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BMO CashBack World Elite Mastercard Review

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

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

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Claire Horwood

Updated

Jan 7, 2021

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

Annual Fee

1% cash back

Rewards

30-second take

Think about this card if you’re a frequent flyer and want a decent return on cash back.

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 cash back instead of points, then the BMO CashBack World Elite Mastercard could be just the ticket.

Cash back rewards. Earn 5% cash back on groceries, 4% on transit including ride sharing, taxis and public transportation, 3% on gas and electric vehicle charging, 2% on recurring bill payments and 1% unlimited cash back on all eligible purchases.
Welcome bonus.Get up to 10% cash back in your first 3 months and the $120 annual fee waived in the first year.
Flexible redemption. Redeem cash back 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 and discounts. Get up to a 25% discount at National Car Rental and Alamo Rent A Car locations with complimentary Collision Damage Waiver benefits (MSRP of up to $65,000).
Mastercard Airport Experiences. Get complimentary membership in Mastercard Travel Pass provided by DragonPass.
Digital services perks. Get benefits and offers for digital everyday services from a variety of on-demand apps and subscription services.
Access WiFi worldwide. Access over 1 million WiFi hotspots around the world at no added cost, with no added fees or roaming charges.
Mastercard rewards. Unlock Mastercard Travel Rewards cashback offers when you travel and shop outside of Canada.
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. This card will cost you $120 per year. The annual fee of $120 is waived in the first year.
High interest. You’ll pay 20.99% interest on your credit card balance.
Fee for additional cards. You’ll pay an additional fee of $50 per card if you want more than one card.
Difficult to qualify. The minimum income you’ll need to qualify for this card is $80,000.

BMO CashBack World Elite Mastercard interest rates

Interest Type	Interest Rate
Purchase interest rate	20.99%
Cash advance rate	23.99%
Standard balance transfer rate	23.99%

What should I know before I apply

To apply for a BMO CashBack World Elite Mastercard, you will need to meet the following criteria:
- Be a Canadian citizen or permanent resident who is at least 18 years old (19 in some provinces)
- Have a minimum annual income of $80,000 or a household income of $150,000
- Your name, residential status and contact information.
- Your social insurance number and date of birth.
- Your email address and phone number.

How to apply

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

Bottom line

The BMO CashBack World Elite Mastercard is a good fit for frequent flyers who want to earn cash back 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

Claire Horwood

Claire Horwood is a writer at Finder, specializing in credit cards, loans and other financial products. She has a Bachelor of Arts in Gender Studies from the University of Victoria, and an Associate’s Degree in Science from Camosun College. Much of Claire’s coursework has focused on writing and statistics, with a healthy dose of social and cultural analysis mixed in for good measure. In her spare time, Claire enjoys rock climbing, travelling and drinking inordinate amounts of coffee.