bmo world elite cashback mastercard travel benefits

BMO CashBack World Elite Mastercard Review: It’s Made for Experiences

By Stefani Balinsky | Published on 10 Aug 2023

The BMO CashBack World Elite Mastercard has a lot of perks relevant to Canadians in a digital age. The Card routinely makes the list of best cash back credit cards and best World Elite Mastercards . The BMO Cashback World Elite Mastercard differentiates itself with virtual experiences and app perks on top of cash back and rewards that are looking more like commodities. Its program gives cash back on recurring payments, electric car charging and gas, and has travel perks that extend past hotel stays, making it a really good Mastercard.

Annual fee: $120, waived the first year.

Welcome offer: 10% cash back in the first 3 months (maximum $260)

Interest rates: 20.99% (Cash advance 23.99% in Canada, 21.99% in Quebec)

BMO CashBack World Elite Mastercard unlimited and Bonus Rates

The BMO CashBack World Elite Mastercard advertises excellent reward rates. The fine print explains that the usual unlimited cash back rate is 1% with special Bonus Rates tacked on to certain categories. The Bonus Rate ends at certain spending thresholds but resets each month. Personally, I think it helps stretch your dollar. 

The BMO CashBack World Elite Mastercard Welcome Offer

The card offers 10% cash back on spending for the first three months. In the fine print, it shows that the maximum payout is $260. While other cards have a minimum spend offer for introductory offers, the BMO CashBack World Elite Mastercard has a maximum eligible spend of $2600 CAN. 

That does not mean that after $2600 there is no longer any cash back. It simply means that the 10% bonus offer no longer applies. You still earn cash back and all your rewards. The 10% offer sticks closely to the monthly spend limits outlined below.

Cash back on groceries

Travel is great but have you seen the price of food? The BMO Cashback World Elite Mastercard is a lifestyle credit card that offers 5% back on groceries. It’s the highest offer in Canada. If the cost of food increases 5% to 7% this year, you want this card in your wallet.

The BMO CashBack World Elite Mastercard offers 5% cash back on groceries. Sounds good but what are the ingredients? The 5% includes a special 4% cash back on the first $500 CAN you spend on groceries per month. After that, the cash back is an unlimited 1%.

That means that the advertised 5% is really your usual 1% and a Bonus Reward rate. If you are smart with your spending habits, you can stay within the $500 monthly limit and maintain a 5% cash back. Of course, 1% unlimited cash back helps. If cooking and home entertaining is your preferred experience, this card goes the extra step to reward you.

Cash back for electric vehicle charging and gas

Gas prices are making everyone reimagine their budgets and the truth is that electric cars do not recharge for free. The BMO CashBack World Elite Mastercard does not exclude anyone and rewards both electric vehicle owners and gas consumers with cash back. Although it lists at 3% cash back on the first $300 dollars each month spent refueling, it is again 1% plus a bonus of 2%. If you spend more than $300, only the 1% applies until the next month.

Cash back on transportation

If you spend money on train, ferry, bus, taxis, limos or other transportation, this card has your back. Every month you get 3% back on the first $300 dollars used on these types of purchases. Again, it is the 1% unlimited with a 2% Bonus Rate.

Earn cash back on recurring payments

It is a great leap forward that the BMO CashBack World Elite Mastercard gives you cash back on some recurring bill payments charged to the card. It can include your phone or streaming services. Each month you can earn back 3% on the first $500 in eligible recurring payments which breaks down to a 2% Bonus Rate added to the unlimited 1%. 

Digital everyday offers

Recurring monthly payments often involves digital subscriptions including apps. One of the perks the BMO CashBack World Elite Mastercard offers is digital everyday offers. The current offer is 4 months free membership to Apple Music for new members. It is ad free. If you left Apple Music, you can get 3 months free, but current members are excluded from the deal. Once the four months are up, though, you’ll pay $9.99 a month. I guess it’s good that you can earn money back each month.

BMO CashBack World Elite Mastercard and travel

The thing to remember is that it is a cash back card and not a travel points card. So it is not surprising that there is no points redemption scheme. You get rebates for experiences and cash back on shopping. Anything related to travel insurance is limited so you will want to supplement your travel insurance with third party providers.

Dragon Pass access

Another leap forward for digital services is Dragon Pass. It’s an app whose members get access to airport lounges as well as rebates on airport spas and restaurants. BMO CashBack World Elite Mastercard cardholders get Dragon Pass for free. The pass is a good idea if you are traveling alone, since only the primary cardholder can use it. 

Access to Boingo wi-fi

BMO CashBack World Elite Mastercard cardholders get Boingo wi-fi access to more than a million wi-fi hotspots globally. That includes airports, hotels, coffee shops. If you don’t want to use your data or roaming, this certainly helps keep you connected while away.

Travel insurance

Cardholders receive an insurance certificate with their card which outlines insurance benefits. Otherwise, Allianz Global Risks US Insurance Company underwrites the travel medical insurance for the BMO CashBack World Elite Mastercard. Out-of-province or out-of-country emergency medical benefits are available to cardholders under the age of 65. 

Car rental rebates

Certain Alamo Rent A Car and National Car Rental branches offer BMO CashBack World Elite Mastercard cardholders 25% on reservations made at least 24-hours in advance. The fine print states that the offer varies according to dates, location and vehicle type. Still, 25% off is a significant discount.

Mastercard Priceless experiences

It is still one of the best brand campaigns I’ve seen. When Mastercard branded different experiences as priceless, it took the focus off the dollar value and made it personal. Mastercard Priceless builds on that idea. You get access to events and experiences based on six distinct categories: entertainment, arts and culture, travel, dining, sports, and shopping. 

Mastercard Priceless experiences offer digital experiences that again capitalize on the virtual. You attend fashion shows, culinary and cultural events without leaving home. Of course, you also have in-person events. You can treat yourself to a personal shopping experience at Fondaco dei Tedeschi, ​​the premier Venice, Italy. You can also get 4% cash back from restaurants. In all, it is an experience that you would not get anywhere else.

Other BMO CashBack World Elite Mastercard benefits

Needless to say, a Mastercard comes with a lot of benefits. For BMO CashBack World Elite Mastercard cardholders, it includes 24-hour concierge services, zero liability, extended warranty, and theft and damage purchase protection for items. You also have a free membership to Dominion Automobile Association (DAA), a Canadian roadside assistance service.

BMO CashBack World Elite Mastercard: Who is this Mastercard for?

You have to have a minimum income of $80,000 CAN individual or $150,000 CAN household income to qualify. There is no option to add authorized users so it isn’t for family sharing. It doesn’t pretend to be a value-driven card but an experience-driven one. 

I used the card’s online benefits calculator. If I spent an average of $2000 each month, I might get back $194 in for the 10% Welcome Offer and potentially $794 cash back in my first year. On a $24,000 annual spend, that works out to less than 1% even if I add in the $120 annual fee.

But maybe the card isn’t for the budget conscious or the travel hacker. It screams city living and access to every convenience. If you see yourself interested in a consistent lifestyle, then this card is for you. Lifestyle happens all year, and with this card you don’t have to save up miles or points to get a vacation. Much like streaming services and apps, the BMO CashBack World Elite Mastercard lets you choose your own experiences on your schedule. It gives you the decision making power on how to spend and earn your time and your money. It is a Mastercard for digital natives and digital nomads alike.

Click here to learn more and apply.

BMO CashBack World Elite Mastercard Rating

Benefits and perks.

• 5% cash back on $500 in grocery purchases each month. Best grocery cash back offer in Canada
• 3% cash back on the first $300 each month on fuel and electric car charging
• 3% cash back each month on the first $500 spent on recurring payments
• Unlimited 1% cash back on everything
• Dominion Automobile Association roadside assistance membership
• Waived annual fee for the first year
• Basic travel insurance protections
• Mastercard Priceless experiences: virtual and in-person
• Dragon Pass for the primary cardholder at airports worldwide
• Enjoy unique dining events and have access to a concierge all day, everyday

Stefani Balinsky

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BMO Ascend World Elite Mastercard Review 2024: Is It Worth It? 

Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own.

NerdWallet Rating

NerdWallet CA

Great for frequent travellers looking for a flexible rewards program and don’t mind paying an annual fee.

Cardholders can earn 5x BMO Rewards points on eligible travel purchases and enjoy complimentary Mastercard Travel Pass membership, rental car discounts and travel insurance. Learn more about how we evaluate cards .

