BMO World Elite MasterCard Review

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

The BMO World Elite MasterCard offers 3 BMO points for every $1 spent on travel, dining and entertainment purchases and 2 points for every $1 spent on everything else.

19.99%

Purchase Interest Rate

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

Annual Fee

22.99%

Balance Transfer Rate

Details

Product NameBMO World Elite MasterCard
RewardEarn 3 BMO Rewards points per $1 spent on dining, travel and entertainment purchases.
Welcome OfferOffers 35,000 BMO Rewards bonus points with minimum spend of $3,000 in the first three months of card membership. Ends January 15, 2020.
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. Earn 2 points for every dollar you spend on everyday purchases and 3 points for special categories like entertainment, dining and travel.
  • Welcome bonus. Get a welcome bonus worth 35,000 points – or around $250 in real dollar value.
  • High points value. Spend $1,000 per month on special categories and earn up to 30,000 points (enough to fly from Vancouver to San Francisco or stay in a 4-star hotel).
  • 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.
  • Cirque du Soleil 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 instant coverage on car rentals when you pay for them with your card.
  • Airport lounge access. Receive four annual complimentary lounge passes for you and your family.
  • 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 fee for this card is over $150 per year, but you can have it waived in the first year.
  • Conditional welcome offer. You’ll only get your bonus after you spend $3,000 on your card in your first 3 months.
  • High interest. You’ll pay over 19.99% interest on outstanding balances and even more for cash advances (almost double what you would pay on a low-interest card).
  • Fee for additional cards. There’s an added 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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