Comparison

BMO CashBack® Mastercard® or BMO CashBack® World Elite® Mastercard®: discover your best fit

BMO CashBack® Mastercard® or BMO CashBack® World Elite® Mastercard®? See a comparison of the main pros and cons to understand which one is the best option for you.

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BMO CashBack® Mastercard® or BMO CashBack® World Elite® Mastercard®: compare these two financial options

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Choose the best BMO card for you! Source: BMO

Indeed, anyone looking for credit card options in Canada cannot avoid the question: BMO CashBack® Mastercard® or BMO CashBack® World Elite® Mastercard®?

Thus, they are excellent options for BMO, one of the most traditional banks in the country. Both cards offer cashback programs and welcome bonuses.

BMO logo

BMO CashBack® Mastercard® card: check out how to apply!

Learn how to apply for BMO CashBack® Mastercard®, the no-fee card chosen among the best cashback programs of 2021 according to experts.

BMO logo

BMO CashBack® World Elite® Mastercard® card: check out how to apply!

Apply for the BMO CashBack® World Elite® Mastercard® card: know the requirements to have one of the best cashback programs at your disposal.

So, on these cards, you find everything that is common to fair credit score cards or higher than that. Despite the similarities, these cards serve different audiences.

As such, it’s important to compare them to ensure you’re getting the best out of your credit score. By the end of this article, we will answer the question: which is best for you?

BMO CashBack® Mastercard® or BMO CashBack® World Elite® Mastercard®? Read and find out. To get started, take a look at the first comparative table below:

BMO CashBack® Mastercard®BMO CashBack® World Elite® Mastercard®
Sign-up bonus5% cashback for the first three months and 1.99% balance transfer fees for the first 9 months10% cashback on the first three and annual fee waiver for the first year
Annual fee$0$120
Rewards3% cash back on grocery purchases, 1% on accounts, 0.5% on other purchasesCashback of 3% Gasoline; 4% on transport by app, taxi or public transport; 2% on recurring accounts and 1% on other purchases (unlimited program)
Other perksDiscounts of up to 25% on car rentals at “National Car Rental” and “Alamo Renta Car”; 15% off “Cirque du Soleil” tickets; 20% off a show in Las VegasGreat travel: access to airport lounges, discounts on car rentals and out-of-country medical coverage.
APR19.99%20.99%

In the sequence, know the strengths and weaknesses of each of these cards:

BMO CashBack® Mastercard® credit card

BMO CashBack® Mastercard® card
BMO CashBack® Mastercard®, the card that offers 3 months of 5% cash back. Source: BMO

A very profitable cashback program with no annual fee. Discover this and other features of this card:

Main advantages

  • Great cashback program that pays 3x more reward on grocery expenses;
  • No annuity;
  • Relatively low APR;
  • 5% reward on purchases made within the first 3 months of using the card;
  • 1.99% balance transfer fee for the first 9 months of use;
  • Three ways to receive your rewards: current account deposit, extra credit for balance payment and direct deposit at InvestorLine, BMO’s investment broker;
  • 25% discount on car rentals;
  • 15% off tickets to Cirque du Soleil;
  • 20% discount on tickets to a show in Las Vegas;
  • Disclaimer in the event of fraud;

Main disadvantages

  • You will need a fair score or higher to have your application accepted;
  • Requires minimum annual income of $15,000;
  • The cashback program has a $500 monthly reward cap;
  • This card does not accept applicants who have declared bankruptcy within the last 7 years;
  • Pay a $1 fee every time you withdraw from an ATM;
  • It does not offer a 0% introductory APR period;
  • Very low payout on general purchase categories, only 0.5%.

BMO CashBack® World Elite® Mastercard® credit card

BMO CashBack® World Elite® Mastercard® card
BMO CashBack® World Elite® Mastercard®, the card that offers exclusive benefits for travelers. Source: BMO

A card that promises to transform the way you travel and finance your travels. Discover this card and its incredible program of exclusive benefits.

Main advantages

  • 10% cashback on all purchases made within the first three months of using the card;
  • Unlimited cashback program, with exclusive rewards in the categories that generate the most expenses;
  • Receive your cashback rewards as a deposit to your checking account, extra money for balance payment or deposit at the official BMO broker;
  • Get access to exclusive spaces (laundries) at airports around the world;
  • 25% off car rentals at National Car Rental and Alamo Rent a Car;
  • Medical coverage for when you are traveling outside of Canada;
  • Exclusive benefits for travelers that only World Elite® Mastercard® cards offer.

Main disadvantages

  • To apply, you need a high score (good or excellent);
  • Annual fee of $120;
  • To add a new cardholder, your annual fee increases by $50;
  • Pay $1 every time you make an ATM withdrawal;
  • Even if you have access to “VIP spaces” at airports, you will still need to pay $32 to enter there;
  • Requires a minimum income of $80,000 individual or $150,000 family per year;
  • Applicants for this card cannot have declared bankruptcy within the last 7 years;
  • It does not offer price guarantee or insurance for accidents with your cell phone.

BMO CashBack® Mastercard® or BMO CashBack® World Elite® Mastercard®: did you find the right option for you?

In fact, both cards are very similar. However, there is a difference that makes them more suitable for certain consumption profiles. In fact, BMO CashBack® World Elite® has a better unlimited cash back program.

In addition, it offers great advantages for travelers, such as discounts and access to special places. However, these special perks come at a price that can be expensive: a $120 membership fee.

Thus, people who do not travel and do not have an outstanding consumption profile, can benefit more from BMO CashBack® World Elite®. In turn, this card offers an interesting and profitable cash back program.

For this, it does not charge any annual fee or any other type of fee. Finally, if you travel a lot internationally and buy a lot on a monthly basis, grab the BMO CashBack® World Elite®.

If you have a more modest consumption profile and don’t travel abroad often, get the BMO CashBack® World Elite®. That way, you won’t pay for resources you don’t use.

When it comes to cashback, Canadians have another very interesting option available on the market. Click on the link below and read the full review of one of the cards offered by Tangerine Bank.

Tangerine World Mastercard® credit card

Tangerine World Mastercard® credit card full review: should you get it?

Discover the Tangerine World Mastercard®, the credit card that combines up to 2% cash back and exclusive benefits that cannot be purchased.

About the author  /  José Gonçalo

I started reading about finance only to find better options than savings. Since then, I have never stopped studying finance, and I believe that writing about it is the best way to help individuals feel fulfilled and have a healthy financial life. Today, I balance finance and medical school studies.

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