BMO World Elite Mastercard Review

What Is The BMO World Elite Mastercard? 

The BMO World Elite (also known as BMO Ascend World Elite) Mastercard is a personal reward point credit card targeted toward mid to high-income earners in Canada. The card ranks as one of BMO's best credit cards because of its travel insurance coverage and other perks.

BMO World Elite Mastercard Features 

• Welcome Offer: Earn up to $435 in rewards in the first year when you apply on or before July 31, 2023. These rewards comprise:
  • Bonus rewards of 30,000 points after you spend a minimum of $3,000 within the first three (3) months 
  • Additional 2,500 points for every additional $2,000 spent (after the initial $3000) within the first four months
  • A waiver on the annual fee of $150 in the first year
• Annual fee: $150 annual fee 
• Interest rate: 20.99% on purchases & 22.99% for cash advances
• Unlimited reward points on your everyday purchases:
  • Earn 3x points for every $1 spent on eligible travel, dining, and entertainment purchases
  • Earn 2x points for every $1 spent on every other purchase
  • Earn 2x bonus points for every $1 spent on car rentals at National Car Rental and Alamo Rent-a-Car locations
• Earn reward points faster by including an additional cardholder for $50 a year
• Mastercard rewards: Access to Mastercard Rewards, including Mastercard travel rewards and access to Boingo Wi-Fi
• Up to 25% discount on rentals at participating National Car Rental and Alamo Rent-a-Car locations
•  Free 24-hour access to an experienced concierge staff

• 15% off on admission to Cirque du Soleil shows in Canada and 20% off on shows in Las Vegas
• Purchase protection and extended coverage on the original manufacturer's warranty by additional periods
• Travel insurance includes out-of-province emergency medical coverage for 21 days per trip for unlimited trips per year. Coverage is up to $2 million in medical expenses per person
• Zero liability to safeguard against monetary loss that may arise from fraudulent card usage
• Optional add-on benefits, which include roadside assistance coverage and enhanced credit card balance protection.

While these perks are great, they're not the best in the Canadian credit card scene. Other premium cards offer even better coverage and a truly VIP travel experience you'll never forget, albeit for a high annual fee.

Eligibility requirements

To be eligible for the card, you:

• Must be a permanent Canadian resident.
• Must not have declared bankruptcy in the prior seven years.
• Must have attained the majority age in the Canadian province of residence.
• Must earn a minimum annual personal income of $80,000 or household income of $150,000.

If you don't meet these requirements, you may still be eligible for a lower-tier card like the Amex Cobalt, which can earn you up to 10% or more on daily purchases like food and drink. Alternatively, you may opt for another BMO card like the Rewards Mastercard.

BMO World Elite Mastercard Pros And Cons

Pros

• Welcome bonus offers worth up to $435 in the first three months, including a waiver on the $150 annual fee in the first year.
• Out-of-province emergency medical insurance coverage for an unlimited number of trips, covering at least 21 days per trip (coverage value of up to $2m per person)
• Reward points of 3x for every $1 spent on grocery purchases 
• 25% discount on rentals at National Car Rental and Alamo Rent-a-Car locations

Cons

• High annual fee of $150
• High minimum income requirements of $80,000 for personal income or $150,000 for household income

Summary

The BMO World Elite Mastercard provides reward points on all your credit card purchases, and it comes with a very generous welcome bonus of 30,000 points after you spend $3,000 in the first three months. The BMO World Elite Mastercard has an annual fee of $150, completely waived for the first year.

The BMO World Elite Mastercard is an excellent option for accumulating reward points, and it offers comprehensive travel and medical insurance coverage. Additionally, you will gain worldwide access to the Boingo Wi-Fi network, a 25% discount on National Car Rental and Alamo Rent-a-Car locations, and more. You can couple this card with a Canadian Tire Triangle card to get access to roadside assistance, ensuring you'll always reach your destination.

BMO World Elite Mastercard FAQs

How does the BMO World Elite Mastercard work?

The BMO World Elite Mastercard earns you reward points on your purchases. All purchases are eligible for at least 2x rewards points for every dollar spent and probably an additional bonus reward points if you pay for car rentals at National Car Rentals and Alamo Rent a Car.

This is similar to how other everyday rewards credit cards like the Amex Gold or other travel rewards credit cards like the Amex Marriott Bonvoy work.

What is the earn rate on the BMO World Elite Mastercard?

