BMO CashBack® World Elite® Mastercard® vs American Express® Aeroplan®* Card: Which one is better?
BMO CashBack® World Elite® Mastercard®
4
American Express® Aeroplan®* Card
3.4
Finly Rebate
Finly Rebate
N/A
Rewards Breakdown
Annual Rewards
$500.78
First Year Bonus Value
$184
Annual Fee
$120
$0
First Year Waived
Finly Rebate
$75Exclusive Offer
First Year Value
$759.78
$380.78 in years after
Based on $2,000/mo average spending. Calculate your rewards.
Rewards Breakdown
Annual Rewards
$517
Air Canada Aeroplan®
First Year Bonus Value
$630
Air Canada Aeroplan®
Annual Fee
$120
First Year Value
$1,027
$397 in years after
Based on $2,000/mo average spending. Calculate your rewards.
Insurance Included*
Baggage Delay
$500/person, $1,000 maximum After 6 hours.svg)
Car Rental Damage & Theft
$65K up to 48 days
Travel Accident
$500,000
Extended Warranty
1 year
Purchase Protection
90 days
Hotel Burglary Insurance
$1,000Flight Delay
$500 After 4 hours delay
Lost or Stolen Baggage
$500/person, $1,000 maximum
Emergency Out of province Medical
$5M up to 8 days per covered person
Insurance Included*
Baggage Delay
$500 (Aggregated with Flight Delay)Car Rental Damage & Theft
$85K, up to 48 daysTravel Accident
$500,000Extended Warranty
1 yearPurchase Protection
90 days, $1,000 per occurrenceHotel Burglary Insurance
$500Flight Delay
$500 (Aggregated with Baggage Delay)
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 tool
Airport 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.
Extra Benefits*
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Status lift
Reach Aeroplan Elite™ Status sooner by earning Status Qualifying Miles and Status Qualifying Segments with purchases made on your account.svg)
Free first checked bag
Enjoy your first checked bag free (up to 23kg/50lb) for up to 9 people travelling on the same reservation on Air Canada®* flights
Extra points
Earn points twice at over 150 Aeroplan partner brands
Free Extra Night at Hotels
Receive an extra night free for every 3 hotel nights redeemed with Aeroplan points
Amex Experiences™
Amex Experiences™: From music and movies, to specially curated dining and online shopping opportunities, stay connected with all that we have to offer from the comfort of your own home
Interest Rates*
Purchase:
21.99%
Cash Advance:
23.99%
Balance Transfer:
23.99%
Interest Rates*
Purchase:
30% Annual2
Cash Advance:
30% Annual2
Annual Fee*
$120
$0
First Year Waived
Annual Fee*
$120
Income Required*
Min Personal Income:
$80,000
Min Household Income:
$150,000
Income Required*
Min Personal Income:
N/A
Min Household Income:
N/A
Welcome Bonus*
Get up to 10% cash back in your first 3 months with an incremental cashback value of $194
Welcome Bonus*
Earn 30,000 Aeroplan® points after spending $3,000 in purchases on your Card within the first 3 months. Plus, earn an additional 10,000 Aeroplan® points when you spend $1,000 in purchases in month 13.
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.
Rewards Rate*
- 2x Aeroplan® points on eligible purchases made directly with Air Canada®* and Air Canada vacations®*
- 1.5x Aeroplan® points on eligible Dining and Food Delivery purchases in Canada
- 1x Aeroplan® point on everything else
Loyalty Program*
N/A
Loyalty Program*
Point Redemption Options*
Not Applicable
Point Redemption Options*
Most Optimal
Aeroplan® Flights
2.1¢ / pointCar Rentals
0.9¢ / point
Travel
0.825¢ / point
Merchandise
0.75¢ / point
Gift Cards
0.72¢ / point
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.
Is this card worth it?
This card comes with the free checked bag benefit, which can save hundreds on a single trip for you and your family, more than making up for the annual fee of the card. In addition, the card helps you reach the next Aeroplan Status faster with spending on the card. However, if you don't have a specific use for these two benefits, there are many better cards in terms of benefits and rewards.
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.
Pros
- Free checked bag benefit: Every checked bag might cost you $60 - $100 per person on a round trip. The amount you can save in a year if you travel a few times or travel with a few companions can easily be much higher than the annual fee of the card.
- If you are interested in a higher Aeroplan Status, the card helps you get there faster.
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
Cons
- The main reward category is only for Air Canada purchases. Unless you are a frequent Air Canada traveler, this reward category is not useful to most people.
- The only other rewards category offered is for food, and it doesn't offer that high of a reward rate either.
- In terms of insurance benefits, the types and coverage amounts provided are lower compared to other cards with a similar annual fee.
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