BMO CashBack® World Elite®* Mastercard®*

BMO Preferred Rate Mastercard®*

APPLY NOW

BMO CashBack® World Elite®* Mastercard®* vs BMO Preferred Rate Mastercard®*

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

Apply now Get $120 Finly rebate

Our review Rewards calculator

4.5

Apply now

Our review

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.*

Get a 0% introductory interest rate on Balance Transfers for 18 months with a 3% transfer fee and a $29 first-year annual fee rebate.*

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

Doesn't earn rewards

$386

Every year after

Doesn't earn rewards

Only BMO CashBack World Elite earns rewards we can work out.

Compare the fees, rates and perks below.

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

No figures for this card.

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

Doesn't earn rewards

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

$29

$0 the first year

$50

Additional cards

Interest rates

Purchase:

21.99%

Cash Advance:

23.99%

Balance Transfer:

23.99%

Purchase:

13.99%²

Cash Advance:

15.99%²

Balance Transfer:

15.99%²

² Terms and conditions apply. Each balance transfer is subject to a fee of 3% which will be charged to your account on the date the balance transfer is posted to your Account.

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

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*

No rewards earned on this card

Insurance and perks

What both cards include comes first in each list.

Insurance

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*

Common Carrier Travel Accident Insurance

$500,000

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*

Extended Warranty

Doubled up to 1 year

Purchase Protection

90 days

Perks

Discount

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

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 three months of Instacart+ and a $5 monthly Instacart credit when you enroll your eligible BMO Credit Card.*

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.

If you plan to carry a balance on your credit card, this card offers a very low interest rate. However, there are other cards with no annual fee and slightly lower interest rates that you might want to consider as well.

Pros

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

Low interest rates
Balance transfer welcome bonus

Cons

Lacks restaurant optimization
Low monthly cashback caps

Annual fee
Lacks significant benefits

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.

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.