Here's how I chose my World Elite Mastercard credit card

To the point Brigitte explains how she chose her World Elite Mastercard credit card to meet her needs.

My consumer profile My credit card needs

My comparison chart Annual fee Rewards Insurance My credit cards analysis

The last word on my American Express Cobalt® Card.

My consumer profile

It’s been three years since I joined the great milesopedia Facebook community.

Since 2018, I’ve explored several credit card offers marketed by banking institutions and discovered my consumer profile. I had never been interested in what is called financial literacy. Happy to pay by cash or debit, loyal to my one credit card that I almost never used, I was the ultimate acquired customer.

Those days are over.

I now know how to shop for products based on my needs and especially how to compare credit card offers on the market.

And while I remain a moderate customer, happy with four or five credit cards in my wallet, I have developed a knack for picking the right ones. Some I’ll keep for the long term, while others will have to work to get to keep me as a customer. There are so many choices!

But I always pay my bills monthly and I have never paid interest.

My credit card needs

Here is the exercise that allowed me to choose the right World Elite Mastercard based on my needs:

I wanted a Mastercard because it is accepted everywhere (including Costco)
I met the criteria to apply for a World Elite at the time, which is no longer the case since my retirement (so it will be a card that I keep on the long-term).
I was looking for a card that offered excellent coverage for both purchases and travel.
I wanted benefits to enhance my travel experience: for years, I thought airport lounges were strictly for business customers.
And if on top of that, it’s a card with no foreign transaction fee (usually 2.5%), it would become exciting (since I regularly go to the US as a snowbird)

After filtering through the offers with milesopedia’s credit card comparator, I made a chart of what I considered to be the best World Elite Mastercard credit cards FOR ME. An uncomplicated chart!

And among them, I slipped in an intruder for comparison. Becauseit’s one of the best, and I would keep it anyway in addition to the Mastercard: it’s an American Express credit card, the American Express Cobalt™ Card. I wanted to compare it to others.

It’s a shame that some merchants still believe that American Express cards have higher interchange fees than Mastercard and Visa, especially World Elite and Visa Infinite, and that’s why they refuse it in their stores. But times are changing. American Express credit cards are increasingly accepted (e.g. the gradual evolution of IGA).

My comparison chart

Here is my comparison chart, in several parts for the sake of readability on your screens.

Annual fee


Card	American Express Cobalt^® Card	National Bank World Elite Mastercard	BMO Ascend World Elite Mastercard
Annual fee	$155,88	$150	$150


Card	American Express Cobalt^® Card	Desjardins Odyssey World Elite Mastercard	Desjardins Cash Back World Elite Mastercard	Triangle™ World Elite Mastercard^®
Annual fee	$155,88	$110	$100	$0

Rewards


Card	American Express Cobalt^® Card	National Bank World Elite Mastercard	BMO Ascend World Elite Mastercard
Program	Membership Rewards	NBC Rewards	BMO Rewards
Type	Travel	Travel	Travel
All purchases	1 point = 1%	1 point = about 1%	2 points = 1.4%
Categories	5 points = 5% (grocery stores, restaurants, convenience stores, food delivery) 3 points = 3% (subscriptions to streaming services) 2 points = 2% (transport, travel)	5 points = approx. 5%. (grocery stores, restaurants)	3 points = 2% (restaurants, travel)


Card	American Express Cobalt^® Card	Desjardins Odyssey World Elite Mastercard	Desjardins Cash Back World Elite Mastercard	Triangle™ World Elite Mastercard^®
Program	Membership Rewards	Bonusdollars	Cashback	Triangle
Type	Travel	Travel	Cashback	Cashback
All purchases	1 point = 1%	1,5 %	1 %	0.8% CT Money
Categories	5 points = 5% (grocery stores, restaurants, convenience stores, food delivery) 3 points = 3 % (subscriptions to streaming services) 2 points = 2% (transport, travel)	3% (groceries) 2 % (restaurant, entertainment, public transportation)	4% (groceries) 3 % (restaurant, entertainment, public transportation)	4% CT Cash Back (Canadian Tire) 3 % CT Cash Back (groceries up to $12,000)

Insurance

The insurances are here as an indication. Please refer to the booklet provided by each company.

Each type of insurance varies in terms of monetary coverage or age of the policyholder. For example, some will offer $5,000 for trip cancellation while others will cover up to $500. Few cards will offer medical insurance beyond age 65. It’s something to think about because I’m getting close to that age range.


Card	American Express Cobalt^® Card	National Bank World Elite Mastercard	BMO Ascend World Elite Mastercard
Extended warranty	1 additional year	2 additional years	1 additional year
Purchase Insurance	90 days	180 days	90 days
Medical Insurance	15 days (up to age 65)	60 days (up to age 54) 31 days (up to age 64) 15 days (up to age 75)	21 days (Up to age 65)
Other insurance	– – Flight delay Delay, theft, loss of luggage Travel Accident Rental cars Mobile devices	Flight Cancellation Trip Interruption Insurance Flight delay Delay, theft, loss of luggage Travel Accident Rental cars –	Flight Cancellation Trip Interruption Insurance Flight delay Delay, theft, loss of luggage Travel Accident Rental cars –


Card	American Express Cobalt^® Card	Desjardins Odyssey World Elite Mastercard	Desjardins Cash Back World Elite Mastercard	Triangle™ World Elite Mastercard^®
Extended warranty	1 additional year	1 additional year	1 additional year	1 additional year
Purchase Insurance	90 days	90 days	90 days	90 days
Medical Insurance	15 days (up to age 65)	60 days (up to age 54) 31 days (up to age 65) 15 days (up to age 75)	3 days (up to age 75)	–
Other insurance	– – Flight delay Delay, theft, loss of luggage Travel Accident Rental cars Mobile devices	Flight Cancellation Trip Interruption Insurance – Delay, theft, loss of luggage – Rental cars Mobile devices	Flight Cancellation Trip Interruption Insurance – Delay, theft, loss of luggage – Rental cars Mobile devices	– – – – – – –

My credit cards analysis

Here is my analysis after completing my chart.