The BMO Ascend World Elite Mastercard is a rewards credit card with an annual fee of $150. Cardholders can redeem BMO Rewards points for travel bookings, merchandise, investment accounts and more.

BMO Ascend™ World Elite® Mastercard®

• Welcome offer: Get up to 90,000 points and the annual fee waived in the first year for both the primary cardholder and authorized users.*
• 5x the points for every $1 spent on eligible travel purchases,* 3x the points for every $1 spent on eligible dining and entertainment purchases and recurring bill payments,* 1 point for every $1 spent everywhere else.*
• Now get the highest rewards points for travel of any premium flexible travel card in Canada!†
• Complimentary membership in Mastercard Travel Pass provided by DragonPass,* with four annual complimentary passes.
• Access over 1 million Wi-Fi hotspots around the world – all at no added cost, and no added fees or roaming charges.*
• Get valuable benefits and offers for digital everyday services from a variety of on-demand apps and subscription services.
• Points you can use to cover all flight charges & taxes.*
• Fly on any airline, with no blackout dates.*
• Best-in-class travel and medical insurance (unlimited trips per year).*
• BMO Concierge Service.*
• Unlock Mastercard Travel Rewards cashback offers when you travel and shop outside of Canada.
• *Terms and conditions apply.
• †Statement based on a comparison of the redeemable value of the non-promotional travel rewards points earned on premium flexible Canadian credit cards as of May 3, 2022. “Flexible” is defined as points earned when you purchase travel anywhere and “premium” refers to cards with an annual fee of ≤ $150 or has an income requirement of ≤ $150,000 annual individual income.
• 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.
• Full review
• Customer ratings
• Eligibility
• How to apply

BMO Ascend World Elite Mastercard vs BMO AIR MILES World Elite Mastercard

• Rating methodology

BMO Ascend World Elite Mastercard full review

The BMO Ascend World Elite Mastercard earns between one and five BMO Rewards points per CAD spent, depending on the type of purchase you make. The card comes with an impressive suite of travel insurance and perks, such as $5 million in travel medical coverage and four free airport lounge passes per year.

Benefits of the BMO Ascend World Elite Mastercard

• High coverage amount for travel medical insurance ($5 million).
• Annual fee is rebated if you have a BMO Premium Chequing Account. 
• Mastercard Travel Pass membership provided by DragonPass, and four free passes per year.
• 25% discounts at National Car Rental and Alamo Rent a Car.

Drawbacks of the BMO Ascend World Elite Mastercard

As a travel rewards card, the BMO Ascend World Elite Mastercard drawbacks include:

• No hotel burglary insurance. 
• A 2.5% foreign transaction fee on purchases made in other currencies.

Who should get the BMO Ascend World Elite Mastercard?

People who spend big on travel will get the most out of this card’s highest earn rate (5x), free airport lounge membership, travel insurance coverage and rental car discounts.

Is the BMO Ascend World Elite Mastercard worth it?

The BMO Ascend World Elite Mastercard may be worth it if you pay for airport lounge access and insurance when travelling — the card’s free DragonPass membership and four free passes, $99 and $140 USD, respectively, plus the complimentary travel insurance, can save you money. 

BMO customer ratings

• Below average in customer satisfaction: BMO ranks 9th in J.D. Power’s 2023 Canada Credit Card Satisfaction Study.
• Average Trustpilot rating: 2.8 out of 5 possible stars based on more than six customer reviews, as of this writing.
• Low Better Business Bureau rating: 1.03 out of 5 possible stars based on over 360 customer reviews, as of this writing. 

BMO Ascend World Elite Mastercard eligibility

Who qualifies for the bmo ascend world elite mastercard.

To apply for the BMO Ascend World Elite Mastercard, you must:

• Be at least the age of majority in your province or territory.
• Have not declared bankruptcy in the last seven years.
• Have an annual income of at least $80,000 ($150,000 for households). 

Approximate credit score needed for approval

Canadian credit card issuers rarely disclose required credit scores , which makes it hard to know your chances of approval when comparing credit cards. However, higher scores generally mean better chances of approval, and that’s true regardless of the type of credit you’re applying for. Want to learn more? Visit our “ What Credit Score is Needed for a Credit Card? ” page.

BMO Ascend World Elite Mastercard rewards

Earn up to 90,000 BMO Rewards points.

• Get 45,000 points when you spend $4,500 in the first three months. 
• Get another 3,750 points when you spend at least $2,500 each billing cycle (from the fourth and fifteenth month of opening the account), up to 45,000 points. 

Get the first year’s annual fee waived ($150 value).

Offer expires May 31, 2024, as of this writing.

• Earn 5x BMO Rewards points on eligible travel purchases.
• Earn 3x BMO Rewards points on eligible entertainment, dining and recurring bill payments.
• Earn 1x BMO Rewards points on everything else. 

According to the BMO website, 150 BMO Rewards points is worth $1 when redeemed for travel-related purchases. One way to cover the $150 annual fee is by earning roughly 23,000 points per year and using them on travel purchases – a value of $153.

How to apply for the BMO Ascend World Elite Mastercard

Follow the below steps to apply for the BMO Ascend World Elite Mastercard online:

• Click the Apply Now button on the card’s landing page. If you do not have a Canadian address, you will need to book an appointment with the bank and apply in person. 
• Agree to the terms and conditions and click Next. 
• Enter your personal information, such as name, date of birth and contact details. 
• Enter your SIN , if applicable.
• Enter employment details and any other financial information requested. 
• Review and submit your application. 

The online application takes roughly seven minutes to complete.

If you’re looking for a travel credit card from BMO but aren’t married to the idea of BMO Rewards points, you might consider the BMO AIR MILES World Elite. The cards have similar annual fees, but differ in the rewards they earn. While BMO Rewards points can be redeemed for travel bookings and merchandise, as well as used to fund investment accounts and pay for purchases, AIR MILES can be redeemed for cash rewards, merchandise and travel bookings.

Reasons you might want a different card

You may want to consider a different card if you:

• Typically carry a balance and want a lower interest rate. 
• Do not travel regularly enough to benefit from the card’s travel earn rates and perks.
• Want to earn a different type of reward, such as airline miles . 
• Earn less than $80,000 per year ($150,000 for households).

BMO Ascend World Elite Mastercard facts

Methodology to choose the best rewards credit cards.

NerdWallet Canada selects the best rewards credit cards based on overall consumer value as well as their suitability for specific kinds of consumers. Factors in our  evaluation methodology  include each card’s cash-back earning rates, rewards structure (such as flat-rate or bonus categories), annual fee, redemption options, promotional APR period for purchases, bonus offers for new cardholders, and noteworthy features such as insurance, loyalty bonuses or the ability to choose one’s own rewards categories.

About the Author

Georgia Rose is a lead writer on the international team at NerdWallet. Her work has been featured in The Washington Post, The New York Times, The Independent and The Associated…

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Interest charges don’t need to be a mystery. Use our credit card interest calculator to see how much interest you’d owe if you carry a credit card balance.

Best BMO Credit Cards in Canada

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The best Mastercard credit cards offer a diverse array of rewards, including cash back, Air Miles, points and more.

• $120 Annual fee – First year free*
• 10% cash back on all purchases for three months (up to $260)
• 5% cash back on grocery purchases
• 4% cash back on transit purchases
• 3% cash back on gas and electric vehicle charging
• 2% cash back on recurring bill payments
• 1% cash back on all other purchases

Welcome bonus and earn rate

The BMO CashBack® World Elite®* Mastercard®* consistently has a welcome bonus of 10% cash back for the first three months, but it’s a bit complicated. The 10% cash back has a spending cap of $500 on groceries, $300 on transit, $300 on gas, $500 on recurring bills, and $1,000 on all other purchases. That means your welcome bonus is capped at $260 if you reach all the limits. In addition, the annual fee of $120 is waived.

Many people are attracted to this card because of the high earning rate. You’ll earn 5% cash back on groceries, 4% on transportation, 3% on gas and electric vehicle charging, 2% on recurring bills, and 1% on all other purchases. That said, during each billing cycle, there’s a spending cap of $500 on groceries, $300 on transit, $300 on gas and electric vehicle charging, and $500 on recurring bills. Once you reach the cash back limit, you’ll earn 1% cash back.

Benefits and perks

In this BMO CashBack® World Elite®* Mastercard®* review, I’ll go over all the benefits the card has. Although you’ll get standard World Elite Mastercard benefits, you also get some niche perks that may appeal to you.

