Up to $480 Cash back 
$480 First-year value The BMO CashBack® World Elite®* Mastercard®* is a solid cash back option for higher-income Canadians who don’t spend heavily in any single category and can make consistent use of the card’s elevated earn rates within their monthly caps.
While the structure looks generous on paper, this card rewards controlled, predictable spending rather than big monthly outlays.
Bonuses & Fees
As a welcome bonus, this card is currently offering up to $480 in cash back, credited as a monthly cash back bonus structure.
You’ll earn $40 cash back each month in your first year, up to $480 total, as long as you spend at least $2,000 per billing cycle. This is effectively a monthly loyalty bonus rather than a traditional upfront welcome offer.
The annual fee of $120 is also rebated in the first year.* You can give the card a try at no cost before deciding whether to commit long-term, with the option to downgrade to the no-fee version if you’d prefer.*
Supplementary cardholders come at a cost of $50 apiece.*
Earning Rewards
The BMO CashBack® World Elite®* Mastercard®* has a 5-4-3-2-1 tiered earning structure, structured as follows:
- Earn 5% cash back on groceries, up to $500 spent per month*
- Earn 4% cash back on transit, up to $300 spent per month*
- Earn 3% cash back on gas and electric vehicle charging, up to $300 spent per month*
- Earn 2% cash back on recurring payments, up to $500 spent per month*
- Earn 1% cash back on everything else*
These accelerated rates are among the best in the market for their respective categories, so on the surface, this looks like a great cash back card.
Unfortunately, the category bonuses are capped at a low level of spending per month ($300–500), so the higher earning rates are only beneficial if you don’t spend a lot in each category every month.
Any purchases above the monthly limits will only earn 1% cash back.
Redeeming Rewards
There are three ways to redeem your cash back on the BMO CashBack® World Elite®* Mastercard®*:
- Deposit into a BMO chequing or savings account*
- Deposit into a BMO InvestorLine account*
- Redeem as a credit against your credit card’s statement*
Any of these three options can be requested at any time when you’ve earned at least $1 of cash back. You can also set up automatic payments, which will automatically trigger one of the above three redemption options every time you reach $25 of cash back.
BMO’s cash back redemption options are relatively flexible compared to its peers, many of which only allow you to claim your cash back earnings once a year.
Perks & Benefits
Among the perks specific to BMO credit cards, you’ll enjoy discounts at select shows: 15% off Cirque du Soleil’s Canadian tours and 20% off resident shows in Las Vegas.*
You’ll also be enrolled in a free membership in the Dominion Automobile Association, with the benefits of the basic tier of the BMO Roadside Assistance Program.*
Furthermore, as a standard benefit on World Elite Mastercards, you’ll get a complimentary DragonPass membership (although you do need to pay for each visit to an airport lounge).*
You’ll also receive Instacart benefits, including:
- Six months of Instacart+ membership, and
- A $10 Instacart statement credit each month, on orders of $50 or more
- Credits apply to non-alcohol purchases only and do not roll over month to month
Insurance Coverage
The insurance package on the BMO CashBack® World Elite®* Mastercard®* is quite strong overall, including common carrier accident insurance of $500,000, flight delay insurance of $500 on delays of over four hours, and $500 of baggage delay insurance on delays of over six hours.*
The card’s lost and stolen baggage insurance covers $500 per person and up to $1,000 per trip, and the rental car collision insurance covers vehicles up to $65,000 (MSRP).*
Extended warranty is also included on this card, doubling the manufacturer’s standard warranty by up to an additional one year.*
This offer needs an update. BMO is such a party pooper
The 10% earn rate applies to qualified spend up to $2,600 (up to $500 qualified spend in grocery, up to $300 qualified spend in transit, up to $300 qualified spend in gas and electric vehicle charging, up to $500 qualified spend in recurring bill payments, and up to $1000 qualified spend on all other purchases …
https://www.bmo.com/popups/main/personal/credit-cards/terms-and-conditions-en.html#double-star