Neo World Elite® Mastercard – Gas & Grocery

BMO CashBack® World Elite®* Mastercard®*

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Neo World Elite® Mastercard – Gas & Grocery 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.

Finly rebate

$100

4.6

Apply now Get $100 Finly rebate

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Finly rebate

$120

4.1

Apply now Get $120 Finly rebate

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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.*

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.

$625

First-year value

$1,125

$376

Every year after

$386

BMO CashBack World Elite is worth $500 more to you in year one.

It stays ahead after that, by $10 a year.

How the first year adds up

Annual rewards

$525.48

cash back a year

Welcome bonus

+ $0

no welcome offer

Annual fee

$149− $0

$149 from year two

Finly rebate

+ $100

paid by FinlyWealth

First-year value

$625.48

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.

5%Groceries

$212.85

4%Recurring Transactions

$96

3%Gas

$64.8

1%All other purchases

$151.83

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.

$149

$0 the first year

Annual fee

$139

$0 the first year

$49 (max 1 additional cardholder)

Additional cards

$50

Interest rates

Purchase:

19.99% - 26.99%

Cash Advance:

22.99% - 28.99%

Balance Transfer:

22.99% - 31.99%

Purchase:

21.99%

Cash Advance:

23.99%

Balance Transfer:

23.99%

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:

$80,000

Min Household Income:

$150,000

How each card earns

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

5% cash back on grocery purchases up to $1,000 spending per month
4% cash back on recurring purchases up to $500 spending per month
3% cash back on gas purchases up to $1,000 spending per month
1% cash back on all other purchases with no spending caps
Up to 15% boosted cashback at thousands of partners across Canada - on top of base cashback rates

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

Lost or Stolen Baggage

$1,000

Baggage Delay

$1,000

Car Rental Damage & Theft

Yes

Extended Warranty

1 year

Purchase Protection

90 days

Hotel Burglary Insurance

$1,000

Travel Medical Insurance (64 & under)

Up to $1,000,000

Flight Delay

$500

Car Rental Accident

$100,000 for cardholder, up to $10,000 per Spouse or Dependent Child

Car Rental Personal Effects

$1,000

Trip Cancellation

$1,000

Trip Interruption

$1,000

Mastercard Zero Liability Protection

Yes

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*

Extended Warranty

1 year

Purchase Protection

90 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

$500,000

Perks

Airport Lounge - Dragon Pass

Pass only - pay $32 USD per visit

World Mastercard Benefits

Including discounting with participating partners and DragonPass airport lounge access.

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.*

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.*

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.*

Our take

Why we like it

This card offers some of the highest cash back rates in Canada for gas, groceries, and recurring purchases, which is pretty hard to beat. While the cash back rates are very high, you need to mind the spend caps set for each category to see if your earning potential is really that high compared to most other credit cards. However, if you're the average person whose spending is generally below $12k per year in groceries, $6k per year in recurring bills and $12k per year in gas, then you'll be doing pretty well, especially with the great insurance and benefit offers.

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

High cashback rates
Premium insurance coverage
Airport lounge membership
Boosted partner cashback
Instant approval and access

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

Cons

High income requirements
Spending caps
Annual fee

Lacks restaurant optimization
Low monthly cashback caps

More comparisons

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

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