BMO: Changes In May 2021 for Two World Elite Mastercard Credit Cards

In 2020, credit card interchange fees were revised downwards, directly impacting the rewards obtained from many credit card issuers.

The Bank of Montreal – BMO has just announced changes that will take place in May 2021, affecting two World Elite Mastercard credit cards:

• BMO^® AIR MILES^® World Elite^®* Mastercard^®*
• BMO^® CashBack^® World Elite^®* Mastercard^®*

In May 2021, some changes will impact the BMO^® AIR MILES^® World Elite^®* Mastercard^®* :

• Earn more miles at participating AIR MILES Partners

Let’s start with the good news: starting in May 2021, you’ll earn 3 miles for every $12 spent at participating AIR MILES Partners when you pay with your BMO^® AIR MILES^® World Elite^®* Mastercard^®*.

For example, if you spend $100 at a participating AIR MILES Partner, you’ll earn 25 Miles compared to 10 Miles before this change.

This is 2.5 times more miles than the current rate of 1 mile per $10 spent.

The participating AIR MILES Partners for Quebec are:

• Shell
• IGA – Quebec
• Les Marchés Tradition
• Rachelle-Bery
• Jean Coutu
• Budget, Alamo, National
• Staples
• Pitou Minou & Compagnons

Now for the bad news: starting in May 2021, you’ll earn 1 Mile for every $12 spent everywhere else when you pay with your BMO^® AIR MILES^® World Elite^®* Mastercard^®*.

For example, if you spend $100, you’ll earn 8.33 Miles compared to 10 Miles before the change.

That is 17% less than the current rate of 1 Mile per $10 spent. This is especially annoying for those who used the BMO^® AIR MILES^® World Elite^®* Mastercard^®* for their purchases at Costco, for example.

To find a rate of 1 mile per $10 on all purchases, one would have to turn to:

• the BMO AIR MILES MasterCard for Business, or
• the American Express^MD AIR MILES^MD* Platinum Credit Card that offers 1 mile for every $5 in purchases for groceries, gas, local transportation, restaurants or home food delivery. And it doesn’t matter if these businesses are part of AIR MILES or not!

For example, you could shop at Metro or Super C and earn 1 mile for every $5 you spend. Everywhere else, you can get 1 mile for every $10 spent.

Another bad news: starting in May 2021, there will no longer be two annual complimentary VIP lounge passes coming with the BMO^® AIR MILES^® World Elite^®* Mastercard^®*.

The LoungeKey membership will always be offered – as is the case with all World Elite credit cards. But there will be a lounge access fee of US$32.

Even though airport lounges have been closed for much of 2020 – and will likely be closed for much of 2021 – this is a loss of a benefit for occasional travellers.

If you wish to retrieve access to airport lounges, you may need to opt for one of these credit cards:

• The BMO Ascend World Elite Mastercard: 4 visits per year
• CIBC Aventura^® Visa Infinite* Card: 4 annual passes
• Scotiabank Passport™ Visa Infinite* Card: 6 annual passes

Despite these changes, the BMO^® AIR MILES^® World Elite^®* Mastercard^®* remains one of the best AIR MILES credit cards on the market.

Currently, milesopedia has an exclusive offer allowing you to earn 3,000 AIR MILES Bonus Miles, with no-fee for the first-year. To find out more or get this offer while supporting milesopedia, click here.

Beginning in May 2021, changes will impact the BMO^® CashBack^® World Elite^®* Mastercard^®*:

• More cash back for many spending categories

Let’s start with the good news: starting in May 2021, you’ll earn between 2% and 5% cash back for many spending categories with the BMO^® CashBack^® World Elite^®* Mastercard^®*:

• 5% on groceries (on the first $500 you spend monthly)
• 4% on transit (on the first $300 you spend monthly)
• 3% on gas and electric vehicle charging (on the first $300 you spend monthly)
• 2% on recurring bill payments (on the first $500 you spend monthly)

Beyond the monthly limits mentioned, you’ll earn 1% cash back.

As you can see, this is a good cash back increase compared to the current 1.5% cash back on all purchases. For most BMO^® CashBack^® World Elite^®* Mastercard^®*credit cardholders, this is a good change in the categories that mean the most.

Now for the bad news: starting in May 2021, you’ll earn 1% cash back on all other purchases – or purchases made after the monthly limits – when you pay with your BMO^® CashBack^® World Elite^®* Mastercard^®*.

If you have many purchases that do not fit into the categories mentioned, you lose out with these changes. You’ll need to look for another credit card with a greater cash back rate.

Earn between 2% and 5% on many everyday purchases and also get 10% cash back for 3 months and the first year free with the BMO World Elite Cash Back Mastercard. Find out how to earn your BMO Cash Back in this article.

This credit card comes with benefits like Purchase Protection and Extended Warranty Plus, BMO Roadside Assistance Program, and Travel and Medical Protection.

To find out more or get this offer while supporting milesopedia, click here.

As is often the case with changes made by credit card issuers, there will be winners and losers.

If you think you’re on the losing side, now might be a good time to choose a new credit card by checking out the best current offers! Or to negotiate the cost of your annual fee if you have just paid it or are about to renew it.