BMO CashBack World Elite Mastercard Review (Feb 2023)

December 17, 2022
Reviews

The BMO CashBack World Elite Mastercard is a rewards credit card issued by BMO, one of the largest banks in Canada. This credit card has an annual fee of $120, fully waived for the first year, and it comes with a welcome bonus of 10% additional cash back for the first three months, the highest rate in Canada.

We can't recommend this card enough if you're looking for the highest cash back rates on groceries, transport, and gas. Additionally, the BMO CashBack World Elite Mastercard offers excellent travel insurance perks and rewards on a wide variety of purchase categories.

What Is The BMO CashBack World Elite Mastercard

The BMO CashBack World Elite Mastercard is a personal cash back credit card issued by BMO, one of the five largest banks in Canada. The BMO CashBack World Elite Mastercard has the best promotional cash back rate in Canada – 10% on all purchases – for the first three months. The BMO CashBack World Elite Mastercard has a very reasonable annual fee of $120, completely waived fo the first year, and an excellent cash back rate on groceries, transport, and gas purchases.

Pros & Cons

Pros

  • Welcome bonus offer of up to 10% cash back in the first three months and a waiver on the $120 annual fee in the first year.
  • Rental Car Collision/Loss Damage insurance for a rental period of 48 days or less and vehicles up to $65,000 in value
  • Travel insurance coverage, including eight days out of province emergency medical protection of up to $2mm

Cons

  • High annual fee of $120
  • High minimum income requirements of $80,000 for personal income or $150,000 for household income

BMO CashBack World Elite Mastercard Features

  • Welcome Bonus: Up to 10% cash back in the first three months and a $120 annual fee waived in the first year.
  • Annual fee: $120 annual fee 
  • Interest rate: 20.99% on purchases & 23.99% for cash advances
  • Unlimited cash back on your everyday purchases
    • Earn 5% cash back on grocery purchases (foods and essentials)
    • Earn 4% cash back on transit, including ride-sharing, taxis, and public transportation.
    • Earn 3% cash back on gas and electric vehicle charging
    • Earn 2% cash back on recurring bills, including phone bills, gym membership, and streaming services.
    • Earn 1% cash back on all other purchases
  • Earn more cash-back rewards by including an additional cardholder
  • MasterCard rewards: Access to full Mastercard Rewards, including Mastercard travel rewards, access to Boingo Wi-Fi, and a Mastercard Travel pass
  • Up to 25% discount on rentals at participating National Car Rental and Alamo Rent-a-Car locations
  •  Free 24-hour access to an experienced concierge staff
  • Travel insurance coverage: including out-of-province emergency medical Insurance and common carrier insurance
  •  Purchase protection of up to 180 days and extended coverage on the original manufacturer's warranty by up to two additional years
  • Roadside coverage, including free battery boosts, flat-tire change, lockout service, and towing (a $69/year value)

BMO CashBack World Elite Mastercard Eligibility Requirements

To be eligible for the card, you:

  • Must be a permanent Canadian resident
  • Must not have declared bankruptcy in the prior seven years
  • Must have attained the majority age in the Canadian province of residence
  • Must earn a minimum annual personal income of $80,000 or household income of $150,000

How Does The BMO CashBack World Elite Mastercard Work?

The BMO Cash Back World Elite Mastercard earns you cash-back rewards on all your purchases. All purchases are eligible for an unlimited 1% base cash-back reward and probably an additional bonus reward. The bonus reward is subject to a specific spending limit and applicable only to certain purchase categories.

BMO CashBack World Elite Mastercard Cash Back Rates

BMO CashBack World Elite Mastercard offers five different reward rates to cardholders depending on what they purchase.

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  • 5% cash-back on groceries (foods and essentials)
    • You earn this reward when you purchase at a grocery store that sells a 3% on gas and electric vehicle charging complete line of food products. You are eligible to earn 5% cash back on every purchase made within this category, subject to a limit of $500 spent in a given statement period. 
  • 4% on transit, including ride-sharing, taxis, and public transportation
    • You earn this reward when you pay for public transit, taxis, ride-sharing, and more. You are eligible to earn 4% cash back on every purchase made within this category, subject to a limit of $300 spent in a given statement period.
  • 3% on gas and electric vehicle charging
    • You earn this reward when you pay for gas in-store, at the pump, or when you charge your EV at the electric vehicle charging station. You are eligible to earn 5% cash back on every purchase made within this category, subject to a limit of $300 spent in a given statement period.
  • 2% on  recurring bills
    • You earn this reward when you pay recurring bills such as monthly internet bills, gym membership, and streaming services, where the merchant automatically bills your card each month. You are eligible to earn 2% cash back on every purchase made within this category, subject to a limit of $500 spent within a given statement period.
  • 1% unlimited cash back on every other purchase
    • Earned on all purchases beyond the spending limit specified or not covered within the categories above 

