BMO Air Miles World Elite Mastercard®

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This card is no longer offered by the provider.
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First year rewards (up to)


Gift card
Spending
bonus
Monthly
bonus
Based on the amount of spending you do each month, our tool determines how much you'll spend on an annual basis and calculates the potential rewards you could earn for doing so. Spending
rewards
Annual fee
Annual fee
(1st yr waived)
The total net reward is the dollar amount all your rewards will add up to, minus any annual fee you may have to pay. For a detailed explanation on how we calculated this number, check out the Points Calculator tab.
Cash advance: 22.99%
Balance transfer: 22.99%
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Purchase interest rate
Cash advance: 22.99%
Balance transfer: 22.99%
%
Balance transfer
% after months
Annual fee
(Waived)
Monthly
interest fee
after months
Required deposit
Rewards
Earn points on each dollar you spend

How much do you spend on everything else that doesn't fit into one of the other categories? Bus passes, cab fares, online shopping purchases, etc. are just a few examples of things that would show up as "other" purchases on your cash back credit card statement. Other purchases
0.1  points per dollar
Earn 1 reward mile for every $10 in credit card purchases*
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Monthly spending by category

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First year rewards (up to)
First year rewards (up to)
For a limited time, you will receive a promotional offer from Ratehub.ca if your application is approved. Terms and conditions apply. Click here for details. Gift card
Some credit cards come with a spending bonus, which is given to the card holder after they complete a condition, such as making their first card purchase. The spending bonus may be in the form of points, cash, free merchandise, etc. Spending bonus
To find out how we determined the value of this point, click on the "Redeeming Points" tab and view the PDF to see the exact calculations. Value per 1pt
This is the dollar amount all your rewards will add up to. Total value
Some credit cards come with an anniversary bonus, to provide more incentive for people to continue using the card for multiple years. The anniversary bonus may be in the form of points, cash, free merchandise, etc, and is given to the card holder every year on the anniversary. Anniversary bonus
Based on the amount of spending you do each month, our tool determines how much you'll spend on an annual basis and calculates the potential rewards you could earn for doing so. Spending reward
Bills
Entertainment
Gas
Groceries
Other purchases
Pharmacy
Restaurants
Travel
This is the total number of rewards points you could earn in one year, based on the credit card's sign-up bonus and the amount you could potentially spend on the card. Total points
To find out how we determined the value of this point, click on the "Redeeming Points" tab and view the PDF to see the exact calculations. Value per 1pt
This is the dollar amount all your rewards will add up to. Total value
This is the annual fee you have to pay, in order to use this credit card. The annual fee is charged once per year and is added to your credit card statement. Annual fee
Total net reward
Redeem

Value of an Air Mile


The average dollar value of an individual Air Miles Reward Point is $0.121. To see how we calculated this, click here.

How to Redeem your Air Miles Reward Points


Step by Step Guide


  • If you DO NOT have an online Air Miles account and don’t know your Air Miles collector number, call American Express or BMO (your credit card provider) give them your credit card number and they will give you your 11-digit Air Miles collector number.
  • Once you have your Air Miles collector number you can create an account at airmiles.ca and can login to redeem your miles.
  • If you DO have an online Air Miles account, login at airmiles.ca.
  • To redeem miles for travel go to dream rewards and search for flights under the travel section.
  • To book a flight, select your departing airport, arrival airport and travel dates.
  • Available flights are displayed with the amount of miles required to book. The mileage requirements for flights within North America include fuel surcharges but don’t include other taxes and fees that have to be paid in addition to the required miles.
  • Mileage requirements for flights outside of North America do not include fuel surcharges. Taxes and fees for these flights can be over $500.
  • To redeem miles for a flight you need to have at least 85% of the required miles: the remaining miles can be purchased for 30 cents/mile + tax.
Insurance
Benefits

Most credit cards come with at least some additional insurance policies. Here's what's covered with this credit card. Insurance
Travel emergency medical
Travel accident insurance

If you book a trip using your credit card, it may come with some amount of trip cancellation, trip interruption and/or emergency medical insurance, all of which can help you if you find yourself in some very tough situations. Here's what your credit card comes with. Travel
Trip cancellation
Flight delay
Trip interruption

