Comparison

BMO CashBack World Elite Mastercard vs BMO CashBack Mastercard card: Which is the best?

Keep reading if you want to know the difference between these two BMO cards: BMO CashBack World Elite Mastercard or BMO CashBack Mastercard!

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by Victória Lourenço

Published on 01/30/2022

BMO CashBack World Elite Mastercard or BMO CashBack Mastercard: card comparison

Find out which BMO card is best! Source: Freepik (starline).
Find out which BMO card is best! Source: Freepik (starline).

The BMO CashBack World Elite Mastercard is a very popular credit card in Canada. It has a high cash back rate and no foreign transaction fees. This card charges an annual fee and comes with excellent features, such as free airport lounge access and travel insurance. Another option is the BMO CashBack Mastercard with no annual fee and fewer perks. Read more to know which one is best: BMO CashBack World Elite Mastercard or BMO CashBack Mastercard!

cartão BMO CashBack Mastercard fundo cinza

How to get the BMO CashBack Mastercard card?

BMO CashBack® Mastercard® credit card features cash back, welcome bonus, and more. See how to apply for one now and enjoy its benefits!

cartão BMO CashBack World Elite Mastercard fundo cinza

How to get BMO CashBack World Elite Mastercard?

BMO CashBack® World Elite® Mastercard® card features cashback, insurance, welcome offers, and more. Learn now how to apply for one!

BMO CashBack World Elite MastercardBMO CashBack Mastercard
Sign-up bonusUp to 10% cashback in the first 3 months, and no annual fee in your first year as a new cardholder.Up to 5% cash back in your first 3 months as a new cardholder.
Annual fee$120.No annual fee.
Rewards*5% cash back on groceries.

4% on transit: ride-sharing, taxis, and public transport.

3% on gas and electric vehicle charges.

2% on recurring bills, such as phone bills and streaming services.

1% cash back on every other purchase.

*Terms apply.
3% cash back on groceries.

1% cash back on recurring bill payments, such as monthly utilities and streaming services.

0.5% cash back on every other purchase.

*Terms apply.
Other perks*You can access complimentary membership in the Mastercard Airport Experiences program by LoungeKey.

Access to the BMO World Elite Total Travel and Medical Protection program.

Get access to the BMO Concierge Service.

*Terms apply.
You can get a 1.99% intro interest rate on balance transfers for 9 months with a 1% transfer fee.

*Terms apply.
APR 20.99% to 22.99% (21.99% for Quebec residents).19.99% to 22.99% variable APR.

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BMO CashBack World Elite Mastercard

Learn more about the BMO CashBack World Elite Mastercard! Source: BMO.
Learn more about the BMO CashBack World Elite Mastercard! Source: BMO.

The BMO CashBack World Elite Mastercard credit card is for those who love to receive high-end credit card cash back rewards. Moreover, this credit card offers excellent travel perks as well. Also, you can earn 5% cash back on groceries, 4% on transit, 3% on gas, and 2% on recurring bills. Plus, you can earn 1% cash back on every other purchase you make with the card.

Moreover, your cash back rewards do not expire. But you need to keep your account open and make all your payments on time. Also, you can redeem your cash back as a statement credit, InvestorLine, or even put it in your BMO checking or savings account.

In addition, this BMO credit card offers free access to more than 1 million Wi-Fi places worldwide! Also, you can get many of the benefits of owning a Mastercard credit card. For example, you can access Mastercard Travel Rewards for eligible purchases you make outside of Canada. Also, you can access complimentary membership with the Mastercard Airport Experiences by LoungeKey.

However, this credit card charges an annual fee of $120. Even though the hefty annual fee is a downside for some, others may enjoy the high-end benefits this card brings. For example, you can get the $120 annual fee waived in your first year as a new cardholder. Plus, as a new cardholder, you get a 10% cash back on eligible purchases in your first three months (up to $2,600 in spending).

