Annual Fee
$79
Extra Card Fee
$15
Purchase
19.99%
Cash Advance
22.99%
Balance Transfer
22.99%
Personal Income
$60,000
Household Income
$100,000
Canadian resident who has reached the provincial age of majority.
  • Earn 1.25% cash back on all purchases.
  • Earn 3% cash back on Shell purchases.
  • Complimentary Roadside Assistance (a $69/year value).
  • Complimentary membership in Mastercard Airport Experiences provided by LoungeKey.
  • Choose when you get to redeem your rewards: annually, each time you reach a certain amount, or just in one big lump sum.
  • Access to 24/7 Concierge Service.
  • With 11 types of travel and purchase insurance, this World card has you covered.
Extended Warranty 1 year
Purchase Protection 90 days
Travel Accident $500,000
Trip Interruption $2,000
Flight Delay $500
Baggage Delay $200
Lost or Stolen Baggage $750
Personal Effects $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.

BMO is not responsible for maintaining the content on this site. Please click on the Apply now link for the most up to date information.

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Our Review

The BMO CashBack World Mastercard has a great insurance package and some pretty nice perks. Not to mention, any card that gives you more than 1% cash back on your purchases deserves a second glance.

So, who is this card good for?

There are five things that could make this card perfect for you.

  1. Credit card insurance is important to you.

  2. Roadside assistance is something you currently have, or something you are considering getting.

  3. Gas is one of your bigger expenses.

  4. You don't want to pay the $100+ annual fee that premium credit cards often come with.

  5. You like to be in charge of when you can receive your rewards.

If you find yourself agreeing with one or more of the above statements, then keep reading.

BMO Travel Insurance

Credit card insurance can be extremely valuable, and BMO Mastercards have some of the best insurance packages on the Canadian market right now. Granted, the BMO CashBack World Mastercard doesn't have the most insurance – it does come with 11 out of 16 types, which is good for a card that has an annual fee of less than $100.

While there are some types of insurance that are pretty standard, this card does come with the rare "Personal Effects" insurance. Personal Effects Insurance covers all of your personal belongings (with some exceptions) in the event that they are lost, stolen, or damaged during any part of your entire trip, not just when on a plane or at the airport. Even if you're taking a road trip, you're covered.

A few more benefits...

It doesn't end there, because this card also comes with:

  • Complimentary Roadside Assistance through Dominion Automobile Association (DAA) that has a value of $69 a year.

  • Complimentary membership in Mastercard Airport Experiences provided by LoungeKey.
  • Comprehensive BMO travel insurance and purchase protection insurance that includes 11 different types (see the details in the Insurance Coverage tab above.)

  • 24/7 Concierge Service that makes travel, reservations, and even shopping easier.

Earning BMO CashBack Rewards

The BMO CashBack World Mastercard allows you to earn rewards on all your purchases.

Cardholders will be given a minimum of 1.25% cash back on all purchases. However, a nice multiplier comes into play if buying gas is something you do often. In fact, you will earn 3% cash on all Shell purchases (up to a maximum of $2,500 spent at Shell monthly.)

And the best part? You get to choose when you get to redeem your rewards:

  • annually,

  • whenever you reach a certain amount, or

  • in one big lump sum.

Most cash back credit cards will just automatically apply your rewards as a statement credit once a year, during a predetermined month. However, this BMO Mastercard puts a little more power into your hands...and who doesn't like being in charge of their own rewards?

The annual fee

As appealing as it sounds to get 1.25 - 3% cash back whenever you decide, remember that this card does come with a $79 annual fee.

Not sure whether or not that annual fee is worth it for you? Use our spending calculator on the sidebar to see is your monthly spend gives you enough net annual rewards to cover the annual fees...

Or, have a look at this chart for a quick idea:

Average Monthly Spent Your Net Annual Rewards
$525 $0
$1,000 $71
$2,000 $221
$5,000 $671

Two alternatives

If your monthly spending is less than $1.5K, you're probably better off with the no fee version of this card.

But if your monthly spending is on the higher end and you meet the $80K minimum income, consider the World Elite version.

What are your thoughts?

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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.

Featured In

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