Neo World Elite® Mastercard® vs BMO CashBack® World Elite® Mastercard®: Which one is better?
Neo World Elite® Mastercard®
4.6
BMO CashBack® World Elite® Mastercard®
4.1
Welcome Bonus
N/A
Welcome Bonus*
Get up to $335 in additional cash back including 10% cash back in your first 3 months.** Plus, BMO will waive the $120 annual fee in the first year.**
Our Cash Offer
$100 Cash Rebate offer from FinlyWealth
Our Cash Offer
$75 $125 Cash Rebate offer from FinlyWealth
Promotional rebate expires on Aug 31, 2025
Rewards Breakdown
Annual Rewards
$623.18
First Year Bonus Value
+
$0
Annual Fee
-
$125
Finly Rebate
+
$100Exclusive Offer
First Year Value
$598.18
Based on a hypothetical $2,000/mo average spending. Calculate your rewards.
While the first year bonus value here may show $0, the actual welcome bonus offer for this credit card is Get up to $335 in additional cash back**, which we value at $335 when you meet the minimum spending or other listed requirements. The value of $0 here was derived based on numbers in the spending inputs and whether you meet the minimum listed requirements.
Rewards Breakdown
Annual Rewards
$500.78
First Year Bonus Value
+
$184
Annual Fee
-
$120
$0
First Year Waived
Finly Rebate
Exclusive Offer
First Year Value
$809.78
$380.78 in years after
Based on a hypothetical $2,000/mo average spending. Calculate your rewards.
How to Earn Rewards
- 5% cash back on grocery purchases up to $1,000 spending per month (6% cash back if you have $5k in a Neo everyday account, or 7% cash back with $10k in a Neo everyday account) - drops to 1% cash back after hitting spend cap
- 4% cash back on recurring purchases up to $500 spending per month (4.5% cash back if you have $5k in a Neo everyday account, or 5% cash back with $10k in a Neo everyday account) - drops to 1% cash back after hitting spend cap
- 3% cash back on EV charging and gas purchases up to $1,000 spending per month (3.5% cash back if you have $5k in a Neo everyday account, or 4% cash back with $10k in a Neo everyday account) - drops to 1% cash back after hitting spend cap
- 1% cash back on all other purchases with no spending caps
- 5% average cash back at Neo Partners
Note: our reward calculations use the base cash back rates assuming you do not hold any money in a Neo everyday account to earn the higher tier (boosted) cash back rates, otherwise the reward estimates may be higher.
How to Earn Rewards*
- 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.
Insurance Included
Lost or Stolen Baggage
$1,000
Baggage Delay
$1,000.svg)
Car Rental Damage & Theft
Yes
Extended Warranty
1 year
Purchase Protection
90 days
Hotel Burglary Insurance
$1,000
Emergency Out of province Medical
Up to $1,000,000Flight Delay
$500
Car Rental Accident
$100,000 for cardholder, up to $10,000 per Spouse or Dependent Child.svg)
Car Rental Personal Effects
$1,000
Trip Cancellation
$1,000
Trip Interruption
$1,000
Insurance Included*
Lost or Stolen Baggage
$500/person, $1,000 maximumBaggage Delay
$500/person, $1,000 maximum After 6 hoursCar Rental Damage & Theft
$65K MSRP up to 48 daysExtended 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
Travel Accident
$500,000
Extra Benefits
Airport Lounge - Dragon Pass
Pass only - pay $32 USD per visit
Extra Benefits*
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.
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.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:
19.99% - 26.99% (or 19.99% - 23.99% in Newfoundland and Quebec)
Cash Advance:
22.99% - 28.99%
Balance Transfer:
N/A
Interest Rates*
Purchase:
21.99%
Cash Advance:
23.99%
Balance Transfer:
23.99%
Annual Fee
$125
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
Is this card worth it?
This card offers one of the highest cash back rates in Canada for gas (up to 4%), grocery (up to 7%) and recurring purchases (up to 5%) which is pretty hard to beat. While the cash back rates are very high, you need to mind the spend caps set for each category to see if your earning potential is really that high compared to most other credit cards. However, for a typical person who's spending is generally below $12k per year in grocery, $6k per year in recurring bills and $12k per year in gas then you'll be doing pretty well, especially with the great insurance and benefit offers as outlined in our neo world elite mastercard review below.
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
- Highest cash back rates in Canada for highest spending categories like Grocery (up to 7%), especially if you keep at least $5k in a Neo everyday account
- 12 different types of insurance coverage
- Airport lounge access with DragonPass with $32 USD per visit
- Additional cash back earning at over 10,000 Neo partners
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 of $80,000 personal or $150,000 household
- Cash back spend caps can limit your rewards
- Having to keep at least $5k in an everyday account to boost your cash back tier
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
vs BMO AIR MILES® Mastercard®*
vs BMO AIR MILES® Mastercard®* for Students
vs BMO VIPorter Mastercard®∗
vs BMO AIR MILES® World Elite®* Mastercard®*
vs BMO CashBack® Mastercard®
vs BMO CashBack® Mastercard® for Students
vs BMO Ascend™ World Elite®* Mastercard®*
vs BMO eclipse rise Visa* Card
vs BMO eclipse Visa Infinite* Card
vs BMO VIPorter World Elite Mastercard®∗
vs BMO Preferred Rate Mastercard®
vs BMO eclipse Visa Infinite Privilege* Card
vs SimplyCash® Card from American Express
vs CIBC Costco Mastercard
vs Tangerine Money-Back Credit Card
vs SimplyCash™ Preferred Card from American Express
vs Scotia Momentum® Visa Infinite* Card
vs MBNA Rewards World Elite® Mastercard®
vs PC World Elite Mastercard
vs American Express® Green Card
vs Simplii Financial™ Cash Back Visa* Card
vs American Express Gold Rewards Card®
vs Rogers World Elite® Mastercard®
vs Scotiabank Passport® Visa Infinite* Card
vs Scotiabank Gold American Express® Card
vs Rogers Red Mastercard®
vs TD Aeroplan® Visa Infinite* Card
vs American Express Cobalt® Card
Legal