BMO CashBack Mastercard

Learn about the main features of the BMO CashBack Mastercard card! Source: BMO.
Learn about the main features of the BMO CashBack Mastercard card! Source: BMO.

The BMO CashBack Mastercard offers great benefits for those who do not like to pay credit card annual fees. Also, as a new cardholder, you can get a 1.99% intro interest rate on balance transfers for 9 months with a 1% transfer fee. Plus, you can get up to 5% cash back as a welcome bonus for your first three months from account opening.

Moreover, the rewards can be pretty great. Plus, you do not have to pay an annual fee. In addition, with this BMO credit card, you can earn 3% cash back on groceries, 1% cash back on recurring bill payments, such as streaming services and monthly utilities. Also, you can earn 0.5% on every other purchase you make with this credit card.

In addition, it can be very easy to redeem your cash back rewards. Plus, they do not expire as long as you keep your account open and make all your payments on time. Moreover, you can redeem your rewards as a statement credit, put it in an InvestorLine, or even put it in your BMO checking or savings account.

Also, this BMO credit card has a very low annual income requirement. You only need to earn $15,000 of annual income. However, this credit card has some drawbacks too. For example, there is no emergency insurance, medical insurance, or travel insurance. Also, even though this BMO credit card does not have an annual fee, the cash back rewards are not that high.

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Benefits of BMO CashBack World Elite Mastercard

  • You can earn 10% cash back on eligible purchases in your first three months as a new cardholder (up to $2,600 in spending).
  • This BMO credit card has a relatively high cash back rewards rate that ranges between 5% to 1% cash back on various purchases.
  • You can access the BMO World Elite Total Travel and Medical Protection program.
  • The cash back rewards are very easy redeem.
  • As a new cardholder, you do not have to pay the annual fee of $120 in your first year from account opening.

Benefits of BMO CashBack Mastercard

  • You can get a 1.99% interest rate for your first nine months as a new cardholder (there is a fee of 1%).
  • This BMO credit card does not charge an annual fee.
  • This credit card offers purchase protection and an extended warranty.
  • As a new cardholder, you can earn a 5% cash back welcome bonus for 3 months on up to $2,500 for eligible purchases.
  • You only need an annual income of $15,000 to qualify for this credit card.

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Disadvantages of BMO CashBack World Elite Mastercard

  • Even though this BMO credit card offers excellent rewards and perks, there is an annual fee of $120.
  • You can only have a chance of qualifying for this credit card if you have a personal annual income of at least $80,000. If you consider your household income, then it has to be $150,000.

Disadvantages of BMO CashBack Mastercard

  • This credit card could have a higher cash back rewards rate for a no-annual-fee card.
  • This BMO credit card does not have very good insurance features. For example, there is no emergency medical insurance or travel insurance.

BMO CashBack World Elite Mastercard or BMO CashBack Mastercard: which you should choose?

Before you think of applying to one of these BMO credit cards, you need to check your annual income. This way, you will be prepared to analyze the features of both credit cards and choose the best one for you. Moreover, keep in mind that even though the BMO CashBack World Elite Mastercard has more perks, it has more requirements. For example, you need a personal annual income of at least $80,000 to qualify for this BMO credit card.

However, the BMO CashBack Mastercard card has some pretty good features and only requires an annual income of $15,000 to qualify. Also, if you want to know more about other excellent credit cards in Canada, check out our other posts. For example, check out our post below with a full review of the Conexus Cash Back Mastercard®!

cartão Conexus Cash Back Mastercard®

Conexus Cash Back Mastercard® full review

Check out the Conexus Cash Back Mastercard® review and learn more about its benefits, such as flexible point-reward program and more!

About the author

Victória Lourenço

Victória Lourenço is part of the finance writer team for The Mister Finance website. She is a translator and copywriter, having worked on finance topics for over four years. She has a goal to keep studying finances to help people learn more about how to use their credit cards, make loans, and use other money-related products in a way that they can find a more meaningful and healthy financial life!

Reviewed by

Aline Barbosa

Senior Editor

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