Head to Head: BMO Blue Rewards World Elite Mastercard vs National Bank World Elite Mastercard
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BMO Blue Rewards World Elite vs National Bank World Elite: here are two Mastercard cards at $150 a year built around very different rewards programs:
The BMO card is the premium version of the new Blue Rewards cards, the program that replaced AIR MILES. It leans on a big welcome bonus and on the program's partners. On the other side, the National Bank card remains a benchmark for groceries, restaurants and travel. This BMO Blue Rewards World Elite vs National Bank World Elite comparison answers one simple question: which one deserves a spot in your wallet? To see how both cards stack up against the rest of the market, also check our list of the best credit cards.
Our analysis focuses on the main differences between these two credit cards, as of October 20, 2026:
- Welcome bonus: up to 100,000 Blue Rewards points at BMO, versus a first-year annual fee rebate at National Bank;
- Everyday earning: 5 points per dollar on groceries and restaurants at National Bank, versus 2 points on groceries and 1 point at restaurants at BMO;
- Partners: 10 points per dollar at Blue Rewards partners with the BMO card;
- Point value: 0.9¢ for a National Bank point, versus 0.67¢ for a Blue Rewards point;
- Travel: $150 annual travel credit and unlimited YUL lounge access at National Bank, versus 4 DragonPass passes a year at BMO;
- Insurance: emergency medical coverage up to 60 days at National Bank, versus 15 days at BMO.
The comparison table
Here are both cards side by side. We break down each item below.
| Feature | BMO Blue Rewards World Elite | National Bank World Elite |
|---|---|---|
| Annual fee | $150 (waived in the first year) | $150 (rebated in the first year, Milesopedia exclusive) |
| Additional card | $50 | $50 |
| Welcome bonus | Up to 100,000 points (about $670), by October 31, 2026 | First-year fee rebate ($150), until November 4, 2026 |
| Best earn rate | 10 points per dollar at Blue Rewards partners | 5 points per dollar on groceries and restaurants |
| Point value (Milesopedia) | 0.67¢ | 0.9¢ |
| Annual travel credit | None | $150 |
| Airport lounges | 4 free DragonPass passes per calendar year | Unlimited access to the National Bank Lounge (YUL) |
| Emergency medical | $5,000,000, 15 days (under 65) | $5,000,000, up to 60 days |
| Foreign transaction fee | 2.5% | 2.5% |
| Minimum income | $80,000 personal or $150,000 household | $80,000 personal or $150,000 household |
| Purchase interest rate | 21.99% | 20.99% |
Welcome bonus
Both cards save you the annual fee in the first year. The difference is in the points.
The BMO Blue Rewards World Elite®* Mastercard®* offers up to 100,000 Blue Rewards points for applications received by October 31, 2026, on top of a first-year annual fee waiver:
- 45,000 points after $5,000 in purchases in the first 110 days;
- 20,000 points after $10,000 in total purchases in the first 180 days;
- 35,000 points after $20,000 in total purchases in the first 365 days.
At our valuation of 0.67¢ per Blue Rewards point, those 100,000 points are worth about $670. BMO also adds:
- NEXUS statement credit: $200 in the first year;
- Balance transfer: 0% introductory rate for 12 months, with a 2% transfer fee.
The bank values its full offer at up to $1,600.
For its part, the National Bank World Elite® Mastercard® offers, exclusively through the Milesopedia network, a first-year annual fee rebate, worth $150. The fee is charged to the account, then refunded as a statement credit within five months of opening, as long as the account remains open and in good standing. You must not have held a National Bank personal Mastercard as primary cardholder in the last 24 months.
On the welcome bonus alone, the BMO card wins by a wide margin. However, it requires $20,000 in purchases in the first year to collect every point.
Earning points
This is where the gap flips. For everyday spending, the National Bank card earns much more, except at Blue Rewards partners.
The BMO card's earn rates
The BMO Blue Rewards World Elite®* Mastercard®* earns:
- 10 points per dollar at participating Blue Rewards partners, including Blue Rewards Travel powered by Expedia, Fairmont, Dollarama, Instacart and Pharmasave;
- 2 points per dollar on groceries, gas, electric vehicle charging, alcohol and at wholesale clubs like Costco;
- 1 point per dollar on all other purchases, restaurants included.
Two caps apply under BMO's terms:
- Blue Rewards partners: the 10-point rate applies to $25,000 in net purchases per calendar year;
- Accelerated categories: the 2-point rate applies to $500 per category per statement cycle.
