BMO CashBack World Elite Mastercard
Pairs well with...
- Annual Fee
- Extra Card Fee
- Card Type
- Cash Advance
- Balance Transfer
- Personal Income
- Household Income
- Earn 5% cash back in your first 3 months (up to $4,000 spent).
- Earn 1.5% cash back on all other purchases.
- Redeem CashBack rewards when and how you want.
- Get Complimentary Roadside Assistance which includes battery boosts, flat-tire change, lockout service and towing (a $69/year value).
- Complimentary membership in Mastercard Airport Experiences provided by LoungeKey.
- 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|
|Emergency Medical Term||8 days|
|Lost or Stolen Baggage||$750|
|Rental Car Theft & Damage||Yes|
|Rental Car Accident||$200,000|
|Rental Car Personal Effects||$1,000|
Please review your insurance certificate for details, exclusions and limitations of your coverage.
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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 3 months, you can earn 5% cash back (up to $200 in total rewards earned) and after that, you earn a respectable 1.5% on all of your purchases with no tiers or limits. Easy.
This card will also allow you access to exclusive offers and VIP airport lounges through a complimentary membership to Mastercard Airport Experiences provided by LoungeKey.
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 we want to highlight above the others 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're 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 jewelry 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's clear this card isn’t for everyone.
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.
What are your thoughts?
◊ The creditcardGenius algorithm calculates an estimated dollar value for all rewards and bonuses by using a typical point value a person can realistically achieve by redeeming their rewards in a reasonably optimized way. The "Welcome Bonus" is the dollar value obtained by combining of all one-time bonuses available to new cardholders within the first year. To qualify for the full bonus you may need to make purchases, meet minimum spending requirements, or complete special actions. Terms and conditions apply.
* Conditions apply.