Roadside assistance

What makes the BMO CashBack® World Elite®* Mastercard®* unique is that it also comes with a free roadside assistance membership with Dominion Automobile Association (DAA) . This gives you access to the BMO Roadside Assistance Program (Basic Coverage), which includes services such as flat-tire changes, battery boosts, towing, and lockout services. This benefit is worth $69 a year.

Boingo Wi-Fi

One benefit that could be useful is the included Boingo Wi-Fi. Once registered, you can use more than 1,000,000 Boingo Wi-Fi hotspots. Although free Wi-Fi has become pretty common, Boingo is partnered with many airports and airlines, so you can have internet access while travelling.

Airport lounge access

As a World Elite Mastercard holder, you get a Mastercard Travel Pass provided by DragonPass. This gives you access to 1,200+ global airport lounges. However, this benefit is good for just the membership and comes with no free passes. You’d have to pay US$32 per person to enter a participating lounge.

Concierge service

Cardholders get access to Mastercard’s concierge service. Available 24/7, the concierge staff can help you make dinner reservations, purchase the perfect gift, or even secure your concert tickets. They can’t work miracles, so don’t expect them to get you into an event that’s sold out.

Car rental discounts

When paying with your BMO CashBack® World Elite®* Mastercard®*, you can save up to 25% at participating National Car Rental and Alamo Rent a Car locations. This discount applies to the base rate only.

Travel insurance

• Travel medical – $5,000,000 for 8 days
• Flight delay – up to $500 / 4 hours
• Delayed and lost baggage – $500 / 6 hours
• Auto rental collision / loss damage – 48 consecutive days / $65,000
• Hotel/motel burglary – $1,000
• Common carrier travel accident – $500,000

For a cashback credit card, you get decent travel insurance. It includes things such as travel medical, trip interruption, lost luggage, hotel burglary and more, but it has some downsides . Your travel medical insurance only covers you for up to eight days of travel, and there’s no included trip cancellation insurance. If travel insurance is essential to you, consider getting one of the best credit cards with travel insurance . 

Purchase insurance

• Purchase protection – 90 days
• Extended warranty – 1 year

The BMO CashBack® World Elite®* Mastercard®* gives you purchase protection, which covers your purchases from theft, loss or damage for up to 90 days. As for the extended warranty, the certificate of insurance states that your manufacturer’s warranty can be extended by up to one additional year.

When your BMO cash back is paid out

What’s nice about the BMO CashBack® World Elite®* Mastercard®* is that you have many options for your cash back payout. Most people will choose a statement credit, but if you have a BMO bank account or an Investorline account with them, you can have your cash back deposited directly there.

The payout date of your cash back is also flexible. You can have the money paid out any time as a statement credit as long as you’re redeeming at least $1. Alternatively, you can automatically pay it into an eligible BMO account (chequing, savings, InvestorLine) when you’ve earned at least $25 in rewards.

BMO CashBack® World Elite®* Mastercard®* eligibility

• You’re a Canadian citizen or permanent resident.
• You’re at least the age of majority in your province or territory.
• You have a minimum annual personal income of $80,000 or a household income of $150,000.

There is no listed minimum credit score requirement, but generally, you want your credit score to be at least 700 before applying. If you have a BMO Premium bank account, you can use the annual $150 annual fee rebate on this card.

How the BMO CashBack® World Elite®* Mastercard®* compares

Bmo cashback® world elite®* mastercard®* vs. american express cobalt card.

Some people would argue that the American Express Cobalt Card is the top comparison . With the Cobalt Card, your earning rate is 5 American Express Membership Rewards points per $1 spent on eats and drink, 3 points on streaming services, 2 points on travel and transit, and 1 point on all other purchases. Although you’re earning points, you can redeem 1,000 points for a $10 statement credit, so this is a hybrid cash back/travel card. Also, the spending caps on the American Express Cobalt Card are much higher at $2,500 each month.

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

Another card worth comparing is the American Express SimplyCash Preferred Card . The Amex card gives you 4% cash back on grocery and gas purchases. That said, the cash back earned is capped at $1,200 for groceries . On a positive note, the American Express SimplyCash Preferred Card gives you a base earn rate of 2% cash back on all purchases, compared to BMO’s 1.5%.

You may think the American Express SimplyCash Preferred Card is the better choice, but the $9.99 monthly fee is not waived for the first year, and no roadside assistance or airport experiences are included. You do get Amex Invites and slightly better travel insurance included, so that’s worth considering.

BMO CashBack® World Elite®* Mastercard®* vs. Tangerine Money-Back Card

If you prefer a credit card with no annual fee , check out the Tangerine Money-Back Credit Card or the Tangerine World Mastercard . Both cards allow you to pick up to three categories where you’ll earn 2% cash back, and then all other purchases get you 0.5% cash back.

Final thoughts

My BMO CashBack® World Elite®* Mastercard®* review is positive. It’s one of the best cash back credit cards in Canada . This card is great for people in the following situations:

• You want easy cash back – The ability to redeem your cash back as a statement credit for as little as $1 makes your rewards flexible.
• You want a high earning rate – Despite the monthly caps, this card has some of the highest earning rates in Canada for a cash back card.
• You want travel insurance – Cash back cards don’t typically come with comprehensive travel insurance, but this one does.

This is one of BMO’s best credit cards and it should be seriously considered by anyone who’s thinking about getting a cash back credit card .

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

About Barry Choi

Barry Choi is a Toronto-based personal finance and travel expert who frequently makes media appearances. His blog Money We Have is one of Canada’s most trusted sources when it comes to money and travel. You can find him on Twitter: @barrychoi

This will need to be updated since the card no longer covers trip interruptions and cancellation.

Did that just get announced or did I miss something?

I just checked the certificate of insurance and it’s still showing trip cancellation and interruption on page 27 – https://www.bmo.com/pdf/World_Elite_Cardholder_Agreement.pdf

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BMO CashBack ® World Elite ® Mastercard review

Get up to 10% cash back in your first 3 months and the $120 annual fee waived in the first year.

• Rates & Fees

5% Groceries: 5% cash back up to $500 spent per month ($25 in cash back)*

4% Transit: 4% cash back up to $300 spent per month ($12 in cash back)*

3% Gas: 3% cash back up to $300 spent per month ($9 in cash back)*

2% Recurring Bills: 2% cash back up to $500 spent per month ($10 in cash back)*

1% Everything Else: 1% cash back, unlimited*

$120 Annual Fee

20.99% Purchase APR

23.99% Cash Advance APR 21.99% for Quebec residents

23.99% Balance Transfer Rate

2.90% Foreign Transaction Fee

Excellent Recommended Credit Score

$80,000 Required Annual Personal Income

$150,000 Required Annual Household Income

By Money.ca

Updated: March 28, 2024

Compare other BMO credit cards

• Best BMO credit cards
• BMO CashBack® Mastercard®*
• BMO Ascend™ World Elite®* Mastercard®*
• BMO AIR MILES®† World Elite®* Mastercard®*

Compare other cash back credit cards

• Best cash back credit cards in Canada
• Tangerine Money-Back Credit Card
• CIBC Dividend Visa Infinite Card
• SimplyCash Preferred Card from American Express

Compare other Mastercard credit cards

• Best Mastercard credit cards in Canada
• HSBC World Elite® Mastercard® review
• Desjardins Odyssey® World Elite® Mastercard
• Capital One® Low Rate Guaranteed Mastercard®

The BMO CashBack ® World Elite ® * Mastercard ® * offers a lucrative sign-up bonus, a market-leading cash back rate of 5% on groceries*, an impressive roadside assistance package, and the best extended warranty and purchase protection terms offered by any Canadian credit card.* But some of its fine-print spending limitations put a damper on what would otherwise be our highly enthusiastic endorsement of the card.

Ultimately it’s a great fit for high-income ($80,000+) singles, who can maximize the card’s cash back rates without chafing under its strict spending caps. But it’s far less suited to couples or families, who have more to gain from competing cards with higher spend ceilings.

