\"http://www.dollarwise.ca/wp-content/uploads/2024/01/BMO-Air-Miles-World-Elite-MasterCard_dollar_rewards.svg\")
Our study investigating the value found that each dollar spent on the {{card.name}} is worth up to {{card.max_reward}}, depending on how you redeem.
This {{card.rewards}} in rewards value puts the {{card.name}} in the {{decile.annual_rewards}} of credit cards in Canada based on rewards earned.
The average credit card in our database earns {{averages.mean_annual_rewards}} in rewards for the same spend that the {{card.name}} earns {{card.rewards}} in rewards value.
![\"\"](\"http://www.dollarwise.ca/wp-content/uploads/2024/01/BMO-Air-Miles-World-Elite-MasterCard_rewards_comparison.svg\")
We can compare this card to other options by looking at the earn rate by category.
This earn rate is the percentage return that you would get when you spend on this card, assuming you redeem at the predicted maximum value.
For example, if a card earned 5 points per dollar on gas and each point is worth up to $0.02, then the earn rate is 5 points multiplied by $0.02 each, divided by the dollar you spent.
In this example, that's a 10% earn rate on gas.
| Spend | This Card | Average |
|---|---|---|
| Bills | {{bills_earnrate}} | {{averages.mean_bills_earnrate}} |
| Pharmacy | {{drug_earnrate}} | {{averages.mean_drug_earnrate}} |
| Gas | {{gas_earnrate}} | {{averages.mean_gas_earnrate}} |
| Groceries | {{grocery_earnrate}} | {{averages.mean_grocery_earnrate}} |
| Restaurant | {{restaurant_earnrate}} | {{averages.mean_restaurant_earnrate}} |
| Store | {{store_earnrate}} | {{averages.mean_store_earnrate}} |
| Travel | {{travel_earnrate}} | {{averages.mean_travel_earnrate}} |
| Other | {{other_earnrate}} | {{averages.mean_other_earnrate}} |
| Redemption method | Annual rewards |
|---|---|
| Transfer to partner airlines | {{transfer_airlines}} |
| Fixed points travel | {{fixed_points_travel}} |
| Transfer to partner hotels | {{transfer_hotel}} |
| Redeem for travel | {{redeem_travel}} |
| Apply to statement credit | {{statement_credit}} |
| Ticketmaster | {{ticketmaster}} |
| Charity | {{charity}} |
| Gift cards | {{gift_cards}} |
| Amazon.ca | {{amazon}} |
| Merchandise | {{merchandise}} |
| Make investments | {{investments}} |
| Enjoy experiences | {{experiences}} |
| Car rentals | {{car_rental}} |
| Vacations | {{vacation}} |
| Attractions | {{attractions}} |
| Cash rewards | {{cash_rewards}} |
| Grocery rewards | {{grocery_rewards}} |
| Restaurant rewards | {{restaurant_rewards}} |
| Movie rewards | {{movie_rewards}} |
| Apple / BestBuy | {{apple_bestbuy}} |
| Flight rewards | {{flight_rewards}} |
| Airlines Rewards (Charts) | {{airlines_rewards_chart}} |
| CIBC financial products | {{cibc_financial_products}} |
| Air travel - redemptions (scheduled) | {{air_travel_redemptions_schedule}} |
| RBC travel | {{rbc_travel}} |
| Transfer to WestJet | {{transfer_westjet}} |
| Transfer to Hudson Bay | {{transfer_bay}} |
| RBC financial products | {{rbc_financial_products_rewards}} |
| Air Canada gift cards | {{aircanada_gift_card}} |
| Air Canada vactions | {{air_canada_vacations}} |
| Electronics gift cards | {{electronics_gift_cards}} |
| Cash - World Elite | {{cash_worldelite}} |
| Cash - Platinum Plus | {{cash_platinumplus}} |
| Banking plans | {{banking_plans}} |
| Desjardins financial products | {{desjardins_financial_products}} |
| Expedia travel | {{expedia_td}} |
| Educational rewards | {{education_rewards}} |
| HSBC financial products | {{hsbc_financial_products}} |
| Walmart | {{walmart_rewards}} |
| Triangle (Canadian Tire) | {{triangle_rewards}} |
| Meridian travel | {{meridian_travel}} |
| Direct deposit | {{direct_deposit_rewards}} |
| Costco gift cards | {{costco_gift_cards}} |
| Wireless Rogers rewards | {{wireless_rogers_rewards}} |
| 1 Rogers rewards | {{1_roger_rewards}} |
| Other Rogers rewards | {{other_roger_rewards}} |
| Other 1 Rogers rewards | {{other_1_roger_rewards}} |
For an annual spend of {{annualspend}}, we estimated annual rewards value at up to {{total_net_rewards}}.
That's equivalent to a {{total_earn_rate}} return on spending.