The World Elite Mastercard^MD Triangle^MD:

All World Elite cards offer excellent insurance, except the one offered by Canadian Tire. Although it is free, it works in a closed circuit and does not allow for travel purchases. The cash back in its currency provides great discounts or even free items at Canadian Tire, their garage and affiliated businesses whose profiles are primarily geared towards the purchase of sports equipment. Its gas stations let you earn CT points but you cannot redeem points there.

So if they give 3% back on groceries, that return must then be spent where Canadian Tire money is accepted. This doesn’t bring anyone to Europe or Asia, but it might appeal to someone who has renovations to do, camping or sports equipment to buy, for example. I’m thinking of the paddle board craze. It could be a good deal.

The fact that we can pay our taxes and our Hydro account is a plus with this credit card. But then again, I personally don’t find any use for Canadian Tire dollars. I could have my tires changed at the garage but I already have a local garage that I want to encourage.

Anyway, it’s an option for others than me. It won’t be my World Elite Mastercard because it doesn’t meet my criteria. Although free: no good insurance, no travel benefits, no interesting rewards.

The two other cards in the World Elite category that cost the least to apply for are those from Desjardins:

In addition, their fees may be waived in the first year as well as in subsequent years for certain occupations and depending on the level of expenses. The same applies to NBC, BMO andHSBC World Elite Mastercard credit cards.

In addition, BONUSDOLLARS is much more versatile than Canadian Tire’s, and my goodness, with 4% cash back on groceries for the Desjardins Remises World Elite Mastercard and 3% in BONUSDOLLARS for The Desjardins Odyssey World Elite Mastercard, we’re in business.

I particularly like the clause in their purchase insurance that doubles the duration of the merchant’s protection (maximum 1 year) and covers mobile devices, which not all credit cards offer.

BONUSDOLLARS can be applied to travel, financial products, gift cards and merchandise. The Desjardins Odyssey World Elite Mastercard grants 8 passes to the Desjardins airport lounge in Montreal. But there is no access granted on the Desjardins World Elite Mastercard.

Suppose it wasn’t for the American Express Cobalt™ Card, which performs better at the grocery store. In that case, the Desjardins Odyssey World Elite Mastercard might interest me because of its eight complimentary visits to the Desjardins airport lounge.

The next big guns are the BMO and National Bank World Elite^®* Mastercard^®* cards:

They also have targeted offers for professionals – or those with a certain amount of wealth – who could have the annual fee waived.

I particularly like that the BMO and NBC cards allow you to pay for only part of the trip, such as taxes on an award ticket, and still benefit from insurance. For us points hunters, it’s very practical.

Aeroplan-affiliated credit cards, such as the TD^® Aeroplan^® Visa Infinite* Card or the American Express^®* Aeroplan^® Reserve Card, will also allow us this benefit for airline tickets purchased with Air Canada and its affiliated Star Alliance airlines.

The cash back % when you apply purchases to these three cards is not the best when compared to Desjardins credit cards but they do have a sign-up bonus and travel benefits that interest me.

The National Bank World Elite Mastercard^® stands out from the crowd with its unlimited admission to the NBC airport lounge in Montreal accompanied by a guest, and if we want to talk about an enhanced travel experience, its annual credit of up to $250 on certain travel expenses is tempting. And I appreciate the 15-day medical insurance coverage up to age 75.

And unlike the card offered by BMO, National Bank card points can be used for any travel purchase made with the card. Practical for an apartment rental on Airbnb for example!

To me, these are great options since I travel at least once a year!

The National Bank World Elite Mastercard^® is also the only bank that triples the merchant’s purchase protection.

Finally, I must say that the National Bank World Elite Mastercard^® is very tempting for those who could benefit from its medical insurance up to age 75. Currently on promotion at the time of writing, it’s a good idea to think about it. So many choices!

The last word on my American Express Cobalt^® Card.

Finally, a word about my American Express Cobalt^® Card.

It is the main reason I don’t look for a high discount rate for other cards at grocery stores, convenience stores, and food delivery.

With this Card, I earn 5 points per dollar (that’s 5% for travel rewards) and I’ve targeted the places where I use it: Metro, Giant Tiger, Cook It and Couche-Tard. And occasionally an IGA grocery store located further away. My pharmacy also accepts it. And when needed, I buy gift cards at Metro, like SAQ gift cards, to stretch my 5 points per dollar earnings.

Also, since it’s an American Express card, they have cardholder-only promotional offers. For example:

a $250 Fairmont card for $200
1,500 bonus points when you use contactless with your cell phone
$20 credit for every $100 in purchases at Esso

With all the promotional offers throughout the year, this quickly pays for the $12.99 monthly fee!

You can do the same exercise based on your needs. Make your own travel cards or cash back comparison charts. Shall we discuss it afterwards in the Facebook group?