A close study of the BMO World Elite vs. MBNA World Elite Mastercards ultimately has the MBNA Rewards World Elite Mastercard coming out on top, thanks to its valuable rewards and benefits. In fact, we've named it the Best Mastercard in Canada.
However, the BMO Ascend World Elite Mastercard has better insurance and a higher welcome bonus than its MBNA counterpart. These factors could tip the scales for many people.
This article studies these 2 Mastercards closely, comparing all the important features, so Canadians can make an informed decision.
Key Takeaways
- Ultimately, the MBNA card wins when comparing the BMO World Elite vs. MBNA World Elite Mastercards.
- Both World Elite Mastercards have high income requirements and modest annual fees, but provide valuable perks and rewards.
- The BMO Ascend World Elite Mastercard earns BMO Rewards points, which aren’t as valuable as the MBNA Rewards points you earn with the MBNA Rewards World Elite Mastercard.
- The MBNA Rewards World Elite Mastercard is the best overall Mastercard in Canada, thanks to its strong rewards, widespread insurance coverage, and annual birthday bonus.
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BMO Ascend vs. MBNA World Elite Mastercard at a glance
Here's how the BMO Ascend World Elite Mastercard and MBNA Rewards World Elite Mastercard stack up:
| Feature | BMO Ascend™ World Elite®* Mastercard®* | MBNA Rewards World Elite® Mastercard® |
|---|---|---|
| Annual Fee | $150 | $120 |
| First Year Free? | Yes | No |
| Income Requirements | * $80,000 personal * $150,000 household | * $80,000 personal * $150,000 household |
| Welcome Bonus |  $150 GeniusCash + Up to 100,000 bonus points, first year free (terms) | $40 GeniusCash + Up to 30,000 bonus points (terms) |
| Rewards | Up to 5 points per $1 | Up to 5 points per $1 |
| Highest Earning Categories | Travel | Restaurants, groceries, and select recurring bills |
| Types of Insurance | 12 | 12 |
| Special Features | * Mastercard Travel Pass, including 4 annual complimentary passes * $5 million in emergency medical coverage | * 10% bonus points every year on your birthday * Includes trip assistance and legal assistance |
| Best for… | People who already bank with BMO or want extensive insurance | People who want more value from their rewards |
| Learn More | Learn more | Learn more |
What we love about the BMO Ascend World Elite Mastercard
GC: $150
Pros:
- Generous welcome bonus
- 4 lounge passes with Mastercard Travel Pass membership
- 12 types of insurance
Cons:
- Low point value of 0.67 CPP (cents per point)
Although this card gives you up to 5 points per $1 spent on travel, the BMO Ascend World Elite Mastercard card really stands out for its insurance and perks. You'll get one of the most comprehensive insurance packages along with airport lounge access through Mastercard Travel Pass.
Yes, the card's annual fee is slightly higher than the MBNA card, but the first year is waived. This provides an excellent opportunity to see how much value you can get out of the card and determine whether paying the fee is worth it.
What we love about the MBNA Rewards World Elite Mastercard
×7 Award winner GC: $40
7x Award winner Pros:
- High 2.86% average earn rate
- 10% bonus points every year on your birthday
- 12 types of insurance
Cons:
- High income requirements
The MBNA Rewards World Elite Mastercard card won Best Mastercard overall in our best Mastercard in Canada list for good reason. The card earns up to 5 points per $1, but it's not limited to travel purchases. Instead, you'll earn the enhanced rate for restaurants, groceries, and select recurring bills.
We also love that this card gives you a 10% birthday bonus every year – which can really offset the annual fee. The card also packs a hefty insurance package, which makes it an excellent choice for a travel credit card
How do they compare?
A head-to-head comparison of BMO World Elite vs. MBNA World Elite shows that the BMO card offers the best insurance package, welcome bonus, and annual fee, and the MBNA card has better rewards and benefits overall.
Best benefits: MBNA Rewards World Elite Mastercard
As World Elite Mastercards, both of these credit cards come with the same World Elite benefits package, which includes Mastercard Priceless Cities, World Experiences, and concierge services.
The BMO Ascend World Elite Mastercard has several benefits going for it: membership in Mastercard Travel Pass provided by Dragonpass and 4 annual passes, along with a rental car discount through Alamo and National Rent a Car.
However, the MBNA Rewards World Elite Mastercard gives you a 10% birthday bonus up to 15,000 points (worth $150), and you have access to the often-overlooked MBNA Payment Plan. If you know you're going to make a large purchase, but don't want to charge it all to your card at once, you can set up a 6-, 12-, or 18-month payment plan.
Oh, and the BMO Ascend World Elite Mastercard also gets you a nice rental car discount through Avis and Budget.
Best insurance: BMO Ascend World Elite Mastercard
This category is close since both cards offer a dozen types of insurance coverage. However, we like to check the details of coverage to see which card offers the best coverage with the highest limits.
Although the MBNA includes mobile device coverage and a higher limit on travel accident insurance, the BMO Ascend World Elite Mastercard includes trip cancellation, personal effects coverage, and hotel burglary insurance – all of which tip the scales in this card's favour.
Best rewards: MBNA Rewards World Elite Mastercard
Since we're comparing different rewards programs – MBNA Rewards and BMO Rewards – it helps to compare them based strictly on value.
