BMO CashBack World Elite Mastercard Pros and Cons Compared

The BMO CashBack World Elite Mastercard is a popular rewards credit card that offers a range of benefits to its users. With its competitive cash back rewards and travel perks, it's no wonder many people are considering applying for this card.

One of the standout features of the BMO CashBack World Elite Mastercard is its generous cash back rewards program. In fact, cardholders can earn up to 3% cash back on every purchase, with no restrictions or limits on the amount earned.

However, like any credit card, the BMO CashBack World Elite Mastercard has its pros and cons. In this section, we'll break down the advantages and disadvantages of this card to help you make an informed decision.

The BMO CashBack World Elite Mastercard has a relatively low annual fee of $139, which is lower than many other premium rewards credit cards on the market. This makes it a more affordable option for those looking to maximize their rewards earnings.

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The BMO CashBack World Elite Mastercard offers a range of rewards and benefits that make it a great choice for anyone looking to earn cashback and enjoy some perks.

You can earn 5% cashback on groceries, up to a maximum of $25 per statement. This is a great way to save money on everyday expenses like food and household items.

The card also offers 4% cashback on daily transit, up to a maximum of $12 per statement. This can help you save money on public transportation costs.

You can earn 3% cashback on gas, up to a maximum of $9 per statement. This is a great way to save money on fuel costs for your car.

The card also offers 2% cashback on recurring payments, up to a maximum of $10 per statement. This can help you save money on bills and other regular expenses.

And, of course, there's 1% cashback on all other credit card purchases. This may not be as lucrative as some of the other rewards, but it's still a great way to earn some extra cashback on your everyday spending.

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You can redeem your rewards with the BMO CashBack World Elite Mastercard at any time, either into your BMO chequing or savings account, a BMO Investorline account, or have it applied to your balance as a statement credit. This is a great feature, as you don't have to wait until the end of the year to redeem your rewards.

Here's a summary of the rewards you can earn with the BMO CashBack World Elite Mastercard:

The BMO CashBack World Elite Mastercard also offers some great benefits, including discounts at National Car Rental, Alamo Rent A Car, and Enterprise Rent-A-Car locations worldwide, as well as discounts on Shell fuel. This can be a great perk if you like to take road trips or need to rent a car for business or pleasure.

You'll also get a complimentary DragonPass membership, which can give you access to airport lounges. However, be aware that you'll need to pay for each visit to an airport lounge.

The card also comes with roadside assistance and several insurance coverages, which can be a great benefit if you're a frequent driver or traveler.

As a welcome bonus, the card is currently offering up to 10% cashback in the first three months, worth up to $260. To maximize this offer, you'll need to spend a total of $2,600 in the first three months, broken down by category.

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The BMO CashBack World Elite Mastercard offers a great rewards program for everyday spenders. You can earn cashback on various categories, including groceries, daily transit, gas, and recurring payments.

The card provides a 5% cashback rate on groceries, capped at $25 per statement, making it one of the best credit cards for grocery purchases in Canada. You can also earn 4% cashback on daily transit, 3% cashback on gas, and 2% cashback on recurring payments, all with their own spending limits.

To maximize your cashback earnings, focus on spending in the categories with the highest rates, such as groceries. The elevated earning rates for specific spend categories can provide a good return on your daily spending.

Here's a breakdown of the earning rates:

You can redeem your cashback balance in one of three ways: as a statement credit, deposited into a BMO chequing or savings account, or deposited into your InvestorLine account.

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The BMO CashBack World Elite Mastercard offers a welcome offer of up to 10% cash back in the first 3 months, with the $120 annual fee waived in the first year.

The card requires a minimum income of $80,000 as an individual or $150,000 as a household to qualify for it.

Here are some of the benefits you can expect from the card:

The card also offers competitive interest rates of 20.99% on purchases and 23.99% on cash advances and balance transfers.

The BMO CashBack World Elite card offers a welcome offer of up to 10% cash back in the first 3 months, and the $120 annual fee is waived in the first year.

You can earn more cash back on categories that matter most to you, with the highest cash back earn rate on groceries in Canada.

One of the key benefits of this card is the access to over 1 million Wi-Fi hotspots around the world, all at no added cost or fees.

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The card also comes with valuable benefits and offers for digital everyday services from a variety of on-demand apps and subscription services.

Here are some of the benefits you can expect from the BMO CashBack World Elite card:

You'll also get to save up to 20% on National Car Rental and Alamo Rent A Car, and up to 5% on Enterprise Rent-A-Car at locations worldwide using the Car Rental Booking tool.