The {{card.name}} has an annual fee of {{card.annualFee}}. After deducting this, we predicted net annual rewards of {{net_after_fee}}.
This puts it in the {{decile.net_annual_rewards}} of credit cards for net rewards after fees.
In comparison, the average card earns net annual rewards of {{averages.mean_net_annual_rewards}}.
Fees
The {{card.name}} has a {{card.annualFee}} annual fee.
The average card charges {{averages.mean_annual_fee}}. So, the {{card.name}} is in the {{decile.annual_fee}} of cards based on the cost of the annual fee.
Perks
![\"\"](\"http://www.dollarwise.ca/wp-content/uploads/2024/01/BMO-Air-Miles-World-Elite-MasterCard_perk_score.png\")
We manually review the perks of each credit card to determine how they compare to other cards.
The {{card.name}} scored a {{factor_score_perks}} out of 5 for perks, putting it in the {{decile.factor_score_perks}} of cards.
The average card scores {{averages.mean_factor_score_perks}} out of 5 for perks.
Interest Rates
| Purchase | {{purchase_interest_rate}}% |
| Cash Advance | {{cash_advance_interest_rate}}% |
| Balance Transfer | {{balance_transfer_interest_rate}}% |
The average (median) credit card has a purchase interest rate of {{averages.median_purchase_interest_rate}} and so the {{card.name}} charges {{purchase_interest_diff}} than the average.
For cash advances it costs {{cash_advance_interest_rate}}% compared to the average of {{averages.mean_cash_advance_interest_rate}}.
![\"\"](\"http://www.dollarwise.ca/wp-content/uploads/2024/01/BMO-Air-Miles-World-Elite-MasterCard_interest_accumulated_difference.jpg\")
Testing the {{card.name}} with a $2,000 starting balance, you can see in the graph how the {{purchase_interest_diff}} in interest rates impacts the interest over a year, compared to the average card.
Insurance coverage
| Insurance | This Card | Average |
|---|---|---|
| Extended Warranty | {{warranty}} | {{averages.median_warranty}} |
| Purchase Protection | {{purchase_protection}} | {{averages.median_purchase_protection}} |
| Travel Accident | {{travel_accident}} | {{averages.median_travel_accident}} |
| Emergency Medical Term | {{emergency_medical_term}} | {{averages.median_emergency_medical_term}} |
| Emergency Medical over 65 | {{emergency_medical_65}} | {{averages.median_emergency_medical_65}} |
| Trip Cancellation | {{trip_cancellation}} | {{averages.median_trip_cancellation}} |
| Trip Interruption | {{trip_interruption}} | {{averages.median_trip_interruption}} |
| Flight Delay | {{flight_delay}} | {{averages.median_flight_delay}} |
| Baggage Delay | {{baggage_delay_insurance}} | {{averages.median_baggage_delay_insurance}} |
| Lost or Stolen Baggage | {{stolen_baggage}} | {{averages.median_stolen_baggage}} |
| Event Cancellation | {{event_cancel}} | {{averages.median_event_cancel}} |
| Rental Car Theft & Damage | {{rental_theft_damage}} | No |
| Rental Car Personal Effects | {{rental_personal}} | {{averages.median_rental_personal}} |
| Rental Car Accident | {{rental_accident}} | {{averages.median_rental_accident}} |
| Hotel Burglary | {{hotel_burglary}} | {{averages.median_hotel_burglary}} |
| Mobile Phone Insurance | {{mobile_insurance}} | {{averages.median_mobile_insurance}} |
| Personal Effects Insurance | {{personal_effects}} | {{averages.median_personal_effects}} |
| Price Protection Insurance | {{price_protection}} | {{averages.median_price_protection}} |
We scored it {{factor_score_insurance}} out of 5 for insurance.
It offers {{insurance_count}} types of insurance, whereas the average card has {{averages.insurance_count}} types of coverage.
Approval and qualifying
| Do I qualify? | |
|---|---|
| Estimated Credit Score | {{credit_score_low}} - {{credit_score_high}} |
| Personal Income | {{personal_income}} |
| Household Income | {{household_income}} |
| Fees | |
|---|---|
| Annual Fee | {{card.annualFee}} |
| Extra Card Fee | $0 |
| Card type | {{card_type}} |
We scored it {{factor_score_approval}} out of 5 for approval.
We predict that you will require a credit score of at least {{credit_score_low}} to qualify for the {{card.name}}, while the average card requires {{averages.mean_credit_score_low}} to qualify.
This puts it in the top {{decile.credit_score_low}} of cards by approval difficulty.
The personal income requirements are {{personal_income}}, while the average card requires {{averages.mean_personal_income}}.
This puts it in the {{decile.personal_income}} of cards by the income required to qualify.
The BMO Air Miles World Elite MasterCard is a popular travel rewards credit card in Canada that allows cardholders to earn Air Miles on their everyday purchases. This review will discuss the earning potential of the card, four benefits, two drawbacks, and other relevant information to help Canadians decide if this card is the right fit for them.
