Students – BMO CashBack® Mastercard®* vs BMO CashBack® World Elite®* Mastercard®*

Which one is better? Both cards worked out on the same spending: rewards, welcome bonus, fees and perks, line by line.

bmo cashback mastercard

4.8

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bmo cashback world elite mastercard
Finly rebate
$120

4.1

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Welcome bonus

Each offer as the issuer words it. The numbers below show whether your spending reaches it.

The offer

The offer

  • Get up to 5% cash back in your first 3 months, up to $2,500 in spend (max $125 cashback)

Get up to $650 in value and the annual fees waived in the first year. Plus, get a 0% introductory interest rate on Balance transfers for 12 months with a 2% transfer fee.*


$650 in value is made up of:

  • Up to $480 Welcome Offer Cash Back: Receive $40 Bonus Cash Back when you spend a minimum of $2,000 on net card purchases per billing cycle in the first twelve (12) billing cycles after the account open date.*
  • $139: Annual Fee Waiver: The primary cardholder annual fee of $139 will be rebated in the first year and will appear as a fee and a credit on the primary cardholder’s first statement.*
  • $75 market value: Roadside Assistance: You will receive a complimentary membership in the Dominion Automobile Association (DAA) and the benefits of their BMO Roadside Assistance Program (Basic Coverage). Membership terms and plan features are described here: bmo.com/roadsideassistancebasic.*

What each card is worth

Rewards, the welcome bonus and any Finly rebate in, the annual fee and FX fees out, all on your spending.

Worked out on a typical $2,000 a month of spending. Enter yours to see your own numbers.

$336

First-year value

$1,125

$238

Every year after

$386

BMO CashBack World Elite is worth $789 more to you in year one.

It stays ahead after that, by $148 a year.

How the first year adds up

Annual rewards

$238.43

cash back a year

Welcome bonus

+ $97.5

first year only

Annual fee

− $0

no annual fee

First-year value

$335.93

Annual rewards

$525.28

cash back a year

Welcome bonus

+ $480

first year only

Annual fee

$139− $0

$139 from year two

Finly rebate

+ $120

paid by FinlyWealth

First-year value

$1,125.28

Where each card earns

A year of your spending at each card's own reward rates, most first.

3%Groceries

$127.71

1%Recurring Transactions

$24

0.5%All other purchases

$86.72

5%Groceries

$212.85

3%Gas

$64.8

2%Recurring Transactions

$48

4%Rental Car & Taxi, Public Transportation

$38.4

1%All other purchases

$142.23

Fees, rates and eligibility

What each card costs to hold and to use abroad, and who it's for.

$0Better of the two

Annual fee

$139
$0 the first year
$0

Additional cards

$50

Interest rates

Interest rates

Purchase:

21.99%

Cash Advance:

23.99%

Balance Transfer:

23.99%

Purchase:

21.99%

Cash Advance:

23.99%

Balance Transfer:

23.99%

Recommended credit score

Recommended credit score

300⁎
Poor
560⁎
Fair
660⁎
Good
725⁎
Very Good
760⁎
Excellent
⁎Estimates based on Equifax scoring
300
Poor
560
Fair
660⁎
Good
725⁎
Very Good
760⁎
Excellent
⁎Estimates based on Equifax scoring

Income required

Income required

Min Personal Income:

N/A

Min Household Income:

N/A

Min Personal Income:

$80,000

Min Household Income:

$150,000

How each card earns

The earn rates and caps, as each issuer sets them.

  • 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
  • 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 and perks

What both cards include comes first in each list.

Insurance

Insurance

  • extended warranty

    Extended Warranty

    1 year
  • purchase protection

    Purchase Protection

    90 days
  • 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 MSRP up to 48 days*
  • heart lock

    Common Carrier Travel Accident Insurance

    $500,000
  • burglar

    Hotel Burglary Insurance

    $1,000
  • travel accident medical

    Travel Medical Insurance (64 & under)

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

    Flight Delay

    $500 After 4 hours delay*

Perks

Perks

  • 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.
  • discount

    Discount

    Get 20% off admission to Cirque du Soleil shows touring Canada, and 15% off resident shows in Las Vegas.
  • discount

    Discount

    Enjoy three months of Instacart+ and a $5 monthly Instacart credit when you enroll your eligible BMO Credit Card. Terms apply.
  • discount

    Hotel Booking Discount

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

    Discount

    Enjoy six months of Instacart+ and a $10 monthly Instacart credit when you enroll your eligible BMO Credit Card.*
  • 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.*
  • tire

    Roadside Assistance

    Complimentary Roadside Assistance Program*; Including battery boosts, flat-tire change, lockout service and towing – a $75/year value.*

Our take

Why we like it

Why we like 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.

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

Pros

  • No annual fee
  • Solid cashback optimization
  • Shell fuel discounts
  • Hotel booking discounts
  • Entertainment discounts
  • Impressive cashback rates
  • Rare roadside assistance
  • Comprehensive insurance and benefits
  • High first-year value

Cons

Cons

  • Low base earn rate
  • Limited insurance
  • Lacks restaurant optimization
  • Low monthly cashback caps

More comparisons

Other cards we've put each of these up against.

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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.