BMO CashBack World Elite MasterCard Review

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Get cashback on everyday purchases along with added perks like comprehensive travel insurance and roadside assistance.

The BMO CashBack World Elite MasterCard offers a 1.5% cash back return on all purchases. It also comes with a welcome offer and a good mix of travel benefits.

19.99%

Purchase Interest Rate

$0 annual fee for the first year ($120 thereafter)

Annual Fee

22.99%

Balance Transfer Rate

Details

Product NameBMO CashBack World Elite MasterCard
RewardEarn 1.5% cash back on all purchases. No cap and no limit.
Welcome OfferGet 5% cash back in the first three months of card membership with first year annual fee waiver. Ends March 31, 2020.
Purchase Interest Rate19.99%
Cash Advance Rate22.99%
Balance Transfer Rate22.99%
Interest Free Period Up to 21 days
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More Info

30-second take

  • Think about this card if you’re a frequent flyer and want a decent return on cashback.
  • Choose something else if you’d rather earn travel points or don’t want to pay an annual fee.
  • Your minimum annual income needs to be $80,000, or you should have a household income of $150,000.

The basics

If you want a travel card that earns cashback instead of points, then the BMO CashBack World Elite MasterCard could be just the ticket.

  • Cashback rewards. Earn 1.5% cashback when you spend money on your card.
  • Welcome bonus. Get 5% cash back on all eligible purchases in your first 3 months. Plus, the annual fee will be waived in the first year.
  • Flexible redemption. Redeem cashback rewards by paying into your credit card, bank balance or investment portfolio (through BMO InvestorLine).
  • Purchase protection. Protect the purchases you make on your card with extended warranty and insurance coverage.
  • Travel insurance. Get a full suite of travel insurance, including travel medical, trip interruption, trip cancellation, flight delay and baggage insurance.
  • Roadside assistance. Take advantage of free basic coverage with BMO roadside assistance.

The perks

  • Car rental insurance. Use your card to pay for car rentals and get automatic coverage for collisions.
  • Airport lounge access. Pay a discounted rate to enter airport lounges supported by the Mastercard Airport Experiences program.
  • Zero liability coverage. Protect yourself against fraudulent charges with zero liability coverage.
  • Enhanced security. Use your Mastercard SecureCode to protect your information when shopping online.
  • Optional benefits. Pay an extra fee to take advantage of balance protection and credit card alerts.

What to watch out for

  • High annual fee. The fee for this card is over $120 per year, but you can have it waived in the first year.
  • High interest. You’ll pay over 19.99% interest on your credit card balance (which is almost double what you would pay on a low-interest card).
  • No points. Even though your cashback rewards are flexible, you won’t be able to collect points or get cash in hand to pay for purchases.
  • Fee for additional cards. You’ll pay an additional fee if you want to get more than one card.
  • Difficult to qualify. The minimum income you’ll need to qualify for this card is $80,000.

What should I know before I apply

How to apply

  1. Click Go to site to be directed to your BMO CashBack World Elite MasterCard application.
  2. Read through the Disclosure Statement details and click Accept & Continue.
  3. Complete the application with details that include your name, email address, social insurance number and birth date.
  4. Review and submit your application.

Bottom line

The BMO CashBack World Elite MasterCard is a good fit for frequent flyers who want to earn cashback instead of points on their purchases. This card comes with a welcome offer, comprehensive travel insurance and added perks like airport lounge access and roadside assistance.

Frequently asked questions about the BMO CashBack World Elite MasterCard

Pictures: bmo.com/ca

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