The BMO AIR MILES World Elite credit card serves as a favored choice for Canadian travelers looking to earn AIR MILES through everyday purchases.
This product provides a variety of benefits designed to enhance the overall shopping experience while accumulating rewards that can be redeemed for travel, unique opportunities, and even store vouchers.
This guide will provide an in-depth look at the key features of the BMO AIR MILES World Elite credit card and whether it’s the right fit for you.
About the BMO AIR MILES World Elite credit card
The BMO AIR MILES World Elite credit card is a high-tier product planned for those who want to maximize their AIR MILES earnings.
With interesting rewards on daily expenses, particularly at select partner stores, it offers value to frequent shoppers and travelers.
As an elite credit card, it also grants exclusive perks like comprehensive insurance coverage and airport lounge access.
Benefits of the BMO AIR MILES World Elite credit card
The BMO AIR MILES World Elite card stands out for its extensive list of advantages, making it a relevant choice for loyal AIR MILES collectors.
Here are some of the benefits of this product:
- Cardholders earn 3 AIR MILES for every $12.00 spent on their everyday needs at participating AIR MILES partners;
- The card offers extensive travel and medical insurance, including Out of Province/ Out of Country Emergency Medical protection and Collision Damage Waiver on rental cars;
- Consumers can enjoy a complimentary membership granted by DragonPass. As members, they can access airport lounges by paying a fee of $32.00 for each person every time they visit;
- Users can shop with an extended warranty and purchase protection.
Disadvantages of the BMO AIR MILES World Elite credit card
It’s also important to consider the potential downsides of the BMO AIR MILES World Elite credit card before the application:
- It has an annual fee;
- To qualify for this card, the clients need a personal annual income of $80,000 or a household income of $150,000, which makes this option inaccessible for some potential applicants;
- It comes with relatively high interest rates for purchases and cash advances;
- Its additional costs, like foreign transaction fees, can be challenging for travelers who make purchases in international currencies.
About the issuing bank
The BMO AIR Miles World Elite is issued by BMO, one of Canada’s largest banks.
With a long-standing reputation for customer service, this institution provides a range of financial products built to meet the diverse needs of its clients.
Fees of the BMO AIR MILES World Elite credit card
As with any premium credit card, it’s indispensable to be aware of the costs associated with the BMO AIR MILES card.
Take a look at the most relevant fees for this product:
- Annual fee: $120.00;
- Interest rate for purchases: 20.99%;
- Interest rate for cash advances: 23.99%;
- Interest rate for cash advances if the cardholder resides in Quebec: 21.99%;
- Foreign currency conversion rate: 2.50%;
- Over limit fee: $29.00;
Last update of rates according to the official website: 10/11/24
Why apply for this card?
The BMO AIR MILES World Elite credit card provides value for loyal AIR MILES enthusiasts, especially frequent travelers.
This product’s airport lounge access and insurance coverage are also ideal for those seeking comfort, convenience, and peace of mind during trips.
However, if you’re not a recurrent AIR MILES user or if you don’t usually travel, the income requirements, the annual fee and other costs associated with the card might make it less appealing for your lifestyle.
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