BMO CashBack World Elite MasterCard Review

BMO CashBack World Elite MasterCard

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BMO CashBack World Elite MasterCard
8.2 / 10 Our Vote
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Pros
1.75% flat cash back rate
3% for car rental bookings
Cons
$120 annual fee
High-income criteria
Summary

Most of us prefer a credit card that is simple and sweet with great rewards options. Well, the market is abuzz with many cards and there is tough competition. And you may feel that it is not wise to put all your eggs in the same basket. Some play the numbers game and shop with an ‘X’ card for gas & grocery, ‘Y’ card for entertainment, ‘Z’  card for everything else etc. They use different combinations to reap maximum rewards. Why not? You might as well earn some cash back and see that credit in your January statement after all that Christmas shopping.

The Cash Back World Elite MasterCard from BMO has many attractive features. BMO may give you up to $150 as welcome bonus for new accounts that are opened till February 20th, 2017. In fact, this offsets your annual fee for $120 for the first year. The flat rate at 1.75% on all purchases is a great deal and you do not have to worry about any limits. Very simple, with no restrictions and also enjoy travel insurance and free roadside assistance benefits with this card. You may also get car rental discounts up to 25%. The only drawback seems to be the annual fee of $120 which seems high compared to others. And to be eligible for this card you may have either have $80000 personal income or $150000 household income which seems rather high end. If you do qualify then you may try it out for the first year and check if your rewards outweigh your annual fee.

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Our Review on BMO CashBack World Elite MasterCard

BMO CashBack World Elite MasterCard Pros

As a BMO card member, you do enjoy several perks that come with their CashBack World Elite MasterCard.

  • Get 1.75% flat cash back rate on all purchases and that is unlimited. This beats most other cards in the market.
  • Enjoy many travel insurance and trip assistance perks that you usually see in travel rewards cards. You also get purchase protection and travel medical coverage out of the country.
  • No more categories, tiers or confusing criteria to worry while you shop and earn rewards.
  • Enjoy up to 25% discounts on participating Alamo Rent A Car and National Car Rentals. Also, earn cash back at 3% for car rental bookings ( 2 companies) with this card for each transaction. You may use (3717122) id number for National Car Rental &  ( 7014883) for Alamo Rent A Car. These codes help you get a discount when you reserve a car for rental purpose.
  • How and when you redeem your cash back earnings is up to you as they give you 3 options. You may get the cash back directly deposited to your investment, chequing or savings account. Or just get a statement credit (January) each year.

BMO CashBack World Elite MasterCard Cons

The BMO CashBack World Elite MasterCard has some drawbacks as follows.

  • The annual fee is high at $120 as compared to other cards in the cash back rewards segment. You may get some solace for up to $150 welcome bonus in the first year when you are a new cardholder.
  • They have set very high-income criteria to qualify for this card at $80000 personal & $150000 household income.
  • There are no promotions on balance transfer transactions.

BMO CashBack World Elite MasterCard Overview

Annual Fee$0
Interest Rate (APR)19.99% on purchases
Balance Transfer22.99%
Cash Advance22.99%
Foreign Currency Conversion Fee2.5%
Credit ScoreGood
Otheronly optional insurance

Our Review on BMO CashBack World Elite MasterCard Features & Benefits

Some of the main features of the BMO CashBack World Elite MasterCard are as follows.

Annual Fee

The annual fee for this card is $120 and it is only in the first year that you may try to offset this with the welcome bonus of up to $150. Thereafter they may charge you the annual fee on every anniversary date of the card opening. This fee is on the higher end as there are other cards in the market with no annual fee or a lower rate and with comparable rewards.

Interest Rate

They charge an annual rate of interest on purchases at 19.99%. This is pretty much the standard rate for APR in the market now.

Balance Transfer

Currently, they do not have a promotion on balance transfers. Usually, the interest rates for balance transfers are the same as the rates for cash advances. So, the balance transfer interest rate is 22.99%. They also charge a promotional fee for balance transfer up to 3% of the amount that you transfer. These are subject to changes as per the promotion period. When there is a promotional offer available to you then they may charge you the fee when they post that transaction. On the market, there are other cards with lower balance transfer rates ranging from a promotional 0% to 1.99% during the introductory period.

Cash Advance

They charge an interest rate of 22.99% annually on cash advances and a fee of $3.50. This is very much as per the standard rate for cash advances in the market. You may get a cash advance at over 1 million (ATMs) Automated Teller Machines worldwide or a BMO branch.

Foreign Conversion Fees

All transactions that you conduct in foreign currency using this card are converted to an equal amount of Canadian dollar. They charge a foreign conversion fee of 2.5%. The benchmark rate is set by MasterCard International. The only other card that has a lower 1.5% foreign conversion fee is the Tangerine (Money-Back) Credit Card.

Credit Score Rating

You must have an excellent credit rating to be eligible for this card. There are other cards that you may qualify for with just ‘Good’ credit ratings. But the rewards and benefits that those cards offer may not be as good as those that require ‘excellent’ rating.

Rewards

They give you 1.75% flat cash back rate on every purchase with no limits or restrictions. As an example, if you spend $3500 per month on this card then you may earn $735 as cash back in a year. You may also get 15000 cashback points as a bonus that is equal to $150 when you open a new account till 20th February 2017. They give you the first 5000 points ($50 cash back) within 45 days of your first purchase with this card. The additional 10000 bonus points ($100 cash back) are earned when you spend $3000 in net purchases on this card. This has to be within the first 3 months from the date you open the account.

BMO CashBack World Elite MasterCard Cash Back Calculator

CategoryRewards
Total Spending Rewards$420
Groceries:$400
Gas:$300
Restaurants:$200
Bills:$500
Travel:$150
Entertainment:$200
Pharmacy:$0
Everything else:$250

Insurance Features Of BMO CashBack World Elite MasterCard

This card has many insurance perks such as out of province or out of country travel medical insurance up to $2 million coverage. There are very few cards that give out of country travel medical coverage. Trip interruption coverage, car rental insurance, purchase security and extended warranty. The icing on the cake is free roadside assistance which saves you $69 per year. The insurance benefits are almost on par with other travel rewards cards. You may track your cash back balance online on your monthly credit statement.

Where Can You Use BMO CashBack World Elite MasterCard

It is very easy to use this card in worldwide MasterCard payment terminals and merchant locations. You may even shop with this card at Costco locations all over Canada and earn rewards. MasterCard contactless payment options are also available with this card.

BMO CashBack World Elite MasterCard Reward Redemption

You may redeem your cash back earnings any time and you do not have to call the Rewards team. They either directly deposit that cash back into your savings, chequing or InvestorLine account. Or give you statement credit in January every year. So, you may choose your preferred redemption method when you go online at bmocashback.com and register.

BMO CashBack World Elite MasterCard Contact Information

  • Customer Service Number: 1800 263 2263 or 514 877 0330

Information about rates and product may change at any time. This review does not constitute financial advice in any form. You may get in touch with the supplier for complete details.

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.


Resources:

https://www.bmo.com/main/personal/credit-cards/bmo-cashback-world-elite-mastercard#

https://www.bmo.com/popups/main/personal/credit-cards/terms-and-conditions-en.html

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