BMO Cashback World Elite Card Review

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Canada's Best Card
Get $25 When You Sign Up

Up to 5% cashback, rewards, travel perks and more.

If you open the card on or before 31 October 2021, you will receive 10% cashback on purchases made within the first three months, and annual fees will be waived for the first year. Not all BMO cards provide annual fee exemptions for additional cards beyond the first year, but they do not. For example, at the end of the promotional period, American Express SimplyCash Preferred Card gives you 2% Cashback on all purchases compared to 1.5% in BMO.

The annual fee on this card is $120, but since it is only the first year, you can try to offset it with a welcome bonus of $150. You also pay an additional $50 fee for each card if you want more than one card.

If you spend $20,000 on your purchases a year — including groceries, gas, utilities, television and clothing — you will get $350 in cash back. You will also receive other insurance purchases and perks that bring the value of this credit card beyond the annual fee. In addition, you can use this card without restrictions and still benefit from exceptional savings. 

Dominion Automobile Association’s free roadside assistance program is good value, offset by the $120 annual fee, so it’s worth considering if you’re looking for roadside assistance membership. The bonus is $60 less than the BMO card, but it is achievable.

BMO Cashback World Elite Mastercard

The BMO Cashback World Elite Mastercard is a decent cashback credit card for high earners and low earners who, despite a low monthly cap and accelerated rewards, can take advantage of the high earning rate of the cards. Suppose you’re open to the concept of committing more than $120 for the world’s elite. You’ll get a card with the added benefits of things like travel, rental insurance, medical care and excellent domestic spending protection that is worthwhile, offering no obvious added value but can be used as a cashback card for big-ticket purchases. The bonus and spending limit are not ideal, but the card is an excellent value for the annual fee.

This card has many advantages that make it a great card for people who want to travel in style. The BMO Cashback World Elite Mastercard is not considered a travel card but, in addition to cash back, offers exceptional travel rewards, making the annual fee bearable. It is another great card that you can add to your wallet if you travel and combine cashback rewards with travel benefits for a reasonable fee.

The Tangerine Money Credit Card offers 4% cashback on three spending categories and an annual fee of 0%. The card gets a great flat rate of 1.50% on all purchases, and it is easy to cash indirectly from your statement; it provides insurance and protection for those who need it and can be used without hesitation for any purchase. In addition, Mastercard’s new BMO Cashback (r) World Elite (r) program offers improved cashback rates for some of the most essential spending categories for the average Canadian consumer and many other benefits that also justify the annual fee for the cards.

Click on the Apply Now link to get the most current information on the terms and conditions applicable to this statement based on a comparison of non-promotional rewards for Canadian cash back credit cards starting January 1, 2021. For more information on cashback card fees, check out our list of the best free cashback credit cards in Canada and our Tangerine World Mastercard test.

Protects every purchase you make with your card with an extended warranty and insurance coverage. Comprehensive travel insurance, including travel, health and travel disruption, travel cancellations, flight delays and baggage insurance. Redeem cash rewards that you receive on your credit card or bank balance for investing in BMO InvestorLine’s portfolio.

Enjoy many of the perks of travel insurance and travel assistance on travel award cards. I like that you get an uncomplicated 15% rate on your purchases, roadside assistance and membership, which is rare with cashback credit cards. The insurance benefits correspond to those of other travel vouchers.

Three different World Elite Mastercard credit cards work for you depending on what you want in a reward program. I’ve sorted them by category in Maplemoney, so it’s a question of which credit card is suitable for your reward goals. When it comes to the high earnings ratio, you don’t have to worry about the various categories.

If you regularly shop at Costco and have an executive membership, paying with the BMO Air Miles World Elite Mastercard is good. In addition, Tangerine Money-Back Credit Card Tangerine World Mastercard allows you to choose between three categories where you get 2% cash back on other purchases and receive 0.5% cashback. 

The card offers competitive interest rates of 2.099% on purchases and 2.299% on cash advances and transfers. The BMO card works like a cashback card because it is transparent and straightforward and offers a return of 1.50% on purchases without restrictions. Most people will choose to have the statement credited to their BMO bank account or InvestorLine account, where you will get your money back.

Welcome to the bonus period BMO offers cashback in various bonus categories, with some of the highest food reward rates we’ve ever seen. The Cashback World Elite is MasterCard’s best cashback Visa from infinity. 

About 15,000 cashback points are earned when you spend up to $3,000 net on purchases with the card. Earn 5% cash for groceries, 4% for transit (including rides, taxis and public transportation), 3% for gasoline and electric vehicle fees, 2% for recurring invoices and 1% for unlimited cash refunds on eligible purchases.