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BMO® CashBack® World Elite®* Mastercard®*

BMO® CashBack® World Elite®* Mastercard®*

Welcome offer: Get 5% cash back in your first 3 months and the $120 annual fee waived in the first year*

Annual Fee Interest Rate Balance Transfer Cash Advance Credit Score Excellent: -- I've had a credit card, or loan for 10+ years. I've had good credit for the last 7 years (no bankruptcies or no defaults on credit as a result of failing to pay debts back to creditors). I haven't opened a new credit card account, loan, or line of credit in the last nine months. I've made the minimum payments on my existing credit cards for the past six months Rewards Are all rewards created equal? From points, to miles, to cash back – how do you know how much you’re really getting? To help you find the best rewards card, we’ve created the Your Reward Return, an estimate on the dollar value of your rewards based on your monthly spend so that you can compare like for like. Now that’s wise thinking!
$0.00 *$120.00 after 12 months 19.99% 22.99% 22.99% Excellent 1.50% *maximum
  • Card Details Details
  • Our Review Review

Card Details

 



  • Earn 1.5% CashBack on ALL card purchases* - no caps, no category limits!

  • Complimentary membership in Mastercard Airport Experiences provided by LoungeKey.

  • Complimentary Roadside Assistance Program*

  • BMO CashBack World Elite Travel and Medical Protection*

  • Extended Warranty Plus*

  • Purchase Protection Plus*


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*Terms and conditions apply


 

Features and Benefits

  • Purchase protection and extended warranty
  • Travel medical insurance
  • Trip interruption or cancellation insurance

RateSupermarket.ca's Review

With a special offer cash-back rate of 5% in your first three months of cardmembership**, the BMO® CashBack® World Elite® Mastercard® certainly caught our attention. This offer is valid up to $4,000 in spending (so up to $200 in cash-back), before the rate reverts to a more modest 1.5%2B.

The real benefit to this card comes not from its rate of return, but from its flexibility. You earn cash-back on ALL card purchases, without restriction! This flexibility is a real plus to those of us who don't have the time or inclination to limit our shopping to a few specific vendors. You can shop wherever you like, safe in the knowledge that your credit card is working overtime to get you some money back.

If you're looking for card perks, the BMO® CashBack® World Elite® Mastercard® doesn't disappoint. Generous travel and shopping insurance coverage is included37, and you get access to VIP airport lounges, roadside assistance19 and the BMO Concierge Service.

Overall, the 1.5% cash-back rate won't make you rich, but this card is jam-packed with benefits designed to save you time and money. If you value convenience and flexibility, this Mastercard could be the one for you.

Earning Potential: $328.68 in cash-back

So, how does this stack up to other cash-back credit cards? We crunched the numbers using our Best of Finance methodology to see how much you could earn over a 24-month period.

Assuming $1,222.96 is spent on the card monthly, at eligible retailers in the following categories*:

Pharmacy Food Gas
$ 55.33 $ 758.53 $ 155.72**
Travel Other Monthly Total
$ 151.21 $ 102.17 $ 1,222.96

 

Cash-back earned over a 24-month period: $568.68.

Total (subtracting annual fee): $328.68.

*Source: Statistics Canada
**Based on $1.00/litre gas prices

This total includes the 5% promotional cash-back rate in the first three months of cardmembership. Without radically changing your routine, you can easily earn enough to freshen up your wardrobe, or treat yourself to a fancy weekend away.

Pros

  • Enjoy a welcome bonus of 5% cash-back on all your purchases in your first three months (up to $4,000 in purchases).**
  • Experience free membership to Mastercard Airport Experiences provided by LoungeKey26C.
  • Access to a roadside assistance program.
  • Receive a discount on car rentals.
  • Get travel and medical insurance protection38, including out-of-Province emergency medical benefits up to $2 million, trip interruption or cancellation, and more.
  • The shopping insurance coverage includes extended warranty and purchase protection37.
  • Enjoy free 24-hour access to the BMO Concierge Service. They are at your disposal to assist with restaurant reservations, theatre ticket information and other scheduling tasks.

Cons

  • The card has an annual fee of $1208, which is about average, but you can find some other similarly priced cards that earn more cash-back.
  • After the first three months of having the card, you only earn 1.5% cash-back on your purchases2B.
  • Eligibility requirements are high. You need a minimum annual income of $80,000 (individual) or $150,000 (household) to get this card.

 

Rate, product information and rewards estimate are subject to change at any time and does not constitute financial advice. Please contact supplier for complete details

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