BMO CashBack World Elite Mastercard
Cash Back Balance Transfer Premium / High-End

BMO CashBack World Elite Mastercard

BMO Bank of Montreal BMO Bank of Montreal
Welcome Bonus: Up to $650 in value
Balance Transfer: 0% Balance Transfer for 12 months (2% transfer fee)
Annual Fee $0
$120 after first year
Purchase APR 21.99%
Cash Advance 23.99%
Bonus Value $320

RateBuddy Verdict

The Good
  • Offers 5% cash back on groceries, the highest rate available in Canada for this category.
  • Includes complimentary Roadside Assistance (a $69/year value), which is a rare and highly valuable perk for a cash back card.
  • Strong tiered earn rates across multiple daily spending categories, including 4% on transit and 3% on gas.
  • The $120 annual fee is waived in the first year.
The Trade-offs
  • The 5% grocery rate is strictly capped at $500 in spending per statement period.
  • Travel medical insurance only covers trips up to 8 days, which is short compared to the 15-21 days offered by competitors.
  • Does not include Car Rental Collision/Loss Damage insurance or Trip Cancellation coverage.

Rewards & Earnings

Groceries 5%
Gas 3%
Recurring Bills 2%
Base Rate 1%
Rewards Summary: Groceries: 5% (up to $500/mo); Transit/Rideshare: 4% (up to $300/mo); Gas & EV: 3% (up to $300/mo); Recurring Bills: 2% (up to $500/mo); Base Earn: 1% unlimited; Redemption: Any time starting at $1; Instacart: 6 months free + $10/month credit

Welcome Bonus Details

Up to $650 in value

Estimated Value: $320

Features & Benefits

Airport Lounge Access
DragonPass membership included (usage fees of US$32 apply)
Travel Medical Insurance
Up to $5 million for 8 consecutive days
First-Year Fee Waived
Annual fee waived in the first year
Introductory 0% APR on Balance Transfers
0% introductory rate on Balance Transfers for 12 months
Extended Warranty Insurance
Doubles manufacturer warranty up to 1 year
Purchase Security Insurance
90 days from date of purchase
Roadside Assistance
Complimentary basic coverage ($69/year value)
Annual fee rebate with selected account
Rebated annually with BMO Premium Chequing Account

Insurance Coverage

Emergency Medical: $5M (8 days); Purchase Security: 90 days; Extended Warranty: +1 Year; Note: Trip Cancellation/Interruption and Car Rental Insurance are not included.

Rates, Fees & Eligibility

Purchase APR21.99%
Cash Advance APR23.99%
Annual Fee$120
Income Required Personal: $80,000
Household: $150,000
Recommended Credit Score—

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Filed Under

Cash Back Balance Transfer Premium / High-End
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