Everything about BMO CashBack World Elite Mastercard – Finbeca
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Everything about BMO CashBack World Elite Mastercard

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This card offers cash back on a number of everyday purchases, but its real draw is its earning potential for groceries. You earn 5% cash back on groceries!

THE BEST GROCERY CREDIT CARD IN CANADA

BMO CashBack World Elite Mastercard Credit Card

How to apply

Rates & Fees

Best cash back credit card for you

The BMO CashBack World Elite Mastercard boasts the highest cash back rate in Canada on grocery purchases.

Welcome Bonus


10% cash back

Annual Fee


$120

Regular APR


20.99%

Credit Score


Good/Excellent

Rates & Fees

How to apply

Best cash back credit card for you

The BMO CashBack World Elite Mastercard boasts the highest cash back rate in Canada on grocery purchases.

Welcome Bonus


10% cash back

Annual Fee


$120

Regular APR


20.99%

Credit Score


Good/Excellent

The BMO CashBack World Elite Mastercard tops our list with its accelerated earn rates, comprehensive travel insurance and built-in roadside assistance (a rare perk).

  • Welcome bonus of 10% cash back in the first three months (on up to $2,600).
  • 5% cash back on groceries (up to $500 monthly).
  • 4% cash back on transit (up to $300 monthly).
  • 3% cash back on gas (up to $300 monthly).
  • 2% cash back on recurring bills (up to $500 monthly).
  • 1% cash back on all other purchases.
  • Forbes Advisor estimates a rewards value of $490.07 in annual earnings based on average Canadian spending, with the annual fee factored in.
  • Includes roadside assistance for battery boosts, flat-tire change, lockout service and towing.
  • Discounts on airport lounge access with Mastercard Travel Pass.
  • Travel insurance covers car rental loss and damage, legal assistance, flight and baggage delays, lost or stolen luggage, emergency medical care and common carrier accidents.
  • Up to 25% off rentals at National Car Rental and Alamo Rent a Car participating locations.

Why We Recommend the BMO CashBack World Elite Mastercard

If you’re in Canada and on the hunt for a credit card that really gives back, the BMO CashBack World Elite Mastercard deserves your attention. This isn’t just another card in your wallet; it’s a powerhouse of cash back rewards, especially tailored for those who love maximizing their returns on everyday spending.

Firstly, the cash back rates are nothing short of impressive. Imagine earning a whopping 5% cash back on groceries, that’s the highest rate available in Canada for this category. Whether you’re a family person buying weekly groceries or someone with a penchant for gourmet ingredients, this feature alone can add significant value to your budget.

But it doesn’t stop there. The card also offers 4% cash back on transit which includes everything from your daily commute to ride-sharing services. If you’re someone who’s constantly on the move, these rewards can quickly add up.

Gas and electric vehicle charging fetch you 3% cash back, making road trips and daily commutes more rewarding. And for those recurring bills thin streaming services, gym memberships, and phone bills you’re looking at 2% cash back. Even your other miscellaneous purchases aren’t left out, with a solid 1% cash back.

The welcome offer is another reason to get excited. The card waives the $120 annual fee for the first year and offers up to 10% cash back in the first three months. This welcome bonus is a great way to start your cash back journey on a high note.

Sure, there’s an annual income requirement, but if you meet it, the benefits far outweigh the cost. The card also aligns well with a lifestyle that values convenience and rewards. With additional perks like roadside assistance, travel, and medical protection, it’s more than just a payment tool – it’s a lifestyle enhancer.

How You Can Use the BMO CashBack World Elite Mastercard

The BMO CashBack World Elite Mastercard isn’t just a credit card; it’s a financial companion that rewards you for your everyday lifestyle choices. Whether your grocery shopping, filling up your gas tank, commuting, or managing your recurring bills, this card turns these routine activities into opportunities to earn cash back.

Picture this: Every time you’re at the supermarket, you’re not just ticking items off your grocery list; you’re accumulating significant rewards. This makes the card an excellent choice for families or anyone who spends a notable amount on groceries. The same goes for transit and gas expenses that are often unavoidable but can be more rewarding with this card.

The versatility of the BMO CashBack World Elite Mastercard is another major plus. The cash back you earn isn’t restricted in how it can be used. Whether you prefer to see it as a statement credit, deposit it into your BMO chequing or savings account, or even put it towards your InvestorLine account, the choice is yours. This flexibility is a breath of fresh air in the often rigid world of credit card rewards.

