Interested in this credit card? Earn by applying through Frugal Flyer.
The BMO CashBack World Elite Mastercard earns up to 5% cash back on grocery purchases, plus elevated cash back earning rates on other popular spending categories.
In 2025, we awarded this card as the Best Cash Back Credit Card.
Check out our BMO Cashback World Elite Mastercard review for more details.
Offers
Welcome Bonus
Eligible new applicants for the BMO CashBack World Elite Mastercard can receive a welcome bonus of up to $335 cash:
- Get up to $335 in additional cash back including 10% cash back in your first 3 months.*
- Plus, the $120 annual fee is waived in the first year.*
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.
Up To 7₵/L Discount on Fuel at Shell
Cardholders who link their BMO CashBack World Elite Mastercard with their AIR MILES collector number will receive a $0.02 per litre discount on regular fuel (Shell Bronze and Shell Silver) and a $0.07 per litre discount on premium fuel (Shell V-Power NiTRO+ or Shell V-Power NiTRO+ 91 or Shell VPower NiTRO+ 93) purchased at Shell gas stations. This discount is available up to a maximum of 1,000 litres per month.
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.
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