The BMO CashBack World Elite Mastercard is one of the best cash back credit cards in Canada, offering high earn rates on everyday spending, a strong insurance package, and much more.
Cash back credit cards are some of the most popular types of credit cards in Canada for 2025. Of the extensive list we reviewed, we loved the BMO CashBack World Elite Mastercard, a premium credit card that earns high cashback rates on everyday spending and includes strong insurance. In this review, we’ll break down its rewards, fees, and benefits to help you decide if it’s the right fit for your wallet.
Key Takeaways
- The BMO CashBack World Elite Mastercard is a premium card that charges a $120 annual fee, but offers enhanced rewards for groceries, transit, gas, recurring bills, and more.
- The card has high income requirements of $80,000 personal or $150,000 household annual income, but it comes with World Elite Mastercard benefits.
- You can choose whenever you’d like to receive your cash back as a deposit or statement credit.
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BMO CashBack World Elite Mastercard at a glance
Here's an overview of the BMO CashBack World Elite Mastercard's main features:
| Feature | BMO CashBack® World Elite®* Mastercard®* |
|---|---|
| Annual fee | $120 (with potential annual waiver) |
| Income requirements | * $80,000 personal OR * $150,000 household |
| Welcome bonus | *  $150 GeniusCash + Up to $480 cash back in the first year, first year free (terms) |
| Rewards | * 5% cash back on groceries, up to $500 in monthly spend * 4% cash back on transit, up to $300 in monthly spend * 3% cash back on gas, up to $300 in monthly spend * 2% cash back on recurring bills, up to $500 in monthly spend * 1% cash back on all other purchases |
| Insurance | * 13 types |
| Pros | * Save up to 7 cents per litre at Shell * Roadside assistance included * Redeem cash back on demand |
| Cons | * High income requirements * Low monthly spend caps on bonus categories |
How to earn rewards with the BMO CashBack World Elite Mastercard
GC: $150
When it comes to earning rewards, BMO will let you earn bonus cash back on a variety of everyday purchases.
To start, you'll get up to $480 cash back in the first 12 months.
And to top it off, for a limited time, the annual fee is being waived for the first year. This means the annual fee won't interfere with your welcome bonus.
After the sign-up bonus period is over, you'll earn plenty of cash back with these earn rates:
- 5% cash back on groceries, up to $500 in monthly spend
- 4% cash back on transit, up to $300 in monthly spend
- 3% cash back on gas, up to $300 in monthly spend
- 2% cash back on recurring bills, up to $500 in monthly spend
- 1% cash back on all other purchases
That's a lot to take in, but it covers a lot of basics – food, transportation, and bills.
Based on a typical $2,000 monthly spend, we estimate an average earn rate of 2.05%, which isn't bad at all.
How to redeem rewards with the BMO CashBack World Elite Mastercard
Unlike most cash back cards that only give you a statement credit once per year, you can redeem your cash back once you've accumulated at least $1 in rewards. Simply log into your online account and follow the prompts to choose how you'd like to receive your earnings.
You have more options available for redeeming than just the usual statement credits – you can have your cash back deposited into a BMO chequing or savings account.
This alone makes this card one of the more flexible cash back cards on the market.
BMO also gives you the option to set up recurring cash back redemptions as long as you cash out at least $25.
Pros and cons of the BMO CashBack World Elite Mastercard
Like any credit card, the BMO CashBack World Elite Mastercard has distinct benefits and drawbacks to think about.
Pros:
- The card comes with extensive insurance coverage: Unlike most cash back cards, this BMO card comes with 13 out of the
17 provided by Canadian credit cards, including accident insurance and rental car personal effects coverage. - You’ll get complimentary roadside assistance: Instead of paying a club or program for roadside assistance, rest assured that your card has you covered if you need help with a flat, fuel delivery, or a battery jump.
- The annual fee is waived if you have a BMO Premium Banking Plan: Don’t worry about paying the $120 annual fee if you have a BMO Premium Chequing account (which costs $30.95 per month). If you maintain a balance of $6,000 in your premium chequing account, you can also get the plan's monthly fee waived as well.
- The card includes World Elite Mastercard benefits, such as 24/7 concierge service, access to exclusive events and dining experiences through Priceless Cities, and special offers like discounted Cirque du Soleil tickets.
Cons:
- You need a hefty income to qualify for the card: Mastercard doesn’t shell out benefits and rewards for nothing. You must meet the $80,000 personal or $150,000 household annual income requirement to get the card.
- The reward categories have low monthly caps: Enhanced earn rates are wonderful until you realize they’re capped at $500 for each statement cycle. So, if you spend $1,500 on groceries in a month, just be aware you’ll only earn 5% back on the first $500 or $300 (depending on the category).
- You’ll have to pay $50 for an additional card: Want to add another user to your BMO CashBack card? While you can add someone (and have their purchases count toward your cash back), it will cost you $50.
Cards that pair well with the BMO CashBack World Elite Mastercard
The BMO CashBack World Elite Mastercard does a great job of rewarding you for everyday purchases. Still, you could pair the card with another that matches your specific spending habits, like travel, business needs, or shopping at specific retailers like Costco.
Here are a few popular options:
| Credit card | Annual fee and income requirements | Welcome bonus | Rewards | Apply now |
|---|---|---|---|---|
| Scotiabank Gold American Express® Card | * $120 * $12,000 * $0 | $60 GeniusCash + Up to 50,000 bonus points, first year free (terms) |
| Apply now |
| Tangerine Money-Back Credit Card | * $0 * $12,000 * $0 | $125 GeniusCash + 10% extra cash back for the first 2 months (terms) |
| Apply now |
| SimplyCash® Card from American Express | * $0 * $0 * $0 | 5% cash back for the first 3 months (terms) |
| Apply now |
| Rogers Red Mastercard® | * $0 * $0 * $0 | None |
| Apply now |
FAQ
What are the benefits of the BMO CashBack World Elite Mastercard?
This card comes with a lot, but some of our favourite benefits include World Elite Mastercard benefits like exclusive dining and event opportunities, along with concierge service. We also like the overlooked roadside assistance feature and fuel discount.
How do I get my cash back from a BMO Mastercard?
This card lets you decide when you’d like your cash back. Simply log into your online account and select whether you prefer cash back to be deposited into a BMO account or as a statement credit.
What is a cash back card benefit?
A cash back benefit means you earn rewards, usually in the form of points, for purchases you make with your cash back card. Then, you can receive a small percentage of your purchases back in the form of a deposit or statement credit.
Does the BMO CashBack World Elite Mastercard have airport lounge access?
Yes, you’ll get a membership to Mastercard Travel Pass provided by DragonPass. Although membership is free, you’ll have to pay USD$32 for every visit to one of the 1,300 available lounges around the world.
Does the BMO CashBack World Elite Mastercard have travel insurance?
Yes, you'll get an impressive 13 types of insurance coverage, including emergency medical, travel accident, trip interruption, hotel burglary, rental car coverage, and more. This is in addition to the purchase protection that comes with the card.
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