BMO CashBack World Elite Mastercard Review

Are you the type who relishes earning as much cash back as possible when charging purchases to your credit card? Do you want maximum flexibility when it comes to redeeming your cash back? If so, you’ll want to check out the BMO CashBack World Elite Mastercard.

This premium cash back credit card offers impressive earn rates on everyday spending categories, such as groceries, gas, and transit. It also comes packed with perks, including an extensive suite of insurance products and first-rate benefits courtesy of Mastercard’s World Elite program.

In our BMO CashBack World Elite Mastercard review, we’ll explore everything this credit card offers and whether it can help you earn worthwhile cash back on your day-to-day expenses.

BMO offers various credit cards, including several that allow you to collect cash back, one of the most straightforward cash back programs. Its CashBack World Elite Mastercard is a top-end card aimed at high-income individuals keen to save on their day-to-day expenses while taking advantage of numerous perks.

As a cardholder, you can garner 1% unlimited cash back on all purchases, plus an accelerated rate of 2%-5% on select spending categories, such as groceries, gas, and public transportation.

You’ll also have access to many benefits, special offers on digital services, Mastercard Travel Rewards, and more. The insurance package is generous, too, providing extensive travel coverage.

The BMO CashBack World Elite Mastercard uses a tier-based cash back model. In other words, you earn a base rate on every purchase you charge to your card, plus a bonus rate on purchases that fall under specific categories. Each bonus rate is subject to a monthly spending cap, after which the base rate applies.

If you’re a heavy spender when it comes to everyday essentials, you can rack up cash back at lightning speed using this cash back card. Cardholders can earn:

• 5% on groceries (on the first $500 spent, then 1% after that)
• 4% on transit, including taxis, ride-sharing, and public transportation (on the first $300 spent, then 1% after that)
• 3% on gas, and electric vehicle charging (on the first $300 spent, then 1% after that)
• 2% on recurring bill payments, such as a phone bill or streaming service (on the first $500 spent, then 1% after that)
• 1% unlimited cash back on all other purchases

Aside from the healthy earn rates, a stand-out feature of this card’s cash back program is its flexibility. You can redeem your cash back balance any time you wish, and the minimum redemption amount is just $1. While there are certainly more affordable cash back credit cards available (this one will cost you $120 per year), they usually allow you to redeem your cash back once per year or come with higher minimum redemption thresholds.

BMO gives you three ways to redeem cash back:

1. Deposit them into your BMO chequing or savings account
2. Apply them as a statement credit on your credit card’s account
3. Deposit them into your BMO Investorline account

To redeem your cash back, visit bmocashback.com and login to your account. From there, you can also set up automatic deposits when you collect at least $25 of cash back.

To qualify for the BMO CashBack World Elite Mastercard, you must meet the following requirements:

• Earn at least $80,000 annually or $150,000 for a household
• Be a Canadian citizen or permanent resident
• Be at least the age of majority in your province
• Not have declared bankruptcy in the past seven years

There’s no specific credit score required for BMO to approve your application. But it’s advisable to have a score that’s considered “good” by Equifax, which is 660+.

Fees

• Annual fee: $120
• Foreign exchange fee: 2.5%
• Extra card fee: $50
• Cash advance fee: 1% of the cash advance amount or a minimum of $5
• Over-limit fee: $29
• Dishonoured payment fee: $48
• Balance transfer fee: up to 5% of the balance transferred

Interest rates

• Purchases: 20.99%
• Cash advances: 23.99%
• Cash advances (Quebec): 21.99%
• Balance transfers: 23.99%

BMO’s CashBack World Elite Mastercard is one of the best credit cards if your primary goal is to save money on groceries, recurring bills, and other essential spending. Most cash back cards come with low earn rates and many restrictions on how and when you can redeem your cash back.

The card’s vast array of perks is also attractive. Most cash back cards offer little in the way of extras, making BMO’s Cash Back World Elite Mastercard a stand-out product.

One major downside is the card’s steep income requirement, limiting its accessibility. Another area where it falls short is the low monthly caps on select spending categories, such as groceries, transit, and gas. Therefore, you might want to consider an alternative card if you aim to maximize cash back in those categories.