BMO Cashback World Elite MasterCard Review

4.69

$120

Annual Fee

$570

Annual Rewards

10% Cashback + $75

Intro Offer

$120

Annual fee

$570

Annual rewards

10% Cashback + $75

Intro offer


Pros


  • 1.5% cashback on all eligible purchases
  • No annual fee for the first year, saving $120
  • Complimentary lounge access at Mastercard Airport Experiences, with 4 free passes per year
  • Extensive travel and purchase insurance coverage
  • Roadside assistance membership, at no additional cost
  • No cashback earning limit

Cons


  • $120 annual fee after the first year
  • High minimum annual income requirement ($80,000 for an individual or $150,000 for a household)
  • Limited cashback redemption options (statement credit or deposit to a BMO chequing/savings account)
  • No bonus cashback categories for higher earning
  • 1.99% foreign transaction fee

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 BMO Cashback World Elite MasterCard has earned a 4.69 DollarWise Rating out of 5. This score is based on a weighted average of the two highest scoring factors (excluding acceptance and approval).

Rewards

Fees

Perks

Interest rates

Insurance

Acceptance

Approval

The highest scoring categories for the BMO Cashback World Elite MasterCard are insurance and rewards.

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 BMO Cashback World Elite MasterCard the most important factors for scoring this card are its insurance and rewards.

Rewards

With the BMO Cashback World Elite MasterCard, here’s the rates at which you earn rewards for different spending categories per dollar you spend:

Bills2%
Pharmacy1%
Gas3%
Groceries5%
Restaurants1%
Specific Stores1%
Travel1%
All Other Spend1%

Calculating your annual rewards

We estimate that spending $2,000 per month with the BMO Cashback World Elite MasterCard would earn $570 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$84
Gas$72
Groceries$300
All Other Spend$114

Our study investigating the value found that each dollar spent on the BMO Cashback World Elite MasterCard is worth up to $0.01, depending on how you redeem.

This $570 in rewards value puts the BMO Cashback World Elite MasterCard in the top 20% of credit cards in Canada based on rewards earned.

The average credit card in our database earns $337 in rewards for the same spend that the BMO Cashback World Elite MasterCard earns $570 in rewards value.

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.

SpendThis CardAverage
Bills2.00%1.25%
Pharmacy1.00%1.17%
Gas3.00%1.48%
Groceries5.00%1.71%
Restaurant1.00%1.53%
Store1.00%1.94%
Travel1.00%1.19%
Other1.00%1.08%
Above, we’ve calculated the earn rate for the BMO Cashback World Elite MasterCard for every spend category and compared it to the average for all Canadian credit cards.
Redemption methodAnnual rewards
Redeem for travel$382
Apply to statement credit$285
Gift cards$319
Merchandise$308
Make investments$382
Enjoy experiences$371

For an annual spend of $24,000, we estimated annual rewards value at up to $570.

That’s equivalent to a 2.38% return on spending.

The BMO Cashback World Elite MasterCard has an annual fee of $120. After deducting this, we predicted net annual rewards of $450.

This puts it in the top 20% of credit cards for net rewards after fees.

In comparison, the average card earns net annual rewards of $254.

Fees

The BMO Cashback World Elite MasterCard has a $120 annual fee.

The average card charges $85. So, the BMO Cashback World Elite MasterCard is in the top 30% of cards based on the cost of the annual fee.

Perks

We manually review the perks of each credit card to determine how they compare to other cards.

The BMO Cashback World Elite MasterCard scored a 2.3 out of 5 for perks, putting it in the top 20% of cards.

The average card scores 1.6 out of 5 for perks.

Interest Rates

Purchase20.99%
Cash Advance23.99%
Balance Transfer22.99%

The average (median) credit card has a purchase interest rate of 19.99% and so the BMO Cashback World Elite MasterCard charges 1% more than the average.

For cash advances it costs 23.99% compared to the average of 19.96%.

Testing the BMO Cashback World Elite MasterCard with a $2,000 starting balance, you can see in the graph how the 1% more in interest rates impacts the interest over a year, compared to the average card.

Insurance coverage

InsuranceThis CardAverage
Extended Warranty2 years1 year
Purchase Protection180 days90 days
Travel Accident$500,000$500,000
Emergency Medical Term8 days15 days
Trip Interruption$2,000$2,000
Flight Delay$500$500
Baggage Delay$200$500
Lost or Stolen Baggage$750$1,000
Rental Car Theft & DamageYesNo
Rental Car Personal Effects$1,000$1,000
Rental Car Accident$200,000$200,000
Hotel Burglary$750$1,000
Personal Effects Insurance$750$750

We scored it 4.9 out of 5 for insurance.

It offers 13 types of insurance, whereas the average card has 5 types of coverage.

Approval and qualifying

Do I qualify?
Estimated Credit Score560 – 659
Personal Income$80,000
Household Income$150,000
Fees
Annual Fee$120
Extra Card Fee$0
Card typeMasterCard

We scored it 3.5 out of 5 for approval.

We predict that you will require a credit score of at least 560 to qualify for the BMO Cashback World Elite MasterCard, while the average card requires 652 to qualify.

