Overall rating
First year value
$950
Get this card if you:
- are a high-earner looking to earn cash back
- want great perks like travel insurance and concierge services
- value a great welcome offer
At a glance
The BMO CashBack® World Elite®* Mastercard®* is a premium credit card offering elevated cash back rates on categories such as groceries, transit, gas, and recurring bill payments. Cardholders benefit from complimentary roadside assistance, comprehensive insurance coverage, and flexible cash back redemption options, so you can maximize your rewards on everyday spending.
Highlights
$950
First year value
up to 10% cash back
Welcome bonus
$120
Annual fee
annual fee waived in the first year*
Interest Rates
21.99%
Purchase APR
23.99%
Balance transfer APR
23.99%
Cash advance APR
21.99% for Quebec residents
Eligibility
Excellent
Recommended credit score
$80,000
Required annual personal income
$150,000
Required annual household income
Quick overview of the BMO Cashback World Elite Mastercard
The BMO CashBack® World Elite®* Mastercard®* offers a lucrative sign-up bonus, a market-leading cash back rate on groceries*, an impressive roadside assistance package, and the best extended warranty and purchase protection terms offered by any Canadian credit card.* Maybe that's why we've named it our best gas and groceries credit card (despite the $120 annual fee, which BMO waives for the first year).
Who's this BMO World Elite Mastercard for?
As a premium rewards card with high income and credit score requirements, the BMO CashBack Card is 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.
Other ideal applicants include:
- Budget-conscious consumers: The no annual fee structure makes it attractive for those who want to maximize their rewards without additional costs.
- Grocery shoppers: With 5% cash back on grocery purchases (up to $500 per month), it's ideal for those who spend a significant amount on groceries.
- Canadians looking for flexible redemption: You can redeem your cash back at any time, with no minimum redemption amount, giving users more control over their rewards.
- People who occasionally carry a balance: While it's always best to pay off your balance in full, this card offers a lower interest rate (21.99% on purchases) compared to some premium rewards cards.
Pros and cons
Pros
-
Valuable sign-up bonus
-
High 5% cash back rate on groceries
-
Free roadside assistance
-
Excellent extended warranty and purchase protection terms
Cons
-
Restrictive spending limits for most cash back categories
-
Sign-up bonus structure is head-scratchingly complicated
-
High minimum income requirements
With up to 10% cash back in your first 3 months and your first year free† for new applicants, the BMO CashBack® World Elite®* Mastercard® has one of the best sign-up bonuses in Canada. Get up to 10% cash back in your first 3 months and the $120 annual fee waived in the first year.†
Unfortunately that up to 10% cash back in your first 3 months and your first year free† 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.
The card earns at the following rates after the 3-month welcome period ends:
- Groceries: 5% cash back up to $500spent per month ($25 in cash back)*
- Transit: 4% cash back up to $300spent per month ($12 in cash back)*
- Gas: 3% cash back up to $300spent per month ($9 in cash back)*
- Recurring Bills: 2% cash back up to $500spent 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 somewhat hampered by the $5 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, the BMO card might not be for everyone, with smaller spenders, couples and small families potentially better-served check by other credit cards for saving on groceries, most of which have higher spending caps.
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.* Enjoy a complimentary membership in the Dominion Automobile Association (DAA) - a $69 value.
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
BMO CashBack airport lounge access
The BMO CashBack World Elite Mastercard comes with a complimentary membership in Mastercard Travel Pass, powered by DragonPass. Unfortunately, the card only offers lounge access at more than 1,400 airport lounges for a fee of US$32 per person, per visit.
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 2 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
- Additional cash back with partner brands like Apple, Nike and Marriott via the Mastercard Travel Rewards program
- 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 partners.rentalcar.com/bmo.3
- Airport lounge access via Mastercard Airport Experiences provided by LoungeKey* ($32 USD per entrance)
- Annual fee: $120
- Purchase interest rate: 21.99%
- 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
Note that unlike a number of other upper-tier credit cards from the Big Five banks like Scotiabank 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
As Reddit user deltatux points out, if your monthly spending aligns with the benefits of the BMO Cashback World Elite Mastercard, then its cash back rewards structure will suit your lifestyle. If not, we recommend also considering the other credit cards compared below.
The BMO World Elite MasterCard is good if you can stay within their low monthly spend caps.
/u/deltatux
How does this BMO World Elite Mastercard compare
10% cash back
Welcome Bonus
$620
First Year Value
$300
Annual Value
Welcome Bonus: Earn 10% cash back on all purchases for the first 3 months (up to $2,000 in total purchases). Plus, no annual fee in the first year, including on additional cards. Expires Oct 31, 2025
Get this card if you...