To do this, we estimate how much you'd earn if you spent $3,000 a month. Since the BMO card only gives a 1.03% average return, you'd get about $370 in annual rewards.
On the other hand, the MBNA card has a much higher return – 2.86% – which gives you a whopping $1,030 in annual rewards.
Highest acceptance: Tie
This is a bit of a trick category – since both cards are World Elite Mastercards, you should have no problem finding retailers that accept either card.
Highest welcome bonus: BMO Ascend World Elite Mastercard
You can earn up to 100,000 bonus points with the BMO Ascend World Elite Mastercard, valued at $670.
Compare this with the 30,000 bonus points offered by the MBNA Rewards card, valued at $300, and the winner is obvious. MBNA can't touch BMO's welcome bonus value.
Best interest rates: Tie
If you're looking for the lowest interest rate on purchases, both cards are tied at 21.99%. That said, the MBNA card has the lower cash advance rate (22.99%).
The other difference in rates is in the balance transfer rate. The standard balance transfer rate remains 22.99% for the MBNA Rewards World Elite Mastercard but goes up to 23.99% for the BMO Ascend World Elite Mastercard. However, the BMO Ascend World Elite Mastercard offers 0% for the first 12 months.
To summarize, one card has a lower cash advance rate, one a lower balance transfer rate, and they're tied for purchase rates. This category is a bit of a wash.
Lowest annual fee: BMO Ascend World Elite Mastercard (for now)
These credit cards both have annual fees that are typical of World Elite Mastercards, which generally range from $120 to $150 per year.
While the BMO Mastercard has a higher annual fee, that fee is waived for the first year you have the card. This means, dollar for dollar, you'll pay less overall for the BMO Ascend World Elite Mastercard until you've had it for 5 years.
This also gives you a chance to take the BMO Mastercard for a test drive for a full year without having to shell out for an annual fee. If you're not 100% certain if a credit card is right for you, this can be a huge benefit.
Lowest eligibility requirements: tie
To qualify for either of these cards, you'll need an excellent credit score and a very high income of either $80,000 personal or $150,000 household per year.
Unfortunately, this puts both of these cards out of reach for most Canadians.
This shouldn't be a surprise, though. Premium credit cards tend to be targeted at the wealthier among us. Banks like people who charge lots of money to their credit cards, so the higher-value cards tend to have more stringent requirements.
The winner: MBNA Rewards World Elite Mastercard
Overall, it's a pretty close race between these 2 World Elite Mastercards, but we have to go with the MBNA Rewards card because it offers far more rewards.
Both cards have great insurance and benefits, but the MBNA Rewards card also gives you more value for your points when it's time to choose a redemption option. And, the annual birthday bonus has the potential to completely offset the card's annual fee.
Top alternatives
If neither of these cards feels right for you, the top alternatives are the Rogers Red World Elite Mastercard and BMO eclipse Visa Infinite Card.
Rogers Red World Elite® Mastercard
World Elite Mastercards are known for having steep income requirements and annual fees, but the Rogers Red World Elite Mastercard is an exception. While it does have high income requirements, the card charges no annual fee.
You'll still enjoy premium perks like a hefty earn rate (especially if making purchases in USD), 6 types of insurance coverage, and a Mastercard Travel Pass membership – although you will have to pay for access each time you visit a lounge.
Pros:
- No annual fee
- 5 free Roam Like Home days for Rogers customers
- Ability to redeem cash on demand
Cons:
- No welcome bonus
BMO eclipse Visa Infinite* Card
GC: $150
Maybe you've decided you don't actually want a World Elite Mastercard. Instead, you might be happy with a Visa Infinite card, which has much lower income requirements. Consider the BMO eclipse Visa Infinite Card, which has more relaxed eligibility requirements that more Canadians are likely to meet.
You'll still earn rewards at an accelerated rate with this top-tier Visa: its average earn rate is a solid 1.03%. Plus, you'll get some useful insurance coverage along with an annual $50 lifestyle credit that you can spend on anything you like.
Pros:
- $50 annual lifestyle credit
- 10% bonus points for adding an authorized user
- Up to 70,000 welcome bonus points
- Annual fee waived for the first year
Cons:
- Rewards are capped
FAQ
What are the most important details when comparing MBNA World Elite vs. BMO World Elite cards?
The most important details to compare between these cards depend on your preferences. For instance, you might want a card with a specific type of insurance coverage or a certain perk, and therefore should compare the cards' insurance packages and associated perks.
What are the downsides of BMO Ascend World Elite Mastercard?
The BMO Rewards points are probably the most disappointing aspect of this card. Even at their best, you can only expect about 0.67 CPP in value. On the other hand, MBNA Rewards points are worth up to 1 CPP when you redeem them for travel.
Is MBNA Rewards World Elite Mastercard worth it?
If you travel frequently, you'll probably find the insurance package alone makes the card worth it, and the 10% back bonus points on your birthday is an excellent perk. This is all in addition to the card's steady reward rate for restaurants, groceries, and select recurring bills.
What are the best Mastercard World Elite perks?
Most World Elite Mastercards include some, if not all, of these premium perks: airport lounge access (sometimes with free passes), large travel insurance packages, annual bonuses on your birthday or card anniversary, 24/7 concierge services, and access to the Priceless Cities and World Mastercard Experiences.
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