Pros and cons

Valuable sign-up bonus

High 5% cash back rate on groceries

Free roadside assistance

Excellent extended warranty and purchase protection terms

Restrictive spending limits for most cash back categories

Sign-up bonus structure is head-scratchingly complicated

High minimum income requirements

Welcome bonus

With up to $260 in cash back for new applicants, the BMO CashBack ® World Elite ® * Mastercard ® has one of the  best sign-up bonuses in Canada , albeit with an unnecessarily complicated structure. New cardholders can get an annual fee rebate for the primary cardholder ($120 value), plus 10% cash back for their first three months, on up to $2,600 in spending.*

Unfortunately that 10% isn’t a ‘flat’ rate, i.e., it doesn’t apply to all your eligible spending. Instead, the rate only applies up to certain spending maximums in the following purchase categories:

• Up to $500 spent on groceries ($50 cash back)
• Up to $500 spent on recurring bills ($50 cash back)
• Up to $300 spent on gas and electric vehicle charging ($30 cash back)
• Up to $300 spent on ground transit ($30 cash back)
• Up to $1,000 spent on everything else ($100 cash back)

Overall it’s a good sign-up bonus for those with diverse spending habits, who, given the offer’s annoying restrictions, have the best chance to max out the available cash back.

Earning cash back

The card earns at the following rates after the 3-month welcome period ends:

• Groceries : 5% cash back up to $500 spent per month ($25 in cash back)*
• Transit : 4% cash back up to $300 spent per month ($12 in cash back)*
• Gas : 3% cash back up to $300 spent per month ($9 in cash back)*
• Recurring Bills : 2% cash back up to $500 spent per month ($10 in cash back)*
• Everything Else : 1% cash back, unlimited*

If you exceed a monthly spending limit on groceries, transit, gas, or recurring bills, the enhanced cash back rate for that category will drop to 1% for the remainder of the month. When a new month starts you’ll earn again at the enhanced rate.

The 5% earn rate on grocery purchases* is technically the highest among cash back cards in Canada†, but that eye-popping rate is severely hampered by the $500 monthly spending limit in that category. While singles might come in at or around $500 spent per month on groceries, even small families will surpass that limit by a long way. And keep in mind that the limit applies to all the credit card spending across the account. So if you get your partner a  supplementary card  for $50, you won’t suddenly have a $1,000 combined monthly spending limit for groceries. You’ll still earn at 5% on only the first $500 in grocery spending for both cards combined.

Given this restriction, couples and small families are advised to instead check out  other credit cards for saving on groceries , most of which have higher spending caps.

† Statement based on a comparison of the non-promotional grocery rewards earn rate on Canadian cash back credit cards as of January 4, 2023.

Redeeming cash back

Cash back you accumulate can be redeemed as a credit against the card’s statement, or it can be deposited into a BMO chequing account, savings account, or InvestorLine account. The redemption policy is particularly flexible, as cash back can be redeemed at any time, with only a $1 minimum redemption amount. This is better than a number of competing cash back cards, which might allow for redemptions only once a month or even once a year, and which sometimes have higher minimums required for redemption.

Roadside assistance

BMO is one of the few Canadian credit cards that include a roadside assistance package at no extra cost.* Cardholders get a free membership in the Dominion Automobile Association (DAA), which is valued at $69 annually.

Tow truck assistance is provided within Canada and the mainland U.S. (not including Hawaii and overseas territories), and includes up to four service calls per year. Provided services include the following:

• Battery boosts
• Changing flat tires
• Lockout service
• Up to one hour of winch service for vehicles stuck in mud, a ditch, or snow
• Emergency delivery of up to 10 litres of gas (the cardholder has to pay for the gas)
• Towing of up to 10 km to the nearest repair facility

For a point of reference, comparable plans from Canadian Tire and CAA cost $69.95 and $92 respectively, so the complimentary membership that comes with the BMO CashBack ® World Elite ® * Mastercard ® is quite valuable, particularly for urban commuters. The 10 km towing limit is less relevant for rural drivers.

Related :  The difference between free vs. paid roadside assistance in Canada

Though its travel insurance is middling, the real highlights of this card’s insurance package are the very generous purchase coverages. Most credit cards, even those that are expensive and high end, offer only an extra one year of extended warranty and 90 days of purchase protection. This card doubles those standard terms, which gives it the  best purchase coverage  of any credit card in Canada. The card’s insurance suite is summarized in the table below:

While you can’t predict if something you purchased will unexpectedly stop working or if it will be stolen, having a lengthy purchase protection and extended warranty period increases your chances of getting reimbursed if those unfortunate circumstances do eventuate.

Other notable perks

• Free access to over 1M Boingo Wi-Fi hotspots*
• Additional cash back with partner brands like Apple, Nike and Marriott via the Mastercard Travel Rewards program
• Up to 25% off rentals at participating National Car Rental and Alamo Rent A Car at participating locations*
• 24-hour concierge access*
• Airport lounge access via Mastercard Airport Experiences provided by LoungeKey* ($32 USD per entrance)

Interest rates and fees

• Annual fee : $120 for primary card; $50 per supplementary card
• Purchase interest rate : 20.99%
• Cash advances and balance transfers : 23.99% (21.99% for Quebec residents) on Cash Advances; 23.99% on Balance Transfers
• Foreign transaction : 2.5% charge per foreign transaction
• Missed payment/late payment : Purchase interest rate and cash advance/balance transfer rates increase to 25.99% and 28.99% respectively if you have two late payments in any consecutive 12-month period

Note that unlike a number of other upper-tier credit cards from the Big Five banks like Scotia or RBC, BMO doesn’t incentivize bundling the card with, say, a BMO chequing account. It appears that after the first year’s annual fee rebate comes and goes, cardholders are stuck paying the annual fee for subsequent years, even if they’re a BMO chequing or investing customer.

Related articles:  The benefits of bundling products from the same bank

Eligibility requirements

BMO generally approves applicants who have a good  credit score  (at least 700+), and who meet one of the below income requirements:

• Make at least $80,000 in annual income personally
• Have at least $150,000 in combined annual household income

Applicants must also be Canadian citizens or permanent residents and at least the age of majority in their province or territory of residence. Those who have declared bankruptcy in the past seven years are ineligible.

How does it compare to the competition?

There are a number of other cash back cards that reward grocery spending, such as the  Scotia Momentum ® Visa Infinite* Card . It offers only 4% cash back on groceries compared to the 5% offered by the BMO credit card, but its maximum spending limit for earning at that rate is $25,000, compared to the $6,000 annual maximum spend that the BMO card allows for its 5% rate. So if your grocery expenditures are less than $500 per month/$6K per year, you’ll earn more back with the BMO card. But if you spend, say, $1,000 per month on groceries, you’d earn $480 in cash back annually from the Scotia card compared to only $360 from the BMO card.

Another cash back card to consider is the  SimplyCash ®  Preferred Card from American Express . It earns 4% cash back on eligible gas station purchases in Canada, 4% cash back on eligible grocery store purchases in Canada (up to $1,200 cash back annually) and 2% cash back on all other purchases. Its annual fee is $9.99/month (Equals a total fee of $119.88 annually). The only real drawbacks with the SimplyCash® Preferred Card are that it doesn’t waive the first year’s annual fee, so you can’t really try it out risk free, and because it’s an Amex it won’t be accepted by as many merchants as either a Mastercard or Visa. So if you’re considering that card you should first check to see if your favourite retailers are on our list of  Canadian merchants that accept Amex .

¹ Conditions Apply. Visit  here  for the Scotia Momentum ® Visa Infinite* Card to learn more.

Should you apply for the BMO CashBack ® World Elite ® * Mastercard ® *?

The BMO CashBack ® World Elite ® * Mastercard ® * makes sense for high-income singles who check off at least one or two of the below boxes:

Groceries are one of your top three monthly expenses

You’re an urban driver

You’re about to make a major purchase for which long extended warranty and purchase protection periods would be a boon (e.g., a computer, a major appliance, etc.)

But if you don’t have a car, you can’t take advantage of some of the card’s auto-related selling points (roadside assistance, good cash back for gas, etc.). And if you’re buying groceries for a family of any size, you’ll easily pass the maximum monthly spending limit to earn at the card’s highest cash back earn rate, and you should instead consider another of  Canada’s best cash back cards  in order to maximize your savings.

*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. 

American Express is not responsible for maintaining or monitoring the accuracy of information on this website. For full details and current product information click the Apply now link. Conditions apply.

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BMO CashBack ® World Elite ® * Mastercard ® *   🇨🇦

• 5% cash back on groceries
• 3% cash back on gas
• Accepted at Costco

• Get up to 10% cash back in your first 3 months and the $120 annual fee waived in the first year*
• 5% on groceries *
• 4% on transit including ride sharing, taxis and public transportation*
• 3% on gas and electric vehicle charging*
• 2% on recurring bill payments like your monthly phone bill or favourite streaming service*
• 1% unlimited cashback on all other purchases*
• Get the highest cash back earn rate on groceries in Canada.*
• Get valuable benefits and offers for digital everyday services from a variety of on-demand apps and subscription services
• Access over 1 million Wi-Fi hotspots around the world – all at no added cost, and no added fees or roaming charges*

Complimentary membership in Mastercard Airport Experiences provided by LoungeKey*.

