BMO Cashback World Elite Mastercard

4.5 / 5

Huge Savings in Insurance Costs

At a Glance

  • unmatched insurance benefits
  • 4% back on purchases in first 4 months

Hits

  • Flat 1.75% cash back, easy redemption
  • Excellent insurance makes card usable for travel purchases
  • Top of the market domestic protection - use this card for your big ticket items!

Misses

  • $120 Fee
  • High wage requirement

BMO Cashback World Elite Mastercard Review

The Cashback World Elite Mastercard from BMO

There is basically one question you need to answer before deciding on the BMO Cashback World Elite Mastercard: Are you willing under any circumstance to pay an annual fee?

If you are open to the concept of forking over $120 for this world elite mastercard, you will get a card whose added benefits – things like travel and rental insurance and medical, and excellent domestic spending protections – not only provide obvious extra value well worth the $120, but arguably make the card more usable on large ticket purchases than no-fee cashback cards.

If you are not willing to pay a $120 annual fee, then go grab the Rogers Platinum cashback card and enjoy the same 1.75% cashback you get with BMO.

Requirements

  • $80k individual
  • $150k household

Welcome Bonus

New customers will enjoy 4% back on every purchase during the first four months of card ownership. While this value might not be as obvious as a straight welcome bonus, if you spend an average of $1,500 per month you’ll earn $240 – just under the limit of $250 cap for the 4% promotion. It should be doable to earn back the annual fee in any event; if you can muster together $750 spend per month, you will have the fee covered in its entirety.

BMO World Elite Cashback

The BMO card works as a cash back card should – it is entirely simple and transparent, with a 1.50% return on every purchase, no restrictions. After registration, new users are able to determine where they will receive their cashback – in a BMO savings or checking account, credited to the Mastercard statement, or deposited into BMO investorline accounts.

How the cashback is received is also configurable, and then managed automatically by BMO. Customers may opt for an annual lump sum payment, a recurring payment amount above $50, or a lump sum payment, again above $50, in increments of $10.

While the minimum of $50 is required for non annual payments, amounts less than $50 will be credited at the end of year payout.

Benefits – What Separates BMO From The Pack

Right, so all of what has been written is interchangeable until this point with most cashback cards. What makes BMO different is the insurance and payment protections offered by the card.

Life often happens when traveling, and as the common saying goes: life can demolish your vacation budget and ruin your trips. Many might think that travel insurance is a waste of money – however use it once and you are a customer for life, guaranteed. Buying travel insurance independently can be extremely expensive – lucky for the Canadian consumer, many premium credit cards issuers and banks bundle insurance as an added value.

Travel Insurance

Have you got an elderly or sick parent or relative at home? Little Timmy come down with an illness requiring you to cut short the trip? Heaven forbid something happens when you are on vacation, BMO has got you covered for non-refundable portions of your trip, as well as the added cost of your return flight.

Car Rental

When you rent a car, you are highly encouraged to purchase collision damage protection for the rental car. BMO has got this covered too.

Both of these items cost a lot when purchased separately, so there is great value simply in the coverage itself. However – to realize this value, you must use the card when making the relevant purchase, whether plane tickets or rental car agreement. If you get a no-fee cash back card, you will not be able to charge this big ticket items on the card and realize the cash back. From this perspective, it makes a lot of sense to go for a premium cash back card.

Domestic coverage

This cashback world Mastercard also has the best domestic purchase protection out there. The extended warranty offering doubles the manufacturer’s warranty up to an additional two years – the rest of the market limits this to one additional year. Purchase protection – replacing the sunglasses you just bought and promptly sat on, or the wallet that was stolen – extends for SIX months from purchase date instead of the regular three months offered. Who would not choose to have these protections on their domestic purchases? Especially expensive ones? So yes, you can choose a fee free card and get a similar cash back on your purchase – but you will be quite disappointed you did not fork over the $120 fee if you actually need the extended warranty or purchase protection.

Travel Medical

BMO has also got your travel medical insurance covered. Travel medical is obviously a must for anyone traveling abroad – what a nightmare to be hospitalized in the USA without coverage!!!

This cashback world Mastercard offers, again included in the $120 fee, eight consecutive days coverage up to $2 million, with the opportunity to extend time as needed.

Bits and Bobs

The card offers free roadside assistance including tire change, flat battery boost and towing services, which they give a $69 annual retail value. Though it is true for all mastercards, it is worth repeating that you may use the BMO card at Costco and get the same 1.50% cashback. There are also some savings to be had at National Car Rental and Alamo up to 25%, and that is aside from the collision insurance, of course.

Closing Balance

Yep, we are fans of this card. It’s got a great flat 1.50% rate on every purchase, it is easy to redeem cash back automatically against your statement, and the card offers the insurance and protections needed so that it may be used on all types of purchases without hesitation. Yes it’s got a $120 price tag, but the added value benefits make this little cards one of the best cashback credit cards in Canada.

Huge Savings in Insurance Costs

2 Responses to “BMO Cashback World Elite Mastercard”

  1. Page is out of date. BMO reduced the cash back rate to 1.50% without notice, and at the same time hid the cash back information on the online banking statement to obscure this change. Phoned the bank to complain and the operator confirmed the change and reassured me that it happened to his account, too. Not impressed.

    1. Thanks a lot Adam! While uncharacteristic to not receive proper notification, it’s great that we have loyal customers such as yourself.
      We are updating this review to reflect the change.
      We welcome the CheckRate community to comment or send updates like these. It really helps our fellow cardholders stay informed and we value it so much.

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