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 of 5% 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 cash back credit card for 2024 (despite the $120.00 annual fee, which BMO waives for the first year).
Who's the CashBack 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 ($80000.00+) singles, who can maximize the card’s cash back rates without chafing under its strict spending caps.
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
BMO Cashback World Elite Mastercard welcome offer
With around $250 in cash back 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 anniversary*..
Unfortunately that up to 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 $500spent on groceries ($50 cash back)
- Up to $500spent on recurring bills ($50 cash back)
- Up to $300spent on gas and electric vehicle charging ($30 cash back)
- Up to $300spent 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.
How to earn cash back with the BMO Cashback World Elite Mastercard
The card earns at the following rates after the 3-month welcome period ends:
- Groceries: 5.00% cash back up to $500spent per month ($25 in cash back)*
- Transit: 4.00% cash back up to $300spent per month ($12 in cash back)*
- Gas: 3.00% cash back up to $300spent per month ($9 in cash back)*
- Recurring Bills: 2.00% cash back up to $500spent per month ($10 in cash back)*
- Everything Else: 1.00% 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 1.00% for the remainder of the month. When a new month starts you’ll earn again at the enhanced rate.
The 5.00% 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 $5.00 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 5.00% 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.
Redeeming cash back with the BMO Cashback World Elite Mastercard
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.
Key benefits of the BMO Cashback World Elite Mastercard
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 World Elite Mastercard insurance coverage
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:
| BMO CashBack® World Elite®* Mastercard®*: What's Covered? |
|---|
| Travel Emergency Medical:* Up to 8 days of consecutive coverage for those under age 65. Covers up to $2 million. |
| Delayed and Lost Baggage:* Up to a maximum of $2000.00 per trip for lost, stolen, or damaged baggage. |
| Flight Delay:* Up to $500 to cover reasonable accommodation and travelling expenses when a flight is delayed 6+ hours. |
| Auto Rental Collision/Loss Damage:* Up to $65000 in value. Also covers theft or damage to personal effects up to a maximum of $1,000 per person, per occurrence. |
| Common Carrier Travel Accident Insurance:* Up to $500000 per insured person. |
| Purchase Protection:* Covers theft of or damage to items within 180 days of purchase with the card. |
| Extended Warranty:* Extends a purchased item's original manufacturer's warranty by up to 2 years. |
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
- 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)
Interest rates and fees
- Annual fee: $120.00
- 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: 2.50% charge per foreign transaction
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
What are people saying about the BMO Cashback World Elite Mastercard?
The BMO World Elite MasterCard is good if you can stay within their low monthly spend caps.
/u/deltatux
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.
How does the BMO Cashback World Elite Mastercard compare
| Features | BMO CashBack® World® Elite Mastercard | Scotia Momentum® Visa Infinite* Card | SimplyCash® Preferred Card from American Express |
|---|---|---|---|
| Annual fee | $120.00 | $120.00 | $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 anniversary*. | Earn 10% cash back on all purchases for the first 3 months (up to $2,000 in total purchases). No annual fee in the first year, including on additional cards. | Earn up to $400 in Statement Credits in your first 10 months. |
| Cash back rate(s) | 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 1.00% back on all else | After the welcome period ends earn 4.00% cash back on groceries, recurring bills, and subscription purchases; 2.00% back on gas and daily transit; 1.00% back on all other purchases. | Earn 4.00% cash back on eligible gas station purchases in Canada, 4.00% cash back on eligible grocery store purchases in Canada (up to $$1,200 in cash back per year) and 2.00% cash back on all other purchases. |
| Cash back redemption policy | Any time (minimum $1 cash back) | Once annually each November | Once annually each September |
Scotiabank Momentum® Visa Infinite
5.0
10% back
Welcome offerExcellent
Suggested credit scoreEarn 10% cash back on all purchases for the first 3 months (up to $2,000 in total purchases). No annual fee in the first year, including on additional cards.