-
want high cash back rates
-
value a great welcome offer
-
want comprehensive insurance benefits
Annual Fee & Annual Interest Rates
$120
Annual Fee
20.99%
Purchase
22.99%
Cash Advance
22.99%
Balance Transfer
Our Take
The Scotiabank Momentum® Visa Infinite* Card is a cash back credit card offering elevated earn rates on purchases in categories such as groceries, recurring bill payments, gas, and daily transit. Cardholders benefit from a competitive welcome bonus, comprehensive insurance coverage, and the potential to have the annual fee waived by bundling the card with certain Scotiabank chequing accounts.
Eligibility
Excellent (740+)
Recommended Credit Score
$60,000
Required Annual Personal Income
$100,000
Required Annual Household Income
Pros
-
High earn rate on everyday spending categories
-
Comprehensive travel and purchase insurance
-
Visa Infinite perks such as concierge, events, and special offers
-
25% Car rental discounts at Avis and Budget
-
Mobile device insurance
-
Up to $200 welcome bonus
Cons
-
Income requirements are higher: $60k personal or 100k household
-
Cash back can only be redeemed once a year
Annual Interest Rates
20.99%
Purchase
22.99%
Cash Advance
22.99%
Balance Transfer
Fees
$120
Annual Fee
2.50%
Foreign Transaction
$5
Cash Advance
$29
Over The Limit Penalty
Rewards cash back
4%
For every $1 you spend on grocery store purchases, recurring bill payments and subscription purchases
2%
For every $1 you spend on gas and daily transit purchases
1%
Cash back on all other purchases with no cash back limit
Insurance Benefits
$1,000
Mobile device insurance amount
$500,000
Travel accident insurance amount
$65,000
Rental car insurance amount
Earn 10% cash back on all purchases for the first 3 months (up to $2,000 in total purchases). Plus, no annual fee in the first year, including on additional cards.
To qualify for these offers make sure to open a new Scotiabank Momentum® Visa Infinite* credit card account by October 31, 2025.
To earn 10% cash back, make sure to use your new card to make everyday eligible purchases and earn 10% cash back on the first $2,000 you spend in your first 3 months from account opening.
Once you qualify, we’ll credit your account in 2 instalments:
Bonus Cash Back: The amount earned under the Cash Back Bonus Rate will be credited to your Account within approximately 7 months from the account open date; and
Regular Cash Back: The amount earned under your regular Cash Back Program Rate will be credited to your Account according to the regular cash back payment schedule as set out under the Program (i.e., November).
Individuals who are currently or were previously primary or secondary cardholders of a Scotiabank personal credit card in the past 2 years, including those that switch from an existing Scotiabank personal credit card, as well as employees of Scotiabank, are not eligible for these offers.
See terms and conditions for full details.
Our Take
The Scotiabank Momentum® Visa Infinite* Card is a cash back credit card offering elevated earn rates on purchases in categories such as groceries, recurring bill payments, gas, and daily transit. Cardholders benefit from a competitive welcome bonus, comprehensive insurance coverage, and the potential to have the annual fee waived by bundling the card with certain Scotiabank chequing accounts.
Eligibility
Excellent (740+)
Recommended Credit Score
$60,000
Required Annual Personal Income
$100,000
Required Annual Household Income
Pros
-
High earn rate on everyday spending categories
-
Comprehensive travel and purchase insurance
-
Visa Infinite perks such as concierge, events, and special offers
-
25% Car rental discounts at Avis and Budget
-
Mobile device insurance
-
Up to $200 welcome bonus
Cons
-
Income requirements are higher: $60k personal or 100k household
-
Cash back can only be redeemed once a year
Annual Interest Rates
20.99%
Purchase
22.99%
Cash Advance
22.99%
Balance Transfer
Fees
$120
Annual Fee
2.50%
Foreign Transaction
$5
Cash Advance
$29
Over The Limit Penalty
Rewards cash back
4%
For every $1 you spend on grocery store purchases, recurring bill payments and subscription purchases
2%
For every $1 you spend on gas and daily transit purchases
1%
Cash back on all other purchases with no cash back limit
Insurance Benefits
$1,000
Mobile device insurance amount
$500,000
Travel accident insurance amount
$65,000
Rental car insurance amount
Earn 10% cash back on all purchases for the first 3 months (up to $2,000 in total purchases). Plus, no annual fee in the first year, including on additional cards.
To qualify for these offers make sure to open a new Scotiabank Momentum® Visa Infinite* credit card account by October 31, 2025.
To earn 10% cash back, make sure to use your new card to make everyday eligible purchases and earn 10% cash back on the first $2,000 you spend in your first 3 months from account opening.
