BMO Cashback World Elite Mastercard
The BMO CashBack World Elite Mastercard is one of Canada’s best cash back credit cards for everyday essentials, offering industry-leading rewards on groceries, recurring bills, and gas. With premium travel insurance, exclusive World Elite perks, and no annual fee in the first year, it’s an ideal card for families and high spenders looking to maximize cash back without giving up elite benefits.
Signup Bonus: A Strong Start
BMO offers a compelling signup bonus for the Cashback World Elite Mastercard. New cardholders can earn 10% cashback on their purchases for the first three months, up to a maximum spend of $2,600. This translates to a $260 cashback bonus, which is quite generous for a card with a $120 annual fee.
Additionally, the annual fee is waived for the first year, adding extra value to the offer. If you sign up through Credit Card Genius, you can even get an extra $100 in cashback, bringing the total potential value to $480 in the first three months. This aggressive promotion shows BMO’s eagerness to attract new customers.
Top Features of the BMO CashBack World Elite Mastercard
- 5% cash back on groceries (on up to $500/month)
- 4% cash back on transit (public transportation, taxis, rideshares)
- 3% cash back on gas and EV charging
- 2% cash back on recurring bill payments
- 1% cash back on everything else
- Welcome offer: Earn up to 10% cash back in the first 3 months (up to $2,600 in spend) + first-year annual fee rebate
- Flexible redemption: redeem any amount, any time as a statement credit or deposit to BMO chequing/savings account
Why Choose the BMO CashBack World Elite Mastercard?
With best-in-class cash back on groceries, broad category coverage, and no annual fee in the first year, this card delivers premium value and real savings for households and frequent spenders. The combination of elite insurance and flexible redemptions makes it one of Canada’s most practical and rewarding cash back cards.
Who This Card Is Best For
This card is ideal for individuals or families who spend a significant amount on groceries, transit, and recurring bills. It’s especially valuable if you regularly use your credit card for day-to-day essentials and want the flexibility to redeem your rewards on your own terms. With high earn rates in key categories and strong insurance coverage, it’s also a good fit for cardholders who travel occasionally but still want premium benefits.
How It Compares to Other Cash Back Cards
To understand where the BMO CashBack World Elite Mastercard stands, here’s how it compares to two other top-tier cashback cards in Canada: the CIBC Dividend Visa Infinite and the Scotia Momentum Visa Infinite.
| Feature / Card | BMO CashBack World Elite | CIBC Dividend Visa Infinite | Scotia Momentum Visa Infinite |
|---|---|---|---|
| Annual Fee | $120 (waived first year) | $120 (waived first year) | $120 (waived first year) |
| Welcome Bonus | 10% back (up to $260) + $100 bonus | 10% back (up to $200) | 10% back (up to $200) |
| Groceries | 5% (up to $500/month) | 4% (up to $25,000/year) | 4% (up to $25,000/year) |
| Gas/Transit | 3% (gas + EV) / 4% (transit) | 2% (gas + transport) | 2% (gas + transit) |
| Recurring Bills | 2% | 1% | 2% |
| Everything Else | 1% | 1% | 1% |
| Minimum Income Requirement | $80,000 (individual) | $60,000 (individual) | $60,000 (individual) |
| Cashback Redemption | Any time, any amount | Once a year | Once a year |
| Travel Insurance | Strong coverage | Moderate | Strong coverage |
Verdict:
The BMO CashBack World Elite offers the highest earn rate on groceries and great flexibility in redemptions, but it does come with a higher income requirement. If you’re eligible and spend heavily on groceries or public transit, it can deliver more value upfront and long-term than its competitors.
Final Thoughts and Recommendations
The BMO CashBack World Elite Mastercard is a solid choice for high spenders, especially on groceries and transit. The first-year fee waiver and strong welcome bonus make it even more attractive. However, after the promo ends, the $120 annual fee and spending caps might not work for everyone. If your expenses are more varied, it’s worth comparing with other cashback cards before deciding.
