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Mr. Loonie
BMO® CashBack® World Elite® Mastercard®

BMO® CashBack® World Elite® Mastercard®

8.0
Very good
Expert Score · 12 reviews How we score

Best for: Big grocery spenders who want high cash back on groceries, transit and gas

Your spending a month
What’s in each?
Light:
Groceries $400, restaurants $100, gas $100, recurring bills $100, everything else (base rate) $250, foreign currency $50
Typical:
Groceries $800, restaurants $250, gas $250, recurring bills $250, travel $150, everything else (base rate) $650, foreign currency $150
Big:
Groceries $1,200, restaurants $500, gas $400, recurring bills $400, travel $500, everything else (base rate) $1,600, foreign currency $400
Yours:
Your own amounts, saved on this device only
Year one
$690
Every year after
$570

Ranked #52 of 176 for year one. See the list

See how we worked it out
Balance transfers
0% for 12 months
Then 23.99%
Annual fee
$0 first year
Then $120 a year
Apply now on BMO’s site (opens in a new tab)
Needs $80,000 personal or $150,000 household income
We may get paid if you apply through this link. It never changes our score.

Have this card?

Details from BMO’s site. Banks can update terms at any time, so give them a quick look before you apply. Source

Is it for me? What you’d earn Can I get it? Fees Similar cards
3 quick questions

Is it for me?

Do you spend $200 or more a month on groceries?

Is your personal income $80,000 or more, or your household’s $150,000 or more?

Do you pay your card off in full most months?

Answer the 3 questions to see if it fits.

From the numbers

The good and the bad

Stands out

  • Good: 5% back on groceries
  • Good: 0% on moved balances for 12 months A 5% fee to move them.
  • Good: No fee in the first year Then $120 a year.

Watch for

  • Watch for: $120 a year from year two You need about $200 a month on groceries to earn it back.
  • Watch for: 23.99% after the 12 months Whatever you haven’t paid off by then is charged the regular rate.
  • Watch for: 2.5% on foreign purchases Use a no foreign fee card when you travel.

Worked out from the card’s rates and fees.

Show your work

What you’d earn

With typical spending of $2,500 a month.

  • Groceries $336
    5% back $800 a month · $336 a year
  • Restaurants $30
    1% back $250 a month · $30 a year
  • Gas $90
    3% back $250 a month · $90 a year
  • Recurring bills $60
    2% back $250 a month · $60 a year
  • Travel $18
    1% back $150 a month · $18 a year
  • Everything else $78
    1% back $650 a month · $78 a year
  • Foreign currency $18
    1% back $150 a month · $18 a year
For you Year one Later years
Cash back you earn $630 $630
Annual fee $0 −$120
Foreign currency fee2.5% on $1,800 a year −$45 −$45
Rental car damage cover1 rental of 3 days at $35 a day $105 $105
Total $690 $570

Rows are rounded to the dollar. Insurance counts at what the same cover costs on its own, and only pays when you charge the trip, rental or phone to the card.

What counts in each category
Groceries
5% back Up to $500 in spending per statement. Then 1% back.. Up to $500 per statement cycle then 1% after (effectively capped at $6,000 per year)
Transit
4% back Up to $300 in spending per statement. Then 1% back.. Including electric vehicle charging ; Up to $300 per statement cycle then 1% after (effectively capped at $3,600 per year)
Gas
3% back Up to $300 in spending per statement. Then 1% back.. Including EV charging
Recurring bills
2% back Up to $500 in spending per statement. Then 1% back..
Everything else (base rate)
1% back
  • 4% cash back on transit including ride sharing, taxis, and public transportation
    • Up to $300 per statement cycle then 1% after (effectively capped at $3,600 per year)

These are example budgets to compare cards side by side, not averages. Your own spending will give a different number.

Checked on Nov 8, 2026. Source

Before you apply

Can I get it?

  • Age 18 or older 19 or older in BC, NB, NL, NS and the territories
  • Where you live Canada
  • Personal income $80,000 or more Issuer says
  • Household income $150,000 or more Issuer says
  • Newcomer program BMO NewStart For permanent residents and foreign workers who arrived in the last 5 years. No Canadian credit history needed, with a limit up to $5,000, or a secured card if you are not approved. Apply in a branch.
  • Credit score No minimum on record Most banks don’t publish one, and we don’t guess.

Checked on Nov 8, 2026. Source

Mr. Loonie’s tip Each application shows up on your credit file. Leave a few months between card applications.

What critics say

Other reviewers on this card

8.0
Very good
Expert Score How we score
  • Frugal Flyer (opens in a new tab) May 2026

    “The BMO Cashback World Elite Mastercard is a formidable cash back earning credit card. Its strengths include category bonuses with grocery, transit, gas, and recurring payments, as well as a complimentary roadside assistance program and strong insurance benefits with purchase protection and extended warranty.”

