The New BMO CashBack World Elite Mastercard: Unlimited cash back. Every purchase. Everywhere.
The new BMO CashBack World Elite MasterCard ushers in a new era of simplicity, transparency and value in Canadian credit cards.
It comes with a limited time 4% promotional cashback rate, a flat cashback rebate of 1.5% on EVERY purchase after the 4% promotion ends (that’s all the time – no caps, limits, categories or tiers), FREE roadside assistance and FREE travel insurance. It’s simple, transparent and offers premium value meant to rival travel cards.
The BMO CashBack World Elite MasterCard offers a compelling earn rate. 1.5% is what you see and what you get on all your spend, without any restrictions. This is a refreshing change of pace for an industry plagued with fine print. The limited-time accelerated cashback rate is also stellar for those that want to take advantage of it in the first four months after they sign up.
BMO CashBack Comparison:
Our competitive analysis reveals that the BMO CashBack card offers one of the richest cashback rates amongst all flat rate cashback credit cards in Canada today. It does particularly well for those who want no limits on the amount of cash they can earn, a high cash back rate in categories outside of gas & groceries, and premium travel insurance benefits.
Why It’s a Winner:
- 1.5% Cash Back: 1.5% beats out many of the premium travel card earn rates like RBC’s Avion card and CIBC’s Aventura card. While there are some cash back cards that match 1.5% (Rogers MasterCard), they usually don’t come with free roadside assistance, travel medical and trip interruption insurance.
- Unlimited CashBack: No Caps, Tiers or Categories : There’s no limit to the amount of cash you can earn. You’ll earn 1.5% on everything, without restrictions, it’s that simple. “Up to”, “tiers”, “caps”, “limits” or “categories” are simply not a part of this card’s vocabulary. You can use this card anywhere and as often as you want knowing you’ll get a full 1.5% cash back.
- Premium Perks & Benefits: This card is packed with perks and benefits usually reserved for travel cards. It has out of province / out of country travel medical insurance ($2 million coverage), car rental insurance, trip interruption insurance, extended warranty (doubles original manufacturers warranty) and purchase protection (items insured against theft or damage for 180 days after purchase). It also offers FREE roadside assistance, a value of $69/year.
- Easy Cashback Redemption Process. There’s no need to call in to redeem, no point expiry, no booking fees, no availability issues. Your cashback earnings automatically get credited to your credit card statement every January – just in time to pay off your holiday charges!
If you like the convenience and simplicity of cash back, but are tired of the tricks and shenanigans of caps, categories and tiers, you’ll love the transparency and earn rate of the BMO CashBack World Elite MasterCard.
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Article comments
My wife and I are totally involved with BMO (InLine Banking, Investorline, etc..) We have also made BMO CashBack World Elite MasterCard our only card but we are really disappointed with the age limitation of the “out of province / out of country travel medical insurance ($2 million coverage)” clause. We are in our 70’s and in very good health and we still enjoy two or three day junkets to the US and winter trips to Mexico. We expect that there should be some consideration for us and other senior citizens. After all, we are still paying the full premium cost.
J and B
Hi John,
That’s certainly a good point to raise. You can see our travel insurance review of Canadian credit cards here for some alternatives. There are certainly alternatives with TD, Scotia, RBC, CIBC and National Bank. Just make sure to read the insurance terms and exclusions, so you don’t get dissapointed.
GreedyRates Staff
In the terms and conditions of the BMO CashBack World Elite MasterCard, I came across this limitation: *Conditions: CashBack World MasterCard: With the BMO CashBack World MasterCard card, you will only earn CashBack rewards on your account up to a maximum monthly spend of $7,000.
Some months I spend a few thousand dollars but other months I may be spending over the $7000 limit. I expect that others would be in the same position. The card us advertised as no limits
Hi Bob, the BMO CashBack World Elite card does not have any caps. The Terms and conditions you are referring to are contained in the BMO CashBack World Card, not the World Elite. Easy to see how the two can be confused. Hopefully that helps you with your monthly spend volumes!
Best,
GreedyStaff
All makes sense! And cashback does attract a certain segment of the population. I guess I just feel the points cards provide travel benefits (if used properly) that far outweigh cashback.
Again – everyone is different and so this meets certain objectives. The best strategy is to have a few different cards (unless your goal is cashback then this one is great…but then the Scotia Momentum offers 4%!) and use each to maximise the points.
FYI – we use the Scotia Amex for the 4% back merchants only. We then use the BMO World Elite for other spend. And also got the TD Infinite just for the sign-up points (and then cancelled).
Not sure I agree….The % from a points programme like ScotiaAmex (upto 4%) or BMO (2%) can provide a better deal. The Amex Membership Rewards can be worth more if you’re smart about how to use the airline or hotel points (for example for Business Class or luxury hotels).
The issue with this card is that the cashback is once a year…so you don’t get the benefit immediately…and can’t use the “savings” for a trip you may want to take before the cashback.
Of course everyone is different and has different views…cashback is also easy in that you don’t need to do anything – with points, you do have to do some work.
Hi John,
Obviously the Scotia Amex Gold card provides more value on gas, grocery and dining spend. That said, it only offers the equivalent of 1% on all other categories. The big advantage of the BMO CashBack World Elite card, is that it provides 1.75% on all spend, in every category, with no caps, and you get it redeemed back in cash (granted it’s once a year). For those who don’t travel, or who would prefer booking their own travel and getting cash back value, a cash back card offers a great alternative.
We love the BMO Rewards World Elite card as well, which offers 2% in value. However, there are those who would prefer not redeeming for travel, and/or would prefer not being tied to BMO’s travel rewards redemtpion site when booking their travel, or having to deal with booking fees, unused points or the like. For those individuals, a cash back card is a great alternative and the BMO CashBack World Elite card gives high spenders the best value of any cash back card in Canada.
In the end, it seems Canadians are increasingly looking for the transparency, simplicity and value offered by cash back cards.
Make sense?
GreedyStaff
I use Scotia Momentum Infinite Visa for Gas and Groceries, BMO cashback World Elite MC is a wonderful card for other purchases!
Hello,
This article states that BMO cash back world elite offers 1.5% on all transactions but when you visit their website it says 1.75% cash back on all purchases.
Thank you,
Hi Choobi,
Thank you for drawing our attention to that, but BMO have stated on their website that “Effective the first day after your September 2017 statement date, the cash back rewards earn rate on all eligible BMO® CashBack® World Elite®* Mastercard®* card purchases will change from 1.75% to 1.5%.” This message pops up in after following the “Click here to learn more” link under the card’s description.
GreeedyRates Staff