Once you qualify, we’ll credit your account in 2 instalments:
Bonus Cash Back: The amount earned under the Cash Back Bonus Rate will be credited to your Account within approximately 7 months from the account open date; and
Regular Cash Back: The amount earned under your regular Cash Back Program Rate will be credited to your Account according to the regular cash back payment schedule as set out under the Program (i.e., November).
Individuals who are currently or were previously primary or secondary cardholders of a Scotiabank personal credit card in the past 2 years, including those that switch from an existing Scotiabank personal credit card, as well as employees of Scotiabank, are not eligible for these offers.
See terms and conditions for full details.
There are a number of other cash back cards that reward grocery spending, such as the Scotiabank Momentum® Visa Infinite* Card. It offers only 4% cash back on groceries compared to the 5% offered by the BMO credit card. So if your grocery expenditures are less than $500 per month, 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 Scotiabank card compared to only $360 from the BMO card.
| BMO CashBack® World® Elite Mastercard | Scotiabank Momentum® Visa Infinite* Card |
|---|---|
|
Annual fee:
$120 |
Annual fee:
$120 |
|
Welcome bonus:
Get up to 10% cash back in your first 3 months and the $120 annual fee waived in the first year.† |
Welcome bonus:
Earn 10% cash back on all purchases for the first 3 months (up to $2,000 in total purchases). Plus, no annual fee in the first year, including on additional cards. |
|
Rewards:
Earn 5% cash back on groceries Earn 4% cash back on transit, including ride sharing, taxis, and public transportation Earn 3% cash back on gas and EV charging Earn 2% cash back on recurring bills Earn 1% back on all else |
Rewards:
After the welcome period ends earn 4% cash back on groceries, recurring bills, and subscription purchases Earn 2% back on gas and daily transit Earn 1% back on all other purchases. |
|
Redemption policy:
Any time (minimum $1 cash back) |
Redemption policy:
Once annually each November |
|
Perks:
Enjoy a complimentary membership in the Dominion Automobile Association (DAA) - a $69 value Comprehensive travel insurance |
Perks:
Comprehensive travel insurance |
| - | Apply Now |
Disclosures:
Conditions Apply. Visit here for the Scotiabank Momentum® Visa Infinite* Card to learn more.
bonus 10% cash back
Welcome Bonus
$892.12
First Year Value
$642.12
Annual Value
Welcome Bonus: Earn a bonus 10% cash back on purchases in your first 3 months (up to $2,000 in purchases).
Get this card if you...
-
want to earn cash back faster
-
need comprehensive insurance benefits
-
want a generous welcome offer to maximize rewards
Annual Fee & Annual Interest Rates
$119.88
Annual Fee
21.99%
Purchase
21.99%
Cash Advance
Our Take
The SimplyCash® Preferred Card from American Express is a cash back credit card offering elevated earn rates on eligible gas and grocery purchases in Canada, with a standard rate on all other purchases. Cardholders benefit from a welcome bonus, as well as additional perks such as rental car insurance and travel accident coverage; however, the card carries a monthly fee, and cash back is redeemed annually each September.
Eligibility
Excellent (740+)
Recommended Credit Score
Pros
-
Competitive cash back rates: Up to 4% on gas and groceries, and more
-
Refer-a-friend bonus up to $750 annually
-
Extra benefits like rental car insurance and travel accident coverage
-
Manufacturer's warranty doubled on purchases
Cons
-
$9.99/month fee ($119.88 annually)
-
Cash back redeemed annually in September
-
Not all benefits may be relevant to all users
-
Limited to American Express acceptance
Annual Interest Rates
21.99%
Purchase
21.99%
Cash Advance
28.99%
Penalty
Fees
$119.88
Annual Fee
2.50%
Foreign Transaction
$29
Over The Limit Penalty
Rewards cash back
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)
2%
cash back on all other purchases
Insurance Benefits
$1,000
Mobile device insurance amount
$5,000,000
Emergency medical insurance amount
$100,000
Travel accident insurance amount
$500
Hotel burglary insurance
$85,000
Rental car insurance amount
Earn a bonus 10% cash back on purchases in your first 3 months (up to $2,000 in purchases). That’s on top of your everyday cash back earn rates.
Plus, earn a $50 statement credit* when you make a purchase in month 13.*
This could add up to $250 in bonus value in your first 13 months.
*Current or former Cardmembers with this Card are not eligible for this offer. Other terms apply.
Our Take
The SimplyCash® Preferred Card from American Express is a cash back credit card offering elevated earn rates on eligible gas and grocery purchases in Canada, with a standard rate on all other purchases. Cardholders benefit from a welcome bonus, as well as additional perks such as rental car insurance and travel accident coverage; however, the card carries a monthly fee, and cash back is redeemed annually each September.