While you're travelling, there's always a chance that your bag may be lost or go missing for a period of time. In the event that happens to you, here's what you're covered for. Baggage
Baggage loss
Baggage delay

If you use your credit card to rent a car, you will likely have some amount of collision and damage insurance. Collision and damage insurance protects you, the cardholder, in the event that a rental car is damaged and/or in an accident, while it's in your possession. Read the fine print in your agreement, before you rent your next car. Rental
Car rental collision / loss damage waiver

Miscellaneous insurance items for purchases on your credit card. Miscellaneous
  • Zero liability
  • Extended warranty
  • Purchase assurance
  • Lounge access
Reviews
Ratehub's review
By Craig Sebastiano December 16, 2019

BMO Air Miles World Elite: Review



The Pros

  • The card’s $120 annual fee is waived for the first year.
  • Get up to 3,000 bonus Miles within your first three months of signing up.
  • You’ll earn 1 Mile for every $10 you spend - one of the best everyday earn rates of any Air Miles credit card in Canada.
  • You can collect 2X the Miles when you use your card at Air Miles’ huge network of partner retailers (like Sobeys, LCBO, Shell, and more).
  • The Air Miles World Elite comes with airport lounge access. You’ll get a complimentary membership to Mastercard Airport Experiences by LoungeKey and two free passes every year to more than 1,000 airport lounges worldwide.
  • The card has a number of built-in insurance perks including out-of-country emergency medical coverage, trip cancellation/delay/interruption insurance, baggage loss/delay benefits, and car rental collision damage waiver coverage.
  • Receive a 15% discount on flights in North America booked with Air Miles with no blackout periods.
  • As a Mastercard, it’s accepted almost everywhere including at popular retailers like Costco and No Frills.

The Cons

  • You need an annual income of $80,000 or household income of $150,000 in order to get approved for the Air Miles World Elite, which puts this card out of reach for many Canadians.
  • Air Miles can be lucrative, but it isn’t as straight forward or flexible as some other loyalty programs - especially when redeeming Miles for travel rewards.


For four years running, the BMO Air Miles World Elite Mastercard has established itself as the best Air Miles credit card in Canada thanks to its strong earn rate and premium travel perks.

There are a few things that make this card so appealing: The sign-up bonus of up to 3,000 Air Miles, the complimentary access to airport lounges, and the fact it comes with a dozen different types of insurance.

The Air Miles World Elite also allows you to redeem Air Miles flights anywhere in North America for 15% fewer Miles - taking you further for less.

Read on to see our review of the card and what it has to offer.

Sign-up bonus



The sign-up bonus is easily one of the best things about this card.

First, the annual fee is waived for the first year - an instant savings of $120. Second, you’ll get 1,000 Air Miles just for making your first purchase on the card. And third, if you spend $3,000 in the first three months, you’ll earn an additional 2,000 Miles. In total, that’s enough potential bonus Miles for two short-haul flights in North America, depending on where and when you’re flying.

Earning and redeeming Air Miles



This is one of the best Air Miles credit cards in terms of everyday rewards because you get 1 Mile for every $10 you spend.

Shopping at Air Miles partners will help you earn Miles even faster. If you pay with your Air Miles World Elite Card and show your Air Miles Collector Card at the same time, you’ll earn Miles twice at a huge number of Air Miles partners including Rexall, Rona, Safeway, Shell, Sobeys, Staples, Best Western, Holiday Inn, and more.

Many retailers also offer bonus Miles if you spend a certain amount or if you take advantage of special in-store promotions. You can even earn additional Miles at airmilesshops.ca, where many retailers (like Apple, Adidas, Old Navy, and even Etsy) offer bonuses of 2X, 3X, or 5X the Miles on your online purchases.

Cash Miles vs Dream Miles



Air Miles can be redeemed as either Cash Miles or Dream Miles.

Cash Miles can be redeemed instantly at a consistent rate of 95 Miles for $10 off your purchases in-store at Air Miles partners or for e-gift cards. There’s a daily cap of $750 (7,125 Cash Miles) per account every day. The cap for redemptions at Shell is $60 (570 Cash Miles) per transaction, for up to five transactions a day.

