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BMO World Elite Mastercard credit card full review

If you’re looking for a high-end credit card with many perks, the BMO World Elite Mastercard may be what you’re after. This card has a range of benefits, but is it worth signing up for? Read this review to find out.

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by Aline Barbosa

Published on 03/28/2022

BMO World Elite Mastercard credit card: the best card for people who love to travel.

BMO Bank Logo 2
BMO World Elite Mastercard credit card full review. Source: BMO Facebook.

If you’re looking for a top-of-the-line credit card, this BMO World Elite Mastercard card review will fit your needs perfectly. The card comes with many features and benefits that can make your life easier, including travel insurance, extended warranty protection, and purchase protection.

It also offers many perks specifically designed for travelers, like airport lounge access and cash back on car rentals. So, if you’re frequently on the road, the BMO World Elite Mastercard could be perfect for you. Keep reading to learn more about this card’s features and benefits.

Credit Score700 or higher
Annual Fee$150 (waived during its first year)
Regular APR20.99%
Welcome bonus60.000 points – 30k points with $3000 in eligible purchases within 90 days and 2.5k points each month with $2000 eligible purchases within the next 12 months
Rewards5 BMO points in car rentals;
3 BMO points in travel, dining, and entertainment;
2 BMO points per dollar in eligible purchases.
BMO World Elite Mastercard credit card

How to apply for a BMO World Elite Mastercard Card

Learn the application process to request a BMO World Elite Mastercard Credit Card!

How does the BMO World Elite Mastercard work?

Issued by the Bank of Montreal, the BMO World Elite Mastercard is a fantastic product for those looking primarily for travel-related perks. First of all, its sign-up bonus provides 60.000 BMO points with flexible redemption options. That includes covering flight taxes and fees. 

BMO waives the $150 annual fee for all new cardholders during their first year of membership as a bonus. The card has a fixed APR of 20.99% for purchases and requires a credit score between good and excellent for approval. But that’s not all it requires! To become eligible, you must have a minimum annual income of $80.000. 

The BMO World Elite Mastercard comes with many other perks, especially for customers who frequently shop at retailers such as Costco and No Frills. By using this card to cover your daily expenses, you get 3 cash back earn rates, and besides travel-related perks, you can use them to get a statement credit or direct deposit into a checking or savings account.

The rates are 5 BMO points per dollar spent on car rentals from companies like Alamo and National Car Rental. 3 BMO points for travel-related spending, dining, and entertainment. Plus, you also get 2 BMO points per dollar in all other eligible purchases.

Even though the BMO World Elite provides many perks for frequent travelers, especially when combined with the World Elite Mastercard program, you should be aware when spending overseas. The card charges a 2.5% foreign fee on each transaction made. 

BMO World Elite Mastercard Credit Card pros and cons:

airport lounge
What are the pros and cons of this card? Source: Adobe Stock.

Next in our BMO World Elite Mastercard card review, we’ll break down the pros and cons of this product. That way, you can decide if it has everything you’re looking for in a credit card. 

Pros

  • Generous sign-up bonus;
  • Worldwide airport lounge access;
  • Cash back to cover travel-related expenses;
  • Easily obtainable BMO points in dining and entertainment;
  • Ideal for retail shoppers.

Cons

  • Require a high annual income;
  • No 0% introductory APR;
  • Charges an annual fee after its first year;
  • Charges a foreign fee.

Does my credit score need to be good?

Like any travel credit card, your credit score needs to be anywhere between good and excellent for approval. However, you also need to show proof of income to get this card. That means a minimum of $80.000 per year. 

Want to apply for the BMO World Elite Mastercard Credit Card?

How do you feel about applying for it now that you know what the BMO can do for your financial life? You can check all the application process details on the following link. So, read on and learn the step-by-step guide to get your BMO World Elite Mastercard today!

BMO World Elite Mastercard credit card

How to apply for a BMO World Elite Mastercard Card

Learn the application process to request a BMO World Elite Mastercard Credit Card!

About the author

Aline Barbosa

Aline Barbosa is an editor, writer and learning-enthusiast. Passionate about music, books and human behavior. Curious about the unknown. Believer that learning is a life-long process.

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