Pairs well with...

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.
Extended Warranty 1 year
Purchase Protection 90 days
Travel Accident $500,000
Emergency Medical Term 21 days
Trip Cancellation $2,500
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 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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Review of the BMO World Elite Mastercard

Get up to $540 in value in your first year: $250 in travel rewards + $150 annual fee waived + $140 for the lounge access and passes! Offer ends October 31, 2019.

If you are looking for flexible rewards and one of the best insurance packages on the market, the BMO World Elite Mastercard should be on your shortlist.

The sign up bonus alone ‒ 35,000 points ‒ can make this card worth signing up for, and to sweeten the deal, BMO will give you the first year free.

How BMO Rewards Works

On top of the bonus, you’ll be earning 2 BMO Rewards points for every $1 spent on the card, plus 3 BMO Rewards points for every $1 spent on travel, dining, and entertainment up to $50,000 annually combined. Unlike some reward points, BMO Rewards are flexible and can be used for all kinds of things:

  • travel (from any travel provider),
  • merchandise,
  • gift cards,
  • investments, and
  • statement credits.

Although you can purchase any type of travel – flights, cruises, vacation packages – you will need to book your travel through the BMO travel agency. On the plus side, they do price match – so as long as you do your homework, you could get a good deal. Plus, you can book right through their website.

Here is a screenshot of the BMO Rewards Dashboard to see what you will be working with:

BMO Rewards Dashboard

So, what's the value of one point when redeeming for travel?

140 points for $1 off travel = point value 0.71 cents.

Redeeming for travel offers the best value for your points.

The next best way to redeem?

Due to the fact that BMO has increased the value of their points when redeeming for investments, this card could also be used as a cash back card – not to mention, you are able to redeem your rewards for a statement credit (though only at about half the value).

Curious how many points you need for investments and statement credits?

  • Statement credits – 15,000 points for $50 statement credit, point value 0.33 cents
  • Investments – 15,000 points for $100 added to portfolio, point value 0.67 cents

If going this route, be sure to take advantage of the investments, especially since a basic tax free savings account qualifies as an investment and it's an easy way to get your money.

Read our detailed review about the BMO Rewards program.

BMO Travel Insurance

Next, we have the best part about this card – the insurance. More specifically, the travel insurance.

The BMO World Elite Mastercard has one of the best insurance packages out there. 14 different types of travel and purchase insurance which includes rare coverage for:

  • 21 days of emergency medical,
  • $2,000 of trip interruption, and
  • $750 of personal effects coverage that covers all your belongings for the entire duration of your trip – not just while you’re in transit! (In the credit card world, that is a pretty big deal.)

If traveling is how you would most likely spend your points, then the 4 complimentary airport lounge visits you get every year are sure to pique your interest as well.

World Elite Mastercard Perks

This World Elite Mastercard card also comes with some great perks:

  • Complimentary membership in Mastercard Airport Experiences provided by LoungeKey and 4 annual complimentary passes.
  • Dedicated customer service – giving you faster and more knowledgeable help.
  • 24/7 Concierge service – helping you with travel plans, reservations, and shopping.
  • Discounts up to 25% at National and Alamo car rental locations.

With all this card has to offer, it’s not a surprise that there is a pretty high minimum income requirement attached. But if you meet the $80,000 minimum income and you are looking for a card that will open the doors to worry-free travel, this card should be a good fit.

If you’re unable to meet the minimum income requirements, or you feel like you just can't stomach the $150 annual fee, check out these other BMO Mastercards.

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 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.

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