For a flexible rewards credit card that goes way beyond just offering travel points, the could be up your alley.

You’ll not only earn flexible BMO Rewards – that can be used for travel, investments, and more – but you’ll also get airport lounge access, great insurance benefits, and more.

So let’s see what this card has to offer, and find out if it could be fit for your wallet.

Related: The Truth About Cash Back Vs. Travel Rewards

BMO World Elite Mastercard earn rates

Let’s start with the most exciting part: the rewards.

As a welcome bonus, you can earn 35,000 points after spending $3,000 in the first 3 months. When redeemed for travel, that’s $250 worth of points right there.

Then you’ll earn points on all of your daily purchases at these rates:

  • 3 points per $1 spent on travel, dining, and entertainment purchases (up to $50,000 in annual spend), and
  • 2 points per $1 spent on all other purchases.

The annual fee is $150 and requires income requirements of either $80,000 personal or $150,000 household.

And right now, the first year is free as well, this way you can try out the card and see if it works for you.

BMO Rewards value

So what kind of value can you expect to get from your points?

Well you have several options at your disposal, thanks to the flexibility of the BMO Rewards program.

Travel

You get the best value by redeeming for any travel purchase made through BMO Rewards. 140 points will give you a discount of $1, a value of 0.71 cents per point (CPP).

That means when you redeem your points for travel, you get a return of up to 2.1% on your day to day spending.

And while you’re limited to booking travel through BMO Rewards, they do offer price matching, so you can be sure you’re getting the best possible value for your travel redemption.

Investments

If you want to think long term, your points can also be converted into a deposit for a BMO Investorline account.

15,000 points will give you a $100 deposit into your account, a point value of 0.67 cents each.

Experiences

Want to enjoy some experiences, courtesy of your points?

There’s a wide variety of things you can redeem for in this option. And the value can swing wildly depending on what you want to redeem for. But you can expect an average value of 0.65 CPP.

Merchandise and gift cards

And finally, if you prefer to get merchandise or gift cards, there’s a full catalogue available for you to peruse.

This option does come with the lowest value of 0.56 CPP, but it gives you a decent way to use your points in case any travel plans aren’t on the horizon.

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

BMO World Elite Mastercard benefits

Some of the best things about this card are the benefits it provides. There are several perks provided by this card that help make it stand out.

Airport lounge access

For airport lounge access, the comes with a membership to Mastercard Airport Experiences.

The card also comes with 4 free passes, one of the few World Elite Mastercards that actually offers free passes on top of the membership.

Related: Airport Lounge Access Credit Card Deals

Insurance coverage

For top-notch insurance coverage, the comes with 14 out of 16 types of coverages. You’ll get great coverage with high limits on the coverage provided.

Here are the details on what’s covered:

Rental car savings

If you want some savings on your next rental car, the will give you a discount of up to 25% off the base rate at both National Car and Alamo at any location worldwide.

Annual fee waiver with a BMO Premium chequing account

This card comes with an annual fee of $150. And although it’s waived for the first year, $150 may feel a little steep.

One way to get your annual fee waived every year you have the card is by having a BMO Premium Chequing account.

One huge benefit of having the account is an annual fee waiver for any BMO World Elite Mastercard. This way, you can enjoy the card’s benefits and rewards without shelling out $150 every year.

The best part? As long as you keep at least $6,000 in your account, the chequing account’s $30 fee will also be waived…giving you both the premium account AND card completely free.

World Elite Mastercard benefits

Of course, since it’s a World Elite Mastercard, you get all of the benefits that entails.

You’ll get access to events and experiences you can’t get anywhere else, just for having this card.

  • World Elite concierge to help with travel planning and reservations,
  • Mastercard Priceless Cities for experiences you can’t find anywhere else, and
  • Cirque Du Soleil benefits, for those who want to experience more from their performances.

These benefits can help make your next trip unforgettable.

Related: The Ins and Outs of Credit Card Concierge

Downsides

Like anything in life, there are some downsides to this card.

The biggest one is in your total rewards. There are other cards out there that will give you more value on your everyday spending. So if rewards are the most important thing to you, this may not necessarily be the best match.

The annual fee is also a little higher than other premium travel cards.

To get the most out of the card, you’ll have to take advantage of the other benefits this card offers.

And since it’s a World Elite Mastercard, it requires high income requirements of either $80,000 personal or $150,000 household.

But with this said, you get a high-end card that has flexible, easy to use rewards.

The final word

The is the complete package when it comes to credit cards.

You’ll earn easy to use rewards, get great benefits, and much more with this card.

But if you’re simply after the most rewards you can get, there are better options out there.

To see other cards that could be better for you, our rate your wallet tool takes less than 3 minutes to find the card that suits you best.