The BMO CashBack World Elite Mastercard offers 5% on groceries and 4% on transit. Earn 3% on gas and 1% on everything else.
Get $5M in emergency travel insurance and roadside assistance. Purchase protection and car rental discounts are included.
With cash back redeemable anytime, now is a great time to apply. Take advantage of these perks now.
How Does the BMO CashBack World Elite Mastercard Work?
This card operates on a tiered cash back system, rewarding specific spending categories at higher rates. Groceries, transit, gas, and recurring bills earn top-tier rewards, while all other purchases get a base rate.
Cash back is earned automatically and can be redeemed at any time, starting from as little as $1. Users can apply rewards as a statement credit or deposit them into a BMO account.
With no expiry on rewards as long as the account remains in good standing, cardholders can accumulate and redeem cash back at their convenience.
What Is the BMO CashBack World Elite Mastercard?
The BMO CashBack World Elite Mastercard is a premium credit card designed for those who want to maximize cash back rewards. It offers some of the highest rates for everyday spending categories.
With generous cash back on groceries, transit, and recurring bills, this card helps users save on essential purchases. It also includes travel perks, roadside assistance, and insurance coverage.
Keep reading to learn how this card works and how you can apply to start enjoying its benefits.
Advantages of the BMO CashBack World Elite Mastercard
High Cash Back on Groceries
Earn 5% cash back on grocery purchases, helping you save significantly on your essential food shopping.
Rewarding Transit Spending
Get 4% cash back on transit expenses, including ride-sharing, taxis, and public transport.
Cash Back on Gas and EV Charging
Receive 3% cash back on fuel and electric vehicle charging, ensuring you save at the pump or while charging.
Recurring Bill Payments
Earn 2% cash back on recurring bills, like your phone bill, gym membership, and streaming services.
Unlimited Cash Back
Get 1% cash back on all other purchases, with no limit to the amount you can earn.
Flexible Redemption Options
Redeem cash back at any time, with no waiting required, starting from as little as $1.
BMO CashBack World Elite Mastercard vs Other BMO Credit Cards
To better understand how the BMO CashBack World Elite Mastercard stacks up against other BMO credit cards, here’s a comparison of their features and benefits.
| Feature | BMO CashBack World Elite Mastercard | BMO CashBack Mastercard | BMO AIR MILES World Elite Mastercard |
|---|---|---|---|
| Groceries Cash Back | 5% | 3% | 1% |
| Transit Cash Back | 4% | 1% | 1% |
| Gas and EV Charging | 3% | 1% | 1% |
| Annual Fee | $120 (waived first year) | $0 | $120 (waived first year) |
| Travel Insurance | Yes | No | Yes |
Disclaimer: The information provided in this table is subject to change. Please visit the official BMO website for the most up-to-date details.
How to Apply for the BMO CashBack World Elite Mastercard?
Applying for the BMO CashBack World Elite Mastercard is simple and straightforward. Follow these easy steps to get started.
- Visit the BMO Website: Head to the official BMO website to begin your application process.
- Check Your Eligibility: Make sure you meet the income and residency requirements.
- Complete the Application: Fill in your personal details and financial information on the application form.
- Submit Your Application: Review and submit your application for approval.
- Activate Your Card: Once approved, activate your card and enjoy the rewards.
Who Is the BMO CashBack World Elite Mastercard For?
The BMO CashBack World Elite Mastercard is tailored for individuals seeking substantial rewards on everyday spending. This card is ideal for:
- Frequent Grocery Shoppers: With 5% cash back on groceries, those who spend considerably on food can maximize their savings.
- Regular Commuters: Offering 4% cash back on transit, including ride-sharing, taxis, and public transportation, it’s beneficial for daily travelers.
- Drivers: At 3% cash back on gas and electric vehicle charging, motorists can enjoy significant returns on fuel expenses.
- Subscribers to Recurring Services: Earning 2% cash back on recurring bill payments, such as phone bills and streaming services, adds up over time.
- High-Income Earners: Given the $120 annual fee and income requirements, it’s best suited for individuals with higher income levels.
Is the BMO CashBack World Elite Mastercard Worth It?
For those who frequently spend on groceries, transit, and gas, this card delivers high cash back rewards. The waived first-year annual fee and welcome bonus make it even more appealing.
After the first year, the $120 annual fee should be considered. If your spending aligns with the top cash back categories, the benefits can outweigh the cost.
With travel insurance, roadside assistance, and flexible redemption, it’s a solid choice for those who want premium perks and steady cash back earnings.
Frequently Asked Questions About the BMO CashBack World Elite Mastercard Card
You can redeem cash back anytime starting at $1 through BMO Online or Mobile Banking. It can be applied as a statement credit or deposited into a BMO account.
Yes, it includes up to $5 million in emergency medical coverage for trips up to 8 days outside your home province or country. Other travel benefits may apply.
You must have a minimum individual income of $80,000 or a household income of $150,000 to qualify for the BMO CashBack World Elite Mastercard.
Yes, new cardholders can earn up to 10% cash back in the first 3 months, with the annual fee waived for the first year. Terms and conditions apply.