There are tons of cash back credit cards out there – some mediocre, some outstanding, and some truly competitive.

The falls under that third umbrella.

We’re taking a look at exactly what you can expect with this card so you can see if it’s a good fit for you.

Let’s dive right in.

BMO CashBack World Elite Mastercard earn rates

When it comes to earning rewards, BMO has kept it simple and straightforward.

BMO CashBack World Elite sign-up bonus

To start off, you’ll get an earn rate of 5% on the first $4,000 spent in the first 3 months after signing up. That’s $200 right there.

And 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.

Earning rewards

After the sign-up bonus period is over, you’ll earn 1.5% cash back on ALL your purchases with no caps on your earnings.

This straightforward earn rate makes the card extremely simple to use. There’s no guessing at redemption categories or fiddling with caps – everything you spend will get you cash back.

So how many rewards can you earn?

As an example, if you spent $2,000 per month on the card, you’d get $360 in cash back rewards every year.

($2,000 * 0.015) * 12 = $360

Here’s an idea of what you could earn in rewards annually based on your typical monthly spending.

Monthly spending Annual Rewards Earned Annual Rewards + $200 Welcome Bonus
$1,000 $180 $380
$1,500 $270 $470
$2,000 $360 $560
$2,500 $450 $650
$3,000 $540 $740
$3,500 $630 $830
$4,000 $720 $920

Redeeming rewards

On top of earning good cash back rewards, you get to decide when you want them paid out.

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 $50 in rewards.

And you have more options available for redeeming than just the usual statement credits – you can have your cash back deposited into a BMO chequing, savings, or Investorline account.

This alone makes this card one of the more flexible cash back cards on the market.

Plus up to 4% cash back.
Ends December 18, 2019.

BMO CashBack World Elite Mastercard insurance coverage

Maybe one of the most underrated perks of this card is the insurance coverage.

While most cash back cards don’t offer much in the way of insurance coverage (including many premium cash back cards), the offers 13 out of the 16 provided by Canadian credit cards.

Among those 13 are some of the rarer coverages like rental car personal effects insurance and accident insurance.

Check out everything else it offers here:

Complimentary roadside assistance

Anyone who drives a car knows that even the most well-lubricated machines can (and will) break down, often when you least expect it.

Or, something as simple as locking your keys in your car or having the battery die on you always seems to happen at the worst of times.

That’s where roadside assistance comes in.

But don’t break out your wallet just yet – the comes with complimentary roadside assistance. Rather than shelling out $70 for a basic CAA membership, you can save that money simply by carrying this credit card in your wallet.

Annual fee waiver with BMO premium banking plan

Although this card waives the annual fee for the first year, many people can find it hard to justify the $120 annual fee, even with all the great perks this card comes with.

But fear not. If you have the BMO Premium Chequing account, it includes an annual fee waiver for any BMO World Elite Mastercard.

The plan, which costs $30 per month, waives your credit card’s annual fee completely. And what’s more, 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.

Related: Banking Packages With Free Premium Credit Cards

World Elite Mastercard BMO perks

Of course, as a World Elite Mastercard, you’ll get access to everything the Mastercard program has to offer. Here are a few of the exclusive perks offered by Mastercard, just for having a World Elite card:

  • Mastercard World Elite Priceless Cities and experiences for once-in-a-lifetime opportunities
  • Cirque du Soleil Benefits like preferred seating, discounts on tickets, and VIP experiences
  • World Elite concierge service to help you shorten your to-do list

Cirque du soleil is perhaps one of the more unique perks that any show-lover can get behind.

Related: The Ins and Outs of Credit Card Concierge

Downsides

So what are the downsides to this card? It can’t all be sunshine and roses.

Well, the biggest drawback is the amount of rewards you’ll accumulate ‒ if you’re looking STRICTLY at rewards.

While 1.5% cash back is a decent return, our top-rated cash back card has an average earn rate of 2%.

What this card lacks in earn rate, it makes up for in redemption flexibility, premium perks, and complimentary insurance coverage.

Also keep in mind that as a World Elite Mastercard, it comes with higher income requirements of $80,000 personal or $150,000 household.

The bottom line

If you want an all-around premium cash back card with rewards, top-notch insurance coverage, roadside assistance, and World Elite perks ‒ then you’ve come to the right place.

But if the most rewards are what you’re after, there are other cards out there that may suit your needs better.

Try our Rate Your Wallet tool to find your perfect match in less than 3 minutes.