BMO CashBack World Elite MasterCard
Fantastic credit card insurance package with a flat 1.5% cash back rate
The BMO Cashback World Elite MasterCard is a great short term cash back credit card however there are some better cards available for cash back offers in Canada such as the American Express SimplyCash Preferred card.
The card offers bonus rewards on every purchase you make for your first four months — although it’s capped at $250 in rewards — plus a high rewards rate of 1.5% going forward. BMO will issue your cash-back rewards as a statement credit once a year in January for the previous year.
The card also offers complimentary roadside assistance, travel and medical protection, and a concierge service. The card requires excellent credit to get approved.
- Cash Back Rate: Earn 5% Cash Back on every purchase (up to $250 cash back) in your first four months. Earn 1.5% Cash Back on all card purchases, without restrictions.
- Great Added Benefit: Complimentary Roadside Assistance program. Access to BMO Concierge Service.
The BMO CashBack World has a very attractive initial offer of a 5% cash back on all purchases, this is a great rate that is in line with other great cash-back credit cards like the Scotia Momentum Visa Infinite Card. The only downside is that the cash back reward is only for the first 4 months and then it drops down to 1.5%. This gives is a limited appeal for the long term cash back benefit. That being said, there are some other great perks that could be very appealing to you based on your lifestyle.
- Extended insurance benefits for travellers
- Damage and theft protection for a large number of items that you buy with the card for up to 180 days from the date of purchase
- A great extension of up to two years coverage on normal manufacturer's warranties (unless the warranty naturally exceeds five years)