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BMO World Elite Mastercard Review

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Earn more points on travel, dining and entertainment purchases and get a generous welcome bonus.

Get up to $575 in value in your first year. Get a bonus of 40,000 BMO Rewards points ($285 travel value booked on bmorewards.com). Plus, get the $150 annual fee waived in the first year.

19.99%

Purchase Interest Rate

$0 annual fee for the first year ($150 thereafter)

Annual Fee

Details

Product NameBMO World Elite Mastercard
RewardGet 3 BMO Rewards points per $1 spent on eligible travel, dining and entertainment purchases (up to $50,000 spend annually), and get 2 BMO Rewards points per $1 spent on all other eligible purchases (and once you reach the $50,000 annual spend).
Welcome OfferGet up to $575 in value in your first year. Get a bonus of 40,000 BMO Rewards points ($285 travel value booked on bmorewards.com). Plus, get the $150 annual fee waived in the first year.
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 want a decent return on travel points and comprehensive travel insurance.
  • Choose something else if you’d rather have a low interest rate or don’t want to pay an annual fee.
  • This card does not have minimum annual income requirements.

The basics

Whether you’re setting off on your next business trip or planning a 5-star resort stay, the BMO World Elite Mastercard could be a good fit for you.

  • High return. Get 3 BMO Rewards points per $1 spent on eligible travel, dining and entertainment purchases (up to $50,000 spend annually), and get 2 BMO Rewards points per $1 spent on all other eligible purchases (and once you reach the $50,000 annual spend).
  • Welcome bonus. Get up to $575 in value in your first year. Get a bonus of 40,000 BMO Rewards points ($285 travel value booked on bmorewards.com). Plus, get the $150 annual fee waived in the first year.
  • Purchase protection. Protect the items you buy on your card with extended warranty and insurance coverage.
  • Travel insurance. Cash in on travel medical insurance and get access to trip interruption, trip cancellation, flight delay and baggage insurance.
  • Discounts. Get 15% off admission to Cirque du Soleil shows touring Canada, and 20% off resident shows in Las Vegas.

The perks

  • Car rental insurance. Get complimentary Collision Damage Waiver benefits (MSRP of up to $65,000).
  • Airport lounge access. Get a complimentary Mastercard Airport Experiences provided by LoungeKey membership, with exclusive VIP access, plus four annual complimentary passes ($140 value per year). After using your complimentary passes, lounge access will cost US$32 per person, per visit. You'll also get access to free, 24/7 concierge services.
  • 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. Rest easy knowing you’re protected against fraudulent charges on your account.
  • Enhanced security. Use your Mastercard SecureCode to protect your purchases online.
  • Optional benefits. Pay more for roadside assistance, balance protection or credit card alerts.

What to watch out for

  • High annual fee. The annual fee for this card is $150. Annual fee of $150 waived in the first year.
  • High interest. You’ll pay 19.99% interest on outstanding balances and 22.99% for cash advances.
  • Fee for additional cards. There’s a $50 fee for additional cardholders.
  • Difficult to qualify. The minimum income to get approved 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 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 World Elite Mastercard is a good fit for frequent flyers who spend a decent amount on travel, dining and entertainment. This card comes with a welcome offer, comprehensive travel insurance and other perks like car rental insurance and airport lounge access.

Frequently asked questions about the BMO World Elite Mastercard

Pictures: bmo.com/ca

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