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BMO World Elite MasterCard Review: Best Sign-up Offer In Canada

I recently signed up for the BMO World Elite MasterCard. Not only is it a great travel rewards card on its own merit, right now for a limited time, BMO has sweetened the deal for new sign-ups with a scintillating offer. Apply for the BMO World Elite MasterCard before April 30, 2018 and you’ll get:

  • $150 annual fee waived in the first year
  • 35,000 welcome points after you spend $3,000 in your first three months

35,000 welcome points is worth $350 $250* in free travel – an unheard of welcome bonus on the Canadian market, especially when you consider the annual fee is waived in the first year. That’s $500 $400 in value!

Plus, with the BMO World Elite MasterCard, you’ll earn 3 BMO Rewards points for every $1 spent on travel, dining, and entertainment purchases (up to $50,000 annually), and 2 points for every dollar spent elsewhere.

* A reader pointed out that as of January 15, 2018 BMO increased the number of points needed to redeem for $1 in travel rewards from 100 to 140 (a 40 percent increase). In a corresponding move, BMO increased the number of points earned on travel, dining, and entertainment spending from 2 to 3 points (a 50 percent increase).

The benefits don’t stop there. You’ll also get VIP airport lounge access (over $200 USD/year value) with the Priority Pass membership and four free VIP lounge visits per membership year.

Note that because this is a World Elite MasterCard, individuals will need to have a minimum income of $80,000 or household income of $150,000 to be eligible. You’ll also get extended warranty protection, doubling the manufacturer’s warranty for up to one-year, plus 90-day purchase protection against theft or damage, and world class travel and medical protection.

BMO World Elite MasterCard

With an earn rate this high (3 points on travel, dining, and entertainment, 2 points on everything else) it’s easy to accumulate points quickly with the BMO World Elite MasterCard.

Let’s say you put $2,000 worth of purchases on your card each month. With the 35,000 point welcome bonus you’d earn about 87,800 points in the first year. That’s worth $878 in free travel.

Redeeming points through the BMO Rewards platform is straightforward. Redeem points to book any flight, any hotel, any ship, anytime. Or, you can choose from a catalog of products, gift cards, and experiences (at a much lesser value for your points), contribute to a BMO Investment Account or make a charitable donation.

Your best bang for your rewards buck is to redeem your points for travel. You can search for flights, hotels, vacation packages, or cruises all within the BMO platform and find competitive pricing with no blackouts or restrictions.

For example, a quick search for hotels in Calgary turned up a one-night stay at the Marriott downtown for 18,000 points including all taxes and fees.

Sweetest Credit Card Offer in Canada

If you recall, my four rules for credit card churning is that in order for me to sign up, the new credit card has to have:

  1. First year free
  2. Net benefit of $250 or more
  3. No significant changes to spending
  4. The ability to convert the points into something useful

Let’s tackle each of these rules and make sure the BMO World Elite MasterCard ticks all the boxes.

1. New sign-ups get the $150 annual fee waived in the first year. Check.

2. New sign-ups get 35,000 welcome points when they spend $3,000 in the first three months. Check.

3. Spending $3,000 in three months works out to $1,000 per month. Since MasterCard can be used at Costco and No Frills (my two significant outlets for grocery and gas spending) I’ll have no trouble reaching the early spend bonus by simply replacing my main Capital One MasterCard with the BMO World Elite MasterCard for the first three months. Check.

4. The BMO Rewards platform allows for easy redemption for flights and hotels – my go-to travel rewards – and so I’ll have no trouble converting my 35,000+ BMO Rewards points into free travel without any annoying fees or restrictions. Check.

Final thoughts

The Canadian rewards credit card market has never been as lucrative as its American counterpart. That said, you could still find enough attractive sign-up offers throughout the year to earn big time travel rewards.

The problem with most offers is, you either get first year free and a smaller welcome bonus, OR, you get a huge welcome bonus but still have to pay the annual fee.

This BMO World Elite MasterCard offer is the first time in recent memory that a credit card issuer has introduced this juicy of a welcome bonus ($350 $250 in travel reward) AND waived the annual fee in the first year. And when you factor in the free Priority Pass membership that gives you over $200 USD/year in VIP airport lounge access, we’re talking about an incredible $550+ $450+ in free value.

For me, it was a no-brainer to sign up for this card. If you’re looking for a new everyday travel rewards card, or want to jump on this offer simply to earn more points like I did, then make sure to sign up before April 30, 2018.

10 Comments

  1. Weekend Reading: Hamburgers Are On Sale Edition on February 11, 2018 at 12:23 pm

    […] on Rewards Cards Canada I shared my latest credit card sign-up – the BMO World Elite MasterCard – which I think just happens to be the best new sign-up offer in recent […]



  2. Susan on February 11, 2018 at 2:36 pm

    I believe they have changed how the points convert to money off of travel which I now don’t like about this card. Please check how points convert to travel money. I have this card.



    • RJ on February 11, 2018 at 5:14 pm

      As of Jan.15, 2018 “The number of BMO Rewards points needed to redeem for $1 in travel rewards will increase from 100 to 140 points.” So 35000 points = $250.



    • Robb Engen on February 11, 2018 at 9:34 pm

      Susan, you’re right – they made the change last month. Can’t believe I missed it! I’ve updated the post. Still good value with the first year free and $250 in travel rewards – plus the lounge passes. And the 3 points for travel, dining, & entertainment could be significant if you spend a lot in those categories – maybe enough to offset the devaluing of the points.

      @RJ – thanks for this, I’ve updated the post to reflect these changes.



  3. Rick on February 11, 2018 at 4:14 pm

    I had a BMO World Elite card previously (~1 year back) and believe I had the annual fee waived plus the 35K bonus. Can I reapply and access the bonus benefits? Is card churning allowed for this BMO credit card?



    • Robb Engen on February 11, 2018 at 9:37 pm

      Hi Rick, this is my first go-around with the BMO World Elite MasterCard so I can’t say firsthand if they’ll honour the bonus for you. Usually you’d be okay if it was more than 1 year ago.



  4. Sarah on February 11, 2018 at 7:36 pm

    I have this card and I like the benefits but I find redeeming for travel annoying. You have to book travel only through them. they may charge a fee if you book travel on the phone versus the website. The website is not competive with other travel websites so I feel like I’m overpaying. They also have limited hours on the weekend so then you don’t have access to talk to someone outside of business hours. These may not be big deals but I just wanted to share.



    • Robb Engen on February 11, 2018 at 9:43 pm

      Hi Sarah, thanks for sharing your experience in booking travel through BMO Rewards. Something to keep in mind for sure.



  5. Hema Sickand on February 11, 2018 at 9:01 pm

    You talk about how great the offer is. How about the value of points compared to other Travel cards in the market on an ongoing basis?



    • Robb Engen on February 11, 2018 at 9:48 pm

      @Hema – Good question. The point value drops significantly in year two after the welcome bonus is gone and the $150 annual fee kicks-in.

      My understanding is some BMO banking plans will allow you to waive the fee on an ongoing basis, but for the rest of us that means making a tough choice to continue on with a fairly expensive annual fee card.

      I will likely cut ties with it before the annual fee is due next year.



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