Beyond those caps, you earn 1 point per dollar. If you also show your Blue Rewards membership card at checkout, you collect the partner's points on top of the card's.
The National Bank card's earn rates
The National Bank World Elite® Mastercard® earns:
- 5 points per dollar on groceries and restaurants;
- 2 points per dollar on gas and EV charging;
- 2 points per dollar on recurring bills;
- 2 points per dollar on bookings made through À la carte Travel;
- 1 point per dollar on all other purchases.
The 5-point rate only applies to the first $2,500 in gross monthly purchases charged to the account, all categories combined. Above that threshold, groceries and restaurants earn 2 points per dollar.
The real return per dollar
An earn rate means nothing without the value of the point. Milesopedia values a Blue Rewards point at 0.67¢ and a National Bank À la carte Rewards point at 0.9¢. Here is the return in cents per dollar spent.
| Category | BMO Blue Rewards World Elite | National Bank World Elite |
|---|---|---|
| Blue Rewards partners | 10 points, or 6.7¢ | 1 point, or 0.9¢ |
| Groceries | 2 points, or 1.34¢ (up to $500 per cycle) | 5 points, or 4.5¢ (up to $2,500 per month, all categories) |
| Restaurants | 1 point, or 0.67¢ | 5 points, or 4.5¢ (same threshold) |
| Gas and EV charging | 2 points, or 1.34¢ (up to $500 per cycle) | 2 points, or 1.8¢ |
| Recurring bills | 1 point, or 0.67¢ | 2 points, or 1.8¢ |
| Other purchases | 1 point, or 0.67¢ | 1 point, or 0.9¢ |
A one-year example
Take a household that charges $2,000 a month to its card, so below the National Bank threshold:
- Groceries: $600
- Restaurants: $300
- Gas: $200
- Recurring bills: $150
- Other purchases: $750
Here is the result over one year, excluding the welcome bonus:
- BMO card: 2,700 points a month, or 32,400 Blue Rewards points a year, about $217;
- National Bank card: 5,950 points a month, or 71,400 points a year, about $643, plus the $150 travel credit.
At BMO, groceries exceed the $500 cap per cycle: the last $100 only earn 1 point.
If this household also spends $200 a month at Blue Rewards partners, the BMO card adds 24,000 points a year, about $161. The gap still clearly favours National Bank.
Redeeming points
Both programs are mainly used for travel, but they work differently.
Blue Rewards points are redeemed on Blue Rewards Travel, powered by Expedia: you can pay for a whole trip or combine points and card. They can also be used in store at partners and for e-gift cards, at 1,500 points for $10 according to BMO. Our complete Blue Rewards guide and our analysis of the value of Blue Rewards points cover every option.
National Bank points are redeemed through the À la carte Travel agency, with the travel agency of your choice, as a credit to your card balance or for financial products. Our À la carte Rewards program page explains the redemption rules.
Annual fee
Both cards cost $150 a year, and $50 for an additional card. Both charge a 2.5% conversion fee on foreign currency purchases.
The first year costs nothing either way: BMO waives the annual fee, and National Bank refunds it through the exclusive Milesopedia offer. After that, BMO rebates the $150 fee every year for holders of its Privilege chequing account. At National Bank, the $150 travel credit offsets the fee if you use it in full.
Income requirement
Both cards require the same income:
- Personal income: $80,000;
- Household income: $150,000;
- Other routes at National Bank: for existing clients, $25,000 in annual card spending or $400,000 in investable assets.
The purchase interest rate is 21.99% at BMO and 20.99% at National Bank.
Insurance
The National Bank card offers much longer medical coverage. Its emergency coverage reaches $5,000,000, for trips of 60 days up to age 54, 31 days from 55 to 64 and 15 days from 65 to 75.
The BMO card also covers up to $5,000,000, but for 15 consecutive days. According to BMO's benefits guide, this coverage is for insured persons under 65.
Beyond that, both cards include trip cancellation and interruption, flight delay, baggage, travel accident, car rental coverage for 48 days, purchase protection and extended warranty. National Bank does better on the length of its purchase protection (180 days vs 90) and its extended warranty (2 years vs 1). It also adds mobile device insurance, which our data does not show for the BMO card.
Annual perks
Airport lounges
The BMO card includes a Mastercard Travel Pass provided by DragonPass membership and four free passes per calendar year, for you or a travel companion. Once those passes are used, further visits are paid. They work across the whole DragonPass network, worldwide.
The National Bank card gives free and unlimited access to the National Bank Lounge at Montréal-Trudeau, for the cardholder, one guest and two children aged 12 and under. It also includes a DragonPass membership, but visits are paid.
