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BMO World Elite MasterCard

Last updated on: October 16, 2020
  • 40,000 BMO Rewards points
  • $150 Annual fee, waived for the first year
Best offer available publicly
Signup bonus:
30,000 BMO Rewards points upon meeting minimum spending
10,000 BMO Rewards points 12 months after account opening
Total of 40,000 BMO Rewards points (30,000 BMO Rewards points within the first year)
Minimum spending:
$3,000 in the first three months
Annual fee:
$0 for the first year, then $150
Earning rate:
3 BMO Rewards points per dollar spent on travel, dining & entertainment, up to $50,000 annually
2 BMO Rewards points per dollar spent on all other purchases
Perks & benefits:
MasterCard LoungeKey membership with four complimentary lounge passes
Insurance:
Very strong

The Bonuses

The BMO World Elite offers a welcome bonus of 40,000 BMO Rewards points, distributed as follows:

  • 30,000 BMO Rewards points upon spending $3,000 in the first three months

  • 10,000 BMO Rewards points 12 months after account opening

Furthermore, the card is currently offering a first-year waiver on the $150 annual fee, which improves the value of the offer even further.

Historically, the BMO World Elite has usually offered a signup bonus at the 35,000-point level, so the current offer is quite strong at the moment.

BMO Rewards points are worth 0.7 cents per point (cpp) when redeemed against the cost of travel booked via the BMO Rewards online portal (at the rate of 14,000 points = $100). Therefore, the signup bonus of 40,000 BMO Rewards points can be redeemed as $285 worth of travel; throw in the $150 savings on the first-year annual fee, and the offer is worth $435 in total.

However, you’ll note that the final 10,000 BMO Rewards are only granted after you renew the card for another year. Therefore, if you’re the type who simply wants to try out the card during the first-year-free period without paying the second year’s annual fee, then you’ll walk away from this card with only 30,000 BMO Rewards points.

Rewards & Benefits

The card has a straightforward earning structure:

  • 3 BMO Rewards points per dollar spent on travel, dining or entertainment, up to $50,000 per calendar year

  • 2 BMO Rewards points per dollar spent on all other purchases

Since BMO Rewards can be redeemed at the rate of 0.7cpp, these earning rates are equivalent to a 2.1% and 1.4% return, respectively.

These are respectable returns on a premium card, although some might choose to earn more valuable points currencies through a product like the American Express Platinum Card instead (since BMO Rewards points can only be redeemed at a fixed value, rather than transferring out to higher-value airline partners).

However, the BMO World Elite still makes for a solid MasterCard option to keep in your wallet alongside an Amex product as well.

In terms of perks and benefits, this card offers four annual complimentary lounge passes with MasterCard LoungeKey, which allows you to access the airport lounge and relax before your flight (either on four occasions for a solo traveller, two occasions as a couple, etc.) Additional lounge visits will cost US$27 apiece.

The lounge passes are similar to what’s offered by the BMO Air Miles World Elite, although the regular World Elite gives you four lounge passes rather than two.

Insurance Coverage

The BMO World Elite MasterCard offers an outstanding insurance package, including:

  • Emergency medical insurance of up to $2 million for the first 21 days on out-of-province trips

  • Trip cancellation / interruption insurance for up to $2,500 per insured person and $5,000 per trip overall

  • Flight delay benefits of up to $500 per trip for reasonable expenses incurred on a flight delay of six hours or more

  • Car rental insurance and Collision Damage Waiver benefits, which allow you to save on the insurance fees that car rental companies usually charge

The most powerful part of the insurance, though, is that all of these benefits are valid as long as you charge the full or partial cost of the trip to your BMO Air Miles World Elite MasterCard.

This is a benefit which is unique to the BMO World Elite series of credit cards, making it an ideal card for whenever you’re travelling on points. As long as you charge the taxes and fees of your trip to the card, you’re fulfilling the “partial cost” criterion and therefore eligible to receive insurance coverage on your trip.

With its comprehensive insurance coverage, the BMO Air Miles World Elite is arguably worth applying for purely for the award travel coverage alone.

Terms and conditions apply. 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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As a World Elite product, this credit card has a minimum annual income requirement of $80,000 (individual) or a $150,000 (household). The welcome bonus offer excludes existing cardholders who cancelled their card during the offer period in order to sign up again, as well as existing BMO MasterCard customers who switch into this card. Other than that, all new cardholders should be eligible to receive the welcome bonus.

If you’re interested in the BMO World Elite MasterCard, we’d be grateful if you considered supporting Prince of Travel by applying for the card via our affiliate link below.

Ricky

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