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RBC ION Visa vs BMO CashBack® World Elite® Mastercard®: Which one is better?
RBC ION Visa
2.7
BMO CashBack® World Elite® Mastercard®
4
Finly Rebate
N/A
Finly Rebate
Rewards Breakdown
Annual Rewards
$258.39
RBC ION Avion
First Year Bonus Value
$35
RBC ION Avion
Annual Fee
$0
First Year Value
$293.39
$258.39 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
Extended Warranty
Up to a year
Purchase Protection
90 days
Insurance Included*
Extended Warranty
1 yearPurchase Protection
90 days
Lost or Stolen Baggage
$500/person, $1,000 maximum
Baggage Delay
$500/person, $1,000 maximum After 6 hours.svg)
Car Rental Damage & Theft
$65K up to 48 days
Travel Accident
$500,000
Hotel Burglary Insurance
$1,000
Emergency Out of province Medical
$5M up to 8 days per covered personFlight Delay
$500 After 4 hours delay
Extra Benefits
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Gas Discount
save 3¢/L on fuel and always earn 20% more Petro-Points at Petro-Canada
Extra points
50 Be Well points for every $1 spent on eligible products at Rexall
Extra Benefits*
Gas Discount
Get up to 7 cents off per litre on Shell® fuel, only for BMO cardholders.
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.
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:
20.99%
Cash Advance:
22.99%
Interest Rates*
Purchase:
21.99%
Cash Advance:
23.99%
Balance Transfer:
23.99%
Annual Fee
$0
Annual Fee*
$120
$0
First Year Waived
Income Required
Min Personal Income:
N/A
Min Household Income:
N/A
Income Required*
Min Personal Income:
$80,000
Min Household Income:
$150,000
Welcome Bonus
Get 6,000 Avion points upon approval
Welcome Bonus*
Get up to 10% cash back in your first 3 months with an incremental cashback value of $194
Rewards Rate
- 1.5 points for every dollar in grocery, rides, gas, electric vehicle charging, streaming, digital gaming, subscriptions and more
- 1 point for all other 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
Transfer to WestJet
1¢ / point
Financial Products
0.83¢ / point
Gift Cards
0.72¢ / point
Merchandise
0.7¢ / point
Travel
0.6¢ / point
Statement Credits (Cash)
0.58¢ / point
Point Redemption Options*
Not Applicable
Is this card worth it?
We actually don't like this card. It neither offers great benefits nor rewards, even for a free card. It's a very average card with many better and worse alternatives, both paid and free.
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
- Good savings on gas if you are a regular petro-Canada gas customer.
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
- Insurance coverage is the most basic.
- Reward categories are not the best.
- Avion reward points are generally less valuable.
- Many other cards with no annual fee are available that are all-around better cards than ION Visa.
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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Legal
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