Annual Fee
Extra Card Fee
Card Type
Cash Advance
Balance Transfer
Personal Income
Household Income
Canadian resident who has reached the provincial age of majority.
  • Earn 4% cash back (up to $250) on every purchase for your first 4 months.
  • Earn 1.5% cash back on all other purchases.
  • Redeem CashBack rewards when and how you want them.
  • Get Complimentary Roadside Assistance which includes battery boosts, flat-tire change, lockout service and towing (a $69/year value).
  • Enjoy BMO’s Extended Warranty Plus which doubles the original manufacturer’s warranty up to 2 years (1 year longer than most other credit cards).
  • Have your purchases protected in case they are lost, stolen or damaged, for 180 days (twice as long as most other credit cards).
  • Travel worry free knowing you are covered by BMO’s extensive travel insurance which includes 8 days of emergency medical, personal effects insurance, hotel burglary, and 8 other types of travel coverage.
  • Access to BMO Concierge Service for assistance with events, reservations, gift buying, scheduling activities, and more.
Extended Warranty 2 years
Purchase Protection 180 days
Travel Accident $500,000
Emergency Medical 8 days
Trip Interruption $2,000
Flight Delay $500
Baggage Delay $200
Lost or Stolen Baggage $750
Personal Effects $750
Hotel Burglary $750
Rental Car Theft & Damage
Rental Car Accident $200,000
Rental Car Personal Effects $1,000

Please review your insurance certificate for details, exclusions and limitations of your coverage.

Our Review

The BMO CashBack World Elite Mastercard stands out from its competitors, and other BMO Credit Cards, with a few unique benefits:

  • one of the best credit card insurance packages,
  • complimentary roadside assistance, and...
  • the ability to have your annual fee waived completely.

The problem is that it only offers a flat 1.5% cash back rate - which is a tad low for a premium cash back card with a $120 annual fee.

The question is, is the fee worth it to you?

How BMO CashBack Works

The nice thing, however, is BMO allows you to redeem your cash back in one of three ways. You can have it deposited into your BMO bank account, your Investorline account, or you can have it applied as a statement credit.

On top of that, you can redeem your cash back annually, when you accumulate a set amount chosen by you (minimum of $50 and in $10 increments), or as a one time lump sum (minimum of $50 and in $10 increments).

BMO Mastercard Perks

For starters, it comes with complimentary roadside assistance through Dominion Automobile Association (DAA) - that alone is such a rare perk and with a value of at least $69/year, already the $120 annual fee becomes more bearable. (Read our detailed blog about credit card roadside assistance.)

Then, for the first 4 months, you can earn 4% cash back (up to $250) and after that, you earn a respectable 1.5% on all of your purchases with no tiers or limits. Easy.

The BMO Cash Back World Elite MasterCard also gives cardholders the convenient benefit of BMO Concierge Service (you can reach them at 1-800-741-6758 anytime.) This 24/7 assistance service will help you get tickets to upcoming events, score reservations to the hottest restaurants in town, and even help you buy gifts for all the people on your list.

BMO Travel Insurance

That's all well and good - but where this card really shines is the complimentary insurance coverage it comes with. 13 out of the 16 types of insurance we track are included – one of the best of any card on the market.

The one coverage I want to draw your attention to though is Personal Effects. Many cards come with delayed and lost or stolen baggage coverage - or even hotel and rental car personal effects coverage ... but those are different. They only cover you while you are on the plane, in your rental car, or at your hotel.

The BMO personal effects coverage applies for the entire duration of your trip. If any of your personal items are lost, stolen, or damaged, you're covered up to $750 per person with a $2,000 total maximum. Cell phones and laptops aren't covered, but most things are including jewellery and camera equipment.

The Downsides

It would be unfair not to mention the cons of this card, however - the most glaring one being the $120/year price tag it comes with. Add onto that the rather high income requirement and it is clear this card isn't for everyone - which kind of adds to the exclusivity.

One solution to the high annual fee problem: consider the BMO Premium banking plan. It completely waives the annual fee on any BMO World Elite MasterCard. Sure, it's pricey at $30 per month, but it comes with plenty of great perks AND you can waive the $30 fee as well by keeping a minimum of $6,000 in your primary chequing account at all times.

The Bottom Line

If you're looking for a card with a nice flat cash back rate, great perks like free roadside assistance, and one of the best insurance packages on the market - then you can keep looking but likely won't find anything better.

Featured In

The Globe and Mail