  • Rewards Canada (opens in a new tab) Aug 2023

    “The card simply doesn't match its competitors despite the bank's self proclaimed "highest cash back earn rate on groceries in Canada" and having some good features and benefits. Unfortunately even though the card has those 2%, 3%, 4% and 5% accelerated earn rates, they don't actually mean much when they have extremely low monthly spending caps. I truly believe there is no way this card should be considered tops in any category unless you don't spend much on the card but then that kind defeats the purpose of it being a World Elite Mastercard. World Elite Mastercards are intended for higher spenders and this card does not reward high spending.”

  • Forbes (opens in a new tab) Apr 2023
    7.8

    “The BMO CashBack World Elite Mastercard boasts the highest cash back rate in Canada on grocery purchases, offering you 5% cash back on your grocery haul. And, since it also offers good cash back rates on other practical spending, like gas and transportation, this card has the potential to earn substantial cash back for you on a yearly basis. Considering that inflation has us all watching our budgets, the reward potential here may just be well worth the $120 annual fee.”

  • Yore Oyster (opens in a new tab) Dec 2022

    “With a generous welcome bonus of up to 10% cash back in the first three months and an introductory annual fee waiver for the first year, the BMO Cash Back World Elite Mastercard is one of Canada's best cards for accumulating cash back rewards. The card also offers excellent purchase protection coverage and several great travel insurance perks for those who like traveling.”

  • Hardbacon (opens in a new tab) Jul 2022
    8

    “Maybe the card isn’t for the budget conscious or the travel hacker. It screams city living and access to every convenience. If you see yourself interested in a consistent lifestyle, then this card is for you. Lifestyle happens all year, and with this card you don’t have to save up miles or points to get a vacation. Much like streaming services and apps, the BMO CashBack World Elite Mastercard lets you choose your own experiences on your schedule. It gives you the decision making power on how to spend and earn your time and your money. It is a Mastercard for digital natives and digital nomads alike.”

  • SAVVY New Canadians (opens in a new tab) Jun 2022
    8.4

    “Overall, my review of the BMO CashBack World Elite Mastercard is positive. It is a great card to add to your wallet if you do some travelling and would like to combine cash back rewards with travel benefits at a reasonable fee. It can also save you $69 or more per year if you normally pay for roadside assistance services like the CAA.”

What cardholders say

Ratings from people with this card

No ratings yet. If you have this card, tell others what it’s like.

Applied and weren’t approved?

Insurance and perks

What comes with it

  • Car rental damage Included
  • Extended warranty Included
  • Purchase protection Included
  • Travel accident Included
  • Roadside Assistance
  • Complimentary membership in Mastercard Airport Experiences provided by LoungeKey
  • Enjoy free access to over 1 million Wi-Fi hotspots around the world with Boingo Wi-Fi
  • Save up to 25% off rentals at participating National Car Rental and Alamo Rent a Car locations
  • Mobile wallets Apple Pay
Coverage limits

We haven’t recorded the coverage limits for this card yet. Read BMO’s insurance certificate before you count on any coverage.

Not included

Not listed for this card: travel medical, trip cancellation, trip interruption, flight delay, lost baggage and mobile device.

Fees and interest

What it costs

Annual fee
$0 first year Then $120 a year
Purchase interest
21.99%
Cash advance interest
23.99%
Foreign currency fee
2.5%
All fees and rates

Fees

Extra cards
$50
Fee waivers
First year: $139 off (Waived on the first year.)
Cash advance fee
1%, Minimum of $5
Balance transfer fee
5%, Maximum
Over-limit fee
$29
Late payment fee
None
Source
Issuer page

Interest rates

Balance transfer interest
23.99%
Intro rate: balance transfers
0% for 12 months
Source
Issuer page

Province differences

Quebec
Balance transfer rate: 21.99%. Cash advance rate: 21.99%.

Read the card terms and conditions for the full terms.

Checked on Nov 8, 2026. Source

Before you decide

Similar cards for the same spending

With typical spending. This card: $690 year one, $570 every year after.

See all cards ranked for your spending

Some of these links pay us when you apply, at no extra cost to you. Most don’t, and pay never changes our score. How we make money

Common questions

Questions people ask

What is the annual fee on the BMO® CashBack® World Elite® Mastercard®?

$0 the first year, then $120 a year. Each extra card costs $50.

What income do I need?

BMO asks for $80,000 in personal income.

Does it charge a foreign transaction fee?

Yes, 2.5% on purchases in other currencies.

What is the interest rate?

21.99% on purchases. Cash advances are 23.99%.

Does it have a balance transfer offer?

Yes, 0% for 12 months. The transfer fee is 5%, Maximum. After that, the rate is 23.99%.

Does it include insurance?

It lists extended warranty and purchase protection. Read the insurance certificate for the limits.

Rates, fees and offers come from the card issuers and change often. We work to keep this page accurate and current, but it may contain mistakes, so always check the issuer’s terms before you apply. This page is general information and isn’t financial advice.

Spot something wrong? We’ll check it with the bank. Suggest a correction

Card names, logos and trademarks belong to their owners. No issuer wrote, paid for or approved what we say about this card. Our scores and opinions are our own.

Mr. Loonie is independent and supported by affiliate links. We may earn a commission when you apply through some links, at no cost to you. How we make money

$690
year one for you
Apply now on BMO’s site (opens in a new tab)
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