BMO CashBack World Elite Mastercard
- 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 (that’s a whole year longer than most other credit cards).
- Have your purchases protected in case they are lost, stolen or damaged, for 180 days (that’s 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 9 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|
|Emergency Medical||8 days|
|Lost or Stolen Baggage||$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.
The BMO CashBack World Elite Mastercard really stands out from its competitors by having a ton of unique and valuable benefits. The problem is that it only offers a flat 1.5% cash back rate, which is a little low for a premium cash back card with a $120 annual fee.
Back to the great features though...
For starters, it comes with complimentary roadside assistance - that alone is such a rare perk and with a value of at least $69/year, already the $120 annual fee becomes more bearable.
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 tiers or limits. Easy.
The BMO Cash Back World Elite Mastercard also gives its users the convenient benefit of BMO Concierge Service. This 24/7 assistance 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.
That's all well and good - but where there card really shines is the complimentary insurance coverage it comes with. 14 out of the 16 types of insurance we track are included, the most 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, 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.
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 really adds to the prestige.
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.
Completely free premium banking and premium credit card, not bad.