Crafted for discerning individuals who appreciate value and convenience, the BMO CashBack World Elite Credit Card offers exceptional benefits tailored to your lifestyle.
With its unique advantages, this card allows you to earn cashback rewards on every purchase, ensuring a rewarding experience with each transaction.
Pros and Cons of the BMO CashBack World Elite
The BMO CashBack World Elite Credit Card offers many benefits for its customers, but it also has some drawbacks that need to be considered. See more below:
Pros:
- Generous cash back rewards on all your purchases, from groceries and gas to public transportation and recurring bills;
- Clients can earn up to 10% cash back during the first three months of using the card, and the $120 annual fee is waived for the first year;
- Access exclusive travel privileges, including travel insurance coverage and cash back offers with partner stores outside of Canada, enhancing your travel experiences;
- Enjoy valuable advantages and offers for everyday digital services from a wide range of on-demand apps and subscription services.
Cons:
- The card has a $120 annual fee;
- An annual income of at least $80,000 for individuals or $150,000 for households is required;
- Each additional card has a cost of $50;
- Even though the customers are complimentary members of the Mastercard Travel Pass provided by DragonPass, they still have to pay a fee of $32 per person per visit to access the lounges.
App Features
The BMO Mobile Banking App guarantees that customers complete their transactions quickly and easily and manage their accounts efficiently.
Take a look at the key features of the app:
- Transaction Monitoring: stay updated on all your account activities with real-time notifications;
- Bill Payments: pay bills, manage Payees, set up future-dated bills, and view payment history;
- Rewards Tracking: view your banking, credit card and rewards, mortgage, and investment balances directly from your Account Summary;
- Funds Transferring: transfer funds including cross currency.
About the Issuing Bank
BMO, or Bank of Montreal, is one of Canada’s oldest and most respected financial institutions, established in 1817.
With a long history of serving customers, BMO offers a wide range of banking services, including personal and commercial banking, wealth management, and investment solutions.
Know for its commitment to innovation and customer service, BMO continuously adapts to meet the evolving needs of its clients, providing reliable and convenient financial products such as the BMO Cashback World Elite Credit Card.
Fees of the BMO CashBack World Elite Credit Card
The BMO CashBack World Elite Credit Card has various fees that prospective cardholders should be aware of.
- The annual fee is $120;
- The annual interest rate for purchases, fees, and other charges is 20.99%;
- The annual interest rate for cash advances and balance transfers is 23.99%;
- The annual interest rate for cash advances and balance transfers for Quebec Residents is 21.99%;
- If the client misses the required payment by the due date twice, the interest rate will increase to 25.99% on purchases and 28.99% for cash advances;
- If you reside outside Quebec, your minimum payment will be $10 plus any interest plus any fees plus any total monthly installment plan payments plus the greater of the following: any amount past due on your account statement or any amount by which your total balance exceeds your credit limit. If your balance due is $10 or less, you must pay the full amount;
- If you reside in Quebec, your minimum payment will be the greater of the following: any total monthly installment plan payments, plus 5% of your balance due, plus any amount past due on your account statement, or any amount by which your total balance exceeds your credit limit, or $10. If your balance due is $10 or less, you must pay the full amount;
- Additionally, for foreign currency conversions, there is a rate charged by the payment network on the date the transaction is posted to the client’s account plus 2.50% for purchases.
- There is also an overlimit fee of $29.
Why Apply for This Card?
The BMO CashBack World Elite Credit Card offers exceptional cash back rewards and premium benefits, like comprehensive travel insurance, no annual fee for the first year, and selected offers.
This card is ideal for those seeking to maximize their savings while enjoying interesting advantages and convenience.
Whether you’re looking to save on everyday expenses or enjoy exclusive travel perks, the BMO CashBack World Elite Credit Card provides a well-rounded financial package.
Ready to unlock the full potential of your spending with the BMO CashBack World Elite Credit Card? Apply now by clicking the button below.
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