BMO CashBack World Elite review: fees and how to apply
See the income requirements, fees and cash back rates before you apply
The BMO CashBack World Elite Mastercard is designed for Canadians who want high cash back on everyday spending, along with travel protection and roadside assistance.
Instead of a points system, the card pays cash back, with its highest rates on groceries, transit, gas and recurring bills.
It can be a practical option for people who prefer earning cash back rather than dealing with travel rewards programs.
Below, you’ll find an overview of who this card may suit, how it works and the requirements to review before applying.
Who is the BMO CashBack World Elite Mastercard for?
The BMO CashBack World Elite Mastercard is aimed at people with higher incomes who want to earn more cash back on everyday spending.
It suits people who spend regularly on groceries, transit, gas and recurring bills, since these categories earn the highest cash back rates.
To apply, you must:
- Be a Canadian citizen or permanent resident;
- Not have declared bankruptcy in the past seven years;
- Have reached the age of majority in your province (18 in Alberta, Manitoba, Ontario, Prince Edward Island, Quebec and Saskatchewan, and 19 in all other provinces);
- Have a personal income of at least $80,000 or a household income of at least $150,000.
Meeting these requirements doesn’t guarantee approval, which depends on BMO’s credit assessment.
BMO CashBack World Elite Mastercard credit card benefits
The BMO CashBack World Elite Mastercard includes features focused on cash back, travel protection and account security.
Some of the main benefits include:
- Cash back: 5% on groceries (on up to $500 in purchases per statement period), 4% on transit (up to $300), 3% on gas and electric vehicle charging (up to $300), 2% on recurring bill payments (up to $500) and 1% on all other purchases. BMO says 5% is the highest cash back earn rate on groceries in Canada;
- Flexible redemption: redeem your cash back any time, starting at $1, as a statement credit or a deposit into a BMO chequing, savings or InvestorLine account. You can also set up automatic deposits starting at $25;
- Roadside assistance: including battery boosts, flat tire changes, lockout service and towing;
- Travel medical protection: out-of-province/country emergency medical coverage of up to $5 million for trips of up to 8 days;
- Purchase protection: Extended Warranty Insurance doubles the manufacturer’s warranty for up to one additional year, and Purchase Security Insurance covers eligible items against theft or damage for 90 days;
- Mastercard Travel Pass: a complimentary membership that gives you access to airport lounges for $32 USD per person, per visit;
- Security: Zero Liability protection against fraudulent card use, Mastercard Identity Check for online shopping and BMO Alerts for transactions, large purchases and international use.
Insurance coverage is subject to the terms, limits and exclusions in the Certificate of Insurance provided with the card.
Credit card limit
BMO sets your credit limit during the application process. It doesn’t publish a fixed limit for this card.
BMO considers factors such as your income, existing debt and credit history to set your limit.
Because the limit is personalized, it can vary between cardholders and may change over time based on how you use your account.
BMO CashBack World Elite Mastercard: fees and charges
Based on BMO’s information, the main fees and charges include:
- Annual fee: $139, rebated every year if you have a BMO Premium Chequing Account;
- Purchase interest rate: 21.99% annually;
- Cash advances and balance transfers: 23.99% annually (21.99% for Quebec residents);
- Foreign transaction fee: 2.5% added to the exchange rate.
Other fees may apply, as described in the cardholder agreement.
Rates, fees and conditions checked on September 22, 2026, against BMO’s official information. Confirm current terms on the BMO website before applying.
How to apply for a credit card?
You can apply for the BMO CashBack World Elite Mastercard online on the BMO website or by booking an appointment at a branch.
Before starting, confirm that you meet the income and eligibility requirements.
The online application generally includes these steps:
- Confirm that you meet the eligibility requirements and indicate whether you already have a BMO account;
- Click “Apply now” to start the application;
- Read the terms, interest rates and important information about the card, and consent to a credit check;
- Enter your full legal name and date of birth;
- Provide your contact details (phone and email);
- Enter your Canadian address and whether you rent or own your home, including your rent or mortgage amount;
- Provide your Social Insurance Number (SIN), which BMO lists among the information it asks for;
- Enter your employment status and your sources of income;
- Review optional features, such as balance protection insurance;
- Submit your application.
BMO says it responds to online applications in under 60 seconds.
Opinion about the BMO CashBack World Elite Mastercard
The BMO CashBack World Elite Mastercard can be a good choice for Canadians who want a straightforward cash back card with high rates on everyday categories.
Its 5% rate on groceries and 4% on transit can add up for households with steady monthly expenses. For example, $500 a month in groceries would earn $300 a year from that category alone, more than the annual fee. The roadside assistance and travel medical coverage also add value.
However, the card isn’t for everyone. The income requirement means it isn’t accessible to many students or people rebuilding their credit. The higher rates have monthly limits, the $139 annual fee applies unless you have a BMO Premium Chequing Account, and medical coverage is limited to trips of up to 8 days.
Reviewing the full terms, interest rates and conditions can help you decide whether this card fits your spending habits.
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Disclaimer: This site is independent and strictly informational, and its content does not constitute financial advice. Finvyu is not affiliated with BMO. We do not guarantee credit card approval, which is solely subject to a credit check, income verification and risk analysis by the issuing bank (BMO). Finvyu Editorial Team.