• Complimentary Roadside Assistance Program*
• Extended Warranty Plus*
• Purchase Protection Plus*
• BMO CashBack World Elite Travel and Medical Protection*
• Unlock Mastercard Travel Rewards cashback offers when you travel and shop outside of Canada

Card Awards

Fees & conditions.

Per dollar of purchases

Travel Insurance

There may be a daily maximum amount depending on the type of fees paid

Other Insurance

The BMO® CashBack® World Elite®* Mastercard®* is one of the best cash back Mastercard credit card in Canada.

For a limited time, you will earn up to 10% cash back on select purchases for the first 3 months (that’s up to $260 cash back). Besides, the annual fee is waived in the first year !

With the BMO® CashBack® World Elite®* Mastercard®*, you earn between 2% and 5% cash back on many spending categories:

• 5% on grocery purchases (on the first $500 you spend monthly)
• 4% on transit (on the first $300 you spend monthly)
• 3% on gas and electric vehicle charging (on the first $300 you spend monthly)
• 2% on recurring bill payments (on the first $500 you spend monthly)

Everywhere else, you’ll earn 1% cash back, including at Costco.

Finally, it is one of the only credit cards in its category to offer an extended warranty of 2 additional years .

• Best BMO Credit Cards - Bank of Montreal - April 2024
• Best Cash Back Credit Cards in Canada - April 2024
• Up to $260 with the BMO CashBack World Elite Mastercard!
• How do I use BMO cash back to deduct from my credit card balance?

Frequently Asked Questions

What's the welcome offer on the bmo cashback world elite mastercard.

Up to 10% cash back for the first three months and $120 annual fee waiver for the first year.

What is the cash back rate on specific purchases?

5% on groceries, 4% on transportation, 3% on gas and electric vehicle recharging, 2% on recurring payments, and 1% on other purchases.

Does the card offer the highest cash back rate on groceries in Canada?

Yes, it offers the highest cash back rate on groceries in Canada.

What digital advantages does the card offer?

Access to exclusive offers via various on-demand applications and subscription services.

Does the card offer any advantages in terms of Internet access?

Yes, access to over a million Wi-Fi hotspots worldwide at no extra cost.

What is the airport lounge membership policy?

What types of insurance are included with the card.

Includes Extended Warranty Plus, Purchase Plus and Travel Insurance.

Alternative Cards

• No annual fee
• Purchase Insurance
• Card Details
• Limited time offer : Get 1,500 AIR MILES Bonus Miles!* That’s enough for $150 towards purchases with AIR MILES Cash*
• Get a 0.99% introductory interest rate on Balance Transfers for 9 months , 2% fee applies to balance amounts transferred*
• Get 3x the Miles for every $25 spent at participating AIR MILES Partners and 2x the Miles for every $25 spent at any eligible grocery store*.
• Get 1 Mile for every $25 spent everywhere else *
• Purchase Protection and Extended Warranty*
• Zero Liability Protection
• No annual fee*.

*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

• Primary card $0
• Additional card $0
• Individual $15,000
• Household $15,000
• Purchase Rates 20.99 %
• Cash Advance Rates 22.99 %
• Balance Transfer Rates 22.99 %
• Best AIR MILES Credit Cards - April 2024
• Best No-Fee Credit Cards in Canada - April 2024
• Canada's Best Credit Card Offers - April 2024
• AIR MILES partners 0.12 miles
• All Spending 0.04 miles
• Groceries 0.04 miles
• Year 1 $283
• Year 2+ $110
• Annual Credit
• VIP Lounges
• Travel credit
• 3X miles at participating AIR MILES partners
• Premium Insurance
• Limited time offer : Get 3,000 AIR MILES Bonus Miles ! That’s enough for $310 towards purchases with AIR MILES Cash! Plus, get the $120 annual fee waived for the first year .
• Get 3x the Miles for every $12 spent at participating AIR MILES Partners and 2x the Miles for every $12 spent at any eligible grocery store*.
• Earn 1 reward mile for every $12 in credit card purchases , everywhere you spend*
• Use less Miles with our exclusive 25% discount on one worldwide AIR MILES flight redemption during the calendar year.*
• Complimentary membership in Mastercard Travel Pass provided by DragonPass.*
• BMO AIR MILES World Elite Travel and Medical Protection*
• BMO Concierge Service
• Primary card $120
• Additional card $50
• Individual $80,000
• Household $150,000
• Cash Advance Rates 23.99 %
• Balance Transfer Rates 23.99 %
• AIR MILES partners 0.25 miles
• All Spending 0.08 miles
• Groceries 0.08 miles
• Year 1 $686
• Year 2+ $101
• 5X points on travel purchases
• Access to VIP Lounges
• Welcome offer: Get up to 100,000 points and the annual fee waived in the first year for both the primary cardholder and authorized users.*
• 5x the points for every $1 spent on eligible travel purchases,* 3x the points for every $1 spent on eligible dining and entertainment purchases and recurring bill payments,* 1 point for every $1 spent everywhere else.*
• Now get the highest rewards points for travel of any premium flexible travel card in Canada!†
• Complimentary membership in Mastercard Travel Pass provided by DragonPass,* with four annual complimentary passes .
• Access over 1 million Wi-Fi hotspots around the world – all at no added cost, and no added fees or roaming charges*
• Points you can use to cover all flight charges & taxes*
• Fly on any airline, with no blackout dates*
• Redeem your points at any time through the BMO Rewards center.
• Best-in-class travel and medical insurance (unlimited trips per year)*
• Primary card $150
• Best Travel Credit Cards - April 2024
• Best Mastercard Credit Cards in Canada - April 2024
• Exclusive Offer: Up To 100,000 Points With The BMO Ascend World Elite Mastercard®*!
• Travel 5 Points
• Air Canada 5 Points
• Dining and Food delivery 3 Points
• Year 1 $1,256
• Year 2+ $289
• BMO Rewards

Review: BMO CashBack World Elite Mastercard

Reed Sutton Apr 22, 2024 / Bank of Montreal (BMO) , Card Review , Cashback / Leave a comment

Credit Cards

by [author_plus] | Published Oct 28, 2022 | Edited [modified_date]

Bank of Montreal (BMO) , Card Review , Cashback

[comment_number]

Difficulty:

Categorized: Credit Cards

Bank of Montreal (BMO) is a bank and issuer of credit cards very dear to our hearts at Frugal Flyer, primarily for its Air Miles line of credit cards , which offer stellar welcome bonuses. Of course, the Air Miles program has become a bit lacking as of late… but I digress, instead today we’re going to review something else entirely from BMO: the BMO CashBack World Elite Mastercard .

Read on to find out the ins and outs of this card and why you might want to consider it for your wallet. 

Welcome Bonus

The BMO CashBack World Elite Mastercard is a cashback credit card, and as is common with these types of cards, the welcome bonus is delivered as a promotion increase in the cashback rate:

• As a new cardholder, you can get up to 10% cashback in the first three months .
• Plus: You can earn an additional $75 FlyerFunds Rebate on the BMO CashBack World Elite Mastercard when you apply through Frugal Flyer Rebates !

The BMO CashBack World Elite Mastercard earns cash back and offers cardholders the opportunity to earn up to  5% cash back on all grocery purchases. As a result, for 2024 we selected this card for the award for Best Cashback Credit Card for Grocery Purchases .

Check out our BMO Cashback World Elite Mastercard review for more details.

The promotional cashback maximum earned in the first three months is divided between purchase categories, as follows:

• 10% on up to $500 spend on grocery purchases ($50)
• 10% on up to $300 spend on transit and ride sharing ($30)
• 10% on up to $300 spend on gas and electric vehicle charging ($30)
• 10% on up to $500 spend on recurring bill payments ($50)
• 10% on up to $1,000 spend on all other purchases ($100)

This results in a maximum spend of $2,600 or $260 in cashback you can earn in the first three months.

The annual fee of $120 is also waived for the first year of card membership.

Earning Rates

As with most credit cards, the fastest way to earn points or cashback is through the credit card welcome bonus, in this case, the elevated promotional cashback rate on the BMO CashBack World Elite Mastercard. 

