BMO CashBack® World Elite®* Mastercard®*

SimplyCash® Card from American Express

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BMO CashBack® World Elite®* Mastercard®* vs SimplyCash® Card from American Express

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

Finly rebate

$120

4.1

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3.8

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Welcome bonus

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

The offer

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.*

In your first 3 months as a new SimplyCash® Card from American Express Cardmember, you can earn a bonus 5% cash back on all purchases (up to $2,000 in purchases). That’s on top of your everyday cash back earn rates. That’s up to $100 in bonus cash back.

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.

$1,125

First-year value

$409

$386

Every year after

$309

BMO CashBack World Elite is worth $716 more to you in year one.

It stays ahead after that, by $77 a year.

How the first year adds up

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

Annual rewards

$309.2

cash back a year

Welcome bonus

+ $100

first year only

Annual fee

− $0

no annual fee

First-year value

$409.2

Where each card earns

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

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

2%Groceries

$46.44

2%Gas

$39.74

1.25%All other purchases

$223.01

Fees, rates and eligibility

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

$139

$0 the first year

Annual fee

$50

Additional cards

Interest rates

Purchase:

21.99%

Cash Advance:

23.99%

Balance Transfer:

23.99%

Purchase:

21.99%²

Cash Advance:

21.99%²

² If you have 2 separate missed Payments, the applicable rates for your account will be 25.99%. If you have 3 or more separate missed payments, the applicable rates will be 29.99%.

Recommended credit score

300

Poor

560

Fair

660⁎

Good

725⁎

Very Good

760⁎

Excellent

⁎Estimates based on Equifax scoring

300

Poor

693

Fair

743⁎

Good

790⁎

Very Good

833⁎

Excellent

⁎Estimates based on TransUnion scoring

Income required

Min Personal Income:

$80,000

Min Household Income:

$150,000

Min Personal Income:

N/A

Min Household Income:

N/A

How each card earns

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

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*

2% cash back on eligible gas and grocery purchases in Canada (up to $300 cash back annually)
1.25% cash back on all other eligible purchases

Insurance and perks

What both cards include comes first in each list.

Insurance

Common Carrier Travel Accident Insurance

$500,000

Extended Warranty

1 year

Purchase Protection

90 days

Lost or Stolen Baggage

$500/person, $1,000 maximum*

Baggage Delay

$500/person, $1,000 maximum After 6 hours*

Car Rental Damage & Theft

$65K MSRP up to 48 days*

Hotel Burglary Insurance

$1,000

Travel Medical Insurance (64 & under)

$5M up to 8 days per covered person*

Flight Delay

$500 After 4 hours delay*

Common Carrier Travel Accident Insurance

Up to $100,000

Extended Warranty

1 year

Purchase Protection

90 days or theft up to $1,000 per occurrence

Perks

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

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

Discount

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

Amex Experiences™

Access events and special offers curated for Cardmembers with Amex Experiences™

Our take

Why we like 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.

The SimplyCash® Card from American Express stands out for its no annual fee and strong cash-back earning potential, offering up to $100 in statement credits within the first 10 months. What makes it even more appealing are the unique perks, such as early access to concert tickets and extra layers of security for online shopping. These extra benefits, along with the affordability, make it a strong contender for those looking for a reliable cash-back card with no annual fee. It's an excellent choice for everyday spending while still enjoying exclusive Amex advantages.

Pros

Impressive cashback rates
Rare roadside assistance
Comprehensive insurance and benefits
High first-year value

No annual fee
Attractive cashback rates
Exclusive Amex perks
Instant decision. No credit impact.

Cons

Lacks restaurant optimization
Low monthly cashback caps

Annual cashback cap
Limited insurance
Lower acceptance

More comparisons

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

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.

*Terms and conditions apply.

If you have 2 separate missed Payments, the applicable rates for your account will be 25.99%. If you have 3 or more separate missed payments, the applicable rates will be 29.99%.

American Express is not responsible for maintaining or monitoring the accuracy of information on this website. If you apply and get approved for an American Express Card, (I/we) may receive compensation from American Express, which can be in the form of monetary payment.