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The BMO CashBack World Elite Mastercard is a cash-back rewards card that's geared towards individuals with excellent credit scores (750 and higher).

To be eligible for this card, you'll need to earn an income of at least $80,000 as an individual or have a household income of $150,000.

The annual fee for this card is $120, but it's worth noting that the fee is waived in the first year.

You can also obtain supplementary cards for $50 per year, which might be a convenient option if you have family members or business partners who want to use the card.

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The BMO CashBack World Elite Mastercard offers some fantastic benefits, but like any credit card, it's not without its drawbacks. Here are the pros and cons to consider.

This card offers one of the highest cashbacks on groceries and gas, two of the most frequently spent categories, compared to other credit cards in Canada.

The roadside assistance feature is a rare but valuable benefit for people on the road. It's not something you think about until you need it, but it's a lifesaver when you're stranded.

The BMO CashBack World Elite Mastercard provides a comprehensive list of insurance coverage and benefits. This is a big plus for those who want peace of mind when using their credit card.

With a high first-year value, this card is a great option for those who want to earn rewards quickly.

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To apply for the BMO CashBack World Elite Mastercard, you'll need to meet high personal or household income requirements. Applicants must have a personal income of $80,000 or a household income of $150,000.

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The annual fee for this card is $120, but it's rebated in the first year, making it a great opportunity to try out the card without incurring any costs. Supplementary cardholders come at a cost of $50 apiece.

Here's a breakdown of the welcome bonus and spending requirements:

To maximize the offer and earn $260 cash back, you'll need to spend a total of $2,600 in the first three months.

The BMO CashBack World Elite Mastercard offers a Global Data Roaming plan through FlexiRoam, providing plenty of data around the world without a SIM card or any additional charges.

This plan is a game-changer for frequent travelers, allowing them to stay connected and productive on the go.

No SIM card is required, making it easy to activate and use.

With FlexiRoam, you can enjoy data, voice, and text services in over 200 countries and territories.

The BMO CashBack World Elite Mastercard has a notable requirement that might limit its accessibility. To apply for this card, you must meet high personal or household income requirements.

Applicants need to have a personal income of at least $80,000 or a household income of $150,000 to qualify. This is a significant barrier for many individuals.

If you're considering applying for this card, you should be aware of these income requirements. It's essential to check if you meet these conditions before proceeding with the application.

The income requirements are clear: $80,000 for individuals or $150,000 for households. This information is crucial for anyone who wants to apply for the BMO CashBack World Elite Mastercard.

Here's a summary of the income requirements:

The annual fee of the BMO CashBack World Elite Mastercard is a significant aspect to consider.

The annual fee is $120, which is comparable to many other World Elite credit cards in Canada.

However, there are some exceptions that can help reduce the fee. If you have a BMO Premium Chequing account, you can receive up to a $150 annual fee rebate per calendar year.

Alternatively, if you have a BMO Performance Chequing account, you can receive up to a $40 annual fee rebate per calendar year.

This can be a great perk, especially if you already have one of these accounts.

Here's a breakdown of the annual fee rebates:

It's worth noting that the annual fee is waived in the first year, which can be a great incentive to try out the card.

The BMO CashBack World Elite Mastercard is one of Canada's best cash back Mastercard credit cards. For a limited time, you can earn up to 10% cash back on select purchases for the first 3 months, which is up to $260 cash back.

The annual fee is waived in the first year, making it an attractive option for those who want to try out the card without committing to the full fee. You'll get between 2% and 5% cash back on many categories of purchases, including 5% on grocery purchases on the first $500 you spend monthly.

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Here are the cash back rates you can expect on different categories:

Everywhere else, you'll earn 1% cash back, including at Costco. The BMO CashBack World Elite Mastercard is one of the only credit cards in its category to offer an extended warranty of 2 additional years.

The BMO Cashback World Elite Mastercard is offering a welcome bonus of up to 10% cash back in the first three months, worth up to $260. This bonus is structured by spending category, so you'll need to spend a total of $2,600 to maximize the offer.

To break it down, you can earn 10% cash back on up to $500 in groceries ($50 cash back), up to $300 on transit ($30 cash back), up to $300 on gas and electric vehicle charging ($30 cash back), up to $500 in recurring bill payments ($50 cash back), and up to $1,000 on all other purchases ($100 cash back).

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Here's a summary of the cash back rewards:

The annual fee of $120 is also rebated in the first year, giving you a chance to try out the card without committing to the full fee. Additionally, supplementary cardholders come at a cost of $50 apiece.