The BMO CashBack World Elite Mastercard also provides some very strong elevated earning rates for specific spend categories, as follows:

• 5% cash back on grocery (first $500 spent per billing cycle)
• 4% cash back on transit and ride sharing (first $300 spent per billing cycle)
• 3% cash back on gas and electric vehicle charging (first $300 spent per billing cycle)
• 2% cash back on recurring bill payments (first $500 spent per billing cycle)
• 1% cash back on all other purchases (no limit)

You can also only earn cashback on a maximum spend of $7,000 per month.

These spending categories provide an opportunity to generate a good return on your daily spending, especially if you maximize each category. The 5% cashback rate on groceries makes this one of the best credit cards for grocery purchases in Canada, and arguably the best if you are looking for cashback and not points. 

Related: Best Credit Cards for Grocery Purchases in Canada

The BMO CashBack World Elite Mastercard has an annual fee of $120 which is comparable to many other World Elite credit cards in Canada.

Customers who have a BMO Premium Chequing account can receive up to a $150 annual fee rebate per calendar year or those who have a BMO Performance Chequing account can receive up to a $40 annual fee rebate per calendar year. Double-check the benefits of your BMO bank account to understand how this benefit works.

The BMO Cashback World Elite Mastercard comes with three benefits of note: roadside assistance, insurance coverage, and free Boingo WiFi.

Roadside Assistance 

With the BMO CashBack World Elite Mastercard, you receive complimentary membership in the Dominion Automobile Association (DAA) and benefit from their BMO Roadside Assistance Program (Basic Coverage). 

Membership terms and the features of the plan are described in the Certificate you will receive. The plan includes battery boosts, flat tire change, lockout service, and towing – a $69/year value. 

The only other credit card that offers free roadside assistance is the Triangle World Elite Mastercard , and I know from experience that that roadside service is very good. If you’ve had experience with DAA, please let us know in the comments below!

Insurance Coverage

The BMO CashBack World Elite Mastercard comes with a strong package of insurance coverage, including emergency travel and medical protection, flight and baggage delay benefits, extended warranty plus, purchase protection plus, car rental and collision damage waiver benefits, and more.

See the table below for more details on each insurance offering.

Several things stand out that make this a very strong insurance package, particularly due to the fact that for much of the travel insurance coverage you only need to partially charge the trip/flight to the card. Furthermore, the purchase protection of 180 days and warranty extension of two years are rare benefits, as even most premium cards have 90-day protection and one-year warranty extension. 

On the other hand, 8 days of emergency medical coverage is quite short but you can get this benefit from other credit cards since no charge to the card is required for eligibility.

Related: Credit Card Travel Insurance For Award Flights

Refer to the BMO CashBack World Elite Mastercard certificate of insurance for complete details and conditions.

Free Boingo WiFi

With the BMO CashBack World Elite Mastercard, you also get access to WiFi hotspots provided via Boingo, worldwide. Boingo works with some prominent airlines such as WestJet, Lufthansa, Swiss, Austrian, Singapore Airlines, and Etihad (and is even a great way to get free WiFi on WestJet flights ).

Redeeming Cash Back

Redeeming your cashback balance with the BMO CashBack World Elite Mastercard is straightforward. You can redeem ad hoc if the balance is over $1, or you can set up automatic recurring redemptions which will trigger at the end of the billing cycle if the balance is over $25. Cashback deposits take 2-5 business days following the request or billing cycle.

The cash back balance can be redeemed in one of three ways: 

• Used as a statement credit on your monthly bill
• Deposited into a BMO chequing or savings account
• Deposited into your InvestorLine account

BMO has some generous bank account bonuses right now if you’re interested in setting up a new bank account. Combine these with our BMO bank account rebates to maximize your return.

Comparable Cards to the BMO CashBack World Elite Mastercard

A strong benefit of the BMO CashBack World Elite Mastercard is its 5% earn rate on grocery purchases. We’ve compiled a list of the top 5 credit cards for grocery purchases , which includes rival cards like the Scotiabank Gold American Express card and American Express Cobalt credit card which both earn 5X points on groceries in their respective programs.

There are also a couple of other credit cards that we think could be good alternatives to the BMO CashBack World Elite Mastercard: the Scotiabank Momentum Visa Infinite credit card and the National Bank World Elite Mastercard.

Scotiabank Momentum Visa Infinite Card

If you’re looking exclusively for cashback, the Scotiabank Momentum Visa Infinite card earns 4% on grocery, recurring bills, and subscriptions, and has a yearly rather than monthly spending cap of $25,000. 

The Scotiabank Momentum Visa Infinite card earns cash back and gives cardholders the opportunity to earn 4% cash back on grocery purchases, eligible recurring bill payments, and subscription purchases.

Check out our  Scotiabank Momentum Visa Infinite card review  for more details.

National Bank World Elite Mastercard

If insurance is important to you, the National Bank World Elite Mastercard beats out the card across several categories, particularly with stronger medical, trip delay, and damaged/lost/stolen baggage insurance.

The National Bank World Elite Mastercard earns À la Carte Rewards points and offers cardholders benefits such as $150 in annual travel credits and access to the National Bank VIP lounge in the YUL International terminal. Due to its stellar travel insurance and purchase protection benefits, we deemed this card the Best Overall Insurance Credit Card of 2024 .

Check out our National Bank World Elite Mastercard review for more details.

Nonetheless, the BMO CashBack World Elite also edges out the National Bank World Elite in some subtle ways, including

• BMO covers personal effects for rental cars whereas NB does not.
• BMO baggage delay is covered in the case of a partial charge, whereas NB requires the full cost to be charged to the card.  
• BMO has a lower annual fee of $120 vs $150 for the NB card.

Conclusion 

The BMO Cashback World Elite Mastercard is a formidable cash back earning credit card. Its strengths include category bonuses with grocery, transit, gas, and recurring payments, as well as a complimentary roadside assistance program and strong insurance benefits with purchase protection and extended warranty.

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Editorial Disclosure: Opinions expressed here are the author's alone, not those of any bank, credit card issuer, airline or hotel chain, and have not been reviewed, approved or otherwise endorsed by any of these entities. For complete and current information, please consult the entity's website.

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BMO Air Miles World Elite Mastercard Review 2024: Earn More Air Miles, Faster

Updated: Sep 26, 2023, 4:48pm

Fact Checked

The BMO Air Miles World Elite Mastercard offers earn rates on rewards that outpace most other Air Miles cards on the market. While it has some decent travel perks and discounts, this card is best thought of as an add-on to your basic Air Miles collector cards. That said, frequent flyers might see more benefit from another points or cash back card, since the value of Air Miles fluctuates.

• High Air Miles earn rates.
• Earn Bonus Miles with an Air Miles Membership Card.
• Comprehensive travel insurance.
• Miles don’t transfer between rewards categories.
• Inconsistent dollar value per mile.
• $120 annual fee.
• $80,000 minimum income requirement.
• $500 per month cap on grocery earnings.

Table of Contents

Introduction, quick facts, bmo air miles world elite mastercard rewards, bmo air miles world elite mastercard benefits, how the bmo air miles world elite mastercard stacks up, methodology, is the card name right for you.

• Receive 2,000 bonus Air Miles when you spend $3,000 in the first three months.
• $120 annual fee is waived for the first year.
• Earn 2 Miles for every $12 spent on eligible grocery purchases (up to $500 per month).
• Earn 3 Miles for every $12 spent at participating Air Miles partners.
• Earn 1 Mile for every $12 you spend on your credit card.
• Save 25% on Air Miles used to book one flight per calendar year (up to 750 Reward Miles).
• Get extra Miles when you present your Air Miles Membership Card when shopping at partner locations.
• Use Miles as cash on in-store or online purchases with participating Air Miles partners (95 Miles equals $10).
• Redeem Miles for vacation packages, hotels, flights, events, merchandise, car rentals and more.
• Connect to more than 1 million free Wi-Fi spots around the world.
• Safeguard your credit card with built-in protection from identity theft and fraud.
• Gain access to over 1,300 airport lounges worldwide for just $32 USD per person, per visit.
• Get automatic protection against theft or damage on items purchased with your card (up to 90 days).
• Extend the manufacturer’s warranty period on eligible purchases up to one additional year.
• Pay 25% less on car rentals from participating National Car Rental and Alamo Rent-a-Car locations.
• Access travel insurance for trip cancellations and interruptions, legal services, lost or stolen baggage, car rental damage and 15 days of emergency medical care.
• Enjoy free 24-hour access to experienced concierge staff.
• Earn cash back on purchases made outside of Canada with Mastercard Travel Rewards.

