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.
Up to 10% cash back
$0 annual fee for the first year ($120 thereafter)
1% 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 Offer||Get up to 10% cash back in your first 3 months and the $120 annual fee waived in the first year.|
|Purchase Interest Rate||20.99%|
|Cash Advance Rate||23.99% (21.99% for Quebec residents)|
|Balance Transfer Rate||22.99%|
|Interest Free Period||Up to 21 days|
- 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.
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.
- 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.
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 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