BMO World Elite Mastercard
- Annual Fee
- Extra Card Fee
- Cash Advance
- Balance Transfer
- Personal Income
- Household Income
- Earn 3 BMO Rewards points for every $1 spent on travel, dining, and entertainment up to $50,000 annually combined.
- Earn 2 BMO Rewards points for every $1 spent.
- Get a signup bonus of 35,000 points.
- For a limited time: Enjoy a $100 bonus when you spend $100 on travel-related purchases in your first 6 months.
- Flexible rewards that can be redeemed for travel, merchandise, gift cards, and even investments.
- With 14 different types of insurance, enjoy one of the most extensive credit card insurance packages out there.
- Redeem your BMO Rewards for investments at almost the same rate as travel.
- Rare coverage includes 21 days of emergency medical, $2,500 of trip cancellation, and $750 of personal effects coverage that covers all your belongings for the entire duration of your trip.
- Complimentary membership in Mastercard Airport Experiences provided by LoungeKey, with exclusive VIP access, plus 4 annual complimentary passes.
- Up to 25% off at National Car Rental and Alamo Rent A Car locations worldwide.
- Dedicated customer service exclusively for BMO World Elite customers.
- Complimentary airport lounge visits (4 per year).
- Access to 24/7 Concierge Service.
- Use your card at Costco.
- First year free.
|Extended Warranty||1 year|
|Purchase Protection||90 days|
|Emergency Medical Term||21 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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Get up to $640 in value in your first year: $100 statement credit + $250 in travel rewards + $150 annual fee waived + $140 for the lounge access and passes! Offer ends February 28, 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. As if that wasn't enough, for a limited time, BMO will give you a $100 statement credit, if you spend $100 on travel purchases in your first 6 months!
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),
- 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:
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 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.