Cash Back
Balance Transfer
Premium / High-End
BMO CashBack World Elite Mastercard
BMO Bank of Montreal
Welcome Bonus:
Up to $650 in value
Balance Transfer:
0% Balance Transfer for 12 months (2% transfer fee)
Secure RateBuddy connection · Application completed on BMO Bank of Montreal’s site
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 APR | 21.99% |
|---|---|
| Cash Advance APR | 23.99% |
| 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
Secure RateBuddy connection