BMO CashBack^® World Elite^® Mastercard review

With up to 10% cash back in your first 3 months, $75 cash back bonus and first year free† 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, $75 cash back bonus when you spend $25,000 in your first year, and the $120 annual fee waived in the first year†.

Unfortunately that up to 10% cash back in your first 3 months, $75 cash back bonus and first year free† 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.

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.

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.

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

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:

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.

• Annual fee: $120
• Purchase interest rate: 21.99%
• 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

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.

Learn More Apply Now On Scotiabank's Secure Site

Scotiabank Momentum® Visa Infinite*

4.2

Finalist: Cash Back

10% cash back

Welcome Bonus

$914

First Year Value

$594

Annual Value

Welcome Bonus: Earn 10% cash back on all purchases for the first 3 months (up to $2,000 in total purchases). Plus, no annual fee in the first year, including on additional cards. Expires Oct 31, 2025

Learn More Apply Now On Scotiabank's Secure Site

Show More

Get this card if you...

• want high cash back rates
• value a great welcome offer
• want comprehensive insurance benefits

Annual Fee & Annual Interest Rates

$120

Annual Fee

20.99%

Purchase

22.99%

Cash Advance

22.99%

Balance Transfer

Overview

Our Take

The Scotiabank Momentum® Visa Infinite* Card is a cash back credit card offering elevated earn rates on purchases in categories such as groceries, recurring bill payments, gas, and daily transit. Cardholders benefit from a competitive welcome bonus, comprehensive insurance coverage, and the potential to have the annual fee waived by bundling the card with certain Scotiabank chequing accounts.

Scotiabank Momentum® Visa Infinite* Review

Eligibility

Excellent (740+)

Recommended Credit Score

$60,000

Required Annual Personal Income

$100,000

Required Annual Household Income

Pros & Cons

Pros

• High earn rate on everyday spending categories
• Comprehensive travel and purchase insurance
• Visa Infinite perks such as concierge, events, and special offers
• 25% Car rental discounts at Avis and Budget
• Mobile device insurance
• Up to $200 welcome bonus

Cons

• Income requirements are higher: $60k personal or 100k household
• Cash back can only be redeemed once a year

Rates & Fees

Annual Interest Rates

20.99%

Purchase

22.99%

Cash Advance

22.99%

Balance Transfer

Fees

$120

Annual Fee

2.50%

Foreign Transaction

$5

Cash Advance

$29

Over The Limit Penalty

Rewards & Benefits

Rewards cash back

4%

For every $1 you spend on grocery store purchases, recurring bill payments and subscription purchases

2%

For every $1 you spend on gas and daily transit purchases

1%

Cash back on all other purchases with no cash back limit

Insurance Benefits

$1,000

Mobile device insurance amount

$500,000

Travel accident insurance amount

$65,000

Rental car insurance amount

Offer Details

Earn 10% cash back on all purchases for the first 3 months (up to $2,000 in total purchases). Plus, no annual fee in the first year, including on additional cards.

1. To qualify for these offers make sure to open a new Scotiabank Momentum® Visa Infinite* credit card account by October 31, 2025.

2. To earn 10% cash back, make sure to use your new card to make everyday eligible purchases and earn 10% cash back on the first $2,000 you spend in your first 3 months from account opening.

Once you qualify, we’ll credit your account in 2 instalments:

1. Bonus Cash Back: The amount earned under the Cash Back Bonus Rate will be credited to your Account within approximately 7 months from the account open date; and

2. Regular Cash Back: The amount earned under your regular Cash Back Program Rate will be credited to your Account according to the regular cash back payment schedule as set out under the Program (i.e., November).

Individuals who are currently or were previously primary or secondary cardholders of a Scotiabank personal credit card in the past 2 years, including those that switch from an existing Scotiabank personal credit card, as well as employees of Scotiabank, are not eligible for these offers.

See terms and conditions for full details.

Our Take

The Scotiabank Momentum® Visa Infinite* Card is a cash back credit card offering elevated earn rates on purchases in categories such as groceries, recurring bill payments, gas, and daily transit. Cardholders benefit from a competitive welcome bonus, comprehensive insurance coverage, and the potential to have the annual fee waived by bundling the card with certain Scotiabank chequing accounts.

Scotiabank Momentum® Visa Infinite* Review

Eligibility

Excellent (740+)

Recommended Credit Score

$60,000

Required Annual Personal Income

$100,000

Required Annual Household Income

Pros

• High earn rate on everyday spending categories
• Comprehensive travel and purchase insurance
• Visa Infinite perks such as concierge, events, and special offers
• 25% Car rental discounts at Avis and Budget
• Mobile device insurance
• Up to $200 welcome bonus

Cons

• Income requirements are higher: $60k personal or 100k household
• Cash back can only be redeemed once a year

Annual Interest Rates

20.99%

Purchase

22.99%

Cash Advance

22.99%

Balance Transfer

Fees

$120

Annual Fee

2.50%

Foreign Transaction

$5

Cash Advance

$29

Over The Limit Penalty

Rewards cash back

4%

For every $1 you spend on grocery store purchases, recurring bill payments and subscription purchases

2%

For every $1 you spend on gas and daily transit purchases

1%

Cash back on all other purchases with no cash back limit

Insurance Benefits

$1,000

Mobile device insurance amount

$500,000

Travel accident insurance amount

$65,000

Rental car insurance amount

Earn 10% cash back on all purchases for the first 3 months (up to $2,000 in total purchases). Plus, no annual fee in the first year, including on additional cards.

