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BMO CashBack® World Elite® Mastercard®
Credit cards

BMO CashBack® World Elite® Mastercard®

Updated 01.12.2022

About BMO CashBack® World Elite® Mastercard®

A BMO CashBack® World Elite® Mastercard® is a credit card with extensive cash back earning opportunities and exclusive benefits from Mastercard and its partners. BMO sets no limits on the maximum amount of cash back dollars you can earn.

From time to time, BMO announces special offers for BMO CashBack® World Elite® Mastercard® providing accelerated cash back earning rates and annual fee waiver opportunities.

BMO CashBack® World Elite® Mastercard® features

A BMO CashBack® World Elite® Mastercard® credit card provides a 20.99% interest rate on purchases and 23.99% on cash advances (21.99% for Quebec residents). The annual fee for a BMO CashBack® World Elite® Mastercard® credit card is $120 for the primary cardholder (waived for the first year within the special offervalid until 31 july, 2023) and $50 for an authorized user (waived with special offers for new applicants). 

Grocery purchases made with your BMO CashBack® World Elite® Mastercard® will bring you 5% cash back on the first $500 spent per statement cycle period and 1% unlimited cash back thereafter.

Transportation purchases made with your BMO CashBack® World Elite® Mastercard® will bring you 4% cash back on the first $300 spent per statement cycle period and 1% unlimited cash back thereafter.

Gas and electric vehicle charging purchases made with your BMO CashBack® World Elite® Mastercard® will bring you 3% cash back on the first $300 spent per statement cycle period and 1% unlimited cash back thereafter.

Recurring bill payments made with your BMO CashBack® World Elite® Mastercard® will bring you 2% cash back on the first $500 spent per statement cycle period and 1% unlimited cash back thereafter.

Other purchases will bring you 1% unlimited cash back.

Limited-time offers for new BMO CashBack® World Elite® Mastercard® applicants may provide you with accelerated cash back earning rate.

The redemption opportunities for the cash back dollars you’ve earned include:

  • Making a deposit to your BMO bank account

  • Funding InvestorLine account

  • Making a credit to your account statement

You can redeem your cash back at any time for just $1. Or, you can set up recurring deposits — just make sure your cash back balance is at least $25.

Along with reward-earning opportunities, a BMO CashBack® World Elite® Mastercard® credit card provides exclusive privileges and benefits from Mastercard and its partners, such as:

  • Free Wi-Fi at Boingo hotspots

  • Mastercard Travel Rewards cash back offers when shopping outside of Canada

  • Access to a range of digital everyday services available through on-demand apps and subscription services

  • Discounts for car rentals at National Car Rental and Alamo Rent a Car

  • Access to 24/7 concierge service providing personal assistance

  • Membership in Mastercard Travel Pass provided by DragonPass that grants access to airport lounges (present your membership with the Mastercard Travel Pass app)

  • Free membership in the Dominion Automobile Association (DAA) providing access to the BMO Roadside Assistance Program 

Insurance coverages included in a BMO CashBack® World Elite® Mastercard® credit card are up to 90-day purchase protection, extended warranty coverage, and 8-day out-of-province or country emergency medical coverage.

Pros and cons

The advantages of a BMO CashBack® World Elite® Mastercard® credit card are: 

  • Cash back earning opportunities

  • Access to exclusive benefits from Mastercard

  • Benefits and discounts from BMO’s partners

  • Contactless payment through digital wallets

  • Zero Liability Protection

Here are the disadvantages to be aware of:

  • A $120 annual fee

  • Minimum annual income requirements to apply

  • Few insurance coverages included

How to apply for a BMO CashBack® World Elite® Mastercard®

You can apply for a BMO CashBack® World Elite® Mastercard® credit card online — just click the “Apply now” button on the credit card description page and proceed with an application. First, specify whether you already have a BMO credit card and if you have a Canadian address. Next, fill out the form with the following information:

  • Your first name

  • Your middle name (optional)

  • Your last name

  • Your date of birth

  • Your phone number

  • Your address

  • Your housing status

  • Your monthly payment

  • Month and year since you live there

  • Your social insurance number (optional)

  • Your employment status

  • Your occupation category

  • Your position

  • The company name

  • Month and year since you work there

  • Work phone number

  • Your sources of income

  • Whether you want to add another cardholder

  • Whether you want to add Optional BMO Credit Card Balance Protection Enhanced

After you’ve provided all the required details, review the summary of your application, agree to the terms and conditions, and click “Confirm & apply” to finalize your application.

To qualify for a BMO CashBack® World Elite® Mastercard®, you must have a minimum annual personal income of $80,000 or a household annual income of $150,000.

How to enroll in the Mastercard Travel Pass program?

To activate your Complimentary membership in Mastercard Travel Pass provided by DragonPass, register an account with DragonPass either at the Mastercard Travel Pass website or through the Mastercard Travel Pass mobile application.
Can I redeem my cash back dollars towards a deposit into a BMO account held by an additional cardholder?You can redeem your cash back earnings towards deposits made to BMO accounts held by the primary cardholder only.
What are the conditions for the Zero Liability Protection to apply?

Here are the conditions under which you can avoid liability for unauthorized transactions made with your credit card:

  • You haven’t contributed to the unauthorized use of your credit card account

  • You’ve used reasonable care to safeguard your card and PIN

  • You’ve notified BMO after you’ve learned of the loss, theft, or misuse of your card or cheques asap

Rate
i

Effective interest rate on the product

21.99% - 23.99%

Top offers of the month

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