If you’re seeking a card that maximizes cash back rewards, the BMO CashBack® World Elite® Mastercard® could be the solution. With generous cash back percentages across a range of spending categories, plus top-notch benefits and protections, this card offers an appealing combination of value and convenience. But is it the right choice for you? Let’s break it down.

Main information about the card

The BMO CashBack® World Elite® Mastercard® sets itself apart with one of the most competitive cash back programs in Canada. You can earn:

• 5% cash back on groceries
• 4% on transit (including ride-sharing services like Uber and Lyft)
• 3% on gas and electric vehicle charging
• 2% on recurring bill payments such as phone bills or streaming services
• 1% on all other purchases, with no cash back limit.

This card offers a strong lineup of benefits and a straightforward rewards system, making it a top contender for anyone looking to earn serious cash back. The annual fee is $120, but it’s waived for the first year, giving you a risk-free chance to test the card’s benefits.

The BMO CashBack® World Elite® Mastercard® also includes perks like roadside assistance, medical travel insurance, and extended warranty protections, making it not just a rewards card, but also a comprehensive tool for financial peace of mind.

### Qualification Requirements

As a premium card, the BMO CashBack® World Elite® Mastercard® does come with higher qualification requirements. To be eligible, you must have either:

• A minimum annual individual income of $80,000, or
• A minimum household income of $150,000.

This card is designed for individuals with higher income levels, meaning it may not be accessible to everyone. However, if you meet the income thresholds, the rewards and benefits make it worth considering.

Benefits

The BMO CashBack® World Elite® Mastercard® isn’t just about cash back. Beyond the everyday rewards, cardholders gain access to various travel and lifestyle benefits that enhance the overall experience. Here are some key perks:

• Comprehensive Travel Insurance: With up to $5 million in out-of-province or out-of-country emergency medical coverage, you’re well-protected when traveling.
• Roadside Assistance: Enjoy peace of mind with free roadside assistance, including services like towing, battery boosts, and lockout service.
• Boingo Wi-Fi Access: You get complimentary access to over one million Wi-Fi hotspots globally, ensuring you stay connected wherever you are.
• Fuel Discounts: Save up to seven cents per litre on Shell fuel—a great bonus for those who frequently drive.

Moreover, redeeming your cash back is incredibly flexible. You can request a payout for as little as $1 at any time. Alternatively, you can set up automatic deposits into your BMO chequing or savings account or apply the cash back as a credit on your monthly statement.

Pros

The BMO CashBack® World Elite® Mastercard® comes with an impressive array of advantages. In summary, this card provides high rewards across key spending categories, along with valuable travel protections. Here’s a closer look:

• 5% cash back on groceries: Perfect for families and individuals who spend heavily on food.
• 4% on transit: A great feature for those who rely on public transport or ride-sharing services.
• 3% on gas and electric vehicle charging: Ideal for commuters and EV drivers.
• 2% on recurring bills: Helps you earn even when paying essential bills.
• Roadside assistance and travel insurance: Enhances safety and convenience, especially for frequent travelers.
• Boingo Wi-Fi: Ensures connectivity during travel.

Cons

No card is without its downsides, and the BMO CashBack® World Elite® Mastercard® has a few. While it offers fantastic rewards and benefits, here are the potential drawbacks:

• High income requirements: The $80,000 individual or $150,000 household income requirements may limit accessibility for many Canadians.
• Annual fee of $120: Although waived in the first year, the fee may be a burden if you don’t maximize the card’s rewards.
• Interest rates: The card has a 20.99% interest rate for purchases, which can add up if you carry a balance.
• Limited to Canada: Some benefits, such as the grocery cash back, may be more useful to those who live and shop primarily in Canada.

How to apply

Applying for the BMO CashBack® World Elite® Mastercard® is a straightforward process, and you can do it entirely online:

• Visit the BMO Website: Navigate to the BMO CashBack® World Elite® Mastercard® page and click on the “Apply Now” button.
• Fill Out Your Information: You will need to provide details such as your income, employment status, and financial history.
• Approval Process: BMO typically responds to applications in under 60 seconds, meaning you’ll know quickly whether you’ve been approved.

To qualify, remember that you need to meet the income requirements and have a solid credit score. The application process is secure and user-friendly, making it easy for eligible individuals to get started.

Is the card worth it after all?

So, is the BMO CashBack® World Elite® Mastercard® worth the investment? In short, yes—if you can meet the income criteria and take full advantage of the rewards system. The 5% cash back on groceries is particularly compelling for anyone who spends a large portion of their budget on food. Additionally, the transit and gas rewards make it perfect for urban dwellers and commuters.

That said, if you don’t spend enough in these categories to offset the $120 annual fee (after the first year), you might want to consider other cards that offer more tailored rewards without a fee.

Conclusion

In conclusion, the BMO CashBack® World Elite® Mastercard® is a powerhouse of rewards and benefits, ideal for individuals or families with higher income levels who want to maximize their cash back potential. The ability to earn 5% on groceries, combined with solid rewards on transit, gas, and bills, makes it highly versatile for a range of spending habits. However, the high income requirements and the $120 annual fee could be a barrier for some.

Ultimately, if you’re eligible for this card and can leverage its top-tier rewards, the BMO CashBack® World Elite® Mastercard® can be a valuable addition to your wallet.