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BMO CashBack World Elite Mastercard Review

BMO CashBack® World Elite® Mastercard review

Cory Santos

Jan 27, 2025

While we adhere to strict editorial guidelines, partners on this page may provide us earnings.

Overall rating

First year value

$950

Get this card if you:

  • are a high-earner looking to earn cash back
  • want great perks like travel insurance and concierge services
  • value a great welcome offer

Scores by category

Cash Back 5.0

Groceries 5.0

Gas 4.8

Highlights

$950

First year value

up to 10%

Welcome bonus

$120

Annual fee

annual fee waived in the first year*

Interest Rates

20.99%

Purchase APR

23.99%

Balance transfer APR

23.99%

Cash advance APR

21.99% for Quebec residents

Eligibility

Excellent

Recommended credit score

$80,000

Required annual personal income

$150,000

Required annual household income

Quick overview

Quick overview of the BMO Cashback World Elite Mastercard

The BMO CashBack® World Elite®* Mastercard®* offers a lucrative sign-up bonus, a market-leading cash back rate of 5% on groceries*, an impressive roadside assistance package, and the best extended warranty and purchase protection terms offered by any Canadian credit card.* Maybe that's why we've named it our best cash back credit card for 2024 (despite the $120 annual fee, which BMO waives for the first year).  

Who can benefit most?

Who's this BMO World Elite Mastercard for?

As a premium rewards card with high income and credit score requirements, the BMO CashBack Card is a great fit for high-income ($80,000+) singles, who can maximize the card’s cash back rates without chafing under its strict spending caps.

Pros and cons

Pros and cons

Pros

Pros

  • Valuable sign-up bonus

  • High 5% cash back rate on groceries

  • Free roadside assistance

  • Excellent extended warranty and purchase protection terms

Cons

Cons

  • Restrictive spending limits for most cash back categories

  • Sign-up bonus structure is head-scratchingly complicated

  • High minimum income requirements

Welcome bonus

BMO Cashback World Elite Mastercard welcome offer

With around $250 in cash back for new applicants, the BMO CashBack® World Elite®* Mastercard® has one of the best sign-up bonuses in Canada. Get up to 10% cash back in your first 3 months and the $120 annual fee waived in the first anniversary*..  

Unfortunately that up to 10% isn’t a ‘flat’ rate, i.e., it doesn’t apply to all your eligible spending. Instead, the rate only applies up to certain spending maximums in the following purchase categories:

  • Up to $500 spent on groceries ($50 cash back)
  • Up to $500 spent on recurring bills ($50 cash back)
  • Up to $300 spent on gas and electric vehicle charging ($30 cash back)
  • Up to $300 spent on ground transit ($30 cash back)
  • Up to $1,000 spent on everything else ($100 cash back)

Overall it’s a good sign-up bonus for those with diverse spending habits, who, given the offer’s annoying restrictions, have the best chance to max out the available cash back.

How to earn rewards

How to earn cash back with the BMO Cashback World Elite Mastercard

The card earns at the following rates after the 3-month welcome period ends:

  • Groceries: 5% cash back up to $500spent per month ($25 in cash back)*
  • Transit: 4% cash back up to $300spent per month ($12 in cash back)*
  • Gas: 3% cash back up to $300spent per month ($9 in cash back)*
  • Recurring Bills: 2% cash back up to $500spent per month ($10 in cash back)*
  • Everything Else: 1% cash back, unlimited*

If you exceed a monthly spending limit on groceries, transit, gas, or recurring bills, the enhanced cash back rate for that category will drop to 1% for the remainder of the month. When a new month starts you’ll earn again at the enhanced rate.

The 5% earn rate on grocery purchases* is technically the highest among cash back cards in Canada, but that eye-popping rate is somewhat hampered by the $5 monthly spending limit in that category.

While singles might come in at or around $500 spent per month on groceries, even small families will surpass that limit by a long way. And keep in mind that the limit applies to all the credit card spending across the account. So if you get your partner a supplementary card for $50, you won’t suddenly have a $1,000 combined monthly spending limit for groceries. You’ll still earn at 5% on only the first $500 in grocery spending for both cards combined.

Given this restriction, the BMO card might not be for everyone, with smaller spenders, couples and small families potentially better-served check by other credit cards for saving on groceries, most of which have higher spending caps.

How to redeem cash back

Redeeming cash back with the BMO Cashback World Elite Mastercard

Cash back you accumulate can be redeemed as a credit against the card’s statement, or it can be deposited into a BMO chequing account, savings account, or InvestorLine account. The redemption policy is particularly flexible, as cash back can be redeemed at any time, with only a $1 minimum redemption amount. This is better than a number of competing cash back cards, which might allow for redemptions only once a month or even once a year, and which sometimes have higher minimums required for redemption.

Key benefits

Key benefits of the BMO Cashback World Elite Mastercard

Roadside assistance

BMO is one of the few Canadian credit cards that include a roadside assistance package at no extra cost.* Enjoy a complimentary membership in the Dominion Automobile Association (DAA) - a $69 value.