Earning potential with the card
The BMO Air Miles World Elite MasterCard earns 1 Air Mile for every $10 spent on all eligible purchases, with no limits or caps on how many miles you can earn. This straightforward rewards structure does not have any specific bonus categories for higher earning rates in dining, travel, or grocery spending.
Benefits
- Generous Welcome Bonus: One of the first major advantages of this card is its substantial welcome bonus. New cardholders often receive a generous bonus of Air Miles after meeting a minimum spending requirement within a specific timeframe.
This provides an excellent head start for cardholders in accumulating Air Miles for their future travel needs. - Comprehensive Insurance: The second major advantage of this card is its comprehensive travel insurance coverage. Cardholders receive trip cancellation, trip interruption, flight delay, baggage loss, and travel medical insurance.
This can provide peace of mind while traveling and potentially save cardholders from needing to purchase separate coverage. - Lounge Access: Another advantage of this card is the complimentary membership to MasterCard’s Airport Experiences by LoungeKey, granting access to over 1000 airport lounges worldwide.
Some conditions may apply, such as lounge visits may be charged a reduced fee, but it provides a valuable benefit to frequent travelers looking for a little extra comfort and exclusivity while waiting for their flights. - Priority Boarding: The fourth major advantage of this card is the priority boarding on Air Canada flights for cardholders and companions when redeeming Air Miles. This perk allows for more travel convenience and can make the flight experience more enjoyable.
Drawbacks
- High Annual Fee: A significant drawback of the BMO Air Miles World Elite MasterCard is its $120 annual fee. While it may be justified for many based on the card’s benefits, infrequent or budget-conscious travelers may struggle to recoup the cost of the card through its perks and rewards program.
- High Income Requirement: Another drawback of this card is its relatively high income requirement for eligibility.
Applicants are required to have a minimum annual individual income of $80,000 or a combined household income of $150,000 to qualify for this card. This can be a limitation for potential users who do not meet these income thresholds.
Additional information
The BMO Air Miles World Elite MasterCard charges a 2.5% foreign transaction fee on international purchases, which can add up quickly for those who frequently travel or shop abroad. Prospective cardholders should consider their spending habits and weigh this factor against the card’s other benefits when making their decision.
In conclusion, the BMO Air Miles World Elite MasterCard is an attractive option for Canadians who frequently travel and can make the most of its various benefits.
The card’s straightforward rewards structure and additional perks cater to frequent travelers, but the annual fee and income requirements should be taken into account when considering if this card is the right choice for you.
Interested in other credit cards? If the BMO Air Miles World Elite MasterCard credit card isn’t perfect for you, you might want to consider the BMO CashBack MasterCard for Students. Plus, many Canadian’s that like the BMO Air Miles World Elite MasterCard like the BMO Cashback MasterCard, and the BMO Rewards MasterCard.
FAQ
With the BMO Air Miles World Elite MasterCard, you can redeem your points for a variety of rewards as part of the AIR MILES Reward Program. These include:
- Flights: Redeem your AIR MILES for flights within Canada or to other destinations around the world.
- Merchandise: Use your points to get a wide range of products, such as electronics, home appliances, and more, through the AIR MILES catalogue.
- Gift Cards: Choose from various retailers and restaurant gift cards to use at your favorite stores and dining establishments.
- Attractions & Entertainment: Redeem AIR MILES for movie tickets, amusement park passes, concert tickets, and other forms of entertainment.
- Hotels & Car Rentals: Use your points to book hotel stays and car rentals, both within Canada and internationally.
- Travel Insurance: Get coverage for trip cancellation, luggage loss, medical emergencies and more when you redeem AIR MILES for travel insurance.
The BMO Air Miles World Elite MasterCard credit card charges a foreign transaction fee of 2.5% for transactions made in a foreign currency. This means that when you make a purchase in a currency other than Canadian dollars, an additional 2.5% of the transaction amount will be added as a fee.
The BMO Air Miles World Elite MasterCard credit card has a minimum income requirement of $80,000 for an individual applicant or $150,000 for a household.
Key benefits
- 3,000 Air Miles welcome bonus upon first purchase
- 1 Air Mile earned for every $10 in eligible expenditures
- First-year annual fee waiver ($120 savings)
- Inclusive travel insurance package
- Complimentary MasterCard Airport Experiences by LoungeKey access
- North American Air Miles flight discount of 15%
- Unrestricted reward flights with zero blackout dates
- Minimum income prerequisites: $80,000 individual or $150,000 household
- Less advantageous for infrequent travelers
- Diminished benefits for non-Air Miles Rewards enthusiasts
- $120 yearly fee after initial waiver
- Potential for superior rewards rates with alternate credit cards
- Scant cashback or statement credit offerings