BMO CashBack World Elite MasterCard
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The BMO CashBack World Elite Mastercard is a premium cashback card that offers high rewards and extensive benefits, ideal for those with high income and frequent spenders. The card has a $120 annual fee, which is waived for the first year.
Welcome Offer
Earn 10% cash back on all purchases for the first 3 months, up to $2,600 in spending. Categories include up to $500 on groceries, $300 on gas, $300 on transit, $500 on recurring bills, and $1,000 on all other purchases.
Summary
The BMO CashBack World Elite Mastercard has an annual fee of $120, waived for the first year, and an additional card fee of $50. It features a purchase rate of 20.99% and a cash advance rate of 23.99%. This card offers a great start with a first-year fee waiver, along with competitive rates for purchases and cash advances.
Rewards
The BMO CashBack World Elite Mastercard offers excellent cash-back rewards on various spending categories. Earn 5% cash back on groceries, up to $500 per month, and 4% cash back on transit, up to $300 per month. Get 3% cash back on gas and EV charging, up to $300 per month, and 2% cash back on recurring bills, up to $500 per month. For all other purchases, earn 1% cash back. This card is designed to maximize your cash back on everyday expenses and essentials.
Benefits
The BMO CashBack World Elite Mastercard provides valuable benefits to enhance your experience. Enjoy free roadside assistance through the Dominion Automobile Association for peace of mind while traveling. Stay connected with Boingo Wi-Fi access at hotspots worldwide. Redeem your cash back flexibly as a statement credit, deposit into BMO accounts, or through BMO InvestorLine. Additionally, take advantage of concierge service and Visa Infinite privileges, offering exclusive access and personalized assistance. This card combines practical perks with luxurious benefits, making it a great choice for comprehensive support and convenience.
Insurance
- Flight delay insurance up to $500
- Baggage insurance up to $2,000 for lost or damaged luggage
- Emergency medical travel insurance
- Rental car collision and loss damage insurance
- Purchase security and extended warranty protection
Editor’s Review
BMO CashBack World Elite Mastercard Review
Overview: The BMO CashBack World Elite Mastercard is a premium cashback credit card tailored for high-income individuals who want to maximize their rewards on everyday spending. It offers generous cashback rates, a comprehensive insurance package, and several exclusive benefits.
Key Features:
- Interest Rate: 20.99% on purchases, 23.99% on cash advances
- Annual Fee: $120 (waived for the first year)
- Welcome Bonus: Up to 10% cash back in the first 3 months on up to $2,600 in purchases
- Rewards Rate: Up to 5% cash back on eligible purchases
Rewards Program:
- Groceries: 5% cash back (up to $500 per month)
- Transit: 4% cash back (up to $300 per month)
- Gas & EV Charging: 3% cash back (up to $300 per month)
- Recurring Bills: 2% cash back (up to $500 per month)
- All Other Purchases: 1% cash back with no limit
Fees:
- Annual Fee: $120 (waived for the first year)
- Additional Card: $50 each
- Foreign Transaction Fee: 2.5%
Benefits:
- Roadside Assistance: Free membership in the Dominion Automobile Association (DAA)
- Travel Insurance: Includes emergency medical, trip interruption, flight delay, baggage loss/delay, and car rental insurance
- Airport Lounge Access: Complimentary membership in Mastercard Travel Pass provided by DragonPass
- Car Rental Discounts: Up to 25% off at participating National and Alamo locations
- Extended Warranty: Doubles the manufacturer’s warranty up to two additional years
- Purchase Protection: Covers eligible items against damage or theft for 180 days
Security Features:
- Zero Liability: Protection against unauthorized transactions
- Mastercard SecureCode: Enhances security for online shopping
- Spend Alerts: Helps manage budget and credit limit
Pros:
- High cashback rates on essential spending categories
- Comprehensive travel and purchase protection insurance
- Valuable welcome bonus with the annual fee waived for the first year
- Access to exclusive benefits like airport lounge access and roadside assistance
Cons:
- High annual fee of $120 (though waived for the first year)
- High income requirement ($80,000 personal or $150,000 household)
- 2.5% foreign transaction fee
Who is this card for? The BMO CashBack World Elite Mastercard is ideal for high-income earners who spend significantly on groceries, transit, gas, and recurring bills. It is also suited for those who travel frequently and can benefit from the card’s comprehensive insurance and exclusive perks.
Comparison Table:
| Feature | BMO CashBack World Elite Mastercard | CIBC Dividend Visa Infinite Card | National Bank Allure Mastercard |
|---|---|---|---|
| Annual Fee | $120 (waived first year) | $120 (first year rebated) | $0 |
| Rewards Rate | Up to 5% cash back | Up to 4% cash back | 1 pt / $2 |
| Welcome Bonus | 10% cash back on first $2,600 | 10% cash back on first $3,000 | None |
| Travel Insurance | Comprehensive | Comprehensive | None |
| Foreign Transaction Fee | 2.5% | 2.5% | 2.5% |
Final Verdict: The BMO CashBack World Elite Mastercard offers substantial value through its high cashback rates and comprehensive benefits. The annual fee is justified by the card’s extensive perks and the generous welcome bonus. However, the high income requirement and spending limits on cashback categories might not be suitable for everyone. Overall, it scores a solid 9.1 out of 10 for its exceptional rewards and extensive benefits.
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