Cash back credit cards are so popular that there are many arguments about the best cash back credit cards in Canada. Every bank has a cash back card since they’re extremely popular, but all of them are slightly different. In my BMO Cashback World Elite Mastercard review, I’ll go over the annual fee, earn rate, sign up bonus as well as any additional benefits you’ll get so you can decide if this card is for you.
BMO Cashback World Elite Mastercard benefits
- $120 annual fee – First year free
- 5% cash back on all purchases for three months (when you apply by Nov. 30, 2019)
- 1.5% cash back on all card purchases
- Mastercard Airport Experiences provided by LoungeKey
- Complimentary roadside assistance program
- Some travel insurance
- Price protection and extended warranty
What people like about the BMO Cashback World Elite Mastercard is that the annual fee of $120 is often waived for the first year and they run many promos where you can earn additional cash back when you sign up.
The current promotion of 5% cash back on all purchases for three months applies to the first $4,000 of purchases so you can earn a total of $200 in cash back during the promotional period. This isn’t bad, but the value is much lower compared to the sign up bonus you get from many of the best travel credit cards in Canada.
The standard earn rate of 1.5% cash back on all purchases is good, but as you’ll read below, it’s not be the best.
What makes the BMO Cashback World Elite Mastercard unique is that it also comes with a free roadside assistance program which has a value over $100 and Mastercard Airport Experiences provided by LoungeKey which also has a value over $100. Overall, the annual fee of $120 in the second year might not be a big deal considering how much value you’re getting from the benefits.
The other additional benefits are pretty standard with the exception of the travel insurance. It’s comparable to other cash back cards, but most premium travel credit cards have a much better travel insurance package. I would not rely on this card for travel insurance if you’re a frequent traveller.
How the BMO Cashback World Elite Mastercard compares to others
Right away, you gotta compare the BMO Cashback World Elite Mastercard to the American Express SimplyCash Preferred Card. The Amex card has a similar sign up bonus of 5%, but you get six months and you can earn up to a total of $300 in cash back. Once the promotional period ends with the Amex card, you’ll earn 2% cash back on all purchases compared to BMO’s 1.5%.
You may be thinking that the American Express SimplyCash Preferred Card is the better choice, but the $99 annual fee is not waived for the first year and there’s no roadside assistance or airport experiences included. You do get Amex Invites and slightly better travel insurance included so that’s worth considering.
You also need to look at your spending. If most of your spending is on gas and groceries, then you should get the Meridian Visa Infinite Cash Back Card since it earns you 4% cash back all the time. This card also gives you mobile device insurance and price protection which can be incredibly valuable to some people.
If you prefer a credit card with no annual fee, then check out the Tangerine Money-Back Credit Card. This card allows you to pick up to three categories where you’ll earn 2% cash back and then all other purchases get you 0.5% cash back.
My BMO Cashback World Elite Mastercard review is neutral. I think there are better cash back cards out there but since you get a roadside assist membership and access to airport lounges, this card will appeal to certain people.