The BMO Ascend World Elite Mastercard is now here! You can learn more about the launch here.
Over the last couple of years, BMO has been busy updating their card line.
From their no fee Air Miles and CashBack cards, to their Air Miles and CashBack World Elite cards, BMO has been keeping their products fresh.
The results? Mostly good, and at worst, not much changed.
And now BMO is here updating yet another one of their mainstay cards.
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The BMO World Elite Mastercard becoming the BMO Ascend World Elite Mastercard
The
On May 3rd, 2022, it will be transforming into the BMO Ascend World Elite Mastercard.
What’s changing besides the name? The full details can be seen here, but the major change is in the rewards.
Currently, here’s what the BMO World Elite Mastercard earns on purchases:
- 3 points per $1 spent on travel, dining, and entertainment, and
- 2 points per $1 spent everywhere else.
The new Ascend World Elite Mastercard will have these earn rates:
- 5 points per $1 spent on travel (up to 15,000 points earned per year),
- 3 points per $1 spent on dining, entertainment, and recurring bills (up to 10,000 points earned per year), and
- 1 point per $1 spent everywhere else.
That’s all well and good, but how do these earn rates compare?
Based on our default $2,000 monthly spend, here’s what you would earn for points in 1 year.
| BMO World Elite Mastercard | BMO Ascend World Elite Mastercard | ||||
|---|---|---|---|---|---|
| Monthly Spend | Earn Rate | Annual Points Earned | Earn Rate | Annual Points Earned | |
| Travel | $100 | 3 points per $1 spent | 3,600 | 5 points per $1 spent | 6,000 |
| Dining & Entertainment | $150 | 3 points per $1 spent | 5,400 | 3 points per $1 spent | 5,400 |
| Recurring Bills | $300 | 2 points per $1 spent | 7,200 | 3 points per $1 spent | 10,800 |
| Everything Else | $1,450 | 2 points per $1 spent | 34,800 | 1 point per $1 spent | 17,400 |
| Total Points Earned | 51,000 | 39,600 | |||
What’s the dollar value of those points? A BMO Rewards point is worth up to 0.67 cents, so here’s how that translates to annual value for each card.
- BMO World Elite Mastercard: $342
- BMO Ascend World Elite Mastercard: $265
So yeah, it’s not good. You’re losing almost 25% of your annual rewards.
If you’re thinking there must be new perks or benefits coming to make up for this change, unfortunately that’s not the case.
It will still be coming with 14 types of insurance, a Mastercard Airport Experiences membership with 4 free passes, and World Elite Mastercard benefits.
The annual fee is also remaining the same – you’ll be paying $150 to keep the card in your wallet.
Overall, this is a miss from BMO. Many of their other updates have been quite positive – especially the
Sadly, the same can’t be said here, and many of you are now probably wondering where you should go next.
A better BMO Rewards credit card alternative
Luckily, BMO has a better option for you to consider – the
It’s also a member of the BMO Rewards credit card family.
Here’s what this card earns for rewards on all your purchases:
- 5 points per $1 spent on dining, groceries, gas, and transit, and
- 1 point per $1 spent everywhere else.
Those are much better earn rates, covering a wider variety of basics.
So, here’s how these cards compare when it comes to earning points in one year.
| BMO eclipse Visa Infinite | BMO Ascend World Elite Mastercard | ||||
|---|---|---|---|---|---|
| Monthly Spend | Earn Rate | Annual Points Earned | Earn Rate | Annual Points Earned | |
| Gas, Groceries | $550 | 5 points per $1 spent | 33,000 | 1 point per $1 spent | 6,600 |
| Travel | $100 | 1 point per $1 spent | 1,200 | 5 points per $1 spent | 6,000 |
| Dining | $150 | 5 points per $1 spent | 9,000 | 3 points per $1 spent | 5,400 |
| Recurring Bills | $300 | 1 point per $1 spent | 3,600 | 3 points per $1 spent | 10,800 |
| Everything Else | $900 | 1 point per $1 spent | 10,800 | 1 point per $1 spent | 10,800 |
| Total Points Earned | 57,600 | 39,600 | |||
A much better return on your spending.
With that said, the BMO eclipse Visa Infinite is a little lighter on the travel perks, only coming with 6 types of insurance and no free airport lounge access.
But, it has 2 unique perks of its own.
The first – the card comes with an annual lifestyle credit of $50. On your first purchase of $50 after your card’s anniversary, this credit will be automatically applied. An easy $50 savings.
The other – if you add an authorized user to your account, you’ll earn 10% bonus points on all purchases.
And, it has a lower annual fee of $120.
GC: $150
$150 GeniusCash + Exclusive: Up to 70,000 bonus points + 5x points on gas & groceries.*
Find the best travel card for you
This is just one credit card to look at. There are plenty of excellent travel credit cards in Canada.
You can see our best rated travel credit cards and see what our algorithm thinks are the best of the best when it comes to travel rewards.
For a custom rankings list, use our compare cards page. Select your credit card preferences, adjust your monthly spend, and you’ll get a list of credit cards updated in real time.
Finally, take our creditcardGenius Quiz. Complete our 3 minute quiz and we’ll recommend the best credit card for you.
Your turn
At this time, BMO has a miss on their hands. You’re losing out on rewards, while gaining nothing extra in terms of benefits and perks, and paying the same annual fee.
There are plenty of other credit cards to look at if you’re disappointed, including one option from BMO.
What are your thoughts on the upcoming changes to the BMO World Elite Mastercard?
Let us know in the comments below.
creditcardGenius is the only tool that compares 126+ features of 229 Canadian credit cards using math-based ratings and rankings that respond to your needs, instantly. Take our quiz and see which of Canada's 229 cards is for you.
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