Review: BMO World Elite MasterCard

Jordann Brown
by Jordann Brown October 25, 2017 / No Comments

This post has been updated to include changes to the BMO Rewards program effective Jan. 15, 2018.

If you love to travel in style and you’re looking for a credit card that can both feed your travel bug and help you get closer to your next jet-setting trip, the BMO World Elite MasterCard is a great place to start.

The BMO World Elite MasterCard is one of the best travel credit cards in Canada, earning users a three BMO Rewards points for every dollar spent on on travel, dining and entertainment purchases, and two points per dollar on everything else. These points can be redeemed for flights and hotels, and cover all charges and taxes with no blackout dates and no airline restrictions. This flexibility is one of the many perks of this credit card, but we’re just getting started. It comes with a host of benefits beyond the robust rewards system.

Let’s get down to the specifics of this credit card.

BMO World Elite MasterCard

  • Annual fee: $150 (waived for the first year)
  • Earn 3 BMO Rewards points per dollar on travel, dining and entertainment purchases; 2 points per dollar on everything else
  • Earn 35,000 bonus points (value: $250) when you spend $3,000 in the first 3 months
  • Limited time offer: Get a $100 bonus when you spend $100 on travel related purchases in your first 6 months
  • Earn 35,000 bonus points (value: $250) when you spend $3,000 in the first 3 months
  • VIP lounge access with the included Mastercard Airport Experiences membership, plus 4 complimentary passes per year ($140 value)

This card has an interest rate of 19.99% on all purchases and 22.99% on cash advances and balance transfers. To qualify, you’ll need an annual income of at least $80,000 per year or $150,000 per year between you and your spouse.

The credit card has an annual fee of $150, which is waived for the first year for new accounts. When you sign up for this credit card, you’ll receive 35,000 BMO Rewards points, which is worth $250 in rewards. Not to mention, the card also provides a $100 bonus to cardholders who make a travel related purchase within their first 6 months. Together, this welcome offer adds up to deliver upwards of $500 in value.

While $150 might be a steep annual fee for this credit card, the perks and rewards make up for it. The biggest perk that comes with this credit card is the VIP Airport Lounge Access, which gives you a Mastercard Airport Experiences membership and four free passes each year. Just the value of the VIP Airport Lounge Access is almost enough to offset the annual fee – assuming you travel enough to make it worthwhile.

Using the BMO World Elite MasterCard entitles you to a variety of other perks and bonuses including the BMO Concierge Service and a host of insurance options including extended warranty and purchase protection.

This credit card also offers you BMO’s World Elite travel and medical insurance plan, which covers you and your family should you encounter an emergency or interruption in your travel plans. Under this plan you’re covered for car rental insurance, baggage loss and delay insurance, and flight delay insurance. Perhaps most importantly, this credit card protects you and your family against emergency medical expenses, up to $2 million per year. This coverage is available for unlimited trips every year unless those trips are longer than 21 days.

Overall, the BMO World Elite MasterCard is a good choice for anyone looking to travel in style.

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