Eligibility
Excellent (740+)
Recommended Credit Score
Pros
-
Competitive cash back rates: Up to 4% on gas and groceries, and more
-
Refer-a-friend bonus up to $750 annually
-
Extra benefits like rental car insurance and travel accident coverage
-
Manufacturer's warranty doubled on purchases
Cons
-
$9.99/month fee ($119.88 annually)
-
Cash back redeemed annually in September
-
Not all benefits may be relevant to all users
-
Limited to American Express acceptance
Annual Interest Rates
21.99%
Purchase
21.99%
Cash Advance
28.99%
Penalty
Fees
$119.88
Annual Fee
2.50%
Foreign Transaction
$29
Over The Limit Penalty
Rewards cash back
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)
2%
cash back on all other purchases
Insurance Benefits
$1,000
Mobile device insurance amount
$5,000,000
Emergency medical insurance amount
$100,000
Travel accident insurance amount
$500
Hotel burglary insurance
$85,000
Rental car insurance amount
Earn a bonus 10% cash back on purchases in your first 3 months (up to $2,000 in purchases). That’s on top of your everyday cash back earn rates.
Plus, earn a $50 statement credit* when you make a purchase in month 13.*
This could add up to $250 in bonus value in your first 13 months.
*Current or former Cardmembers with this Card are not eligible for this offer. Other terms apply.
Another cash back card to consider is the SimplyCash® Preferred Card from American Express. It earns 44% cash back on eligible gas in Canada, 4% cash back on eligible groceries in Canada (up to $1,200 cash back annually)(up to $$1,200 cash back) and 2% cash back on everything else . Its annual fee is $119.88 (Equals a total fee of $$9.99 per month. Additional cards are free.). 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.
| BMO CashBack® World® Elite Mastercard | SimplyCash® Preferred Card from American Express |
|---|---|
|
Annual fee:
$120 |
Annual fee:
$119.88 ($9.99 per month. Additional cards are free.) |
|
Welcome offer:
Get up to 10% cash back in your first 3 months and the $120 annual fee waived in the first year.† |
Welcome offer:
Earn a bonus 10% cash back on purchases in your first 3 months (up to $2,000 in purchases). |
|
Rewards:
Earn 5% cash back on groceries Earn 4% cash back on transit, including ride sharing, taxis, and public transportation Earn 3% cash back on gas and EV charging Earn 2% cash back on recurring bills Earn 1% back on all else |
Rewards:
Earn 4% cash back on eligible gas station purchases in Canada Earn 4% cash back on eligible grocery store purchases in Canada (up to $$1,200 cash back) Earn 2% cash back on all other purchases. |
|
Redemption policy:
Any time (minimum $1 cash back) |
Redemption policy:
Once annually each September |
| - | Apply Now |
Disclosures:
- Contact American Express for the most up-to-date referral bonus figures.
- 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. If you apply and get approved for an American Express Card, (I/we) may receive compensation from American Express, which can be in the form of monetary payment.
What does Mastercard Priceless Experiences offer?
The Mastercard Priceless Cities and Experiences program provides cardholders with access to unique, exclusive experiences that often can't be purchased elsewhere. Examples of Priceless Experiences include:
- Step onto the field to watch the New York Yankees™ take batting practice: US$650
- Be part of the cast on stage with the acclaimed orchestra of Theatro Municipal in Sao Paulo, Brazil: US$165
- Explore the world's tallest building on a guided tour with exclusive perks at the Burj Khalifa in Dubai: US$69
- Soar over Amboseli National Park on the ultimate hot air balloon adventure: US$375
Is the BMO Cashback World Elite Mastercard worth it?
While the The BMO CashBack® World Elite®* Mastercard®* is our pick as one of the very best cash back credit card in Canada, it might not make sense for everyone. The card makes most 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 and commute regularly
- 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.)
However, for larger households, or anyone not planning to max out the rewards. In such cases, we suggest an unlimited cash back rewards credit card like the no annual fee Tangerine Money-Back Card, which provides 2% cash back on 2 categories of your choice, like groceries, recurring bills, gas, drug stores, and more.
BMO Cashback World Elite Mastercard 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 $80,000in 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.
Disclosures
- *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.
BMO Cashback World Elite FAQs
Cory Santos is a finance writer, editor and credit card expert with nearly a decade of experience in personal finance. Cory joined Wise Publishing from BestCards, with bylines in numerous print and digital publications across North America, including the Miami Herald, St. Louis Post-Dispatch, Debt.ca, AOL, MSN and Medium as well as financial podcasts like KOFE Talk.
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