BMO CashBack World Elite Mastercard review
Best for: Households with big grocery bills who want simple cash back plus World Elite travel coverage.
- Welcome bonus
- Up to $260 cash back
- Rewards rate
- 1% - 5% cash back
- Annual fee
- $120
- Interest rates
- 20.99% / 23.99% Purchase / cash advance
- FX fee
- 2.5%
The bottom line
The BMO CashBack World Elite pays 5% back on groceries, 4% on transit, 3% on gas and EV charging and 2% on recurring bills, which suits a busy household budget. The 5% grocery rate applies only to the first $500 a month, and the $120 fee and 2.5% foreign transaction fee need to be covered by what you earn.
Welcome bonus
Up to $260 cash back
Earn 10% cash back in your first 2 months (up to $260).
Rewards & earn rates
| Category | Earn rate |
|---|---|
| Groceries5% on up to $500/mo | 5% |
| Transit | 4% |
| Gas & EV charging | 3% |
| Recurring bills | 2% |
| Everything else | 1% |
Rates & fees
| Annual fee | $120First-year annual fee often waived |
|---|---|
| Monthly equivalent | $10.00 |
| Foreign transaction fee | 2.5% |
| Purchase interest rate | 20.99% |
| Cash advance rate | 23.99% |
| Network | Mastercard |
Insurance coverage
- Travel emergency medical
- Included
- Trip cancellation & interruption
- Included
- Rental car collision/loss damage
- Included
- Extended warranty & purchase protection
- Included
Perks & benefits
- World Elite Mastercard benefits
- Mastercard Travel Pass (DragonPass) lounge access
- Complimentary Boingo Wi-Fi
Eligibility
- Recommended credit score
- 720+ (excellent)
- Minimum personal income
- None stated
- Minimum household income
- None stated
Pros & cons
Pros
- 5% cash back on the first $500 of groceries each month
- 4% on transit and 3% on gas and EV charging
- Travel medical, trip cancellation and rental car insurance
- BMO has often waived the annual fee in the first year
Cons
- 5% grocery rate is capped at $500 of spending a month
- $120 annual fee once any first-year waiver ends
- 2.5% foreign transaction fee on purchases abroad
Our detailed review
How the CashBack World Elite earns
The CashBack World Elite has five earn rates. Groceries earn 5% on up to $500 of spending a month, transit earns 4%, gas and EV charging earn 3%, recurring bills earn 2%, and everything else earns 1%. Once you pass $500 in groceries in a month, the rest of that month’s grocery spending earns 1%.
Take an example household that spends $500 a month on groceries, $100 on transit, $200 on gas, $250 on recurring bills and $700 on everything else. That earns $25, $4, $6, $5 and $7, for $47 a month or $564 a year. After the $120 annual fee, the household is $444 ahead.
The welcome offer
New cardholders earn 10% cash back in their first two months, up to $260. To collect the full amount, you’d need to spend $2,600 in those two months, or about $1,300 a month.
If you have a large purchase planned, timing it for the first two months is the simplest way to reach the cap. Spending past $2,600 in that window doesn’t add to the bonus.
World Elite perks
As a World Elite Mastercard, the card carries World Elite Mastercard benefits, a Mastercard Travel Pass membership provided by DragonPass for airport lounge access, and complimentary Boingo Wi-Fi.
Check whether lounge visits are included or charged per visit under your Travel Pass membership before you plan a trip around it. These perks are a bonus; the grocery, transit and gas rates are what pay for the card.
Fees, interest and the fine print
The annual fee is $120, or $10 a month. BMO has often waived the fee in the first year, so check whether the current offer includes a waiver when you apply.
Foreign currency purchases carry a 2.5% fee, which adds about $25 to every $1,000 spent abroad or with US retailers. Purchases are charged 20.99% interest and cash advances 23.99%. Pay the full statement balance by the due date and you won’t pay purchase interest, which matters more than any cash back rate.
Insurance coverage
For a cash back card, the CashBack World Elite comes with a useful travel package alongside purchase coverage. Check the insurance certificate for coverage limits, trip lengths and exclusions before relying on it.