Tow truck assistance is provided within Canada and the mainland U.S. (not including Hawaii and overseas territories), and includes up to four service calls per year. Provided services include the following:

  • Battery boosts
  • Changing flat tires
  • Lockout service
  • Up to one hour of winch service for vehicles stuck in mud, a ditch, or snow
  • Emergency delivery of up to 10 litres of gas (the cardholder has to pay for the gas)
  • Towing of up to 10 km to the nearest repair facility

For a point of reference, comparable plans from Canadian Tire and CAA cost $69.95 and $92 respectively, so the complimentary membership that comes with the BMO CashBack® World Elite®* Mastercard® is quite valuable, particularly for urban commuters. The 10 km towing limit is less relevant for rural drivers.

Related: The difference between free vs. paid roadside assistance in Canada

Insurance coverage

BMO Cashback World Elite Mastercard insurance coverage

Though its travel insurance is middling, the real highlights of this card’s insurance package are the very generous purchase coverages. Most credit cards, even those that are expensive and high end, offer only an extra 2 year of extended warranty and 90 days of purchase protection. This card doubles those standard terms, which gives it the best purchase coverage of any credit card in Canada. The card’s insurance suite is summarized in the table below:

BMO CashBack® World Elite®* Mastercard®*: What's Covered?
Travel Emergency Medical:* Up to 8 days of consecutive coverage for those under age 65. Covers up to $2 million.
Delayed and Lost Baggage:* Up to a maximum of $2,000 per trip for lost, stolen, or damaged baggage.
Flight Delay:* Up to $500 to cover reasonable accommodation and travelling expenses when a flight is delayed 6+ hours.
Auto Rental Collision/Loss Damage:* Up to $65,000 in value. Also covers theft or damage to personal effects up to a maximum of $1,000 per person, per occurrence.
Common Carrier Travel Accident Insurance:* Up to $500,000 per insured person.
Purchase Protection:* Covers theft of or damage to items within 180 days of purchase with the card.
Extended Warranty:* Extends a purchased item's original manufacturer's warranty by up to 2 years.

While you can’t predict if something you purchased will unexpectedly stop working or if it will be stolen, having a lengthy purchase protection and extended warranty period increases your chances of getting reimbursed if those unfortunate circumstances do eventuate.

Extra benefits

Other notable perks

  • Additional cash back with partner brands like Apple, Nike and Marriott via the Mastercard Travel Rewards program
  • Save up to 20% on National Car Rental®†† and Alamo Rent A Car®†† and up to 5% on Enterprise Rent-A-Car®†† at locations worldwide using the Car Rental Booking tool partners.rentalcar.com/bmo.3
  • Airport lounge access via Mastercard Airport Experiences provided by LoungeKey* ($32 USD per entrance)
Rates and fees

Interest rates and fees

  • Annual fee: $120
  • Purchase interest rate: 20.99%
  • Cash advances and balance transfers: 23.99% (21.99% for Quebec residents) on Cash Advances; 23.99% on Balance Transfers
  • Foreign transaction: 2.5% charge per foreign transaction

Note that unlike a number of other upper-tier credit cards from the Big Five banks like Scotiabank or RBC, BMO doesn’t incentivize bundling the card with, say, a BMO chequing account. It appears that after the first year’s annual fee rebate comes and goes, cardholders are stuck paying the annual fee for subsequent years, even if they’re a BMO chequing or investing customer.

Related articles: The benefits of bundling products from the same bank

What do people say?

What are people saying about the BMO Cashback World Elite Mastercard?

The BMO World Elite MasterCard is good if you can stay within their low monthly spend caps.

/u/deltatux

As Reddit user deltatux points out, if your monthly spending aligns with the benefits of the BMO Cashback World Elite Mastercard, then its cash back rewards structure will suit your lifestyle. If not, we recommend also considering the other credit cards compared below.

How does it compare?

How does this BMO World Elite Mastercard compare

Features BMO CashBack® World® Elite Mastercard Scotiabank Momentum® Visa Infinite* Card SimplyCash® Preferred Card from American Express
Annual fee $120 $120 $119.88 ($9.99 per month. Additional cards are free.)
Welcome offer Get up to 10% cash back in your first 3 months and the $120 annual fee waived in the first anniversary*. Earn 10% cash back on all purchases for the first 3 months (up to $2,000 in total purchases). No annual fee in the first year, including on additional cards. Earn a bonus 10% cash back on purchases in your first 3 months (up to $2,000 in purchases).
Cash back rate(s) Earn 5% cash back on groceries; Earn 4% cash back on transit, including ride sharing, taxis, and public transportation; Earn 3% cash back on gas and EV charging; Earn 2% cash back on recurring bills; Earn 1% back on all else After the welcome period ends earn 4% cash back on groceries, recurring bills, and subscription purchases; 2% back on gas and daily transit; 1% back on all other purchases. Earn 4% cash back on eligible gas station purchases in Canada, 4% cash back on eligible grocery store purchases in Canada (up to $$1,200 cash back) and 2% cash back on all other purchases.
Cash back redemption policy Any time (minimum $1 cash back) Once annually each November Once annually each September