Furthermore, the card’s digital features and security measures are top-notch. The ability to lock and unlock your card, access to CreditView, and personalized financial insights, all available through online and mobile banking, offer a modern, secure, and convenient banking experience. This aspect is particularly appealing to the tech-savvy user who values digital innovation and security.

Moreover, the additional benefits of the card – like roadside assistance, travel and medical protection, and access to exclusive offers and discounts – add layers of value that go beyond mere financial transactions. These features make the card a comprehensive package, not just a spending tool.

Advantages of the BMO CashBack World Elite Mastercard

The BMO CashBack World Elite Mastercard is a gem in the world of credit cards, especially if you’re keen on maximizing returns on your daily expenses. The foremost advantage of this card is its cash back rates. With a leading 5% return on grocery purchases, it dominates the Canadian market in this category. This means that your routine shopping can translate into significant savings over the year.

Moreover, the card offers 4% cash back on transit expenses, including ridesharing and public transportation. This is ideal for frequent travelers or regular users of these services. Additionally, you earn 3% back on gas and electric vehicle charging, and 2% on recurring bills like subscriptions and phone services.

Another major attraction is the welcome offer. The card waives the $120 annual fee in the first year and offers up to 10% cash back in the first three months. This welcome bonus is a great way to start racking up rewards quickly.

Furthermore, the flexibility in cash back redemption is a significant perk. You can choose to deposit the accumulated amount in your BMO checking or savings account, apply it as a credit on the card statement, or even invest through InvestorLine. This choice in using your rewards makes the card even more appealing.

How to apply

Disadvantages of the BMO CashBack World Elite Mastercard

Despite its numerous advantages, the BMO CashBack World Elite Mastercard has some downsides. The primary one is the relatively high minimum annual income requirement ($80,000 for individuals and $150,000 for households), potentially limiting its accessibility to a wider consumer base. Additionally, the $120 annual fee (waived only in the first year) might be a deterrent for some, especially if they don’t spend enough to offset this fee with cash back rewards.

Credit Analysis for the BMO CashBack World Elite Mastercard

The credit analysis for the BMO CashBack World Elite Mastercard follows a stringent process, reflecting the card’s premium status. Firstly, the applicant’s annual income is verified. With a minimum requirement of $80,000 for individuals or $150,000 for households, this criterion ensures that the card is targeted at a consumer segment with higher financial capacity.

Besides income, the applicant’s credit history is thoroughly evaluated. The bank looks for a solid and responsible credit usage history, including timely payments and a good credit score. This criterion helps ensure that cardholders are capable and willing to manage their finances and credit commitments effectively.

The analysis process also considers the applicant’s overall relationship with the Bank of Montreal (BMO). Existing customers with a good history of dealings with the bank might have an edge in approval. This includes examining checking, savings, and other financial products held with BMO, as well as the payment history and usage of these services.

Lastly, the analysis isn’t limited to just financial aspects. Factors like employment and residence stability may also be considered to assess the overall financial solidity of the applicant. The approval decision, therefore, is a blend of multiple factors, aiming to ensure that the card is offered to clients who will not only benefit from its advantages but will also use it responsibly.

Is There a Minimum and Maximum Credit Limit for the BMO CashBack World Elite Mastercard?

When it comes to the BMO CashBack World Elite Mastercard, the credit limits are tailored to the individual’s financial situation and creditworthiness. Generally, there isn’t a publicly disclosed minimum or maximum credit limit for this card.

Instead, the limit is determined based on your income, credit history, and other financial criteria during the application process.

This personalized approach ensures that the credit limit granted aligns well with your financial capacity, helping to manage your credit responsibly while enjoying the card’s benefits.

Want to Apply? Learn How to Get the BMO CashBack World Elite Mastercard Right Here

Interested in boosting your cash back game with the BMO CashBack World Elite Mastercard? Applying for this card is a straightforward process, and you’re just a click away from getting started. By clicking the button below, you’ll be guided through the application process, where you’ll learn about the requirements and how to submit your application.

Whether you’re a frequent shopper, a travel enthusiast, or someone who values rewards on daily expenses, this card is designed to enhance your spending experience. So why wait? Click below and take the first step towards earning rewarding cash back on your everyday purchases!

How to apply

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