BMO World Elite Mastercard Credit Card Review

BMO World Elite Mastercard Credit Card Review

Last Updated on May 9, 2021 by Borche Stefanov

BMO’s World Elite Mastercard is one of the most high-end, luxurious cards available. Its eligibility makes it genuinely an elite card, as there is an $80,000 annual personal income requirement with a $150,000 annual household income alternative. The interest rates are average with a purchase rate of 19.99% and cash advance rate of 22.99%. Its annual fee of $150 makes this card one of the more expensive options as well. The rewards and welcome bonuses will help offset the annual cost of card ownership.

With the use of this Elite card, you will receive 3 points per dollar spent on eligible travel, dining, and entertainment purchases. You will receive 2 points per dollar on all other purchases. There is a $50,000 annual limit, however; after that, you will no longer receive points for purchases. Points are redeemable for travel expenses, offsetting recent purchases, paying down a balance, putting money in a BMO savings account or investment, and buying new items from the BMO catalogue. Travel will give you the best value as it equates to 0.71 cents per point, whereas using the points for statement credits will be the worst value at only 0.5 cents per point.

  • Unlimited trips-per-year travel coverage
  • Get airport lounge access
  • High base earn rate
  • Competitive interest rates
  • Get discounts on admission to Canadian Cirque du Soleil shows and Vegas shows

Specification: BMO® World Elite®* Mastercard®*

Annual Fees

$150

Interest Rate

19.99%

Cash Advance

22.99%

Network
Card Type

Cashback

Welcome offer: Get 35,000 points and the $150 annual fee waived in the first year. That’s a total value of $400!
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BMO World Elite Mastercard – Details Summary

  • Interest Rate: 19.99%
  • Interest Rate Promo: N/A
  • Balance Transfer Rate: N/A
  • Balance Transfer Rate Promo: N/A
  • Cash Advance Rate: 22.99%
  • Cash Advance Rate Promo: N/A
  • Annual Fee: $150
  • Card Best Suited For: High income earners, frequent travelers, entertainment enthusiasts
  • Reward Type: BMO Reward Points
  • Signup/Welcome Bonus Offers: Maximum of 30,000 points, first year fee waived

BMO World Elite Mastercard is Best Suited For:

High income earners are essentially the only people able to use this card due to both the high eligibility requirements and high annual fee. There are a few groups of individuals within this group that will be best suited to the perks of this card. First off are entertainment enthusiasts. The package that comes along with this card is packed full of benefits, some of them directed at the entertainment industry. Not only do entertainment purchases have a high earn rate, but ownership of this card also gives you discounts on resident Vegas shows and Cirque du Soleil shows touring in Canada.

Frequent travelers will also be more appreciative of this card than others. With airport lounge access, and coverage for an unlimited number of trips per year, no frequency of travel will drain the benefits of this card. The travel insurance is incredibly comprehensive and covers trips up to 21 days in length. Your points can be redeemed to help cover the expenses of travelling, and discounts on car rentals will be another benefit that you can take advantage of. No matter where you are travelling or how you will be enjoying the benefits of the card, there is something for every traveller.

9 Total Score
BMO World Elite Mastercard Review

PROS
  • Minimum earn rate of 2 points per dollar spent on all purchases
  • Get access to airport lounges as an owner of this card
  • Excellent travel insurance coverage amounts
  • Admission discounts for Cirque du Soleil shows and Vegas shows
  • Diverse opportunities to redeem points
  • Competitively low interest rates on purchases and cash advances
CONS
  • High eligibility requirements: $80,000 annual personal income or $150,000 annual household income
  • Travel insurance only covers trips up to 21 days in length; longer trips are not covered
  • Expensive annual fee
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