BMO CashBack World Elite MasterCard Review
Get cashback on everyday purchases along with added perks like comprehensive travel insurance and roadside assistance.
Purchase Interest Rate
$0 annual fee for the first year ($120 thereafter)
Balance Transfer Rate
|Product Name||BMO CashBack World Elite MasterCard|
|Reward||Earn 1.5% cash back on all purchases. No cap and no limit.|
|Welcome Offer||Get 5% cash back in the first three months of card membership with first year annual fee waiver. Ends 30 November 2019.|
|Purchase Interest Rate||19.99%|
|Cash Advance Rate||22.99%|
|Balance Transfer Rate||22.99%|
|Interest Free Period||Up to 21 days|
|Go to site|
The BMO CashBack World Elite MasterCard offers a 1.5% cashback return on all purchases. It also comes with a welcome offer and a good mix of travel benefits.
- 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.
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. Lock in a 5% return on everything you buy in your first 3 months.
- 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.
- 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
- 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.
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