- Travel emergency medical
- Trip cancellation and interruption
- Rental car collision and loss damage
- Extended warranty and purchase protection
Who it suits, and who should look elsewhere
The card suits households that spend close to $500 a month on groceries and also commute by transit or drive regularly. If your grocery, transit, gas and bill spending is high, the bonus rates do most of the work.
It’s less suited to people who spend far more than $500 a month on groceries, since everything above the cap earns 1%, or to anyone who often shops in US dollars and would pay the 2.5% fee.
How it compares
The CIBC Dividend Visa Infinite Card also costs $120 a year and pays 4% on groceries, with a welcome offer of up to $350 cash back. Its top grocery rate is lower than the BMO card’s 5%, so compare the two using your own spending, including the BMO cap.
If you’d rather not pay a fee, the BMO CashBack Mastercard has no annual fee and earns 3% on groceries, with up to $125 cash back as a welcome offer. You give up the higher grocery rate and the World Elite perks, but you keep a solid grocery rate at no cost.
Before you apply
The recommended credit score is 720 or higher, and BMO makes the final decision based on your full credit profile. Confirm the current welcome offer, fee waiver and rates on the BMO website before you apply.
How it compares
- 56 of the 105 credit cards we track cost less per year, and 37 cost more.
- Charges the same 2.5% foreign transaction fee as 94 other cards we track.
- Spending $1,000 in a foreign currency adds about $25 in FX fees, or $125 on $5,000.
Side by side with similar picks
| BMO CashBack World Elite Mastercard |  American Express Aeroplan Card |  American Express Marriott Bonvoy Card |  CIBC Aventura Visa Card for Business | |
|---|---|---|---|---|
| Annual fee | $120 | $120 | $120 | $120 |
| FX fee | 2.5% | 2.5% | 2.5% | 2.5% |
| Rewards rate | 1% - 5% | 1x - 2x | 2x - 5x | 1x - 2x |
| Purchase interest | 20.99% | 20.99% | 21.99% | 20.99% |
| Welcome bonus | Up to $260 cash back | — | Up to 75,000 Marriott Bonvoy points | — |
| Offered by | BMO | American Express | American Express | CIBC |
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Frequently asked questions
Does the BMO CashBack World Elite Mastercard have an annual fee?
Yes. The BMO CashBack World Elite Mastercard has an annual fee of $120, about $10.00 a month. First-year annual fee often waived.
Does the BMO CashBack World Elite Mastercard charge foreign transaction fees?
Yes. The BMO CashBack World Elite Mastercard charges a 2.5% foreign transaction fee on purchases in currencies other than Canadian dollars.
What is the BMO CashBack World Elite Mastercard welcome bonus?
Up to $260 cash back. Earn 10% cash back in your first 2 months (up to $260).
How much does the BMO CashBack World Elite Mastercard earn?
5% on groceries, 4% on transit, 3% on gas & ev charging, 2% on recurring bills, 1% on everything else.
What is the interest rate on the BMO CashBack World Elite Mastercard?
20.99% on purchases and 23.99% on cash advances. You can avoid purchase interest by paying your full statement balance by the due date.
What credit score do you need for the BMO CashBack World Elite Mastercard?
The recommended credit score for the BMO CashBack World Elite Mastercard is 720+ (excellent). BMO makes the final decision based on your full credit profile.
How does the BMO CashBack World Elite grocery cap work?
The 5% rate applies to the first $500 of grocery spending each month, which is up to $25 a month or $300 a year. Grocery spending above $500 in a month earns 1%.
Is the BMO CashBack World Elite worth $120 a year?
If you max out the grocery category, the 5% rate alone returns $300 a year, more than twice the fee. In our example budget, which adds transit, gas and recurring bills, the card earns $564 a year before the fee. Light spenders in those categories may do better with a no-fee card.
How do you get the full $260 BMO CashBack World Elite welcome bonus?
Spend $2,600 in your first two months. The card pays 10% cash back during that period, up to $260.
Who offers the BMO CashBack World Elite Mastercard?
The BMO CashBack World Elite Mastercard is offered by BMO. Applications are reviewed and approved by BMO, not by CreditLab.
Rates, fees and offers come from BMO’s published terms and can change at any time. Confirm the current terms with BMO before applying. CreditLab may earn a commission from partner links; this never changes the facts we show. See our methodology.