The BMO Air Miles World Elite Mastercard is among the best Air Miles credit cards available. On top of getting 2,000 bonus Miles for signing up, cardholders collect 1 Mile on every $12 purchase. The base rate jumps up to 2 Miles at eligible grocery stores. Air Miles partners pay out 3 Miles plus extra Miles when you scan your Air Miles Collector Card. These earn rates gain more traction than most competitors and help offset the $120 annual fee.

This card also includes some incredibly useful travel perks, like comprehensive travel insurance, airport lounge access and a 25% discount on the Air Miles required to book one flight every year (with no blackout periods). The downside is you can only book flights departing from Canada. Aeroplan cards let you book flights in most countries, and they often have more flight options through Air Canada even though Air Miles has partnerships with multiple airlines.

Cardholders also have to choose between earning Cash Miles, Dream Miles or a combination of both. Cash Miles sound nice, but you can only redeem them in increments of 95 Miles for $10. Dream Miles, on the other hand, offer more value and over 800 reward options for flights, hotels, vacation packages, events and merchandise.

• Every $12 purchase earns 3 Miles at partner locations, 2 Miles at eligible grocery stores and 1 Mile everywhere else.
• Collect Miles twice at partner locations by scanning your Air Miles Collector Card at the time of purchase.
• Redeem Miles in-store as cash or online for travel, merchandise, events and more.

Earning rewards

The BMO Air Miles World Elite Mastercard rewards every $12 purchase with 3 Miles at partner locations, 2 Miles at eligible grocery stores and 1 Mile everywhere else. Cardholders can also double dip on points from partners by scanning an Air Miles Collector Card as well. These earn rates are a big jump from the standard Air Miles program that pays out 1 Mile per $20 spent at participating merchants.

New cardholders can skip the annual fees for the first year and claim 2,000 bonus Miles after spending $3,000 in the first three months. You have the option to collect the extra miles as cash or travel rewards. They’re worth about $210, depending on the rewards category you choose.

While this card has impressive Air Miles earn rates, its value is generally lower than other premium travel cards. For example, the American Express Cobalt Card offers up to 5 points for every dollar spent and you can transfer points to several frequent flyer programs at a 1:1 ratio.

Redeeming Rewards

BMO Air Miles World Elite Mastercard rewards can be Cash Miles or Dream Miles. You can choose to earn 100% of Miles in one category or split them up (e.g. 30% Cash Miles, 70% Dream Miles). Choose wisely—settings can be adjusted, but Miles can’t move between categories.

Miles collected on credit card purchases will show up in your Air Miles account. Cash Miles can be used online or in-store for gift cards and discounts with participating retailers. The catch is, you can only redeem Cash Miles in increments of 95 Miles for $10.

Dream Miles can be redeemed online for flights, hotels, events and merchandise. Flights generally offer the most value at 17.2 cents per mile (CPM). The BMO Air Miles World Elite Mastercard also comes with travel insurance, lounge access and a 25% discount on the Air Miles required to book one international flight every year.

At the end of the day, free money shouldn’t be this hard to spend. There are plenty of cash back cards with higher earn rates and flexible payouts.

Rewards Potential

To calculate the return on BMO Air Miles World Elite Mastercard rewards, Forbes Advisor uses data from multiple government agencies to determine baseline income and credit card spending averages across various categories. Based on this information, the average Canadian spends $30,965.70 in annual credit card charges .

With every $12 purchase earning up to 3 Miles, cardholders can collect around 2,931 Miles per year on top of the first-year welcome bonus. Based on an average reward value, that could be $308.63 in annual rewards. When you factor in the annual $120 fee, that becomes a return of $188.63. Not many credit cards earn Air Miles at this level, but some other travel cards offer more flexible rewards with a similar value. And, since there is such a fluctuation in rewards value, these amounts can vary.

• Travel Insurance: Plan your trip with built-in coverage for rental car collision and loss, trip interruption and cancellation, flight delays, lost or stolen luggage and 15 days of emergency medical care.
• Trip Assistance: Contact the Operations Centre while you’re away to get help with lost or stolen travel documents, emergency cash transfers, legal services and information about visa or vaccine requirements.
• Flight Discounts: Get a 25% discount on Air Miles for one flight anywhere in the world (750 Miles in total savings). There are no blackout periods and the discount resets every year.

Interest Rates

Regular APR Min: 20.99% Regular APR Max: 25.99%

Cash Advance: 23.99% (21.99% Quebec) Foreign Transaction Fee: 2.5% Annual Fee: $120 Balance Transfer Fee: 2%

BMO Air Miles World Elite Mastercard vs. Westjet RBC World Elite Mastercard

The Westjet RBC World Elite Mastercard offers 2% back in Westjet dollars on Westjet purchases and 1.5% on everything else. This card is a good option for frequent flyers who only want to collect and redeem travel points with Westjet. Otherwise, the BMO Air Miles World Elite Mastercard offers $188.63 worth of annual rewards, compared to $311.69 with the WestJet RBC card (both using average rewards value with their respective annual fees factored in).

BMO Air Miles World Elite Mastercard vs. BMO Air Miles Mastercard

The BMO Air Miles Mastercard has no annual fee or minimum income requirement. Rewards follow a similar structure, but it takes $25 to collect 1 Mile instead of $12. Other no-annual-fee Air Miles credit cards offer 1 Mile for every $15 or $20 spent. The BMO Air Miles Mastercard still earns $149 worth of annual rewards, only slightly less than the World Elite’s $188.63. If you can meet the World Elite Mastercard $80,000 income requirement, the accelerated earn rates are worth the $120 annual fee.

BMO Air Miles World Elite Mastercard vs. CIBC Aeroplan Visa Infinite Card

The CIBC Aeroplan Visa Infinite Card earns 1.5 points per dollar spent on gas, groceries and Air Canada vacations and 1 point on all other purchases. Aeroplan points offer more perks for flight upgrades and priority status with Air Canada. Even with the annual fee factored in, the CIBC Aeroplan Visa Infinite can earn $527.32 in annual rewards, which makes it the clean winner, considering the BMO Air Miles only earns $188.63.

When determining a rating for individual credit cards, the Forbes Advisor Canada editorial team factors in an exhaustive list of data points. With travel, the scoring model used takes into account factors such as, but not limited to, miles earned, redemption flexibility, fees, welcome bonus, and other rewards and features. Keep in mind, what may be best for some people might not be right for you. Conduct informed research before deciding which cards will best help you achieve your financial goals.

If you already collect Air Miles, the BMO Air Miles World Elite Mastercard is worth adding to your wallet. This card is essentially an extension of the Air Miles Collector Card with better earn rates and extra travel perks. On the other hand, anyone that isn’t married to Air Miles should check out some other premium travel cards that offer cash back or points.

Related : Best Credit Cards in Canada

Frequently Asked Questions (FAQs)

How do i use my bmo air miles.

Choose from over 800 reward options for BMO Air Miles, including merchandise, gift cards, travel, leisure and entertainment items. The dollar value of your BMO Air Miles depends on the rewards program (Cash Miles or Dream Miles) and what you redeem your Air Miles for.

How many Air Miles do I get with the BMO Air Miles World Elite Mastercard?

The BMO Air Miles World Elite Mastercard earns Air Miles on every $12 purchase. The number of Air Miles you receive will depend on where you shop. Every $12 you spend will earn 3 Miles at partner locations, 2 Miles at eligible grocery stores and 1 Mile on everything else you buy.

Is the BMO World Elite Mastercard good?

The BMO Air Miles World Elite Mastercard is one of the best Air Miles credit cards on the market. Cardholders collect 1 Mile for every $12 purchase compared to the standard earn rate of 1 Mile for $20. However, the BMO CashBack World Elite Mastercard is a favourable alternative for people that want to get paid in cash instead of Air Miles.

Candice Reeves is a financial writer based out of Nova Scotia. She specializes in personal finance, investing, and cryptocurrency. Her work is featured in leading publications across various industries, including Wealth Rocket, CryptoVantage, and StackCompare.

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BMO Ascend World Elite®* Mastercard®*

Signup bonus:

Annual fee:, earning rate:, perks & benefits:.

The BMO Ascend World Elite ® * Mastercard ® * is long-reigning backbone of the BMO Rewards program, and it also comes with a great insurance package.

