For a premium cash back credit card with plenty of perks, the
Starting in May 2021, changes are coming to this card that you’ll want to be aware of.
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New earn rates for the BMO CashBack World Elite Mastercard
The
Currently, you earn 1.5% cash back on every purchase. Short and simple.
Starting in May, it’s going to look quite different. Here are the new earn rates:
- 5% on groceries, up to a maximum of $500 per month,
- 4% cash back on transit purchases, up to $300 spent per month,
- 3% cash back on gas purchases, up to $300 spent per month,
- 2% cash back on recurring bill payments, up to $500 spent per month, and
- 1% cash back on all other purchases.
Whew, that’s quite the complicated rewards structure.
So what would you earn for rewards with these changes?
Currently, at 1.5% cash back, you would earn $360 in annual rewards with the BMO CashBack World Elite Mastercard, based on spending $2,000 per month.
After the changes? Here’s the breakdown, based on a typical $2,000 monthly spend, which doesn’t exceed any of the monthly caps.
| Category | Monthly Spend | New Earn Rate | Annual Rewards | Old Earn Rate | Annual Rewards |
|---|---|---|---|---|---|
| Groceries | $350 | 5% | $210 | 1.5% | $63 |
| Transit | $100 | 4% | $48 | 1.5% | $18 |
| Gas | $200 | 3% | $72 | 1.5% | $36 |
| Recurring Bills | $300 | 2% | $72 | 1.5% | $54 |
| Everything Else | $1,050 | 1% | $126 | 1.5% | $189 |
| Annual Rewards: | $528 | Annual Rewards: | $360 |
That’s quite a bit more than what you would earn now (47%, to be exact). Plus a few of these amounts are under the cap as well, so you have the potential to get even more.
But is it better for you? That all depends on where you shop. If you’re a heavy Costco shopper, you may see a decline in rewards. But overall, it will generally earn more rewards, putting it in the running for the best cash back credit card in Canada.
Everything else is staying the same
And that’s all the changes coming. Everything else is staying the same with the BMO CashBack World Elite Mastercard, meaning you’ll get:
- free roadside assistance (a rare perk),
- 13 types of insurance coverage, and
- the ability to redeem cash back on demand, with an amount as little as $1.
It’s a well rounded cash back credit card that offers quite a bit for a standard annual fee of $120.
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Your turn
It’s an exciting change, but what do you think about it?
If you have the card, does this make you like it more? Or will you look elsewhere?
Do these changes make it more tempting to sign up?
Let us know in the comments below.
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