BMO Air Miles World Elite MasterCard Review
Pros
- Welcome bonus of 3,000 Air Miles after the first purchase
- Earn 1 Air Mile for every $10 spent on eligible purchases
- Annual fee waived for the first year ($120 value)
- Comprehensive travel insurance coverage
- Free membership in MasterCard Airport Experiences by LoungeKey
- 15% discount on Air Miles flights within North America
- No blackout dates or seat restrictions on reward flights
Cons
- $80,000 minimum personal income or $150,000 household income requirement
- Not ideal for those who rarely travel
- Limited value for those not interested in Air Miles rewards program
- Annual fee of $120 after the first year
- Other credit cards may offer better rewards rates for specific spending categories
- Minimal cashback or statement credit options
How you earn rewards
Each card earns rewards differently. Part of choosing your card is deciding what type of rewards you want to get. With BMO Air Miles World Elite MasterCard, here’s how you earn rewards:
| Groceries | 0.17 miles |
| Specific Stores | 0.25 miles |
| All Other Spend | 0.083 miles |
How much your rewards are worth
The dollar value of your rewards depends on the specific BMO rewards program and what you choose to redeem your points for.
For BMO Air Miles World Elite MasterCard in particular, if you spend $2,000.00 per month, here’s our estimated rewards earned depending on which reward you choose:
| Redemption method | Annual rewards |
|---|---|
| Transfer to partner airlines | $255.52 |
| Transfer to partner hotels | $250.66 |
| Merchandise | $242.99 |
| Car rentals | $255.52 |
| Vacations | $281.36 |
| Attractions | $276.24 |
| Cash rewards | $255.52 |
Calculating your annual rewards
$24,000.00 annual spending x $1.06% return on spending = $255.52 annual rewards
$255.52 annual rewards – $120.00 annual fee = $$135.52 net annual rewards
Details and eligibility
| Do I qualify? | |
|---|---|
| Estimated Credit Score | 560 – 659 |
| Personal Income | $80,000.00 |
| Household Income | $150,000.00 |
| Interest Rates | |
|---|---|
| Purchase | 20.9% |
| Cash Advance | 23.9% |
| Balance Transfer | 22.9% |
| Fees | |
|---|---|
| Annual Fee | $120.00 |
| Extra Card Fee | $0 |
| Card type | MasterCard |
Insurance coverage
| Extended Warranty | 1 year |
| Purchase Protection | 90 days |
| Travel Accident | 500000 |
| Emergency Medical Term | 15 days |
| Trip Cancellation | 2500 |
| Trip Interruption | 2000 |
| Flight Delay | 500 |
| Baggage Delay | 200 |
| Lost or Stolen Baggage | 750 |
| Rental Car Theft & Damage | Yes |
| Rental Car Personal Effects | 1000 |
| Rental Car Accident | 200000 |
| Hotel Burglary | 500 |
| Personal Effects Insurance | 750 |
BMO Air Miles World Elite MasterCard Review
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.
1. 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.
2. Benefit 1: 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.
3. Benefit 2: 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.
4. Benefit 3: 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.
5. Benefit 4: 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.
6. Drawback 1: 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.
7. Drawback 2: 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.
8. 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
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
