BMO AIR MILES® World Elite®* Mastercard®* vs BMO CashBack® World Elite® Mastercard®: Which one is better?
BMO AIR MILES® World Elite®* Mastercard®*
3.7
BMO CashBack® World Elite® Mastercard®
4
Finly Rebate
Finly Rebate
Rewards Breakdown
Annual Rewards
$425.73
Air Miles
First Year Bonus Value
$1,260
Air Miles
Annual Fee
$120
$0
First Year Waived
First Year Value
$1,685.73
$305.73 in years after
Based on $2,000/mo average spending. Calculate your rewards.
Rewards Breakdown
Annual Rewards
$500.78
First Year Bonus Value
$184
Annual Fee
$120
$0
First Year Waived
First Year Value
$684.78
$380.78 in years after
Based on $2,000/mo average spending. Calculate your rewards.
Insurance Included*
Lost or Stolen Baggage
$500/person, $1K/trip
Baggage Delay
$500/person, $1K/trip.svg)
Car Rental Damage & Theft
$65,000 up to 48 days
Travel Accident
$500,000/person
Extended Warranty
double up to 1 year
Purchase Protection
90 days
Hotel Burglary Insurance
$1,000
Emergency Out of province Medical
$5M up 15 days/personFlight Delay
$500
Trip Cancellation
$1.5K/person, $5K/trip
Trip Interruption
$1.5K/person, $10K/trip
Insurance Included*
Lost or Stolen Baggage
$500/person, $1,000 maximumBaggage Delay
$500/person, $1,000 maximum After 6 hoursCar Rental Damage & Theft
$65K up to 48 daysTravel Accident
$500,000Extended Warranty
1 yearPurchase Protection
90 daysHotel Burglary Insurance
$1,000Emergency Out of province Medical
$5M up to 8 days per covered personFlight Delay
$500 After 4 hours delay
Extra Benefits*
Car Rental Discount
20% off base rate of participating National Car Rental and Alamo Rent a Car and up to 5% on Enterprise Rent-A-Car
Airport Lounge - Dragon Pass
Pass only - complimentary visits not included
Discount
Up to 7 cents off per litre on Shell® fuel if you are an AirMiles collectorDiscount
Save up to 7% on your Booking.com prepaid hotel or property rental bookingsDiscount
Annual 25% discount on one worldwide AIR MILES flight redemption.svg)
Status lift
Automatic Air Miles Onyx status
Extra Benefits*
Car Rental Discount
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 toolAirport Lounge - Dragon Pass
Complimentary membership in Mastercard Travel Pass provided by DragonPass. As a member enjoy lounge access for a fee of just US$32 per person, per visit..svg)
Gas Discount
Get up to 7 cents off per litre on Shell® fuel, only for BMO cardholders.
Roadside Assistance
Including battery boosts, flat-tire change, lockout service and towing – a $69/year value.Hotel Booking Discount
Save up to 7% on your Booking.com prepaid hotel or property rental bookings at booking.com/mastercardcanada.
Global Data Roaming plan
With FlexiRoam, stay connected around the world without a SIM card and get up to 15% off a Global Data Roaming plan plus up to 3GB of data, without any additional charges, if apply.
Interest Rates*
Purchase:
21.99%
Cash Advance:
23.99%
Balance Transfer:
23.99%
Interest Rates*
Purchase:
21.99%
Cash Advance:
23.99%
Balance Transfer:
23.99%
Annual Fee*
$120
$0
First Year Waived
Annual Fee*
$120
$0
First Year Waived
Income Required*
Min Personal Income:
$80,000
Min Household Income:
$150,000
Income Required*
Min Personal Income:
$80,000
Min Household Income:
$150,000
Welcome Bonus*
3,000 bonus Air Miles after spending at least $4,500 in net eligible purchases within the first 110 days after account open. 2,000 bonus Air Miles after spending at least $10,000 in net eligible purchases within the first 180 days after account open. 2,000 bonus Air Miles after spending at least $20,000 in net eligible purchases within the first 360 days after account open
Welcome Bonus*
Get up to 10% cash back in your first 3 months with an incremental cashback value of $194
Rewards Rate*
- 3x Miles points per $12 spent at participating AIR MILES Partners
- 2x Miles points per $12 spent on eligible grocery, liquor and wholesale store purchases
- 1x Mile point per $12 spent on all other eligible purchases
Rewards Rate*
- 5% cash back on groceries (capped at $500 spending per statement, maximum of $25 in cashback per statement cycle)
- 4% cash back on daily transit (capped at $300 spending per statement, maximum of $12 in cashback per statement cycle)
- 3% cash back on gas (capped at $300 spending per statement, maximum of $9 in cashback per statement cycle)
- 2% cash back on recurring payments (capped at $500 spending per statement, maximum of $10 in cashback per statement cycle)
- 1% cash back on all other eligible purchases.
Loyalty Program*
Loyalty Program*
N/A
Point Redemption Options*
Most Optimal
Travel
18¢ / point
Statement Credits (Cash)
10¢ / point
Merchandise
9¢ / point
Point Redemption Options*
Not Applicable
Is this card worth it?
The BMO Air Miles World Elite Mastercard is ideal for frequent Air Miles collectors looking for premium travel benefits and a strong rewards rate. With up to 2,000 bonus miles, a 25% annual flight discount, and automatic Onyx status, this card offers substantial value for those who frequently shop at Air Miles partners and travel often. Its comprehensive insurance coverage and first-year fee waiver also add to its appeal, though the high income requirement may limit its accessibility.
Is this card worth it?
If you're seeking a cashback credit card, the BMO CashBack® World Elite® Mastercard® stands out for its excellent balance between rewards and benefits. It offers a robust rewards program and a comprehensive benefits list, making it a solid choice. The high first-year value is enhanced by the annual fee waiver, and those with a BMO Premium Chequing Account can enjoy continued fee waivers. While it's highly ranked for rewards alone, it may not be the absolute top choice if benefits are less important to you.
Pros
- Increased rewards: Earn 1 mile per $12 spent, tripled when shopping at participating Air Miles partners and doubled at eligible grocery, liquor, and wholesale stores.
- Travel perks: Includes a 25% discount on one Air Miles reward flight booking per year.
- Air Miles Onyx status: Automatic Air Miles Onyx status with exclusive benefits.
- Comprehensive insurance: 14 types of insurance coverage, including travel, trip cancellation, and rental car insurance.
- First-year fee waived: Try the card for free in the first year.
Pros
- Offers one of the highest cashbacks on groceries and gas, two of the most frequently spent categories, compared to other credit cards in Canada.
- Includes roadside assistance, a rare but valuable benefit for people on the road.
- Provides a comprehensive list of insurance coverage and benefits.
- High first-year value.
Cons
- High income requirements: Requires $80,000 personal or $150,000 household income, making it inaccessible for many.
- Lower rewards compared to other premium cards: While it offers good Air Miles rewards, other cards may provide more flexible or higher rewards.
Cons
- Does not include restaurant purchases as a reward category, which is one of the most important spending categories.
- Monthly limits on cash back could be higher
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