The BMO CashBack World Elite Mastercard is a decent cash back credit card for high-income low spenders, who are able to make use of the card’s high category earn rates in spite of their low monthly caps on accelerated rewards.
It might have a place in your wallet to round out weaknesses on your other cards, but high spenders looking for a one-card-fits-all solution might be disappointed.
Bonuses & Fees
As a welcome bonus, this card offers 10% cash back on all purchases in the first three months, up to $200 total cash back on $2,000 spent.
The annual fee of $120 is also waived 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.
The BMO CashBack World Elite Mastercard has recently introduced a tiered earning structure:
- 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.
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 LoungeKey membership (although you’d need to pay for each visit to an airport lounge), as well as Boingo Wi-Fi.
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 $200 of baggage delay insurance on delays of over 12 hours.
The card’s lost and stolen baggage insurance covers $750 per person, and the rental car collision insurance covers vehicles up to $65,000 (MSRP) as well as $1,000 of personal effects.
Extended warranty is also very strong on this card, tripling the manufacturer’s standard warranty by up to an additional two years.
Like BMO’s other World Elite cards, the insurance on this card kicks in if you charge the “full or partial cost” of the trip to the card, which makes it a suitable choice for travel insurance on award tickets if you book a flight with points and charge the taxes and fees to the card.