bmo cashback world elite mastercard

BMO CashBack® World Elite® Mastercard®

APPLY NOW
BMO Preferred Rate Mastercard

BMO Preferred Rate Mastercard®

APPLY NOW

BMO CashBack® World Elite® Mastercard® vs BMO Preferred Rate Mastercard®: Which one is better?


bmo cashback world elite mastercard

BMO CashBack® World Elite® Mastercard®

4


RECOMMENDED CREDIT SCORE*

300
Poor
560
Fair
660
Good
725
Very Good
760
Excellent

BMO Preferred Rate Mastercard

BMO Preferred Rate Mastercard®

3.6


RECOMMENDED CREDIT SCORE*

300
Poor
560
Fair
660
Good
725
Very Good
760
Excellent

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.

Rewards Breakdown

N/A

Insurance Included*

  • extended warranty

    Extended Warranty

    1 year
  • purchase protection

    Purchase Protection

    90 days

  • lost baggage

    Lost or Stolen Baggage

    $500/person, $1,000 maximum
  • hourglass timer

    Baggage Delay

    $500/person, $1,000 maximum After 6 hours
  • car insurance

    Car Rental Damage & Theft

    $65K up to 48 days
  • heart lock

    Travel Accident

    $500,000
  • burglar

    Hotel Burglary Insurance

    $1,000
  • travel accident medical

    Emergency Out of province Medical

    $5M up to 8 days per covered person
  • hourglass timer

    Flight Delay

    $500 After 4 hours delay

Insurance Included*

  • extended warranty

    Extended Warranty

    Doubled up to 1 year
  • purchase protection

    Purchase Protection

    90 days

Extra Benefits*

  • car rental

    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
  • alcohol cheers

    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.
  • gas station

    Gas Discount

    Get up to 7 cents off per litre on Shell® fuel, only for BMO cardholders.
  • tire

    Roadside Assistance

    Including battery boosts, flat-tire change, lockout service and towing – a $69/year value.
  • discount

    Hotel Booking Discount

    Save up to 7% on your Booking.com prepaid hotel or property rental bookings at booking.com/mastercardcanada.
  • mobile phone wifi

    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*

N/A

Interest Rates*

Purchase:

21.99%

Cash Advance:

23.99%

Balance Transfer:

23.99%

Interest Rates*

Purchase:

13.99%2

Cash Advance:

15.99%2

Balance Transfer:

15.99%2

Annual Fee*

$120

$0

First Year Waived

Annual Fee*

$29

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*

Get a 0.99% introductory interest rate on Balance Transfers for 9 months with a 2% transfer fee*

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*

No rewards earned on this card

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?

If you plan to carry a balance on your credit card, this card offers a very low interest rate. However, there are other cards with no annual fee and slightly lower interest rates that you might want to consider as well.

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

  • Low interest rate
  • Nice welcome offer for balance transfer

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

  • Annual fee while there are similar cards that don't have that fee with them
  • No benefits other than the most basic purchase protection and extended warranty

Legal


*BMO is not responsible for maintaining the content on this site. Please click on the Apply now link for the most up to date information. Check here for full details and current product information.
**Terms and conditions apply. Each balance transfer is subject to a fee of 2% which will be charged to your account on the date the balance transfer is posted to your Account. BMO is not responsible for maintaining the content on this site. Please click on the Apply now link for the most up to date information. Check here for full details and current product information.
2 Terms and conditions apply. Each balance transfer is subject to a fee of 2% which will be charged to your account on the date the balance transfer is posted to your Account.

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