BMO CashBack World Elite Mastercard Review

The basics

• 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.
• 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

What should I know before I apply

• Eligibility requirements

  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

• You will also need to provide the following documents and information:

  • Your name, residential status and contact information.
  • Your social insurance number and date of birth.
  • Your email address and phone number.

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 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

• Does the BMO CashBack World Elite MasterCard have a welcome offer?

  Yes, depending on when you signup. Get up to 10% cash back in your first 3 months and the $120 annual fee waived in the first year.

• Can my cash back dollars expire?

  The short answer is no. As long as you keep your account open and in good standing, your cash back dollars won’t expire.

• Can I apply online?

  Yes, you can apply by visiting the BMO bank website, or you can simply click “Go to Site” in the table above to be redirected to the application.

Pictures: bmo.com/ca