Other perks
The National Bank card offers a $150 annual travel credit for airport parking, baggage fees, seat selection, lounge access or an upgrade. Our guide to the National Bank annual travel credit explains how to get it.
The BMO card focuses on everyday perks: roadside assistance, a six-month Instacart+ membership with a monthly Instacart credit, discounts on car rentals and Cirque du Soleil shows, plus the NEXUS credit in the first year.
Our verdict by profile
One answer does not fit everyone. Here are three distinct profiles.
Welcome bonus hunter
You can charge $20,000 to the card in the first year and you want the biggest bonus possible. In that case, the BMO Blue Rewards World Elite®* Mastercard®* wins the first year, with about $670 in points and the NEXUS credit. Apply by October 31, 2026.
Blue Rewards partner loyalist
You book your trips on Blue Rewards Travel or you spend a lot at Dollarama, Instacart or Pharmasave. In that case, the BMO card returns 6.7¢ per dollar at those partners, within its annual cap. It also makes sense if you were already collecting AIR MILES.
Groceries, restaurants and travel every day
You want a card that pays off all year, you eat out often and you fly out of Montréal-Trudeau. In that case, the National Bank World Elite® Mastercard® is the better choice. It returns up to 4.5¢ per dollar on groceries and restaurants, its travel credit covers its fee and its medical insurance goes up to 60 days.
Conclusion
So, which card wins this head to head? The National Bank World Elite® Mastercard® wins over time: better everyday earning, a higher point value, a travel credit, unlimited lounge access at YUL and longer medical insurance. From the second year on, the gap becomes significant.
That said, the BMO Blue Rewards World Elite®* Mastercard®* keeps two real strengths: a much more generous welcome bonus and a 10-point rate at Blue Rewards partners. Its four lounge passes a year also help travellers who do not fly out of Montréal.
Finally, nothing forces you to choose. One possible strategy: the BMO card for the bonus and partner purchases, the National Bank card for everything else. National Bank has already been compared with BMO's other premium cards: see our BMO Ascend World Elite vs National Bank World Elite and BMO eclipse Visa Infinite vs National Bank World Elite comparisons.
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Exclusive
- Annual feeNo annual fee the first year
- $0 $150
- Our valuationMilesopedia first-year estimate First-year valueAnnual fee rebated$150Total$150Rewards on your spending are not included. The calculator that adds them from your own profile is on the card's page.
- $150
- Welcome offer$150 annual fee rebated
- First Year Annual Fee Rebate
- Ends Nov 4, 2026
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on National Bank's website
BMO Blue Rewards World Elite vs National Bank World Elite: frequently asked questions
Which card has the better welcome bonus?
The BMO Blue Rewards World Elite®* Mastercard®* offers up to 100,000 Blue Rewards points, about $670 at our valuation, for applications received by October 31, 2026. It does require $20,000 in purchases over one year. The National Bank World Elite® Mastercard® offers, exclusively through Milesopedia until November 4, 2026, a first-year annual fee rebate.
How much is a Blue Rewards point worth?
Milesopedia values a Blue Rewards point at 0.67¢, which matches the rate of 1,500 points for $10 published by BMO for in-store redemptions and e-gift cards. A National Bank point is worth 0.9¢ according to our valuation. Our article on the value of Blue Rewards points covers each redemption type.
Which card earns more on groceries?
The National Bank card. It earns 5 points per dollar on groceries, or 4.5¢, on the first $2,500 in monthly purchases charged to the account. The BMO card earns 2 points per dollar on groceries, or 1.34¢, on $500 per statement cycle, except at a Blue Rewards partner grocer.
Which card is better at restaurants?
The National Bank card, hands down. It earns 5 points per dollar at restaurants below the National Bank monthly threshold, compared with 1 point per dollar with the BMO card, which does not boost this category.
Which card gives better lounge access?
It depends on your airport. The BMO card offers four free DragonPass passes per calendar year, valid worldwide. The National Bank card gives unlimited access to the National Bank Lounge at Montréal-Trudeau, with a guest, but no free DragonPass visits.
Which card has the better travel insurance?
The National Bank card. Both cover up to $5,000,000 in emergency medical care, but National Bank covers up to 60 days before age 55 and 15 days from 65 to 75. The BMO card covers 15 days, and only before age 65 according to its benefits guide.
Can you hold both cards at the same time?
Yes, since the two cards come from different issuers. Check your income first: both require $80,000 personally or $150,000 for the household. Many readers use the BMO card at Blue Rewards partners and the National Bank card for groceries, restaurants and travel.