See How to Apply for a BMO World Elite Cashback Mastercard

What do I need to know before applying?

The BMO Cashback World Elite Mastercard offers the highest cashback on groceries and supermarkets in Canada!

BMO is a leading financial services company, providing a range of services such as account management, investments, mortgages, and credit card lines.

The BMO Cashback World Elite Mastercard starts with a credit limit of $5,000, but it can be significantly increased based on your credit history.

In terms of costs, it has an annual fee of $120, but this fee can be waived if you are a BMO banking account customer.

The standout feature of the BMO Cashback World Elite is its cashback, offering 5% cashback on groceries, the highest in Canada for food and essentials. 

For other categories, the cashback rates are:

• 4% on transit, including ride-sharing, public transportation, and taxis
• 3% on gas, including gas stations and electric vehicle charging
• 2% on recurring bills, such as phone bills, gym memberships, and streaming services.
• 1% on all other eligible purchases with no limits on how much you can earn.

You can use BMO’s cashback calculator on their platform to see how much you could potentially earn with the card. 

Cashback can be redeemed flexibly as statement credit, deposit into a BMO checking or savings account, or into an investment line.

If you want to learn more about the card, keep reading.

Who can Apply?

To access the credit card, you must be at least 18 or 19 years old, depending on your province, and have valid identification in the country, whether as a born citizen or a properly registered foreigner.

You need an annual income of $80,000 individually or a family income above $150,000. You also cannot have declared bankruptcy in the last 5 years.

All applications are subject to the bank’s conditions.

How do I Apply for the BMO World Elite Cashback Mastercard?

To apply, click the ‘Apply Now’ button. The first step is to indicate if you already have a BMO debit card.

If this is your first contact with the bank, you need to ensure you have an address in Canada to proceed with the application.

Afterward, you can start the application process. Here’s what you’ll need to supply:

• Your full name (including optional last name) and date of birth
• Your email address and phone number
• Your complete address, living situation, and monthly payment details
• Information related to your income and banking details

Once you’ve submitted your application, BMO will conduct a thorough profile review and provide a prompt response.

For any inquiries, you can reach out to BMO directly.

Typically, the bank does not take long to review and approve applications. However, there are other BMO credit lines that may be better suited for individuals who have difficulty qualifying for the World Elite card.

More Details

The card comes with a range of additional benefits, such as access to over 1 million Wi-Fi hotspots around the world thanks to its Mastercard affiliation.

The Mastercard Travel Rewards offers great discounts, including up to 20% off at National Car Rental and up to 5% off at Enterprise Rent-A-Car worldwide. You also get a seven-cent-per-liter discount at Shell gas stations.

In terms of security, the card features zero liability protection for fraudulent activities, Mastercard identity verification, and BMO alerts to protect you regarding transactions.

Additionally, you can add BMO’s credit card balance protection. The BMO PaySmart installment plan allows you to pay for more expensive purchases in installments, making it easier to access a range of products across the country.

Moreover, the card provides financial insights with daily tips and full access to your credit score through CreditView.

Want to learn another option?

If you want to stay with BMO but prefer a more manageable spending option, you can explore the BMO Cashback Mastercard, which offers up to 5% cashback as a bonus in the initial months.

Additionally, the card includes Mastercard protections for added convenience, such as a variable limit and 1% cashback on all purchases. See how to apply.

Written by

Gabriel Gonçalves