Looking for a credit card that offers impressive cash back rates? Look no further than the BMO CashBack World Elite Mastercard.
With a promotional cash back rate of 10% on all purchases for the first three months, this card stands out as the top choice in Canada.
While it does come with a high annual fee of $120, that fee is waived for the first year.
Plus, the card offers fantastic cash back rates on groceries, transportation, and gas purchases.
Dive into this article to discover the pros, cons, and features of the BMO CashBack World Elite Mastercard.
10% Cash Back Promotion
The BMO CashBack World Elite Mastercard offers a cash back promotion of up to 10% on all purchases for the first three months. This promotion allows cardholders to earn a significant amount of cash back rewards during the initial period.
After the promotional period ends, the card still provides ongoing cash back rewards on everyday purchases. Cardholders can redeem their cash back rewards at any time, with no minimum redemption requirement. This flexibility allows users to use their cash back rewards whenever they choose, whether it’s to offset their credit card balance or receive cash back in their bank account.
The BMO CashBack World Elite Mastercard also offers additional bonus rewards for specific purchase categories, such as groceries, transit, gas, recurring bills, and all other purchases.
Overall, this cash back promotion provides a great opportunity for cardholders to maximize their cash back earnings.
Annual Fee Waiver
To have the $120 annual fee waived for the first year, individuals must meet the eligibility requirements for the BMO CashBack World Elite Mastercard. This credit card offers a range of benefits and cash back rewards to its cardholders.
Here are some key features and benefits of the card:
Annual Fee Benefits:
The $120 annual fee is waived for the first year, saving cardholders money.
This allows individuals to enjoy the benefits of the card without any upfront cost.
Cash Back Rewards:
Cardholders earn cash back on all purchases, with a base cash-back reward of 1%.
There are additional bonus rewards for specific purchase categories such as groceries, transit, gas, recurring bills, and all other purchases.
The cash back rewards can add up quickly, providing savings and value to cardholders.
With these annual fee benefits and cash back rewards, the BMO CashBack World Elite Mastercard offers a compelling value proposition for eligible individuals.
Travel and Rental Car Insurance
Travel and rental car insurance coverage is included as a benefit of the BMO CashBack World Elite Mastercard. This coverage provides peace of mind for cardholders when traveling, ensuring they are protected against unexpected events.
The coverage details include emergency medical protection of up to $2 million, which is a significant benefit for those who frequently travel abroad.
In addition, the rental car insurance provides collision/loss damage coverage for rental periods of 48 days or less. This is a valuable feature for individuals who rent cars frequently for business or leisure purposes.
To be eligible for this coverage, cardholders must be permanent Canadian residents, have not declared bankruptcy in the prior seven years, and have attained the majority age in their Canadian province of residence.
It is important to note that there may be certain exclusions and limitations to the coverage, so it is advisable to review the terms and conditions provided by BMO.
High Annual Fee and Income Requirements
With a high annual fee of $120 and minimum income requirements of $80,000 for personal income or $150,000 for household income, potential cardholders may find the BMO CashBack World Elite Mastercard to be less accessible compared to other credit cards. This may lead them to explore alternative options that offer lower annual fees and income requirements.
Here are some alternatives to consider:
Low Annual Fee Credit Cards: Look for credit cards with lower annual fees or even no annual fees. These cards can provide similar benefits without the high cost.
Cash Back Credit Cards: Consider cash back credit cards that offer competitive rewards on everyday purchases. These cards can help you earn money back on your spending without the burden of a high annual fee.
Credit Cards with Lower Income Requirements: Look for credit cards that have lower income requirements, allowing more individuals to qualify and enjoy the benefits of a rewards credit card.
Secured Credit Cards: If you’re just starting to build your credit or have a lower income, secured credit cards can be a good option. These cards require a security deposit but can help you establish credit and eventually qualify for more rewarding cards.
Unlimited Cash Back and Bonus Categories
The BMO CashBack World Elite Mastercard offers unlimited cash back on everyday purchases, including bonus rewards for specific purchase categories such as groceries, transit, gas, recurring bills, and all other purchases.
This means cardholders can earn cash back on a wide variety of expenses, making it an appealing option for those looking to maximize their rewards.
However, it’s important to note that there may be limitations on the bonus categories. While the card offers unlimited cash back rewards, there may be spending limits or restrictions on the bonus rewards for specific purchase categories.
It’s important for potential cardholders to review the terms and conditions to understand any limitations or restrictions that may apply to their cash back rewards.