What is the welcome bonus for the BMO CashBack® World Elite®* Mastercard®*?

The current welcome bonus for the BMO CashBack® World Elite®* Mastercard®* can reach $650 in value in the first year. It consists of $40 cash back each month you spend at least $2,000 in net purchases (up to $480 over 12 months), plus the $139 annual fee waiver for the first year, plus a 0% promotional rate on balance transfers for 12 months (2% transfer fee).

What are the cash back rates on the BMO CashBack World Elite?

The BMO CashBack® World Elite®* Mastercard®* offers 5% on groceries (up to $500/month), 4% on transit including ridesharing, taxis, and public transportation (up to $300/month), 3% on gas and EV charging stations (up to $300/month), 2% on recurring bill payments (up to $500/month), and 1% on everything else, with no limit. In total, the caps allow for up to $552 in cash back per year in the bonus categories, plus unlimited 1% elsewhere.

What is the minimum income required for the BMO CashBack World Elite?

To be approved for the BMO CashBack® World Elite®* Mastercard®*, you must meet the standard World Elite Mastercard thresholds in Canada: a personal income of at least $80,000 per year or a household income of at least $150,000. If you don't meet these thresholds, BMO offers a no-annual-fee alternative: the BMO CashBack Mastercard, which offers 3% on groceries.

What travel benefits does the BMO CashBack World Elite include?

The BMO CashBack® World Elite®* Mastercard®* includes a comprehensive travel insurance package: out-of-province emergency medical insurance (up to $5M, 8 days per trip, up to age 65), trip interruption, flight delay, lost luggage, and car rental collision coverage. You also benefit from free membership to Mastercard Travel Pass via DragonPass for airport lounge access (fee per visit applies), and full roadside assistance at no additional cost.

How much does the BMO CashBack World Elite Card actually earn per year?

It depends on your spending, but to give you some real benchmarks: a household of 4 spending $3,000/month (including $800 on groceries and $200 on gas) gets about $593 net cash back per year after fees. An urban couple at $1,900/month gets around $389 net. A single person at $1,080/month gets about $172 net. In the first year, add the welcome offer (up to $480) and the waived fees ($139).

Does Walmart count as grocery for the 5%?

Yes, in most cases. The merchant code for Walmart Supercentres is classified under the grocery category for Mastercard, which allows you to earn 5% cash back on your Walmart purchases, up to the $500 monthly cap. Regular Walmarts (without a full grocery section) and Costco, however, are at the base 1% rate.