BMO CashBack World Elite Mastercard: up to 5% cash back
Designed for Canadians who want simple cash back on everyday spending, the BMO CashBack World Elite Mastercard pays its highest rates on groceries, transit, gas and recurring bills, and includes travel protection and roadside assistance.
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Instead of a points program, the card pays cash back that you can redeem at any time, starting at $1.
Pros and cons of the BMO CashBack World Elite
The BMO CashBack World Elite Mastercard has advantages that may suit certain spending profiles, but it also comes with requirements and costs that should be reviewed carefully.
Pros:
- Earn 5% cash back on groceries, 4% on transit (including ride sharing, taxis and public transportation), 3% on gas and electric vehicle charging, 2% on recurring bill payments and 1% on all other purchases. BMO says 5% is the highest cash back earn rate on groceries in Canada;
- Redeem your cash back any time, starting at $1, as a statement credit or a deposit into a BMO chequing, savings or InvestorLine account. It doesn’t expire while your account is open and in good standing;
- Includes roadside assistance (battery boosts, flat tire changes, lockout service and towing) and out-of-province/country emergency medical coverage of up to $5 million for trips of up to 8 days;
- Includes Extended Warranty Insurance of up to one additional year and Purchase Security Insurance for 90 days;
- The $139 annual fee is rebated every year if you have a BMO Premium Chequing Account;
- Save up to 30% at Avis and up to 35% at Budget on base rates when you prepay with the card.
Insurance coverage is subject to the terms, limits and exclusions in the Certificate of Insurance provided with the card.
Cons:
- The card has a $139 annual fee, unless you have a BMO Premium Chequing Account;
- The higher rates have monthly limits: 5% on up to $500 in grocery purchases, 4% on up to $300 in transit, 3% on up to $300 in gas and 2% on up to $500 in recurring bills per statement period;
- Income requirement: a personal income of at least $80,000 or a household income of at least $150,000;
- Emergency medical coverage only applies to trips of up to 8 days;
- Airport lounge access through Mastercard Travel Pass costs $32 USD per person, per visit;
- A 2.5% foreign currency conversion fee applies to purchases in other currencies.
App features
You can manage your BMO CashBack World Elite Mastercard through BMO Digital Banking and the BMO Mobile Banking app.
Key features include:
- Card security: lock or unlock your card, or report it lost or stolen, at any time;
- BMO Alerts: get notifications for card transactions, large purchases and international use;
- Cash back: check your cash back balance and redeem it through bmocashback.com, BMO Online Banking or the app;
- Credit Coach: check your credit score for free, with no impact on your score;
- PIN reset: reset your PIN directly from the mobile app.
About the Issuing Bank
BMO, or Bank of Montreal, is one of Canada’s “Big Five” banks. It was founded in 1817.
The bank offers personal and commercial banking, investments and wealth management in Canada and internationally.
BMO is a federally regulated bank and a member of the Canada Deposit Insurance Corporation (CDIC). It offers digital tools and branch services for everyday banking, including credit card management and lending.
Fees of the BMO CashBack World Elite Credit Card
Here are the main fees and interest rates of the BMO CashBack World Elite Mastercard:
- Annual fee: $139, rebated every year with 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% on top of the Mastercard exchange rate;
- Overlimit fee: $29 if the account exceeds its credit limit.
Minimum payment rules vary by province and are 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.
Why apply for this card?
The BMO CashBack World Elite Mastercard may suit Canadians who spend regularly on groceries, transit, gas and recurring bills, prefer cash back over points and meet the card’s income requirements.
For example, if you spend $500 a month on groceries, you’d earn $25 a month, or $300 a year, from that category alone, which is more than the $139 annual fee.
Keep in mind that the higher rates have monthly limits, and the annual fee applies unless you have a BMO Premium Chequing Account. The card may not be the best fit if you’re building your credit, don’t meet the income requirement or won’t use its additional features.
Reviewing the card’s terms, interest rates and fees can help you decide whether it 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.