This puts it in the top bottom 30% of cards by approval difficulty.

The personal income requirements are $80,000, while the average card requires $23,896.

This puts it in the top 10% of cards by the income required to qualify.

The BMO Cashback World Elite MasterCard is a popular cash back BMO credit card in Canada offering rewards and various benefits to cardholders. Its earning potential, benefits, and drawbacks are laid out below.

Earning potential

With the BMO Cashback World Elite MasterCard, cardholders earn 1.5% cash back on all their purchases, with no limits or categories. This consistent cash back rate simplifies earning rewards, allowing users to accumulate cash back at the same rate across dining, travel, grocery, and other spending.

Benefits

  1. Insurance Coverage: This card offers a comprehensive travel insurance package, including travel medical insurance, trip cancellation/interruption insurance, and car rental collision/loss damage waiver. This coverage provides peace of mind for cardholders while travelling.
  2. Complimentary Roadside Assistance: Cardholders enjoy complimentary membership to the Dominion Automobile Association (DAA), which gives BMO Cashback World Elite MasterCard users access to valuable roadside assistance benefits in case of emergencies on the road.
  3. BMO Concierge Service: As a cardholder, you have access to the BMO Concierge Service. This exclusive service allows you to make travel arrangements, restaurant reservations, and more with just a call to their dedicated phone line, offering convenience and luxury.
  4. Airport Lounge Access: This card gives cardholders exclusive access to MasterCard Airport Experiences provided by LoungeKey, which can help make travelling more enjoyable with access to over 1,000 airport lounges worldwide (fees apply per lounge visit).

Drawbacks

  1. Annual Fee: The BMO Cashback World Elite MasterCard has an annual fee of CAD$120, which may be a drawback for users who are budget-conscious or who don’t spend enough to offset this with earned cash back rewards.
  2. Required Income: To be eligible for this card, users must have a minimum personal income of CAD$80,000 (or a minimum household income of CAD$150,000). This requirement can be a significant barrier for individuals who do not meet this income threshold.

Additional information

New cardholders can benefit from a welcome offer of 5% cash back on all purchases (up to CAD$2,500 spending) for the first 3 months. The BMO Cashback World Elite MasterCard also comes with additional purchase protection, such as extended warranty and purchase protection.

This extra layer of security increases its value for consumers who are seeking a reliable and well-rounded cash back credit card.

Interested in other credit cards? Canadians that like the BMO Cashback World Elite MasterCard credit card also like the BMO Rewards MasterCard. If you’re looking for other options you should consider the BMO Eclipse Visa Infinite Card, and the BMO Preferred Rate MasterCard.

FAQ

The BMO Cashback World Elite MasterCard allows you to redeem your accumulated cashback rewards in multiple ways. Here are your redemption options:

  • Statement Credit: You can redeem your cashback as a credit applied directly to your account balance, reducing your credit card balance owed.
  • InvestorLine Account: You can choose to deposit your cashback into your BMO InvestorLine account if you have one, contributing to your investment growth.
  • Bank Account: Another option is to redeem your cashback rewards as a deposit into a BMO chequing or savings account, allowing you to spend or save the money as you please.
  • Mortgage Payments: If you have a BMO mortgage, you can opt to apply your cashback rewards towards your mortgage payments, contributing to paying off your mortgage more quickly.
  • Travel Bookings: For travel enthusiasts, you can use your cashback to book flights, hotels, or other travel-related expenses through the BMO Rewards Travel Centre.
  • Charitable Donations: If you wish to support a good cause, you can donate your cashback to a registered charity of your choice.

Please note that redemptions can be made at any time with no minimum cashback threshold and no expiration date on the earned rewards. This offers greater flexibility and control over your rewards utilization.

The BMO Cashback World Elite MasterCard credit card does charge foreign transaction fees. Specifically, cardholders can expect a foreign transaction fee of 2.5% on all purchases made outside of Canada or in foreign currencies. This fee applies to both online and in-person transactions that involve currency conversion.

The BMO Cashback World Elite MasterCard credit card has a minimum annual income requirement of $80,000 for individuals or a combined household income of at least $150,000.

Key benefits

  • Earn 5% cashback during your first three months, up to $100 in total rewards
  • 1.5% cashback rate with no caps on everyday purchases
  • Enjoy 4 complimentary Mastercard Airport Experience visits yearly
  • Access to a 24/7 concierge service for personalized assistance
  • Protection with extended warranty and purchase protection benefits
  • AVIS and Budget car rental discounts up to 25%
  • Out-of-Province/Country emergency medical coverage for trips up to 8 days
  • Delayed or lost baggage, personal effects, and trip cancellation/interruption insurance options
  • Worldwide common carrier accident protection and travel emergency medical insurance
  • Roadside support available through a complimentary membership in BMO Roadside Assistance
  • 1.99% APR on balance transfers for 9 months (3% transfer fee), then 22.99% APR applies
  • 19.99% annual interest rate on purchases
  • Expedited security line access at select Canadian airports with Mastercard®*Valet™ airport service

About The Author