BMO World Elite Mastercard offers reward rates to cardholders depending on what they purchase:

• 3x points for every $1 spent on eligible travel, dining, and entertainment purchases
• 2x points for every $1 spent on every other purchase
• Bonus 2x points also exist for car rentals at participating car rental locations.

What are the perks of the BMO World Elite Mastercard?

• Travel insurance coverage: Coverage provided is for an unlimited number of trips per year. The travel insurance available includes:
  • Out-of-province emergency medical insurance for up to 21 days (worth up to $2 million in medical expenses)

• Mastercard rewards: Access to Mastercard Rewards, including Mastercard travel rewards and access to Boingo Wi-Fi.
• 24-hour access to an experienced concierge staff
• Airport lounge access: BMO World Elite Mastercard provides complimentary membership in Mastercard Airport Experiences provided by LoungeKey, including four free passes a year
• Discount on car rentals: up to 25% discount on rentals at participating National car rental and Alamo Rent-a-Car locations
• Purchase protection: Ensures items purchased with your card against theft and damage for up to a few months from the purchase date
• Extended coverage on the original manufacturer's warranty: Increases the original manufacturer's warranty period by additional periods.
• Zero Liability Protection for lost or stolen cards

What other perks are available on the BMO World Elite Mastercard?

In addition to the included benefits (benefits at no extra cost) on the card, the BMO World Elite Mastercard also offers some add-on options (for a fee), such as:

• BMO Credit Card Balance Protection Enhanced: This benefit helps you protect the balance on your BMO World Elite Mastercard in life events such as death, total disability, and job loss. The applicable fee is $1.00 for each $100 of your statement balance (plus taxes).

For full details on the add-on options, visit bmoprotection.assurant.com or call 1-844-840-8142.

• BMO Roadside Assistance: Access to roadside services and emergencies, including free battery boosts, flat-tire change, lockout service, and towing; all worth $69/year for basic coverage or $98/year for enhanced coverage

What Is a rewards point credit card?

A rewards point credit card is a credit card that earns points every time you make an eligible purchase. These points can be redeemed on various options, including shopping and travel.

What is the BMO World Elite Mastercard suitable for?

The BMO World Elite Mastercard is great for accumulating reward points on purchases and for its out-of-province medical insurance coverage.

Is there a limit to the reward points I can accumulate with the BMO World Elite Mastercard?

There is no limit to the reward points you can earn, as the card offers unlimited rewards on all purchases. 

What are the qualification requirements for the BMO World Elite Mastercard?

To qualify for a BMO World Elite Mastercard, you need to meet the eligibility requirements below:

• Must be a permanent Canadian resident
• Must not have declared bankruptcy in the prior seven years
• Must have attained the majority age in the Canadian province of residence
• Must earn a minimum annual personal income of $80,000 or household income of $150,000

Is the BMO World Elite Mastercard worth it?

The BMO World Elite Mastercard may be worth it if you take advantage of the bonus rewards it offers in the first year and its excellent travel medical insurance coverage.

Which credit bureau does BMO check?

BMO checks credit reports from either Equifax or TransUnion credit bureaus

Can I have several BMO credit cards at the same time?

Yes, having more than one BMO credit card at a time is possible.

How do I know how many BMO Eclipse Visa Infinite Card rewards I have?

You can check your reward points summary on your monthly card statement. However, this rewards summary would not include reward points from bonuses or promotional offers. You can also see your rewards when you sign in to your account online or through your Mobile banking application.

Do my BMO World Elite Mastercard rewards expire?

No, the BMO World Elite Mastercard reward points do not expire as long as your credit card account remains open with the bank and is in good standing.

What can I redeem my BMO World Elite Mastercard reward points on?

You can redeem your BMO World Elite Mastercard reward points in several ways. Some of the categories you can redeem your points for include:

• Shopping: You can redeem your BMO rewards points to purchase items on your wish list, including merchandise, experiences, and gift certificates
• Travel: You can redeem your BMO rewards points for travel purchases
• Invest: You can also redeem your BMO rewards points by depositing them as a cash deposit into a BMO investment account

How do I redeem my BMO World Elite Mastercard rewards points?

You can redeem your Rewards points in three simple steps:

• Log in to your BMO account and open the “Pay with Points” tab.
• Browse through and select which eligible purchase you want to redeem your points for
• Choose the number of points you would like to redeem toward your purchase. You can redeem your points when you accumulate as little as $1.