Offers
Welcome Bonus
Eligible new applicants for the BMO CashBack World Elite Mastercard can receive a welcome bonus of up to $480 cash:
- Get $40 bonus cash back when you spend a minimum of $2,000 in net card purchases per billing cycle for the first 12 cycles (up to $480 total)
- Plus, get a 0% introductory interest rate on Balance transfers for 12 months with a 2% transfer fee.*
FlyerFunds Rebate
Plus, if you apply for the BMO CashBack World Elite Mastercard through Frugal Flyer and are approved, you can receive an additional $125 paid directly to you.
Earning Cash Back
The BMO CashBack World Elite Mastercard earns cash back for all purchases made on the card:
- 5% cash back on all grocery purchases (up to $500 per statement period).
- 4% cash back on all transit purchases (up to $300 per statement period).
- 3% cash back on all gas and electric vehicle charging purchases (up to $300 per statement period).
- 2% cash back on all recurring bill payments (up to $500 per statement period).
- 1% cash back on all other purchases.
Once the cardholder reaches the noted total spend amount in the accelerated cashback category during a statement period, all remaining purchases in that category will earn 1% cash back until the next statement.
Redeeming Cash Back
BMO CashBack World Elite cardholders can redeem their earned cash back as long as the cash back earned balance is greater than $1, or you can set up automatic recurring redemptions which will trigger at the end of the billing cycle if the balance is over $25. Cashback deposits take 2-5 business days following the request or billing cycle.
The cash back balance can be redeemed in one of three ways:
- Used as a statement credit on your monthly bill
- Deposited into a BMO chequing or savings account
- Deposited into your InvestorLine account
Benefits
Free Dominion Auto Association (DAA) Basic Coverage
BMO CashBack World Elite Mastercard cardholders will receive free membership in the Dominion Automobile Association (DAA) and the benefits of their BMO Roadside Assistance Program (Basic Coverage).
Refer to the membership terms and features of the plan to determine eligibility and benefits.
Instacart+ & Monthly $10 Credit
Cardholders who enroll their BMO CashBack World Elite Mastercard can enjoy six months of Instacart+ and a $10 monthly Instacart credit.
Rental Car Discounts
Cardholders can save up to 20% on National Car Rental and Alamo Rent A Car and up to 5% on Enterprise Rent-A-Car at locations worldwide using the Car Rental Booking tool.
Fees & Eligibility
| Personal Income | $80,000 |
| Household Income | $150,000 |
| Annual Fee | $120 |
| Foreign Exchange Fee | 2.50% |
| Purchase Rate | 21.99% |
| Cash Advance Rate | 23.99% |
| Balance Transfer Rate | 23.99% |
Insurance Coverage
The BMO Cashback World Elite Mastercard offers several insurance coverages:
- Out-of-province or country emergency medical insurance: $5,000,000 coverage for the first 8 days of any out-of-province trips for travelers aged 64 or under
- Rental car collision and loss damage insurance: Comprehensive coverage for cars up to $65,000 MSRP
- Common carrier insurance: $500,000 of accidental death and dismemberment coverage
- Flight delay insurance: $500 per trip for all insured persons combined in the event of a flight delay of more than four hours
- Lost, stolen, or damaged baggage insurance: $500 per person coverage for emergency purchases when your baggage is lost or delayed, up to an overall maximum of $1,000 per trip
- Baggage delay insurance: $500 per person coverage for emergency purchases when your baggage is lost or delayed, up to an overall maximum of $1,000 per trip
- Hotel burglary insurance: $1,000 coverage for stolen items per occurrence
- Purchase security: Coverage for accidental physical damage or theft for 90 days from the date of purchase
- Extended warranty insurance: Extend the manufacturer’s original warranty up to one additional year
Refer to the BMO Cashback World Elite Mastercard insurance certificate for additional details, including terms and conditions for eligibility.
Card Awards
As part of Frugal Flyer’s 2025 Best Credit Card Awards, we selected the BMO CashBack World Elite Mastercard as the Best Cash Back Credit Card.
Other BMO Cards
| Credit Card | ||
|---|---|---|
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200,000 BMO Rewards points and $100 FlyerFunds Estimated value: $1,440 Ends Oct 31, 2026 |
|
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7,000 AIR MILES and $125 FlyerFunds Estimated value: $1,175 Ends Jun 1, 2026 |
|
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70,000 VIPorter points and $125 FlyerFunds Estimated value: $1,175 Ends Jan 31, 2026 |
|
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100,000 BMO Rewards points and $125 FlyerFunds Estimated value: $795 Ends Oct 31, 2026 |
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40,000 VIPorter points and $100 FlyerFunds Estimated value: $700 Ends Jan 31, 2026 |
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Legal
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*Terms and conditions apply.
Can you please clarify the details of the $335 Welcome Bonus? How it’d be obtained and what’s the minimum spending required?
In your card review, the maximum $260 Welcome Bonus is the same as described on BMO official website:
The promotional cashback maximum earned in the first three months is divided between purchase categories, as follows:
10% on up to $500 spend on grocery purchases ($50)
10% on up to $300 spend on transit and ride sharing ($30)
10% on up to $300 spend on gas and electric vehicle charging ($30)
10% on up to $500 spend on recurring bill payments ($50)
10% on up to $1,000 spend on all other purchases ($100)
This results in a maximum spend of $2,600 or $260 in cashback you can earn in the first three months.
Another 3rd party website offers their ‘exclusive’ deal of $480 max Welcome Bonus which consists of $40 cash back per month after spending $2000 per month, leading to total of $480 welcome bonus in first 12 months with much higher required spending EVERY MONTH, which is definitely harder to achieve and less preferred even though they offer their own $150 extra cash rebate/bonus if applied from their site.
Hi Duncan,
If you look at the terms of the offer on BMO’s website, there is an a) component which you’ve described above, and a b) component which involves another very large spend to get an additional $75 back. So the $335 + our $125 Flyer Funds amounts to $460 total. Although you may reasonably consider the b) component unachievable or not worth doing as its such a large amount for a very small return.