BMO CashBack World Elite Mastercard Travel Perks & Insurance

  • Travel insurance coverage: Coverage provided is for an unlimited number of trips per year. The travel insurance available includes:
    • Out-of-province emergency medical insurance for up to 8 days (worth up to $2 million in medical expenses)
    • Flight & baggage insurance
    • Hotel & motel burglary and common carrier accident insurance
  • 24-hour access to an experienced concierge staff
  • MasterCard rewards: Access to Mastercard Rewards, including Mastercard travel rewards and access to Boingo Wi-Fi.
  • Airport lounge access: BMO CashBack World Elite Mastercard provides complimentary membership through the Mastercard Travel Pass by DragonPass. The Mastercard Travel Pass program allows for airport lounge access to over 1,300 airport lounges worldwide and exclusive dining, spa, and retail offers. You can enjoy lounge access for US$32 per person per visit as a member.
  • Discount on car rentals: up to 25% discount on rentals at participating National car rental and Alamo Rent-a-Car locations
  • Rental car collision/loss damage for a rental period of 48 days or less and vehicles up to $65,000 in value.
  • BMO Roadside Assistance: Access to roadside services and emergencies including free battery boosts, flat-tire change, lockout service, and towing; all worth $69/year coverage value

BMO CashBack World Elite Mastercard Purchase Coverage

  • Purchase protection: Ensures items purchased with your card against theft and damage for up to 180 days from the purchase date
  • Extended coverage on the original manufacturer's warranty: Increases the original manufacturer's warranty period by up to two additional years.
  • Zero Liability Protection for lost or stolen cards

BMO CashBack World Elite Mastercard Add-Ons

The BMO Cash Back World Elite Mastercard offers some add-on options (for a fee), such as:

  • BMO Credit Card Balance Protection Enhanced: This benefit helps you protect the balance on your BMO CashBack World Elite Mastercard in life events such as death, total disability, and job loss. The applicable fee is $1.00 for each $100 of your statement balance (plus taxes).

Summary

With a generous welcome bonus of up to 10% cash back in the first three months and an introductory annual fee waiver for the first year, the BMO Cash Back World Elite Mastercard is one of Canada's best cards for accumulating cash back rewards. The card also offers excellent purchase protection coverage and several great travel insurance perks for those who like traveling. 

BMO CashBack World Elite Mastercard FAQs

What Is a cash back credit card?

A Cash Back rewards credit card is a credit card that earns you cash back rewards every time you make an eligible purchase. The cash-back rewards can be redeemed by applying them as a credit to your existing BMO account.

What is the BMO CashBack World Elite Mastercard suitable for?

The BMO Cash Back World Elite Mastercard is great for accumulating cash-back rewards and for its travel insurance coverage and perks.

Is there a limit to the rewards I can accumulate with the BMO CashBack World Elite Mastercard?

There is no limit to the cash-back rewards you can earn, as the card offers unlimited 1% cash-back rewards on all purchases. However, there is a limit to the bonus cash back rewards you can make on each purchase category.

What are the qualification requirements to apply for the BMO CashBack World Elite Mastercard?

To qualify for a BMO Cash Back World Elite Mastercard, you need to meet the eligibility requirements below:

  • Must be a permanent Canadian resident
  • Must not have declared bankruptcy in the prior seven years
  • Must have attained the majority age in the Canadian province of residence
  • Must earn a minimum annual personal income of $80,000 or household income of $150,000

Is the BMO CashBack World Elite Mastercard worth it?

The BMO Cash Back World Elite Mastercard may be worth it for its generous cash back rewards & excellent travel insurance coverage and perks. 

Which credit bureau does BMO check?

BMO checks credit reports from either Equifax or TransUnion credit bureaus

Can I have several BMO credit cards at the same time?

Yes, having more than one BMO credit card at a time is possible.

How do I know my BMO Cash Back World Elite Mastercard CashBack Balance?

There are three ways to know your cash-back balance:

  • You can check
  • You can check your monthly BMO credit card statement
  • Lastly, you can check by logging in to your BMO account online or through the BMO Mobile Banking app

Do my BMO CashBack World Elite Mastercard rewards expire?

No, the BMO Cash Back World Elite Mastercard cash-back rewards do not expire if your credit card account remains open with the bank and is in good standing.

How do I redeem the BMO CashBack World Elite Mastercard CashBack rewards?

You can redeem your cash-back rewards by applying them as a credit to your existing BMO account. The existing BMO account can be any of the following:

  • Credit card statement
  • BMO checking or savings account
  • BMO investor line account

You can also specify a redemption frequency for auto-redemption. The possible redemption frequency options include the following:

  • When a set amount has accumulated. An example is a minimum set amount of $25, with increments of $5)
  • When a lump sum has accumulated. The minimum lump sum that can be redeemed is $1

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