1. To qualify for these offers make sure to open a new Scotiabank Momentum® Visa Infinite* credit card account by October 31, 2025.

2. To earn 10% cash back, make sure to use your new card to make everyday eligible purchases and earn 10% cash back on the first $2,000 you spend in your first 3 months from account opening.

Once you qualify, we’ll credit your account in 2 instalments:

1. Bonus Cash Back: The amount earned under the Cash Back Bonus Rate will be credited to your Account within approximately 7 months from the account open date; and

2. Regular Cash Back: The amount earned under your regular Cash Back Program Rate will be credited to your Account according to the regular cash back payment schedule as set out under the Program (i.e., November).

Individuals who are currently or were previously primary or secondary cardholders of a Scotiabank personal credit card in the past 2 years, including those that switch from an existing Scotiabank personal credit card, as well as employees of Scotiabank, are not eligible for these offers.

See terms and conditions for full details.

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.  

Disclosures:

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

Learn More Apply Now On American Express' Secure Site

SimplyCash® Preferred Card from American Express

4.6

Finalist: Grocery

bonus 10% cash back

Welcome Bonus

$742

First Year Value

$492

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

Show More

Get this card if you...

• want to earn cash back faster
• need comprehensive insurance benefits
• want a generous welcome offer to maximize rewards

Annual Fee & Annual Interest Rates

$119.88

Annual Fee

21.99%

Purchase

21.99%

Cash Advance

Overview

Our Take

The SimplyCash® Preferred Card from American Express is a cash back credit card offering elevated earn rates on eligible gas and grocery purchases in Canada, with a standard rate on all other purchases. Cardholders benefit from a welcome bonus, as well as additional perks such as rental car insurance and travel accident coverage; however, the card carries a monthly fee, and cash back is redeemed annually each September.

SimplyCash® Preferred Card from American Express Review

Eligibility

Excellent (740+)

Recommended Credit Score

Pros & Cons

Pros

• Competitive cash back rates: Up to 4% on gas and groceries, and more
• Refer-a-friend bonus up to $750 annually
• Extra benefits like rental car insurance and travel accident coverage
• Manufacturer's warranty doubled on purchases

Cons

• $9.99/month fee ($119.88 annually)
• Cash back redeemed annually in September
• Not all benefits may be relevant to all users
• Limited to American Express acceptance

Rates & Fees

Annual Interest Rates

21.99%

Purchase

21.99%

Cash Advance

28.99%

Penalty

Fees

$119.88

Annual Fee

2.50%

Foreign Transaction

$29

Over The Limit Penalty

Rewards & Benefits

Rewards cash back

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 annually)

2%

cash back on all other purchases

Insurance Benefits

$1,000

Mobile device insurance amount

$5,000,000

Emergency medical insurance amount

$100,000

Travel accident insurance amount

$500

Hotel burglary insurance

$85,000

Rental car insurance amount

Offer Details

Earn a bonus 10% cash back on purchases in your first 3 months (up to $2,000 in purchases). That’s on top of your everyday cash back earn rates.

Plus, earn a $50 statement credit* when you make a purchase in month 13.*

This could add up to $250 in bonus value in your first 13 months.

*Current or former Cardmembers with this Card are not eligible for this offer. Other terms apply.

Our Take

The SimplyCash® Preferred Card from American Express is a cash back credit card offering elevated earn rates on eligible gas and grocery purchases in Canada, with a standard rate on all other purchases. Cardholders benefit from a welcome bonus, as well as additional perks such as rental car insurance and travel accident coverage; however, the card carries a monthly fee, and cash back is redeemed annually each September.

SimplyCash® Preferred Card from American Express Review

Eligibility

Excellent (740+)

Recommended Credit Score

Pros

• Competitive cash back rates: Up to 4% on gas and groceries, and more
• Refer-a-friend bonus up to $750 annually
• Extra benefits like rental car insurance and travel accident coverage
• Manufacturer's warranty doubled on purchases

Cons

• $9.99/month fee ($119.88 annually)
• Cash back redeemed annually in September
• Not all benefits may be relevant to all users
• Limited to American Express acceptance

Annual Interest Rates

21.99%

Purchase

21.99%

Cash Advance

28.99%

Penalty

Fees

$119.88

Annual Fee

2.50%

Foreign Transaction

$29

Over The Limit Penalty

Rewards cash back

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 annually)

2%

cash back on all other purchases

Insurance Benefits

$1,000

Mobile device insurance amount

$5,000,000

Emergency medical insurance amount

$100,000

Travel accident insurance amount

$500

Hotel burglary insurance

$85,000

Rental car insurance amount

Earn a bonus 10% cash back on purchases in your first 3 months (up to $2,000 in purchases). That’s on top of your everyday cash back earn rates.

Plus, earn a $50 statement credit* when you make a purchase in month 13.*

This could add up to $250 in bonus value in your first 13 months.

*Current or former Cardmembers with this Card are not eligible for this offer. Other terms apply.

Another cash back card to consider is the SimplyCash^® Preferred Card from American Express. It earns 44% cash back on eligible gas in Canada, 4% cash back on eligible groceries in Canada (up to $1,200 cash back annually)(up to $$1,200 cash back) and 2% cash back on everything else . Its annual fee is $119.88 (Equals a total fee of $$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.

Disclosures:

• 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.