Dream Miles can be used for merchandise or travel. The number of Miles you need for flights will depend on where you want to go and whether it’s low season or high season. For instance, flying from Toronto or Ottawa to Chicago, Boston, or New York will cost you 1,300 Air Miles per person (or 1,105 Miles if using the BMO World Elite Air Miles Mastercard) during low season. For the same flight during high season, it will cost 1,600 Miles (or 1,360 Miles with this card).

Low season High season
Jan. 8 to Feb. 28 Dec. 16 to Jan. 7
April 1 to May 31 March 1 to March 31
Sept. 15 to Dec. 15 June 1 to Sept. 15


Flying from Toronto to Los Angeles will cost 4,300 Miles during low season, but 5,500 Miles during high season. Again, using the BMO Air Miles World Elite Mastercard won’t require as many Miles since you’ll get a 15% discount on flights in North America. For more insight into Air Miles’ travel rewards, view the program's Rewards Map.

Fees, interest rates and income requirements



The BMO Air Miles World Elite Mastercard has an annual fee of $120, but it’s waived for the first year. Each additional authorized user will cost $50 a year.

Like most rewards credit cards, the interest rate is 19.99% on any unpaid balance. You’ll also have to pay 22.99% on cash advances and balance transfers.

The one major drawback is you need to have an annual income of $80,000 or a total household income of $150,000 to be approved for this card.

Airport lounge access



The BMO Air Miles World Elite gives you a free membership in the Mastercard Airport Experiences program with two free annual passes. You’ll have access to more than 1,000 airport lounges in more than 400 airports in 120 different countries. And you’ll be able to enter no matter what airline it is and even if you have an economy class ticket.

The one consideration: While the majority of the best credit cards with lounge access include at least four free annual passes, the Air Miles World Elite comes with two.

Travel insurance (and other perks)



Before or during your travel, it helps to know that this card comes with insurance in case something unfortunate happens. The BMO Air Miles World Elite Mastercard has some of the best insurance benefits of any travel card in the market. Notably, this card comes with personal effects insurance that covers theft or damage to your belongings while they’re in a rental car - coverage that's rarely offered by a credit card.

Here’s an overview of the different types of insurance offered:
  • Emergency medical benefits: Up to $2 million for 15 days
  • Common carrier travel accident: Up to $500,000
  • Flight delay: $500 (after 6 hours)
  • Trip cancellation: Up to $2,500 per person (maximum of $5,000)
  • Trip interruption: Up to $2,000 per person
  • Baggage and personal effects benefits: Up to $750 per person (maximum of $2,000)
  • Car rental personal effects: Up to $1,000 per person (maximum of $2,000)
  • Rental car collision damage waiver: Up to $65,000 for 48 days
  • Baggage delay: $200 (after 12 hours)
To qualify for the insurance, you need to charge the full or partial cost of the trip or rental car on your card.

The card also comes with BMO Concierge Service. You get 24-hour access to staff who can help you get restaurant reservations, theatre ticket information, or help find activities for your children.

The Mastercard advantage



The Air Miles World Elite is a Mastercard credit card, and as such, it’s widely accepted at almost all major stores. That includes popular retailers like Costco and No Frills that famously don’t accept Visa or American Express as credit card payment options.


Card details


Network: MasterCard
Provider: Bank of Montreal
Card type: Rewards

Fees & interest


This is the annual fee you have to pay, in order to use this credit card. The annual fee is charged once per year and is added to your credit card statement. Annual fee: $120
This is the annual interest rate you will pay on purchases, if/when you can't pay off the entire balance by the payment due date outlined on your credit card statement. Purchase interest rate: 19.99%
This is the interest rate you will pay on cash advances. Unlike regular purchases, which come with a grace period, interest on cash advances starts to accrue the day you complete the transaction. Cash advance: 22.99%
This is the interest rate you will pay on balance transfers. Unlike regular purchases, which come with a grace period, interest on balance transfers starts to accrue the day you complete the transaction. Balance transfer: 22.99%

Eligibility


This is the annual income requirement to be eligible for this credit card. Income: $80K / Year
This is the total annual family income requirement to be eligible for this credit card. Only applicable if the applicant does not meet the annual income requirement themselves. Household income: $150K / Year
  • Be a permanent Canadian resident
  • Have reached the age of majority in the province in which you live (18 yrs in AB, MB, ON, PE, QC, SK. 19 yrs all others)