BMO CashBack World Elite Mastercard
Households with big grocery and commuting budgets who want maximum cash back on essentials.
VaultNerd estimate based on the card's tier and income requirements, not an official issuer cutoff. Approval also depends on income, debt, and credit history.
Our verdict
Canada's top grocery cash back rate and flexible redemptions make this a strong daily driver, but monthly category caps and the lack of travel insurance hold it back from elite status.
Reward rates
Groceries On up to $500 in spend per statement period | 5% |
Transit (incl. taxis & rideshare) On up to $300 in spend per statement period | 4% |
Gas & EV charging On up to $300 in spend per statement period | 3% |
Recurring bill payments On up to $500 in spend per statement period | 2% |
Everything else | 1% |
Welcome bonus
Up to $600: $40 cash back each month in your first year plus the $120 annual fee rebated in year one
Requirement: Spend a minimum of $2,000 each month in your first year
Pros
- Market-leading 5% on groceries
- Flexible anytime cash back redemption
- Strong first-year value with monthly bonuses and fee waiver
Cons
- Monthly caps limit bonus categories (e.g. $500 groceries)
- No travel insurance included despite the World Elite badge
Perks
- Highest no-strings grocery cash back rate in Canada at 5%
- Redeem cash back any time, from as little as $1
- Mastercard Travel Pass membership (lounge access at US$32/visit)
- Car rental discounts at National, Alamo, and Enterprise
- Six months of Instacart+ plus $10 monthly Instacart credit (enrollment required)
Insurance
- Extended warranty insurance
- Purchase security insurance (90 days)
- Optional balance protection coverage
Frequently asked questions
Is the BMO CashBack World Elite Mastercard worth it?
It charges a $120 annual fee, and we rate it 3.9 out of 5. It's best suited to households with big grocery and commuting budgets who want maximum cash back on essentials. The welcome bonus is worth roughly $600, which covers the first year for many people. Whether it's worth it for you depends on your spending. Run your own numbers through our credit card finder to see the net rewards after the fee.
What does the BMO CashBack World Elite Mastercard earn?
It earns 5% on groceries, 4% on transit (incl. taxis & rideshare) and 3% on gas & ev charging.
What credit score do you need for the BMO CashBack World Elite Mastercard?
We'd suggest a score of around 725 or higher, which puts approval in our "hard" band. It also lists an income requirement of $80,000 personal or $150,000 household. This is a VaultNerd estimate based on the card's tier and stated requirements. Approval also depends on your income, existing debt and credit history.
Researching and writing about Canadian personal finance since 2026.
Last reviewed June 2026 · How we research
“BMO CashBack World Elite Mastercard Review.” VaultNerd, https://www.vaultnerd.com/ca/credit-cards/bmo-cashback-world-elite, updated June 2026.
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