BMO CashBack World Elite Mastercard

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The BMO CashBack World Elite Mastercard earns cash back and offers cardholders the opportunity to earn up to 5% cash back on all grocery purchases. As a result, for 2024 we selected this card for the award for Best Cashback Credit Card for Grocery Purchases.

Check out our BMO Cashback World Elite Mastercard review for more details.

Rewards Rates

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 gasoline 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 balance is over $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

Cardholders are eligible to sign up for free Boingo WiFi at over one million hotspots worldwide. Through Boingo, you are also able to access free in-flight WiFi on various airline carriers.

Insurance Coverage

The BMO Cashback World Elite Mastercard offers three types of insurance coverage:

  • Travel and medical protection
  • Extended warranty coverage
  • Purchase protection

Refer to the BMO Cashback World Elite insurance certificate for additional details, including terms and conditions for eligibility.

Other Cash Back Cards You Might Consider

Credit Card Welcome Bonus Net Value
TD Cash Back Visa Infinite 350 Cash back $350 Apply
American Express SimplyCash Preferred 400 Cash back $280 Apply
Scotiabank Momentum Visa Infinite 200 Cash back $200 Apply
Simplii Financial Cash Back Visa 150 Cash back $150 Apply
BMO CashBack Mastercard 125 Cash back $125 Apply

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