Bonuses & Fees

The BMO Ascend World Elite ® * Mastercard ® *  offers a welcome bonus of up to 90,000 BMO Rewards points, distributed as follows:

• 45,000 BMO Rewards points upon spending $4,500 in the first three months
• 3,750 BMO Rewards points in each of months 4–15 in which you spend $2,500, for a total of up to 45,000 additional points

The second part of the welcome bonus is quite a high spending requirement for a relatively small return. Keep in mind that our first-year valuation only takes the first part into account.

The card comes with an annual fee of $150, which is waived for the first year. Supplementary cards can be added for an annual fee of $50 apiece, although they’re rebated for the first year if you add them within three months of opening the card.

Earning Rewards

The earning rate on the BMO Ascend World Elite ® * Mastercard ® * is as follows:

• 5 BMO Rewards points per dollar spent  on travel, up to $15,000 per calendar year

3 BMO Rewards points per dollar spent on dining, entertainment, and recurring bill payments, up to $10,000 per category per calendar year

1 BMO Rewards points per dollar spent on all other purchases

Since BMO Rewards can be redeemed at the rate of 0.67cpp, these earning rates are equivalent to an effective 3.35%, 2.01% and 0.67% return, respectively.

These are respectable returns on a premium card, although some might choose to earn more valuable points currencies through a product like the American Express Platinum Card instead (since BMO Rewards points can only be redeemed at a fixed value, rather than transferring out to higher-value airline partners).

However, the BMO Ascend World Elite ® *  still makes for a solid Mastercard option to keep in your wallet alongside an Amex product as well.

Redeeming Rewards

BMO Rewards points are worth 0.67 cents per point (cpp) when redeemed against the cost of travel booked via the BMO Rewards online portal (at a fixed rate of 150 BMO Rewards points = $1).

Therefore, the total signup bonus of 90,000 BMO Rewards points can be redeemed as $603 worth of travel. Plus, you’ll earn more points from everyday spending as you work towards the spending requirements.

BMO Rewards points can also be redeemed at 0.5cpp against any statement purchase (at the rate of 200 BMO Rewards points = $1), but the value in doing so is clearly not as strong, so you should always aim to use your BMO Rewards points to book travel, if possible.

Perks & Benefits

In terms of perks and benefits, this card offers four annual complimentary lounge passes with DragonPass lounge membership, which allows you to access the airport lounge and relax before your flight (either on four occasions for a solo traveller, two occasions as a couple, etc.) Additional lounge visits will cost $32 (USD) apiece.

The BMO Ascend World Elite ® * Mastercard ® * also offers a complimentary Boingo Wi-Fi membership, providing free wifi at many airports, retail locations, and flights that use Boingo, such as WestJet. You can register on the Boingo website .

Insurance Coverage

The BMO Ascend World Elite ® * Mastercard ® * offers an outstanding insurance package, including:

Emergency medical insurance of up to $5 million for the first 21 days on out-of-province trips

Trip cancellation insurance for up to $1,500 per insured person and $5,000 per trip overall

• Trip interruption insurance  for up to $2,000 per insured person and $10,000 per trip overall

Flight delay benefits of up to $500 per trip for reasonable expenses incurred on a flight delay of four hours or more

Car rental insurance and Collision Damage Waiver benefits, which allow you to save on the insurance fees that car rental companies usually charge

Historical Offers

Legal disclaimers.

†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.

As a World Elite®* product, this credit card has a minimum annual income requirement of $80,000 (individual) or a $150,000 (household). Consider supporting Prince of Travel by applying for the card via our affiliate link below.

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BMO Alto Review April 2024: Online banking with zero fees and high yields on savings and CDs

While the full-service BMO Bank, N.A., started over a century ago, BMO Alto only launched its online-only banking operations in April 2023. While you won’t enjoy a wide array of banking services, bank walk-ins, or ATM withdrawals, BMO Alto’s competitive annual percentage yield (APY) rates and zero monthly service fees make it worth considering for those who want to earn high interest on funds they’ve put away. 

All rates and fees are current as of April 11, 2024, and are subject to change. 

• No minimum deposit requirement
• No monthly service fees
• High APYs on its savings account and CDs
• Unlimited transfers and withdrawals
• Limited account options
• Accounts are closed after 90 days of maintaining a zero balance
• Requires another bank account to enable deposits and withdrawals
• No mobile or branch access

BMO Alto rates and products

BMO Alto offers a high-yield savings account and six CDs with APY rates above the national average. 

Savings accounts

BMO Alto offers its customers one of the best high-yield savings accounts. You can transfer money to this account from any other bank, and you’ll receive interest, which is compounded daily and credited to your account at the end of the month. Below are the features of the BMO Alto Savings account. 

BMO Alto savings account features

Bmo alto savings rates compared to current top rates*.

While BMO Alto is a great option for those seeking high yields on their savings, some institutions offer higher interest rates. Compare the rates above to this list of competitors:

Certificates of deposit

BMO offers six fixed-term CDs between six and 60 months. These high-APY CDs don’t require deposits when opening them. However, you must fund your account within 10 days to avoid an automatic account closure. You'll also get a 10-day grace period to withdraw or add to your funds when they mature; otherwise, the CD renews automatically with the same CD term features . 

BMO Alto CD features

Compare more CD rates:

• Best 6-month CD rates
• Best 1-year CD rates
• Best 3-year CD rates
• Best 5-year CD rates

Online banking

BMO Alto offers online banking , which allows you to manage your account from anywhere. Its interface is intuitive, and you can access it using popular browsers, such as Chrome, Firefox, Microsoft Edge, and Safari.

The BMO Alto platform and customer support  

While you'd expect an online bank without physical branches to grant its customers mobile access to their accounts, BMO Alto does not provide a mobile app. However, its website is easy to use, and you can call (855) 266-8100 if you need help opening or running your online bank account. Still, expect long wait times when calling BMO Alto's customer service line since the support team is only reachable via phone, and there are no physical branches where customers can go to resolve banking issues. 

Is BMO Alto secure?

BMO Alto uses security tools to monitor your account, keeping it safe from hackers. You’ll receive alerts in case of suspicious activities. Also, all accounts with BMO Alto bank are Federal Deposit Insurance Corp. (FDIC)-insured , so you’ll get up to $250,000 deposits in case of bank failure .

BMO Alto user reviews

While many customers were happy with the high yields on their savings accounts and CDs, we found several complaints about the limited access to funds. Also, engaging other banks to complete transactions with your BMO Alto account can be time-consuming. Several customers also complained about their account creation processes taking time and the bank declining their account applications, freezing their accounts, or closing them without warning or stated reason. 

Also, resolving account issues is sometimes impossible with the bank's prolonged wait times and the support team members only returning a few calls and being inadequately equipped to help customers.

Compare BMO Alto alternatives

Below are other online banks offering high-yield interest. These banks offer their customers mobile banking access, multiple account options, and more products, which BMO Alto lacks. They include checking accounts , money market accounts (MMAs) , loans , investments , and credit cards . 

Is BMO Alto right for you?

BMO  Alto will work for you if you want to put your money away and earn high interest. If you're also looking for a bank that doesn't require you to show up physically to create an account or maintain minimum balances to avoid monthly service fees, you'll love this bank's online infrastructure and zero fees. Those looking to create multiple savings, checking, or MMAs should consider another bank or even BMO Bank , BMO Alto's brick-and-mortar alternative.

Frequently asked questions

Is bmo alto a legitimate bank.

Yes, BMO is legitimate. It’s a subsidiary of the BMO Financial Group, which owns BMO Bank , one of the largest banks in the United States. 

What is the difference between BMO and BMO Alto?

BMO Alto is an online-only bank offering a high-yield savings account and CDs while BMO N.A. provides individuals and businesses with physical and online banking services, more banking products, and more account options for individuals and businesses.

What is the disadvantage of BMO Alto?

Compared to most online banks, BMO Alto customers get fewer options. The bank doesn't allow physical or mobile banking, and its account options are limited. It also lacks multiple options for making deposits or transfers. You can't even walk into a BMO Branch or use a BMO ATM to access your funds. 

Does BMO Alto offer insufficient funds or overdraft protection? 

Generally, BMO Alto will only pay for an item if you have sufficient funds. The online bank attempts to reprocess such payment at the end of the business day and returns the item unpaid if there's insufficient money in an account. However, if the return process fails, there'll be an overdraft on your account, which may lead to an account closure if you fail to repay the said amount. BMO Alto can also use state or federal benefits deposits to settle the overdraft.

EDITORIAL DISCLOSURE : The advice, opinions, or rankings contained in this article are solely those of the Fortune Recommends ™ editorial team. This content has not been reviewed or endorsed by any of our affiliate partners or other third parties.