10% back

Welcome Bonus

$620

First Year Value

$420

Annual Value

Learn More Apply Now On Scotiabank's Secure Site

There are a number of other cash back cards that reward grocery spending, such as the Scotiabank Momentum® Visa Infinite* Card. It offers only 4% cash back on groceries compared to the 5% offered by the BMO credit card. So if your grocery expenditures are less than $500 per month, you’ll earn more back with the BMO card. But if you spend, say, $1,000 per month on groceries, you’d earn $480 in cash back annually from the Scotiabank card compared to only $360 from the BMO card.

¹ Conditions Apply. Visit here for the Scotiabank Momentum® Visa Infinite* Card to learn more.

up to 10% back

Welcome Bonus

$892.12

First Year Value

$642.12

Annual Value

Welcome Bonus: Earn a bonus 10% cash back on purchases in your first 3 months (up to $2,000 in purchases).

Learn More Apply Now On American Express' Secure Site

Another cash back card to consider is the SimplyCash® Preferred Card from American Express. It earns 44% back on eligible gas in Canada, 4% back on eligible groceries in Canada(up to $$1,200 cash back) and 2% back on everything else . Its annual fee is $119.88 (Equals a total fee of $$9.99 per month. Additional cards are free.). The only real drawbacks with the SimplyCash® Preferred Card are that it doesn’t waive the first year’s annual fee, so you can’t really try it out risk free, and because it’s an Amex it won’t be accepted by as many merchants as either a Mastercard or Visa. So if you’re considering that card you should first check to see if your favourite retailers are on our list of Canadian merchants that accept Amex.

Contact American Express for the most up-to-date referral bonus figures.

American Express is not responsible for maintaining or monitoring the accuracy of information on this website. For full details and current product information, click the Apply Now link. If you apply and get approved for an American Express Card, (I/we) may receive compensation from American Express, which can be in the form of monetary payment.

Is it worth it?

Is the BMO Cashback World Elite Mastercard worth it?

While the The BMO CashBack® World Elite®* Mastercard®* is our pick for the very best cash back credit card in Canada, it might not make sense for everyone.  The card makes most sense for high-income singles who check off at least one or two of the below boxes:

  1. 1.

    Groceries are one of your top three monthly expenses

  2. 2.

    You’re an urban driver

  3. 3.

    You’re about to make a major purchase for which long extended warranty and purchase protection periods would be a boon (e.g., a computer, a major appliance, etc.)

However, for larger households, or anyone not planning to max out the rewards. In such cases, we suggest an unlimited cash back rewards credit card like the no annual fee  Tangerine Money-Back Card, which provides 2% cash back on 2 categories of your choice, like groceries, recurring bills, gas, drug stores, and more.

Eligibility requirements

BMO Cashback World Elite Mastercard eligibility requirements

BMO generally approves applicants who have a good credit score (at least 700+), and who meet one of the below income requirements:

  • Make at least $80,000in annual income personally
  • Have at least $150,000 in combined annual household income

Applicants must also be Canadian citizens or permanent residents and at least the age of majority in their province or territory of residence. Those who have declared bankruptcy in the past seven years are ineligible.

BMO Cashback World Elite FAQs

  • What is the annual fee for the BMO CashBack® World Elite® Mastercard®?

    +

    This BMO World Elite Mastercard has an annual fee of $120; however, BMO will often waive this fee for the first year.

  • What is the welcome bonus for new BMO CashBack® World Elite® Mastercard® cardholders?

    +

    New cardholders can earn up to 10% cash back in the first three months, with specific spending caps in various categories. Additionally, the $120 annual fee is waived for the first year.

  • What are the income requirements for the BMO CashBack® World Elite® Mastercard®?

    +

    Applicants need a minimum annual personal income of $80,000 or a household income of $150,000 to qualify for this card

  • Does the BMO CashBack® World Elite® Mastercard® offer any additional benefits?

    +

    Yes, the card provides complimentary roadside assistance, comprehensive travel and medical insurance, and purchase protection with extended warranty coverage.

  • Are there spending caps on the enhanced cash back categories for the BMO CashBack® World Elite® Mastercard®?

    +

    Yes, each enhanced cash back category has a monthly spending cap. Once you exceed the cap in a category, the cash back rate for that category drops to 1% for the remainder of the month.

*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. 

American Express is not responsible for maintaining or monitoring the accuracy of information on this website. For full details and current product information click the Apply now link. Conditions apply.

Cory Santos Finance editor

Cory Santos is a finance writer, editor and credit card expert with nearly a decade of experience in personal finance. Cory joined Wise Publishing from BestCards, with bylines in numerous print and digital publications across North America, including the Miami Herald, St. Louis Post-Dispatch, Debt.ca, AOL, MSN and Medium as well as financial podcasts like KOFE Talk.

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