BMO CashBack® World Elite®* Mastercard®*
Not yet rated
Best for Everyday spending
Cash back
Welcome bonus – Earn up to $480 in first-year bonuses.
Card highlights
Welcome bonus
Ratehub’s review
Natasha Macmillan
The BMO Cashback World Elite Mastercard is a great pick if you want easily accessible and unlimited cash back rewards. The card does come with some extra features, too, which are not usually typical for cash back credit cards, although they are not the most competitive perks on the market.
Pros
- Access cash back at any time: Unlike some other cards which require you to redeem only once per year or set a higher minimum redemption, this card allows you to redeem cashback rewards at any time at a minimum of $1
- Strong earn rates: The 5% cash back on groceries is one of the highest in the market
- Unlimited cash back: 1% cash back on all purchases is not subject to any limits or maximums like with other cards
Cons
- Bonus rewards are limited: For bonus categories including groceries, transit and bill payments, you can only earn rewards on the first $300-$500 spent each month, then you’ll earn at the base rate (1%)
- Insurance package: The travel medical coverage only applies for the first 8 days of your trip, which isn’t the most competitive package on the market, plus, the card doesn’t include mobile device insurance
Rewards & bonuses
See what you could earn based on how you spend.
Welcome bonus
Earn up to $480.
Get up to $650 in value and the annual fees waived in the first year. Plus, get a 0% introductory interest rate on Balance transfers for 12 months with a 2% transfer fee.*
Earn rates
5%
On groceries*Up to $500 / month, then 1%
4%
On transit including ride sharing, taxis and public transportation**Up to $300 / month, then 1%
3%
On gas and electric vehicle charging**Up to $300 / month, then 1%
2%
On recurring bill payments like your monthly phone bill or favourite streaming service**Up to $500 / month, then 1%
1%
On all other purchases* with no limit on how much cash back you can earn!*
Monthly spending caps apply where shown. Rewards are earned on eligible purchases only, see the card’s terms for full details.
Your earning potential
First year reward
Based on spending $2,200/mo after $139 annual fee
Second year reward
Based on spending $2,200/mo after $139 annual fee
These numbers are based on estimations and the calculation breakdown below.
Adjust your spending
First year reward†
- If you spend $2,200/month, you’ll earn
- Welcome bonus
- Annual feefirst year waived
- First year reward
Second year reward†
- If you spend $2,200/month, you’ll earn
- Annual fee
- Second year reward
† Estimate calculated by Ratehub.ca and is based on current offers and a monthly spend of $2,200. It is for illustrative purposes only.
Perks & insurance
Perks and insurance coverage included with the card.
| Perks | Details | |
|---|---|---|
| Lounge access | Included | You’ll gain complimentary passes to airport lounges. The number of passes and lounges you have access to will vary. |
| No foreign exchange fees | Not included | A surcharge that credit card holders pay for purchases made in a foreign currency (typically 2.5%). |
| Extended warranty | Up to 1 year | Either doubles the length of the item’s manufacturer’s warranty coverage or extends it by 1 year, whichever is less. |
| Price protection | Not included | If, within a certain amount of time of purchasing an item, its price drops or you find an identical item offered for a lower retail price than what you paid, you will be reimbursed for the difference. |
| Insurance | Details | |
|---|---|---|
| Travel accident insurance | $500,000 per insured person | If you suffer a loss as a result of an accidental bodily injury sustained while occupying a common carrier, you are eligible for this coverage. |
| Travel emergency medical | $5,000,000 for 8 days (under 65) | If you require urgent medical care while on a trip outside of your home province, you will be covered for any eligible medical expenses incurred. |
| Car rental insurance | MSRP up to $65,000 for 48 days | Credit card rental car insurance usually covers theft, loss and damage to your rental car in the case of an accidental collision. |
| Trip cancellation | Not included | If you have to cancel your trip before it’s even started, your prepaid travel costs will be covered up to a maximum amount if the cause of cancellation is eligible for the insurance. |
| Trip interruption | Not included | If your trip has to be cut short or is delayed after the scheduled departure date, you will be covered up to a maximum amount for an eligible cause of interruption or delay. |
| Flight delay insurance | Up to $500 coverage per person; delays over 4 hours | If your flight departure is delayed by a certain number of hours, you’ll be reimbursed a certain amount for necessary and reasonable expenses. |
| Baggage loss insurance | Up to $1,000 | If your checked bag cannot be located by a common carrier, you’ll be reimbursed for a portion of the replacement cost of lost personal property. |
| Baggage delay insurance | Up to $1,000; delays over 6 hours | If your checked bag is not delivered within a specified time upon your arrival, you’ll be reimbursed for the cost to replace essential items. |
| Hotel/motel burglary | Up to $1,000 | Provides protection, while you’re checked in, for your personal belongings when left unattended in your room up to a certain dollar amount. |
| Mobile insurance | Not included | Reimburses a portion of your cell phone in the event it’s damaged or lost. Device coverage is limited to a certain period of time after purchasing with your credit card. |
| Purchase assurance | Up to 90 days | Automatically protects new purchases by insuring them for 90 days from the date of purchase in the event of loss, theft or damage. |
Details & eligibility
Fees
- Annual fee
- $0 for the first year, then $139 per year after
Rates
- Purchase interest
- 21.99%
- Balance transfer rate
- 23.99%
- Cash advance rate
- 23.99%
Type
- Provider
- Bank of Montreal
- Card type
- Cash back
- Payment network
- Mastercard
Eligibility
- Minimum personal income
- $80,000
- Minimum household income
- $150,000
- Minimum credit score
- 725+