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BMO AIR MILES® World Elite®* Mastercard®* vs Students – BMO CashBack® Mastercard®*: Which one is better?
BMO AIR MILES® World Elite®* Mastercard®*
Students – BMO CashBack® Mastercard®*
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 5% cash back in your first 3 months, up to $2,500 in spend (max $125 cashback). This offer ends on January 31, 2026.
Our Cash Offer
$125 Cash Rebate offer from FinlyWealth
Our Cash Offer
N/A
Rewards Breakdown
Annual Rewards
$425.73
Air Miles
First Year Bonus Value
+
$1,260
Air Miles
Annual Fee
-
$120
$0
First Year Waived
Finly Rebate
+
$125Exclusive Offer
First Year Value
$1,810.73
$305.73 in years after
Based on a hypothetical $2,000/mo average spending. Calculate your rewards.
Rewards Breakdown
Annual Rewards
$238.05
First Year Bonus Value
+
$94.3
Annual Fee
-
$0
First Year Value
$367.35
$238.05 in years after
Based on a hypothetical $2,000/mo average spending. Calculate your rewards.
How to Earn Rewards
- 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
How to Earn Rewards
- 3% cash back on grocery purchases (maximum $15 per statement)
- 1% cash back on recurring payments like bills or subscriptions (maximum $5 per statement)
- 0.5% cash back on all other purchases
Insurance Included
Extended Warranty
double up to 1 year
Purchase Protection
90 days
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
Hotel Burglary Insurance
$1,000
Emergency Out of province Medical
$5M up 15 days/person
Trip Cancellation
$1.5K/person, $5K/trip
Trip Interruption
$1.5K/person, $10K/tripFlight Delay
$500
Insurance Included
Extended Warranty
1 yearPurchase Protection
90 days
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
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
Airport Lounge - Dragon Pass
Pass only - complimentary visits not included.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 tool.Discount
Get 20% off admission to Cirque du Soleil shows touring Canada, and 15% off resident shows in Las Vegas.Hotel Booking Discount
Save up to 7% on your Booking.com prepaid hotel or property rental bookings at booking.com/mastercardcanada.
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
$0
Income Required
Min Personal Income:
$80,000
Min Household Income:
$150,000
Income Required
Min Personal Income:
N/A
Min Household Income:
N/A
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?
We consider this card to be the best student credit card in Canada for it's competitive cashback rewards (3% on groceries, 1% on recurring bills), no annual fee and a generous welcome bonus. Plus, cashback redemption is flexible so no need to wait a year each time you want to get your cashback paid out.
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
- No annual fee, making it a cost-effective option for all students.
- Up to 3% cash back on groceries and 1% on recurring bill payments, giving fantastic rewards to students.
- Save up to 7 cents per litre at Shell stations when linked with Air Miles.
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
- Low base earn rate of 0.5% cash back on non-bonus purchases.
- Limited insurance coverage (extended warranty and purchase protection only).
vs BMO AIR MILES® Mastercard®*
vs BMO VIPorter Mastercard®∗
vs BMO CashBack® Mastercard®
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 BMO CashBack® World Elite® Mastercard®
vs BMO AIR MILES® Mastercard®*
vs BMO VIPorter Mastercard®∗
vs BMO CashBack® Mastercard®
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 BMO CashBack® World Elite® Mastercard®
Legal
*Terms and conditions apply.
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.
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.