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
Eligibility
Excellent
Recommended Credit Score
$60,000
Required Annual Personal Income
$100,000
Required Annual Household Income
Recommended Credit Score
Excellent
Required Annual Personal Income
$60,000
Required Annual Household Income
$100,000
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
For every $1 you spend on grocery store purchases, recurring bill payments and subscription purchases
4%
For every $1 you spend on gas and daily transit purchases
2%
Cash back on all other purchases with no cash back limit
1%
20.99%
Purchase APR
22.99%
Balance Transfer Rate
22.99%
Cash Advance APR
$120
Annual Fee $50 per supplementary card
2.50%
Foreign Transaction Fee
Purchase APR
20.99%
Balance Transfer Rate
22.99%
Cash Advance APR
22.99%
Annual Fee
$120
Foreign Transaction Fee
2.50%
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
Eligibility
Excellent
Recommended Credit Score
$60,000
Required Annual Personal Income
$100,000
Required Annual Household Income
Recommended Credit Score
Excellent
Required Annual Personal Income
$60,000
Required Annual Household Income
$100,000
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
For every $1 you spend on grocery store purchases, recurring bill payments and subscription purchases
4%
For every $1 you spend on gas and daily transit purchases
2%
Cash back on all other purchases with no cash back limit
1%
20.99%
Purchase APR
22.99%
Balance Transfer Rate
22.99%
Cash Advance APR
$120
Annual Fee $50 per supplementary card
2.50%
Foreign Transaction Fee
Purchase APR
20.99%
Balance Transfer Rate
22.99%
Cash Advance APR
22.99%
Annual Fee
$120
Foreign Transaction Fee
2.50%
There are a number of other cash back cards that reward grocery spending, such as the Scotia Momentum® Visa Infinite* Card. It offers only 4.00% cash back on groceries compared to the 5.00% offered by the BMO credit card. So if your grocery expenditures are less than $500per 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 Scotia card compared to only $360 from the BMO card.
¹ Conditions Apply. Visit here for the Scotia Momentum® Visa Infinite* Card to learn more.
SimplyCash® Preferred Card
4.0
up to $400
Welcome offerExcellent
Suggested credit scoreWelcome Bonus of up to $400 in Statement Credits
Pros
-
Earn up to $400 in statement credits in first 10 months
-
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
-
Requires spending $750 monthly for maximum bonus
-
Not all benefits may be relevant to all users
-
Limited to American Express acceptance
Eligibility
Excellent
Recommended Credit Score
Recommended Credit Score
Excellent
4%
Earn 4% cash back on gas in Canada.
4%
Earn 4% cash back on grocery purchases in Canada, up to $1,200 cash back per year.
2%
Earn 2% cash back on everything else with no limit.
Earn 4% cash back on gas in Canada.
4%
Earn 4% cash back on grocery purchases in Canada, up to $1,200 cash back per year.
4%
Earn 2% cash back on everything else with no limit.
2%
21.99%
Purchase APR
21.99%
Cash Advance APR
$119.88
Annual Fee $9.99 per month. Additional cards are free.
2.50%
Foreign Transaction Fee 2.5% of the transaction in CDN
Purchase APR
21.99%
Cash Advance APR
21.99%
Annual Fee
$119.88
Foreign Transaction Fee
2.50%
Pros
-
Earn up to $400 in statement credits in first 10 months
-
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
-
Requires spending $750 monthly for maximum bonus
-
Not all benefits may be relevant to all users
-
Limited to American Express acceptance
Eligibility
Excellent
Recommended Credit Score
Recommended Credit Score
Excellent
4%
Earn 4% cash back on gas in Canada.
4%
Earn 4% cash back on grocery purchases in Canada, up to $1,200 cash back per year.
2%
Earn 2% cash back on everything else with no limit.
Earn 4% cash back on gas in Canada.
4%
Earn 4% cash back on grocery purchases in Canada, up to $1,200 cash back per year.
4%
Earn 2% cash back on everything else with no limit.
2%
21.99%
Purchase APR
21.99%
Cash Advance APR
$119.88
Annual Fee $9.99 per month. Additional cards are free.
2.50%
Foreign Transaction Fee 2.5% of the transaction in CDN
Purchase APR
21.99%
Cash Advance APR
21.99%
Annual Fee
$119.88
Foreign Transaction Fee
2.50%
Another cash back card to consider is the SimplyCash® Preferred Card from American Express. It earns 44% back on gas in Canada, 4% back on groceries in Canada(up to $$1,200 in cash back per year) and 2% 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.
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.
Is the BMO Cashback World Elite Mastercard worth it?
While the The BMO CashBack® World Elite®* Mastercard®* is our pick for 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:
- 1.
Groceries are one of your top three monthly expenses
- 2.
You’re an urban driver
- 3.
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 2.00% 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 $80000.00in annual income personally
- Have at least $150000.00 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.
*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.
Cory Santos is a finance writer, editor and credit card expert with over seven years 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, AOL, MSN and Medium as well as financial podcasts like KOFE Talk.
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